BofA (BAC) Denies New Fees; Says Will Only Be on 'New Customers'

Shares of Bank of America (NYSE: BAC) are higher in early trading Friday as traders are responding to reports the bank might be mulling new user fees to make up for lost profit on federal regulation and litigation costs tied to Countrywide issues.

According to Barron's, BofA is denying media reports and issued a statement on the matter (reprinted below, emphasis ours):

"Media reports this morning provided inaccurate information. Bank of America is not planning to increase checking account fees with our existing customers.

Since January 2011, Bank of America has been testing checking account options for new accounts only, in Arizona, Georgia and Massachusetts.

Bank of America is continuing to learn from those tests and has not made any decisions about when, how, or if we would change our fees on new accounts."

What options could there possibly be? Don't charge for banking; BofA can take the money not being used and invest and/or trade it. Just hire better investors/traders...

Shares are up 0.3 percent Friday morning.

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