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BofA & Business Cards

May 17, 2011 by staff 

BofA & Business CardsBofA & Business Cards, With public procurement regulations and conduct of the government changes, Bank of America is taking steps to change its entire range of consumer banking.

The company’s products check soon changed to a “levels” of the program is already being tested for new customers in Arizona, Georgia and Massachusetts, according to the Bank of America Consumer and Small Business Banking President Joe Price. These accounts are new and will be available in Jacksonville and the rest of the country after a pilot program ended in the state, Price said in an interview during his visit to Jacksonville Thursday.

“Coming out of this crisis, we’ve tried to do is ask what is important to our customers. They want simple, easy access to banking products 24 / 7, they are delivered by partners with expertise in communities, and want to do what they expect to do, “said Price.

There are four packages checking account customers – the basic account “Essentials”, the online banking account, the account of major and Premium account. Each type has a cost per month, but charges can be avoided, except for the office and 6 Essentials account. The rates for the other three counts, ranging from, 9 to 25 and a month, you can avoid through online banking, maintaining a minimum monthly balance or the use of credit cards.

“Each package provides more and more until you reach the top. Basically, the packages are designed around what our customers say they want and their behavior shows they want,” he said.

These accounts are not radically different from those of other banks as the industry turns around and launches new products to retain or acquire customers as a result of financial reform.

Wachovia has a basic checking account, a student and a paid version, but the charges for lack of Wachovia ATM withdrawals and inquiries into account. Regions Bank has a standard account, an account for the Elderly, and an account for students and two high-end accounts. All but the students direct debit a monthly fee, but offer ways to avoid – such as direct deposits, electronic transactions, or monthly minimum balances. Wells Fargo also has several packages into account – the checking of values, verification of the university, a package checking and savings account package and two high-end accounts. All have monthly fees, but offer ways to avoid, such as direct deposit and minimum monthly balances. Like Wachovia, Wells Fargo charges $ 2.50 for non-Wells Fargo ATM withdrawals, and 2 and for non-Wells ATM consultations.

Price said the new accounts have not been designed with a view to recovering the losses expected from the new regulations governing transactions of Visa debit card. The Dodd-Frank Act 2010 requires that financial reform transaction fees, debit card, which is paid by the merchant banks, will be reduced, but did not say by how much. In December, the Federal Reserve proposes rules to cut rates an average of 44 cents per transaction from 7 to 12 cents per debit transaction.

Financial institutions like Bank of America, said fault.

“We feel that the proposal is too low,” said Price. Much of the spending programs of the bank’s debit card come from the guarantees offered, he said. If a debit card is used fraudulently, the consumer will be refunded the amount stolen. Traders also are not exposed to fraud under the security umbrella of the bank, he said.

“These things do not come free,” he said. “But one thing is going to be tied to compensate for the change of revenue out of the card law or the position taken by overdraft fees.”

That position has to do with the fact that Bank of America last year stopped allowing debit transactions overdraw the customer’s account. Now, when there is enough money in the customer’s account, the overdraft are simply refused, but the bank and did not recover overdraft fees debit payments.

Price said it is still possible that the proposed fee reduction debit card transactions will not be imposed. But even if they are, said the bank plans to increase its revenues by acquiring new customers to sign up new accounts.

“You meet your needs as a consumer and more business,” he said. “Everything will be linked back to the same principles. Clarity direct the choice of a customer’s perspective”

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