Galvin Wants To Penalize Bank Of America For New Checking Fees

BOSTON (CBS) – Bank of America is testing new fees for customers in Massachusetts, Georgia and Arizona.

Customers fought back when the bank wanted to charge them to use their debit card and now they may have to pay for their checking accounts.

Secretary Of State Bill Galvin says Bank of America has gone too far this time.

WBZ-TV’s Kate Merrill reports

“It’s pilfering, they are stealing small amounts,” says Galvin.

So Galvin is trying to hit Bank of America back. He wants to pull the state’s money, hundreds of millions of dollars, out of the bank.

According to the Wall Street Journal, citing a memo to Bank of America employees, the company is testing new fees in three states including Massachusetts. Charges are $6-$9 dollars a month for essential accounts like basic checking and $9-$25 for others. Customers could avoid the fee with minimum balances and using other services.

“They are penalizing people for putting money in their bank which they can then utilize to invest in anyway they want,” says Galvin.

He’s filing legislation that would mean that Bank of America can’t hold the state’s money anymore.

Galvin says it’s time to fight back. “This is a trial balloon and it’s important we take out aircraft and shoot it down,” he says.

In a statement, Bank of America says they are, “continuing to learn from those tests and has not made any decisions about when, how, or if we would change our fees on new accounts.”

More from Kate Merrill
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  • 1stackmack

    with all the nickel and dime bs charges,why is anyone even with bank of america.if they cound get there way with the debit card just knew they would find a way to stick it to ya.l’ve never had a problem with sovereign,or l should say l never had a problem with shawmut bank,until the never ending buy outs and name changes.

  • Sarah Forbes

    Help me break the banks which crashed the economy. If you have your money in Bank of America, Wells Fargo, JP Morgan Chase, etc. – MOVE IT.

    Put your money in your local savings bank or credit union. They keep your money in the local community.

  • GoPats

    My wife and I were BOA customers for over 20 years when we had an over draft for $2 (star bucks, end of week). We were charged $60 (estimate, its been years). When my wife called to negotiate they refused to remove the penalty. We asked are they willing to lose a loyal 20 year customer for $2 and they replied “absolutely”. We have been with sovereign ever since (and a local bank),

    • Just buyMoney Orders

      Mine was a .40 cent overdraft. I think the bill is up to 1200.00 now. I laugh cause Im disabled and they will never be able to collect a penny. I get to live a life of bad credit. With a lien on potential future earnings. Thanks BOA. That sure gives me incentive to work LOL

  • emily

    Be careful Bank of America customers, I opened a “free” savings account for my 8-yr old and they siphoned $5 a month out of it, which was more than he was putting in. Then when conforonted, they said it’s a “glitch in the system”. Well what a convenient glitch for them. I went & switched to a Credit Union. No fees & no glitches! SHAME ON YOU BANK OF AMERICA!

  • Reefer

    Stick to your guns, Bill Galvin!!
    I have NEVER done business with BOA.
    They are rude, intransigent, and not very good business people.
    I have done business with a local CU whose name begins with “D”.
    They are friendly, responsible, people oriented, and still profitable.
    If they can do it….they can ALL do it. It’s a matter of attitude.
    If I were YOU, Bill, I would transfer the funds IMMEDIATELY.
    Why wait for a knee-jerk reaction. Make the preemptive strike.
    BE BRAVE….we’re behind you. We’ll all clap and cheer and
    support your decision. GO GALVIN…

  • charlie kelson

    all the banks want is more of our money, fees for everything, when we,meaning the us government, bailed them all out when they were down

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