PHILLIPS: Bank of America is revamping its checking account fees. Alison Kosik, what can you tell us?</s>ALISON KOSIK, CNN BUSINESS CORRESPONDENT: Well, it depends on actually what kind of account that you have, Kyra. The "Wall Street Journal" is reporting that these fees range anywhere from 6 bucks to $25 if you take out a new Bank of America checking account. Now at this point it's only a test. Bank of America is testing the program in states including Arizona, Georgia and Massachusetts. There are ways to avoid the fees if you meet certain requirements, like if you maintain a minimum balance, if you bank online, if you take out a mortgage with Bank of America. I want to be clear about one thing though. Bank of America's nationwide checking accounts, they already have fees. What's happening here is they're trying to change the structure of their fees because Bank of America like a lot of banking firms have been hit by a weak economy. There are new government rules that limit the fees that they can take in, which essentially means that these banks are making less money. So you look at B of A's annual sales, they fell by double digits last year, and they said they would cut 30,000 workers. So what you see Bank of America is trying to do is find new ways to make money. So it's not just a Bank of America thing -- Kyra.</s>PHILLIPS: Alison Kosik at the New York Stock Exchange. Alison, thanks. Mitt Romney says we don't need Canadian oil. We deserve it. Our "Political Buzz" panel will weigh in on that next.
Bank Of America Tests New Fees