Bloomberg News

Bank of America Should Drop Plan for Fees, Consumer Reports Says

March 01, 2012

Bank of America Corp. should refrain from charging depositors more fees, Consumers Union said today.

The advocacy arm of Consumer Reports magazine said customers of the Charlotte, North Carolina-based company should consider switching to another bank, according to a statement today. The bank previously abandoned plans to charge some debit card users $5 a month.

“It looks like Bank of America is up to its old tricks,” Norma Garcia, manager of Consumers Union’s financial services team, said in the statement. The bank, ranked second by deposits in the U.S., risks “losing even more customers who are tired of being nickeled and dimed at every turn,” she said.

To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

To contact the editor responsible for this story: Rick Green at rgreen18@bloomberg.net


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