The reduction in corporate income tax in connection with the New tax plan approved by Congress and signed by the President late last year, became a great gift not only for large corporations, but also for financial institutions and banks, in particular Bank of America. Although, to be honest, we should mention the fact that even with «prohibitive» corporate rate in July 2017 U.S. large corporations recorded the highest profit growth over the past 6 years. And one of the banks last year reported its most successful year in the entire history of banking. Anyway, the new rate will allow the business sector to save even more money, which, apparently, must have an effect on the workers.
According to estimates by Bank of America, in 2018, the profit should increase at least by $2.7 billion, 5% of this increase will be allocated for increase of salaries to workers.
Despite the generally excellent prospect for the most popular Bank of the country, to share their joy with the customers is not in a hurry. Any additional bonuses and concessions. And even on the contrary…
This month Bank of America will require a larger amount on a «free checking account» that is especially popular among individuals with low income, in order that its service remains free. To continue to receive free service, customers will need to have at least $1500 as a daily minimum balance (that is less than this amount in the account should not stay) or direct Deposit of $250. Otherwise, the account will be serviced for a fee, the monthly fee will be $12. How costly new conditions it is easy to calculate — just multiply the monthly payment by 12 months and you get $144. For people with low income this is, perhaps, a lot.
Economists do not lose hope. They argue that thanks to the tax reform, in the near future unemployment and so demonstrated record low rates will further decrease. The struggle for workers will bring their results in the form of an increase in salary or extra bonuses and benefits.
