Banks preparing another run at fees

Bank fees are like sports stadium efforts. You never really kill them, eventually the proposals come back until they’re accepted.

Bank of America, which was roundly criticized last year until it rescinded plans to impose a monthly fee on debit-card customers, is back with a new fee structure, the Wall St. Journal reports today.

The bank is testing a $6 to $9 a month fee for an “Essentials” account in three states. The bank will waive some of the fees for checking account customers if they agree to bank online, which should be another step in the idea of putting the bank teller in the same category as the telephone operator someday.

  • Dennis

    Following your lead I’m dropping my TCF checking account. I just found out the hard way that they charge $10 a month if you don’t make 15 “qualifying withdrawals” each month. Have any credit union suggestions?

  • Bob Collins

    I can’t endorse anything. I can tell you only as statements of fact that we moved to Affinity Plus Credit Union and while we were in the months-long process of moving money, noticed that the credit union paid three times the interest savings account that TCF was paying for 1/3 the amount of money that was in the account compared to TCF.

    We never had any service problems with TCF and we haven’t encountered any with the credit union either.

  • Michael Fraase

    // The bank will waive some of the fees for checking account customers if they agree to bank online….

    Online banking still has a long way to go. We’ve been using it for years with our credit union (first HighGrove subsequently consumed by Wings). It actually cuts checks — through a third party, CheckFree — for almost all of our bills. Including the mortgage payment to — wait for it — Wings.

  • Tyler

    Dennis, you might check out Endura Financial – I’ve been very happy with them since pulling out of WF.

  • Jeb

    Also switched to Affinity Plus. I didn’t have a problem with my previous bank, but I wanted physical locations and support a bit more local institution (at Ally previously). I’ve never had a problem, and the people at my local branch in Alexandria always seem to go above and beyond.