Bank of America is adding a fee that may lead some customers to shut off paper statements, American Banker is reporting.
This month, the company began charging customers a $3 monthly fee if they elect to receive images of their canceled checks along with their statements, American Banker writes.
Bank of America is not the first to charge for check images, but its move furthers an approach it adopted last year when it required customers with a new type of account to stop receiving mailed statements as a condition of waiving their monthly fee, American Banker reports.
Customers can avoid the new fee by choosing to access their check images online only or by shutting off paper statements entirely, the publication writes.
Don Vecchiarello, a spokesman for B of A, said customers can still receive paper statements at no charge — so long as they reduce the bulk by opting out of printed check images, American Banker reports.
Vecchiarello said that the move to charge for check images is “in line with the rest of the industry.”
Wells Fargo & Co., for example, charges $2 a month for check images and extended that fee to former Wachovia customers in July, American Banker reports.
What do you think of this? Justified move or not?
- Henry Unger, The Biz Beat
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