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Report: Bank Of America Delays Higher Account Fees

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(Photo by Davis Turner/Getty Images)

(Photo by Davis Turner/Getty Images)

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NEW YORK (AP) — Bank of America is postponing an increase in monthly fees for checking accounts, according to a report in The Wall Street Journal.

The paper cited unnamed people familiar with the bank’s plans saying that the new fees would be delayed until at least late next year.

T. J. Crawford, a spokesman for the Charlotte, N.C. bank, had no comment on the story.

Bank of America Corp. has been testing new fees in a pilot program in Georgia, Massachusetts and Arizona. The bank has been charging between $6 and $25 per month depending on the type of account and level of service.

Banks are moving to collect more in fees as low interest rates make it harder to make money from lending.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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