Wednesday, October 14, 2009

Beware of Bank of America

"USA Today" reports in today's edition that Bank of America will start charging an annual fee to some of its credit card customers in 2010. The fee will be $29.

Apparently, this fee will be "tested on 1% of its credit card accounts," this according to a spokeswoman for the company. The fee will be applied every February.

To make matters worse, "USA Today" states that even customers "in good standing" face the potential of being charged an annual fee. For those of you who don't know, credit card companies consider those of us who pay "on time" to be "deadbeats." In other words, they can't take any extra money from us on a monthly basis. So evidentally, banks like Bank of America plan to go this route, especially since new credit card legislation, which takes full effect in February, limits how banks levy charges.


1 comment:

  1. I love the terminology corporations use: "the fee will be TESTED..." How will Bank of America know if they passed or failed their "test"? By how many customers choose to use a different bank?