New Fees Enrage Bank of America Customers

Nobody said Bank of America’s transition to a new $5 banking fee was going to be easy. The nation’s largest bank by assets had a rough day Friday as their stock dropped, their website crashed for unknown reasons, and they faced a public-relations nightmare as consumers took their complaints public through social media and cable news. The bank’s stock is down 44 percent for the quarter that ended Friday—the worst-performing in the Dow Jones Industrial Average—and the stock is down 56 percent for the year. Bank of America said they are trying to impose the fee after federal legislation reduced the amount of money that banks get when consumers swipe their debit cards in stores. Bank of America is also facing lawsuits relating to their mortgage practices leading up to the 2008 financial meltdown, and the bank announced earlier this month that it would cut 30,000 jobs and undergo a leadership reshuffle.