Report: Bank of America charging fee for check images
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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133 comments Add your comment
Conservative
February 22nd, 2011
9:05 am
I OBVIOUSLY do you jack ass, or how would I be responding to you? The point is, why should the cost burden for this be put on me? You may be fine with that but I am not.
Road Warrior
February 22nd, 2011
9:06 am
@mike and David W
Absolutely!
Richard
February 22nd, 2011
9:09 am
It may be “in line” with the industry, but it is just another example of the greed of banks. Bank of America is geared more toward larger customers than the average customer, and their customer service is lousy!
Danny
February 22nd, 2011
9:09 am
They charged me their stupid fee even though i made sure to opt out of check images, less than honest, it seems to me…
Conservative
February 22nd, 2011
9:10 am
And btw, my frustration with BofA stems from when I had my first savings account with them as a kid. They have some wacky fees. I had about $50 in it and let it sit for about a year without any deposits or withdrawals. And they charged me an inactivity fee each month until the balance went negative and then closed the account. Keep in mind I was a 14 year old kid and they just stole my money!!! That’ll make people mad at you for life!
Road Warrior
February 22nd, 2011
9:11 am
Gator – “I think the bigger issue here is why are people still using checks?”
LOL, I gotta defend that. I write one check a month to my houscleaner since she obviously doesn’t take credit cards. The bigger question, is why are people using checks at the grocery store. If you have the money, a debit card is much quicker and easier, and won’t piss off the people in the line behind you.
Conservative – “I OBVIOUSLY do you jack ass, or how would I be responding to you?”
Oh no, next thing you’ll be calling me a “libtard”. Just FYI, I’m neither.
Conservative
February 22nd, 2011
9:12 am
Why don’t you answer the real question Road Warrior (aka troll)….why should the cost burden for receiving a monthly statement be put on the consumer and not the bank?
coachx
February 22nd, 2011
9:15 am
I’m fine with it……………..even insurance companies are starting to go paperless and send policy copies out in emails.
Its called progress.
Road Warrior
February 22nd, 2011
9:15 am
Conservative – “Why don’t you answer the real question Road Warrior (aka troll)….why should the cost burden for receiving a monthly statement be put on the consumer and not the bank?”
It’s not, I have an electronic record of all my account activity. On the rare occasion that I needed to get a hard copy, I called BOA Customer Service and they faxed a copy fo my office free of charge. So unfortunately your argument doesn’t hold much water in this case.
BTW, who’s Troll?
KB
February 22nd, 2011
9:15 am
Who cares? Are people really still printing and filing paper statements and check images? BOA makes statements available online for the past year. If you must, print it yourself…save the money. Move on…could be worse.
Tillie the Alltime Teller
February 22nd, 2011
9:16 am
Wachovia threw a new charge at me and when I called to discuss it with them the lady suggested I just close the account if I didn’t want to pay the new fee. Well, the account was one I’d had for a long time and I told her I’d give it some thought. I did just that, and the next banking day I closed 12 deposit accounts. 3 more I left open until they mature. Net result for me . . . a new banking relationship. Net for Wachovia/WF . . . loss of a customer of 40 years. By the way, the branch where I did business had a new “manager” every 60 days. Leaving a bank that was tarnished with scandal, money laundering, and mortgage fraud was not so hard after all. Sad to think about what First Union did to FNBAtlanta/Wachovia. Sad.
Skozoze
February 22nd, 2011
9:16 am
Road Warrior – I’m with you. I’ve banked with Bank of America for 14 years, since we moved to Georgia. I wouldn’t know about poor service since I’ve never had occasion to use it. I use their online banking and bill pay and it is the best in the business (I’ve tried others just to compare). You can get an image of your check by clicking on the check #. It’s not too complicated. I don’t pay them any fees, and I don’t keep $10,000 in my account. Why would I want paper statements and check images cluttering up my house? I haven’t had to use a check image in . . . well, I don’t remember ever using one. By the way, Conservative, if you don’t want to pay the costs of internet and electricity to look at your electronic statement, then go to the library. It’s your bank statement – why wouldn’t you pay for the ink and paper? They’re not charging you for that, though; they’re simply trying to reduce the size of the mailings by eliminating the check images. Big deal. I guess we have to have something to be outraged by these days. A business making a profit? Shameful.
David W
February 22nd, 2011
9:16 am
@Road Warrior & Gator – I ask the same question… Why do people STILL use checks??? Unless you are paying your cleaning lady or a handyman they should be obsolete. Using a bank like BofA you can send that all electronically to your payees, for free. Otherwise, you also have to pay the 44 cents for a stamp to send it off too!
Bill Skipper
February 22nd, 2011
9:18 am
I can count on 2 fingers the number of checks I write in a year. BofA’s electronic bill payment is the way to go.
Road Warrior
February 22nd, 2011
9:21 am
@David W and Bill Skipper
I’m with you. Apparently Conservative is outraged at the .10 that it will cost him in paper, electricity and ink to print obsolete statements. BTW, .10 is still a bargain compared to the fees that most every bank charges.
Conservative
February 22nd, 2011
9:22 am
Fine Road Warrior, go ahead and trust your method and mega banks, but if your computer crashes and all your statements are gone or if you ever get burned good, luck dealing with it. I’ll keep fighting this crap from banks!
Road Warrior
February 22nd, 2011
9:25 am
Conservative – “but if your computer crashes and all your statements are gone or if you ever get burned good, luck dealing with it.”
Think I addressed that already. If my computer crashes, I can retrieve my electronic statements from my office computer. If I need a hard copy, I can get one from BOA for free. BTW, my computer crashing would not affect my ability to retrieve electronic records from BOA servers. It’s not like my system and theirs rely on each other to keep in contact.
Conservative
February 22nd, 2011
9:26 am
Skozoze, why should I have to do anything more than what I’ve done in the past, which is merely retrieve the statement from my mailbox? What the banks are doing is pushing the cost and burden onto the consumer. You may be fine being told what to do, but I refuse to let this happen to me.
Conservative
February 22nd, 2011
9:27 am
They only keep so many available for you Road Warrior. But I’m done arguing with you, good luck and hopefully you don’t get burned by this practice. (I genuinely mean that)
Former Banker
February 22nd, 2011
9:28 am
Have worked for a giant mega-bank, and a small community bank, and I do all of my personal banking at Navy Federal Credit Union. Ask around…. even though they give us “employee rates” the vast majority of bankers I have worked with all use credit unions for their personal finances. I will NEVER understand why anyone would willingly choose to keep their money at a big bank when there are better options all over the place. BofA (and all the other big nationals) are SALES-driven companies. The job title is Financial SALES Representative (NOT service, which most people assume). I’m not sure why anyone is surprised that they are charging for everything they can. Just wait till Wells rolls out Teller Fees like they have in their western markets….and “Free” checking accounts are soon to be a thing of the past. I’m guessing community banks like Bank of North Ga. and Fidelity, etc. will be the only ones to offer it anymore. Regardless, I agree with Conservative on this one. You can’t charge consumers for something you are legally required to do by law. My grandmother doesn’t have the internet, or the ability to drive. She pays her bills with checks, and likes to keep the copies of them as proof she has paid. On her social security income, that $3.00 fee is a lot to her. I’ve since moved her finances to a credit union, but how many other elderly people is this affecting? oh wait…. i know the bank answer…. “Do they have at least an average balance of $100k in checking? No? Then we don’t care”
Conservative
February 22nd, 2011
9:31 am
The problem is Former Banker, some people get absorbed into these big banks. I unfortunately had a mortgage with Countrywide which got bought by BofA so now the only way for me to get out of it is by refinancing and paying all the costs associated with that.
Former Banker
February 22nd, 2011
9:32 am
getting that hard copy of your statement will cost you $5/page, btw
Former Banker
February 22nd, 2011
9:35 am
i had the Countrywide to BofA mortgage switch too. Refi here as well. We are lucky my hubby is in the Army and have access to awesome Credit Unions with awesome rates.
The Real Georgia Peach
February 22nd, 2011
9:38 am
I have to agree with the folks who recommend credit unions. I bank at Chase, though, and am very happy. I don’t get charged any fees and now I can make my deposits at home in my underwear.
Road Warrior
February 22nd, 2011
9:39 am
Former Banker – “getting that hard copy of your statement will cost you $5/page, btw”
I guess I better hurry and write a check to BOA. I got that hard copy 2 years ago, and have never been charged. Do you know what the interest and penalties will be?
Former Banker
February 22nd, 2011
9:41 am
that meant the fsr who printed them for you waived the fee, and put his/her neck on the line do it for you. as of last year, the “rule” from corporate was $5/page, no exceptions, not even with BoM approval.
Former Banker
February 22nd, 2011
9:47 am
depending on your checking account, that is. if you’re premium, it might be down to $2 these days…
Dirty Bird
February 22nd, 2011
9:48 am
All Big Banks including BofA suck big time. Consumers and Small Businesses should boycott them.
OedipusTax
February 22nd, 2011
9:53 am
If you don’t like BOA’s services, you’re free to choose another bank. Go for it.
Yet, you’re not free to choose another Social Security provider. The same people complaining here about BOA are often the same people that want MORE government, regardless of how poor it does its job.
Nothing has gone up in price as much as Social Security has. If the bank fees went up like Social Security taxes have, then the bank fee might be $300. And as long as somebody else paid it, the whiners here would want it to be $3,000, because the rich don’t pay enough taxes.
Nevertheless, nobody does poor a job of satisfying customers than government.
Why?
Because no matter how lousy they do their job, they can’t go out of business.
GApeach
February 22nd, 2011
9:54 am
Looks like I’m going to switch over to Georgias Own Credit Union! I know they will treat me right! I’ve used them for two car loans and would never go else where!
DC
February 22nd, 2011
9:56 am
bunch of old people upset b/c they have to use the computer…call me a liar if this isnt true…
hater of bank of america
February 22nd, 2011
9:58 am
Enter your comments here
na
February 22nd, 2011
9:58 am
Bank of UnAmerica
worst on customer service
worst treatment of customers in general
they seem to have a policy that customers are only a necessary evil and make sure they are treated with disdain.
But what I can tell it is not the people working in these banks,it is the higher up persons making the rules, decsions etc that are out of touch with what a bank should do.
James
February 22nd, 2011
9:59 am
Seriously? People get bent out of shape over this minor issue?
I’ve never had checks or check images returned to me, why would I want them? As long as the account balances, I do not need to see the checks or check images.
If you do online bill pay, it’s even more of a none issue.
Why waste the paper for the statements and checks/images, if you need to see the statement, go online and open the PDF. If you need a paper copy, print it out on your own freaking paper.
Grow up people, banks are in business to make money… accept it or put your money under the mattress.
Clydesmom
February 22nd, 2011
10:00 am
WHO even writes checks anymore? I have a checking account but keep no paper checks to write. EVERYTHING is paid via online bill pay or debit card. No images to worry about, no statements, and no bounced checks either! FYI: I left BofA years ago because of their idiotic policies and didn’t have NSF issues with them. Customer service is non-existent.
SMH
February 22nd, 2011
10:01 am
Well, until my CHURCH and child’s daycare install a debit card machine, I’ll continue writing checks. Ha!
On topic, I agree that financial responsibility would help people to avoid most fees. I think that overdraft protection is one of the stupidest fees to pay, and banks count on stupidity to make their money. Think about it. They pay you very little (or no) interest to use your money, but they charge outlandish fees and interest rates to use their services. We fall for the okie-doke every time. Nobody could pay me to get overdraft protection because I can tranfer my money between accounts myself. Wisen up, people (and that includes me)!!!
The Real Georgia Peach
February 22nd, 2011
10:04 am
SMH, if your church doesn’t let you use a debit card now, it will soon. My church lets me tithe online with a debit or credit card or PayPal. You can even print a receipt for the envelope so Sister Bertha Better-Than-You doesn’t think you don’t give to the church.
SMH
February 22nd, 2011
10:14 am
Real Georgia Peach, I doubt that my church will have a debit card machine in the near future. It’s a very small church. My dad is the only deacon and the church administrator, and he doesn’t even have an e-mail address. He still has the cellphone that my mom bought him 10 years ago. Yes, it’s a can with an attached string, and we can’t convince him to upgrade. As for the church, it has no debts at all, and the pastor preaches salvation–not just prosperity. No bank fees for my church!
Conservative
February 22nd, 2011
10:15 am
OedipusTax, it’s not free if you have to refi a mortgage to get away from BofA. DC you are a liar, it’s not about old people using a computer, it’s about being forced to use a computer for something a bank is legally obligated to provide! James says “as long as the account balances…”, exactly, so what if the account doesn’t balance and you can’t find your statement online? What proof do you have to claim money that is rightfully yours? Don’t think that banks never make mistakes?
Rick
February 22nd, 2011
10:17 am
Glad I moved all my accounts to a credit union right before Wells Fargo took over Wachovia. I have saved over $240 in account fees as well as have made more in interest in less than 1 year than I made in 2 years with the “big banks.” Goodbye mainstream banking!
TnGelding
February 22nd, 2011
10:19 am
I think they should charge fees for services. We need to get to a paperless society sooner rather than later and this should provoke some to cooperate.
arlene
February 22nd, 2011
10:29 am
Does this mean we have to pay for our monthly ststements from the bank? If so, that’s a pretty cheap move, and not good for customer service.
Marlboro Man
February 22nd, 2011
10:45 am
BOA is a two bit operation, only fools do business with those chumps.
Conservative
February 22nd, 2011
10:50 am
Fools or people that get absorbed into it….buyer beware!
GAtor
February 22nd, 2011
10:51 am
@Conservative: You keep saying legally required to “provide” a statement. Just b/c they have to “provide” it doesn’t mean they have to put it in an envelope and send it directly to your mailbox. Think of the expense and waste of resources to print and send this to every banking client in the country. I think every bank should do this, theres no need to get a paper statement every single month.
Not to mention, everyone thats commenting on this is online at the moment. If you have a problem with email and internet access then send your written response to the editor of the AJC and have them update your response for you.
What ever!!!!!!!!!!!!!!!
February 22nd, 2011
11:06 am
I left BOA several years ago when they held mine and my husbands paychecks for a week. One was written on a BOA account and the other was a wire transfer. They could not tell me why they needed to hold the money but after that I moved on to First Union. First Union then got bought out by Wachovia which is now the Mega Bank of fees Wells Fargo so I just moved again. When will it end?
Lindsey
February 22nd, 2011
11:09 am
I was a customer and an employee of Bank of America…THEY STINK!!!
GApeach
February 22nd, 2011
11:11 am
So where is everyone banking now?! I’m looking into Georgias Own Credit Union, but I’d like to know where everyone else is going as well?
Road Warrior
February 22nd, 2011
11:14 am
What ever!!!!! “When will it end?”
Who cares, just keeep an amount equal to 4 pay checks in your available balance and it won’t matter how long they hold them. Case in point, over the weekend I deposited 3 different checks totalling around $5,000.00. Each deposit released $300.00 immediately with the balance to be credited upon clearing. Granted, these were not paychecks, but even so, I didn’t feel the need to panic because I didn’t have access to ALL my deposits that day. Reminds me of the people that got the tax refund and HAD to spend it within 24 hours only to have the funds withdrawn due to a computer error which triggered the NSF charges at their respective banks. is it frustrating when that happens? Yes, is it the end of the world? No. If you manage your money correctly, there should never be a reason for you to constantly overdraw or be charged NSF. If you do have that problem, then I agree with several other posters in that banking is probably not for you. poster
woodie
February 22nd, 2011
11:18 am
Everything costs money. Billing statements cost a lot of money and is a waste of paper. And banks are tightening the same as every business. So it’s no surprise to me. I would remind people that if those around you suffer, you will suffer with them. So hope that everyone is doing well. It is in your best interest.