Bank of America Plans Monthly Fees

    Pedestrians pass by a Bank of America Corp. branch in New York, U.S., on Tuesday, Jan. 17, 2012. Bank of America Corp. is scheduled to announce earnings before the opening of U.S. financial markets on Jan. 19. Photographer: Victor J. Blue/Bloomberg via Getty Images

    Victor J. Blue, Bloomberg News / Getty Images

    Following in the unpopular footsteps of JP Morgan and Wells Fargo, Bank of America is laying out plans to implement monthly fees on checking accounts unless customers bank online or meet other requirements. It’s a risky move for the bank, and one that may raise the hackles of cash-strapped customers, and their elected representatives, who are reluctant to give more of their money to financial institutions. The details of the bank’s plan are not yet clear, but it is thought that customers may be pushed toward conducting their banking online, buying new products, or maintaining specific balances in order to avoid the new fees.

    Read it at Wall Street Journal