BANGALORE (Reuters) - Bank of America Corp plans to test different pricing packages in a bid to recover some of the $4.3 billion in revenue it expects to lose from new restrictions on bank and credit card fees, the Financial Times said.
The largest U.S. retail bank may create a tiered price system that rewards its best customers for maintaining a minimum current account balance, using credit cards a certain number of times per month, or conducting all banking transactions electronically.
Customers who do not adhere to certain rules will be charged a higher fee, the newspaper said.
“We are not guaranteeing that we will recover all of the revenue lost as a result of the new regulations, but over several years we think we will get back a good share,” Joe Price, head of BofA’s consumer bank, told the paper.
Bank of America could not immediately be reached for comment by Reuters outside regular U.S. business hours.
Reporting by Sakthi Prasad in Bangalore; Editing by Dhara Ranasinghe