Report: Bank of America delays higher account fees
NEW YORK -- Bank of America is postponing an increase in monthly fees for checking accounts, according to a report in The Wall Street Journal.
The paper cited unnamed people familiar with the bank's plans saying that the new fees would be delayed until at least late next year.
T. J. Crawford, a spokesman for the Charlotte, N.C. bank, had no comment on the story Saturday.
Bank of America Corp. has been testing new fees in a pilot program in Georgia, Massachusetts and Arizona. The bank has been charging between $6 and $25 per month depending on the type of account and level of service.
Banks are moving to collect more in fees as low interest rates make it harder to make money from lending.