NEW YORK -- Bank of America (BAC) 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV