Bank of America to 'test' annual fee on 1% of credit customers
Wednesday, October 14, 2009 11:44 PM
Bank of America (BOA) may have promised not to raise its interest rates before the implementation of the Credit Card Accountability Responsibility and Disclosure (CARD) Act next February, but apparently implementing new fees is still fair game.On Tuesday, Bank of America announced that itwould be sending notices out to 1 percent of its credit card customers stating they would be charged a fee ranging from $29 to $99 in February as part of what spokesperson Betty Reiss called the testing of an annual fee that had not yet been implemented
"We're testing this to see what the feedback is. In terms of any plans going forward, we haven't made any decisions," Reiss said.
According to MyBankTracker, the bank also added that the fees were being considered as “response to market changes, new federal laws and regulations, and the increasing costs of providing unsecured credit."
The announcement of the new fee comes one week after Bank of America became one of the first to announce they would not be imposing any "misleading" increases to their card holders' interest rates in the months before new regulations went into effect in February as part of the Credit CARD act.
Recent News Articles
- Mortgage applications survey finds that fewer consumers willing to incur housing-related debt
- Government moves to broaden options for legitimate debt resolution options, stop scammers
- Revolving consumer credit falls, but overall numbers are up
- Report: Consumer attempts to reduce debt could be hampering economic recovery
- Report: Treasury Secretary warns world leaders that U.S. consumers look to reduce debt
Debt News Categories
About Debtmerica
Debtmerica is a leading debt settlement company that offers assistance to individuals and families who are experiencing financial difficulties and hardship.
We specialize in negotiated debt settlement to assist clients by reducing debt balances while providing an affordable monthly payment.
Our professional and knowledgeable staff has helped thousands of consumers get back on their feet financially.
Achievements
|
Debtmerica has had one vision since inception - to help Americans nationwide attain financial independence. At Debtmerica, we're proud of our achievements and honors. They represent our commitment to our vision and clients. |
|
|
|
|
A Secure & Trusted Site
|
Debtmerica is committed to providing a safe and secure site that you can trust. |
 |
|
 |