BofA to roll out online account with charge
Bank of America Corp plans to offer an online bank account that charges an $8.95 monthly charge for paper statements and utilizing tellers, because it looks for techniques to create up for earnings lost as a result of new regulations.
As component from the new account targeted at primarily online users, Bank of America clients will be steered toward utilizing ATM (automated teller machines) and online banking for fundamental solutions like making deposits and withdrawals that will be free to use using the account.
New U.S. banking rules implemented July 1 cap overdraft charges, among others, spurring some analysts to speculate that totally free checking accounts may be doomed to extinction.
For two decades banks have offered free of charge checking accounts, and charged higher charges for overdrafts to help cover administrative charges.
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