Quick update to my recent post Bank of America Sucks. This just in from today’s Wall Street Journal:
Subject: WSJ MARKETS ALERT: Bank of America Weighs New Set of Fees
Date: March 1, 2012
Markets Alert
from The Wall Street JournalBank of America is working on sweeping changes that would require many users of basic checking accounts to pay a monthly fee unless they agree to bank online, buy more products or maintain certain balances.
The plan by the nation’s second-largest bank by assets is the latest sign of stresses in the banking industry at a time of low interest rates, slow economic growth and new rules limiting many types of service charges. Many other big banks, including J.P. Morgan Chase—the nation’s largest—and Wells Fargo, have rolled out plans that aim to raise fee revenue or push customers to do more business with the bank.
Punitive pricing designed to coerce customers to do more business with you rather than products and services to entice them. It is possible that this approach is one of the factors leading to the “stresses in the banking industry”?
Bank of America still sucks.
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If you enjoyed this, you might enjoy: Ten Rules For Navigating in The Age of Outrage, Bank of America Sucks, Netflix: 3 Lessons From the Pricing Fiasco.
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