Big banks, experiencing declining revenues and regulatory climate that cause them to create other ways to make money, are silently introducing or experimenting with fees that are sure to send customers in a frenzy. In the fall of 2011, Bank of America tried to impose a $5 monthly fee for using a debit card,but the fee was put to a halt after customers expressed their outrage. Wells Fargo and JP Morgan Chase had plans to impose their own fees, but canceled when they learned of Bank of America. Again, the big banks have imposed or are testing other fees.
Since November 2011, Wells Fargo has charged its customers a $15 monthly fee for some checking accounts if the customers don’t have at least three accounts with the bank, maintain a minimum balance of $7,500, or have a Wells Fargo mortgage. Some Citibank customers will be charged $20 a month if they don’t have a minimum of $15,000 in their accounts, up from $6,000 in December, and a $2 fee for using non-Citi ATMs if their balance falls below the minimum. For checking accounts in Georgia, Massachusetts, and Arizona, Bank of America is charging monthly fees of $6 to $25. Last year, 1,300,000 customers left the fees of big banks and went to credit unions.
