- It's latest effort to try and wring revenue from its most basic banking product (and a loss leader), Bank of America (BAC +0.9%) today begins offering "Safe Balance" - a checkless account for customers with low balances for a monthly fee of $4.95. The account won't allow overdrafts, so it could make sense for those depositors whose balances sometimes fall to zero, causing them to get stuck with overdraft fees.
- This effort looks to be a little more well-prepared than previous efforts in 2011 and 2012 which drew swift regulatory and customer blowback and were quickly withdrawn. "We've been doing a lot of listening to customers, doing a lot of meetings with regulators and [consumer] advocates," says BofA's Andrew Plepler. "Predictability, safety, no surprises, no hidden fees is a recurring theme."
- The stock hit a 4-year high earlier in the session, before pulling back a bit.