Bank of America recently announced it would add a $59 annual fee to the accounts of about 5 percent of its credit card customers in an effort to increase revenue, according to a report from the Los Angeles Times. In all, the change, which goes into effect on April 11, will hit about 2 million accountholders who have significant credit card debt.
"I feel like an indentured servant," Sue Laman, a customer who has $30,000 in credit card debt with the bank, told the newspaper. "But what can I do? I can't refuse their annual fee. They know I have no choice except to pay."
The change is expected to generate about $118 million in new revenues for the lender, the report said. Currently, Bank of America controls the credit card debt for about 40 million consumers.
This change is likely in response to greater federal regulation that limits the amount of revenue a bank can generate through rate changes and fees for certain credit missteps.