Just months after the looming threat of new debit card fees came to an end, Bank of America is again testing for new ways to add revenue by means of implementing new fees.
Currently Bank of America is undergoing testing in 3 states to gauge satisfaction (or acceptance) in new account platforms. The new account types are classified in a range from what they call an “Essentials” option, which provides basic needs, to a “Premium” option that will feature a whole host of sub-accounts. And although the testing has only been underway for a relatively short term, some have speculated that if it were to be rolled out nationwide, it could pose a serious threat to Bank of America’s already dwindling customer base.
We think forcing customers and their active accounts to be lumped into buckets, essentially classifying their worth to the bank, could be construed as slightly insulting to current BofA customers. And what may make matters even worse is if the new fees are hitched on to the back of ‘lower value clients’ or those holding less assets and maintaining less accounts.
To be fair though, Bank of America has seemed to be somewhat of a Guinea Pig for testing new fees. After the signing of the Dodd-Frank Financial Reform Law, Bank of America lost roughly $450 million in revenue from fees that were no longer considered lawful. This loss of revenue may have pushed them into the Guinea Pig roll due to a dire need to add new revenue streams, but the nation’s other big banks are watching closely and will likely follow BofA’s lead if any new revenue pipelines materialize with little consumer backlash.