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BofA ponders pricing packages
By Sakthi Prasad |
September 21, 2010, Tuesday
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Print Edition
Print Edition
BANK of America Corp plans to test different pricing packages in a bid to recover some of the US$4.3 billion in revenue it expects to lose from new restrictions on bank and credit card fees, the Financial Times reported yesterday.
The largest US retail bank may create a tiered price system that rewards its best customers for maintaining a minimum current account balance, using credit cards a certain number of times per month, or conducting all banking transactions electronically. Customers who do not adhere to certain rules will be charged a higher fee, the report said.
"We are not guaranteeing that we will recover all of the revenue lost as a result of the new regulations, but over several years we think we will get back a good share," Joe Price, head of BofA's consumer bank, told the paper.
Bank of America could not be reached for comment.
The largest US retail bank may create a tiered price system that rewards its best customers for maintaining a minimum current account balance, using credit cards a certain number of times per month, or conducting all banking transactions electronically. Customers who do not adhere to certain rules will be charged a higher fee, the report said.
"We are not guaranteeing that we will recover all of the revenue lost as a result of the new regulations, but over several years we think we will get back a good share," Joe Price, head of BofA's consumer bank, told the paper.
Bank of America could not be reached for comment.
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