Bank of America Corp., pressured by U.S. regulations limiting debit-card and overdraft fees, is set to give its retail customers a choice: do more financial transactions through the company, or pay a monthly fee.
The biggest U.S. lender by assets is introducing four new accounts where users pay fees unless they keep minimum balances, make regular deposits, use credit cards or take advantage of online services, said Joe Price, head of the Charlotte, North Carolina-based company’s consumer-banking operations.
I’m not much of a boycotter, but the one thing that I’ve done recently that I encourage all of you to do is to move your money out of a major bank. USAA, credit unions and community banks aren’t out whining and crying about their inability to make money now that a few long-cherished ways to fuck customers have been taken off the table. Perhaps that’s because, unlike BoA,, their business doesn’t depend on their ability to stick their pus-encrusted, syphilitic peni straight into the asses of the unsuspecting, ever-gullible American consumer.
My guess is that BoA is just talking smack, and that any customer a major bank wants to keep won’t see higher fees. They’re probably just trying to justify fucking over low margin (i.e., poor) customers by adding fees and other bullshit. But why wait and find out whether you’re an undesirable? Get the fuck out now.