Consumers Looking To Compare Bank Accounts In Georgia Have New Options

Bank of America announced this week that it plans to unveil a new line of bank accounts, many of which could come with ways to avoid costly fees.

The North Carolina-based lending giant says consumers in Georgia and two other states will be able to apply for the accounts as part of a test run of the products.

Many of the new accounts come with monthly maintenance fees that range from $9 to $15, according to The Atlanta Journal-Constitution. However, consumers who use their credit cards once per month or perhaps take out a new mortgage loan with Bank of American could have these fees waived, potentially helping them save hundreds of dollars a year.

"[The new accounts] allow customers to choose how they bank," Susan Faulkner, the company's deposit and card product executive, told the news source. "The point is we’re giving the customer options of how they want to bank with us given the economic realities."

Those realities include the fact that most banks have begun to charge similar fees in an attempt to raise revenue. In addition, many do not offer consumers the ability to opt out of these new charges.

As a result, consumers in these states who are looking to compare bank accounts could benefit by considering the new product options.

By: P. Miller

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Ryan Fields is a personal finance journalist for e-wisdom.com who covers a range of finance topics, including current trends with bank accounts , credit cards , insurance rates, and mortgage loans.