Bank of America is looking to restructure the way it charges customers, The Wall Street Journal reports. It will soon begin testing fees of about $6 a month on its most basic account and customers will not have an option to waive the monthly fee.
Accounts with more features can have monthly fees ranging from $8.95 to $25, which can be waived if customers maintain certain balances, use credit cards, do their banking online, or have a mortgage with the bank. BofA will divide customers into four categories structured by account activity and number of products.
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