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Bank of America to announce fee education campaign

by AP Associated Press - Jun 05,2007

CHARLOTTE, N.C. (AP) - Bank of America is launching yet another program, this one designed to help customers avoid those nagging fees.

The Charlotte-based company collected more than $22 billion from customers last year for everything from using a competitor's ATM to paying a credit card bill late.

It's an interesting campaign for the nation's second-largest bank since more than half its annual revenue comes from non-interest income that includes fees. In the first quarter, growth in fees and other non-interest revenue sources helped the Bank of America post a five percent earnings increase.

The bank says the campaign will complement online banking offerings, which include e-mail alerts and mobile banking on cell phones. Similar services are available at a number of banks, including New York-based Citibank and Wells Fargo in San Francisco. But Bank of America says its program accentuates how customers can use online tools to watch over their money and avoid fees.

------------------------------------------------------------------------------------------Copyright 2007 The Associated Press. All rights reserved

 

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