September 30, 2011 at 10:12 pm
#735668
Bostonman
Member
Smitty is correct. Its the Dodd – Frank act at work. What’s ammusing is there was a senator from Illinois I think complaining that Bank of America did this. Who for a second thought they wouldn’t? It goes back to the old thought that if you force a company to lose revenue one place either subsidy or restricting revenue they will make it up someplace else.
They should have just stayed the hell out of the banks business and let them charge the fees they did and people could choose to bank with them or not. I bet BofA nets to the same revenues.
If you want to avoid the fee then open a Merril Lynch account with them to invest a little money then you don’t pay the fee.