Earlier this month Bank of America started notifying customers like Mullen-Kress that they will be charged a new annual fee of $29 to $99.
The banks are starting to charge fees to reliable customers in response to a slew of new credit card industry regulations that will limit when banks can hike interest rates. Cardholders who get a new annual fee notice in the mail will be in a no-win situation.Every consumer has got to scream "absolutely not!" on this to the banks which hold their credit cards.
It would make a very interesting class action lawsuit, if banks billing customers who pay timely close their accounts due to these fees and then have their credit adversely affected.
The publicity over such a lawsuit would make those banks look like real pariah institutions, and no amount of PR and spin could prevent that outcome from happening .