Consumer Crisis (Round Two) Looks Imminent for BofA

Bank of America, the nation’s second-largest bank with more than 55 million customers, is planning to tack on a monthly fee for basic checking account users unless they agree to bank online. Again.

Bank of America took a beating on social media last year after announcing plans to impose a $5-a-month debit card fee, which caused a more than 20% spike in account closings. The proposed policy was immediately reversed, but the damage had already been done with consumers.

If history is going to repeat itself, BofA had better brace itself for another social media uproar at the very least.

Surely, attempting to re-introduce monthly banking fees will outrage consumers. But it looks as if big banks, like BofA, are still attempting to quietly introduce or experiment with fees that are sure to ignite a firestorm of backlash.

BofA is going to try, though. Their CEO recently laid out his belief that customers of BofA can’t just go using the bank’s convenient ATMs and online banking for free without giving a little bit on their side of the relationship.

Liken it to a game of tug-o-war between consumers and BofA. Who will give in? Will the banking giant succumb to consumer outrage again and backpedal when threatened?

Moreover, will other banks follow suit and add monthly fees? We’ll be staying tuned.