Bank of America will charge clients new monthly fees if their accounts do not meet a minimum balance, the bank’s CEO Brian Moynihan said on Tuesday.
“We will increase the account balance minimums or charge monthly fees in lieu thereof, which is the choice of the customer,” Moynihan said at a Barclays Capital conference in New York.
These and other measures will allow the bank to compensate for revenue lost due to new regulations put in place following the 2008 financial crisis that led the US government to salvage many bank with massive bailouts, he said.
“Over the next 12 months, we will reset the entire product line.” Bank of America has recently introduced a new account, called e-account, offering reduced fees for customers using automated services, while reducing the number of branches and staff in a bid to cut down costs, he added.
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