Magazine article American Banker

@BANKTHINK.com; Highlights from Our Blog, and from around the Web

Magazine article American Banker

@BANKTHINK.com; Highlights from Our Blog, and from around the Web

Article excerpt

Green or Greed? The B of A Fee

The scoop by American Banker last week that Bank of America is charging some new customers a fee for paper statements generated a torrent of comments across the blogosphere.

The accounts are being pilot tested in Georgia, and the Atlanta Journal-Constitution was quick to pick up the story on its website; 115 readers posted comments during the next day.

There was the inevitable slew of "just another way of lining the pockets of greedy bank executives" type of comment, some of which compared the bank with airlines for charging "every little fee they can get away with."

But some approved of the nudge toward paperless banking for environmental reasons. "If it were the government suggesting a tax on paper statements, something like this would be touted as a necessary and progressive environmental initiative," one comment said. The green contingent overlapped with those who "hate paper bills/statements and switched long ago to electronic everything." One Gen Y commenter suggested "saving the PDFs onto a flash drive, then put them in your safe. That's probably more permanent than a piece of paper would ever be," adding, "we're the audience for this type of account, so the $8.95 fee is barely relevant."

Another poster had an idea for B of A to improve service on this account: "How about e-mailing the statement as a PDF? No print and mailing costs to recover from the customers, yet still delivering the document directly to them. …

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