Several weeks ago I blasted Bank of America on its new policy of charging $8.95 if its customers used a teller anytime during the month or required printed statements. I suggested that, instead of establishing these penalties to existing customers, they create a new offering and incorporate a new value proposition.
As it turns out that’s exactly what they did. They created a new ebanking product and the fees were related exclusively to that offering. While we could, and may at a later date, discuss the merits of penalty provisions, I choose not to do so here. I don’t want to detract from the sincerity of my apology both to Bank of America and you, the reader. You, both, deserve better.
Please accept my apology for not having done my homework as effectively as I should have before writing that commentary. I am committed to fairness and honesty and I promise that I’ll do a better job in the future.