After consumer backlash last fall forced it to abandon plans to add fees for consumer debit card accouns, the Bank of America is now testing new fees for checking accounts in three states: Arizona, Georgia, and Massachusetts. Reportedly, the new monthly fees apply only to new accounts and range from $9 to $25 depending upon the consumer's account balance.
Meanwhile, the Massachusetts Secretary of State Galvin seeks legislation for national banks operating within the state to offer free checking accounts for young adults under 19 years of age and elders ages 65 and older. Galvin wants to prohibit these banks from holding state and local government deposits unless they offer free checking for these two groups. State-chartered banks in Massachusetts are already required by law to offer free checking to these two groups.
To learn more, visit the banking authority for your state.