It’s long been a basic tenet of the business world: You give us more business, we’ll reward your loyalty with better deals.
That’s how cable companies operate with their service packages. That’s how phone companies work. And until now, that’s pretty much how banks played things as well.
Want to avoid checking-account fees? Maintain a higher balance or, better yet, take out a home loan.
As of this month, however, about 2 million Bank of America mortgage customers are scrambling to figure out their status after the bank sold servicing rights to their accounts to a company called Nationstar Mortgage.
That’s because any BofA benefits the customers might have enjoyed because of their mortgages soon will disappear. After a 12-month grace period, the bank says, fees will kick in for various services that might have been covered by a customer’s home loan.
Story by David Lazarus for the LA Times.
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