Following in the footsteps of JPMorgan (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC) has launched its new fee structure for checking accounts, starting it off in Arizona, Georgia and Massachusetts.
The formerly free accounts will include fees ranging from $6 to $25, depending on a variety of factors. After working through the system, Bank of America will expand the program nationally later in 2011.
Adding fees to checking accounts was a response by banks to the Dodd-Frank financial reform bill which cut back on fees used to process debit card transactions.
"Essentials" is a basic account with a monthly fee and a debit card. "eBanking" accounts have no fees if the customer opts for e-statements and makes deposits and withdrawals online or via an ATM. "Enhanced" accounts include a fee if a customer doesn't keep a minimum of $2,000 balance. "Premium" accounts must have a $20,000 balance and will offer free check printing and money orders.
Bank of America was trading at $14.19, gaining $0.22, or 1.61 percent, as of 2:59 PM EST.
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