Bank of America is experimenting with levying annual fees on previously fee-free credit cards among approximately one percent of its customers.
One staffer on our team got a letter stating her annual fee would be $59. Other reports in the media suggest people are being told they'll face fees at either $29 or $49.
"We're testing this to see what the feedback is," a BOA spokesperson told the Associated Press. "In terms of any plans going forward, we haven't made any decisions." Basically they're testing the waters to see if people get hot under the collar.
So what should you do? Pick up the phone and tell them to stop clowning around. They may be instructed to give you the cold shoulder. We don't yet know how it will play out.
This is another example of why it's so important -- even if you're not a fan of credit -- to have three or four different cards from three or four different issuers. Remember, your "safe harbor" card should probably be from a community bank or credit union.
The reality is that if BOA gets away with this, then other dominant players in the industry like Chase, Citi, Capital One and American Express will immediately roll out similar fees.
You have to stand up to BOA; maybe the best way is to fire them.
In light of this development, Clark has put out a special call for his listeners to develop a new slogan to replace BOA's "Bank of Opportunity" tagline. Please keep it clean and post your suggestions below using our commenting feature.
