Thursday, March 1, 2012

Bank of America considers new fees

Welcome to the morning roundup. Here's a look at today's banking and finance news:

Bank of America Corp. is weighing new fees. A few months after public outrage prompted the Charlotte lender to scrap plans for a $5 debit card fee, the bank is working on sweeping changes that would require many users of basic checking accounts to pay a monthly fee, the Wall Street Journal reports. Some options being tested come with monthly charges ranging from $6 to $25, but customers can avoid those fees by maintaining minimum balances or taking other steps, the Journal reports.

Bank bonuses are down this year. Some industry analysts estimate a decline of about 20 percent this bonus season. Meanwhile, Bloomberg details the toll lower bonuses are taking on some bankers' lifestyles, with some reconsidering summer vacations, private schools and high-end homes.

New data on jobless claims suggest labor market is recovering. Stocks edged higher this morning on the data, though investors are showing caution so far, Reuters reports.

Bank stocks are rallying, but risk remains. The Street offers "five bank stocks that won't bankrupt you," advising investors to consider the level of risk they feel comfortable with. Bank of America isn't one of them.


Anonymous said...

So what new fees are they considering? Wasn't that the title of the article?

Anonymous said...

I have a hard time understanding why the average American has to worry about maintaining a minimum balance to avoid a fee. These fees line the pockets of those bank executives who aren't struggling to make ends meet but are worried about their private school tuition and vacations.