Bank of America is testing new monthly fees on its checking accounts in Massachusetts. The move has sparked scrutiny from Massachusetts Secretary of the Commonwealth William Galvin. "These reported fees constitute a burden on many bank customers, in particular the elderly and the young, especially in these days when banks offer little or no interest on deposits," Galvin said. "I am filing legislation that will bar banks from holding state deposits if they do not offer such customers basic checking account without fee."

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