(Image Source: Inquisitr )


BY MEREDITH BALDWIN

ANCHOR EMILY SPAIN


A report out of The Wall Street Journal suggests Bank of America may be looking for ways to charge fresh fees. Fox News sums up the possible plan.

“Now customers who don’t bank online or maintain a minimum balance could be slapped with fees up to $25 a month.”

According to The Wall Street Journal — the potential changes aren’t set in stone, but...

“...pilot programs in [three states] now are experimenting with charging $6 to $9 a month for an ‘Essentials’ account. Other account options being tested in those states carry monthly charges... but give customers opportunities to avoid the payments...”

The Wall Street Journal notes — Bank of America’s 2011 revenue dropped 22 percent from its 2009 level. With those numbers, CNN says its no surprise banks are looking to increase fees.

“Banks need to make money. You look at their annual sales - they fell by the double digits last year. They said they’re going to cut 30,000 workers.”

Forbes agrees— saying this fee proposal shouldn’t surprise banking customers.

“[I]t hasn’t been the best environment for banks in terms of revenue; interest rates are down meaning there’s less money to be made off deposits and loans, and there are more regulations out there that are affecting the way banks make money.”

The news of the possible fees comes after customer outrage stopped a proposed $5 debit card fee last year at Bank of America. An industry analyst tells U.S. News and World Report — customers may be angry over this change too — but it won’t stop the inevitable.

"This isn't probably the end...There will be probably a hundred that will be making these changes over the next few years."

Sources tell The Wall Street Journal — Bank of America is also considering rolling out checking account fees, but that idea is also still in the works.