Bank of America is going to be implementing some interesting changes in February regarding their mortgage accounts. Traditionally, customers have a 15 day grace period for their mortgage payment, but starting on Feb. 14, Bank of America is reducing this grace period to 9 days. They are doing this by charging a $6 fee to anyone who uses a DIFFERENT bank’s checking account to pay their mortgage payment if it is within the last 6 days of their 15 day “grace period.” What is striking about this is the fact that it is all a marketing scheme, and a bad one at that, to get customers to change to Bank of America checking. Considering all the heat Bank of America has received lately and the low ratings it has been given by customers regarding service, this does not seem like the most sensible strategic marketing plan. Bank of America has already started sending out notices to customers as following:
“If your payment is due on the first of the month and you have a 15-day grace period, you can schedule your payment to be drafted prior to and including the ninth of that same month to avoid a service fee. If you schedule your payment to be drafted on or between the 10th and 16th of the month, you will be charged a $6 service fee that will be included in your total deducted amount.”
We will see how Bank of America customers take to the new change in February.
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