As if banks and credit card companies aren’t charging enough these days Bank of America has decided to test new pricing models. BOFA expects to lose $4.3 billion in revenue as a result of the new federal restrictions on bank and credit cards.

How do they plan on recovering some of this loss? By charging its customers for not using their cards of course. Customers who do not use their cards a certain number of time a month, conduct all their banking electronically or do not maintain a minimum current balance will be charged more then other customers. For example, customers who want paper statements will be charge $8.95 per month.

It will be interesting over the next few months to see the estimated ½ dozen new pricing packages BOFA will roll out and which ones will remain permanent.

According to MSNBC today, the Bank of America acquisition of Countrywide Financial Corporation is official and should be completed by July. However, this scenario is all too familiar to this industry. Mega giant ACC Capital Holdings (parent company of Ameriquest Mortgage and Argent Mortgage) was acquired by Citigroup and then soon after, ALL the remaining Ameriquest Mortgages branches were shut down. However, Bank of America doesn’t seem to be hiding the fact that they are going to be cutting 7,500 jobs over the next two years, but they did not mention specifically where yet.
So what sort of affects will this have on people? There area a lot of people that are going to be out of work and a lot of customers that are potentially going to be seeing a different lenders name on their mortgage statement. Either way, there are a lot of people that have a really tough road ahead for them, but there are resources that could help.
As a lead company Leadpile will see some affect from this in different aspects. For instance, there still could be those consumers that are still looking to refinance their home, or other customers needing help with all that debt that will be piling up. We want those lenders out there that are still looking for FRESH leads of people wanting to refinance their home. We are the perfect marketplace for those lead buyers.

Leadpile is an exchange of the buyers and sellers of those lead types and many more. We welcome them all so we can try and help as many of these people affected by this situation as we can!