Bank of America Set to Overhaul Account and Fee Structures

man walks past bofa atm machine - bank of america
man walks past bofa atm machine - bank of america

We've learned not to get too excited around here when a bank executive says they're "very excited" about a new rollout or offering. As it turns out, we were right to hold onto our hats when it came to Bank of America's conference call earlier today. The behemoth bailout recipient says it's overhauling its checking account options, and the results could mean more of us are paying fees.

BofA executive Susan Faulkner spoke about the need for change in the face of "a new economic reality." While other big banks have made changes and implemented new or higher maintenance fees on accounts, as our sister site Daily Financepoints out, BofA's sheer size -- roughly half of us have some kind of relationship with the bank -- makes these changes significant. Faulkner wouldn't say, when asked, how much revenue the bank expects to earn by implementing these changes, but analysts have said that banks stand to lose a bundle from restrictions on overdraft and interchange fees, so it's clear that they have to make up that shortfall somewhere.