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  • Bank of America Corp. (NYSE:BAC) : Checking Account is no Longer Free

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    Thursday Jan. 6, 2011 at 2:35 pm EST
    Bank of America Corp. (NYSE:BAC): Checking Account is no Longer Free 
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    Bank of America Corp. (NYSE:BAC) announced some major changes to its checking account pricing. Bank of America Corp. will offer more rewards to the premium customers with deposits more than $50,000 while it will start charging for some services for all other basic users. Bank has taken this decision to increase the dropping revenues due to strict federal regulations.

    Now onwards, Account holders with low account balances would be subject to a $9 monthly maintenance fee. Meanwhile, those with at least $50,000 in deposits and investments would receive priority customer service and higher interest rates on their savings. To start with, these new rules will be implemented in Arizona, Georgia and Massachusetts this month and will be rolled out nationwide late this year or early next year.

    "We're in a new economic reality. We've seen our customers' behaviors change, their financial needs change," said Susan Faulkner, Bank of America's deposits and card product executive.

    Shares of Bank of America Corp. (NYSE:BAC) are trading at $14.38 on Thursday at resistance level of $13.24. Major support points for Bank of America Corp. (NYSE:BAC) below current price are at $13.66, $13.26, $12.5 and at $11.95. Resistance levels above current price are at $15.14 and $15.84.

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