7:21 am July 15, 2010, by Henry Unger
Bank of America is charging some customers to receive their monthly statement in the mail, American Banker is reporting.
The $8.95 monthly fee is only applied to one type of account so far — and only in Georgia, American Banker writes.
But, the bank is planning to introduce the product in other markets as a replacement for its student checking account, which has no monthly fees when opened online, American Banker says.
B of A is not be the first U.S. bank to take an aggressive stance against paper statements, but it is the biggest to start charging for them, American Banker reports.
What do you think of this? Another example of nickel-and-diming by a financial institution? Or is it a justified way to raise revenue and cut costs?
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