Bank of America Charging $8.95 for Paper Statements

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Thursday, July 22nd, 2010

Chris Fichera at CR’s Money Blog posted:

American Banker is reporting that Bank of America is now kindly charging certain customers in Georgia $8.95 a month to receive paper statements. It only applies to customers in their eBanking accounts, and the fee is waived if you elect to receive your statements online and not use the bank’s teller services. But, according to American Banker, people in other states may soon be affected as BofA is planning to replace its CampusEdge student accounts with eBanking accounts in other markets.

Other banks do charge for paper statements, but none as big as BofA – and none charge as much as $9. This follows on the heels of reports of an end to free checking at BofA, and other banks. Banks are clamoring for new revenue to offset losses as they comply with federal legislation limiting overdraft fees, a big money-maker for banks in the past.

The DYD team is keeping an eye for new practices and fees that banks are introducing to sidestep many of the new rules that have passed in the last year. So if you see something say something.



By the way this is a unscientific poll/quiz…

Click here for the American Banker article

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