Shock. Gasp.
Bank of America and Wells Fargo/Wachovia are rushing to hit customers with new monthly fees as revenue from state-supported arbitrage dries up. BAC has decided to hit non-checking customers with a $6 fee who attempt to pay their mortgage on time but not precisely at the time and manner of BAC’s choosing.
Meanwhile, Wells has opted to hit its checking customers with a new $6 per month fee for using Quicken, something other banks like BB&T do not do for their higher-end checking accounts. This move comes on the heels of a year-end push to steer checking account customers into money market accounts with high monthly fees in exchange for fractional interest loads.
