New accounts will waive fees for those who take on credit card debt

Like many major financial institutions, Bank of America is now testing accounts available only to new customers in select parts of the country, with an eye toward rolling them out nationwide, according to a report in the Atlanta Journal-Constitution. These will have higher monthly fees than existing accounts, but many can also be waived if the consumer takes on credit card debt using a Bank of America-branded card.

Taking on credit card debt with on a bank account will allow consumers to bypass fees as high as $15 a month in some cases, and also gain access to accounts with more benefits, the report said.

Many lenders have lost out on large profits as a result of new regulations which limit credit card debt and other banking fees, and are now trying to recover them by introducing new charges or increasing existing ones.