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Like Video Games? You'll Love Banking with BofA (BAC)

March 1, 2012 8:45 AM EST
Our question: why even announce it?

According to reports out Thursday, Bank of America (NYSE: BAC) is at it again. Following the $5 monthly fee on debit cards which promptly blew up following public outcry, BofA is mulling another way to charge banking customers for services. This time around, BofA might institute a fee for checking account customers who don't use online banking services.

With a low interest-rate environment abound, many banks are looking for ways to regain fees lost from new regulatory rules concerning how and what banks can charge for certain services. Other banks making changes include names like JPMorgan (NYSE: JPM) and Wells Fargo (NYSE: WFC), among other regionals.

BofA is testing out a $6 to $9 monthly fee for an "Essentials" account, the WSJ reports. Markets currently being tested include Massachusetts, Georgia, and Arizona. Other account options might mean fees of $9, $12, $15, or $25, but those might be waived if holders are able to meet minimum balances, use a credit card, or acquire a BofA mortgage.

No final decision has been made by BofA officials, the WSJ notes, but its said that employees in the Northeastern U.S. are already being trained on an upcoming roll out.

As mentioned, BofA isn't the only bank making changes; JPMorgan and Wells Fargo also made changes throughout 2010 and 2011 aimed at garnering more revs. (This author can attest to no longer being in a J.P. Morgan rewards program...which is a bummer.)

So, there you go. Unless you're banking with a co-op or smaller regional bank, chances are your experience is going to be more like playing Risk or Call of Duty: Black Ops (or whatever that game is called). Do I have the "minimum balance" power up? Will this "mega mortgage" even pierce the Banker Boss' armor? Can I still take candy from the reception area for free, or do I need to rappel in?

Get those ropes ready.

Shares of BofA, JPMorgan, and Wells are all indicated for a higher open Thursday.


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