Bank of American has decided to delay instituting fee increases on checking accounts this year for more than 10 million of customers who the bank does not feel are profitable, according to the Wall Street Journal.
The WSJ story says that “the decision to hold off on new checking-account fees at least until late next year comes amid a sweeping review of the bank’s retail-banking business, said people familiar with the bank’s plans.”
The fee increases were originally planned for the end of this year.
In the meanwhile, the WSJ says that Bank of America is looking for ways to earn more money from the 10 million customers by convincing them to use additional services from the bank, including having direct deposits.
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