Bank of America today announced that they are planning on introducing four new checking account products for their customers. The programs will first be introduced to Arizona, Georgia, and Massachusetts at the beginning of this month and will extend nationwide by the second half of 2011.

With the discussion to discontinue their Free Checking Account back in October; Bank of America is now gearing their focus towards a tiered pricing model.

Bank of America’s New Checking Account Tier Models:

• Enhanced: This plan is designed for customers who need multiple checking and savings accounts. It will carry a $15 monthly service fee. To avoid these fees, customers would have to deposit at least $2,000 each month along with maintaining a $5,000 combined balance between the accounts.

• Premium: This plan offers multiple interest bearing accounts for customers with a minimum balance of $20,000. It carries a monthly service charge of $25, which could be avoided if you have a Bank of America Mortgage or investments.

• Essentials: This will be their $15 basic plan offering single checking account with access to ATM’s, in branch tellers, online and mobile banking options.

• eBanking: is designed for customers who do all their banking online. To avoid fees, customers should avoid visiting branches, speaking to tellers, and sign up for paperless statements.

Along with these new changes, Bank of America will be launching a rewards program called Platinum Privileges Program for customers who are able to maintain at least $50,000 in deposits in their accounts.

What does this mean for Bank of America’s current customers? More Fee’s? Let us know your thoughts.

For each New Year come new resolutions.  This year, like every year, millions of people across the world will plan on eating healthier and exercising more often, but there will always be those whose goal is to get their finances situated.  So, if your resolution this New Year is to become debt free, we’ve put together 5 tips for you to reach your financial freedom.

Step One: Stop recurring new balances. For cards that carry a balance, put them in a safe place far away from your reach so you can’t easily use them.  If you find yourself using that card for monthly recurring payments on bills, cancel the automatic payment, this will help you minimize new charges.

Step Two: Set up your escape route. Gather all your bills together and figure out exactly whom and how much you owe. This will help you plan an escape route and prioritize which cards to attack first.

Step Three: Set it and forget it. With all your bills in order, grab out a recent paycheck, this will help you figure out what you can afford each month. Now set up an automatic payment plan through your checking account where funds will be transferred each month in order to pay your credit card bills on time.

Step Four: Pay your bills on time. Obviously, having to many late payments will hinder your credit score along with making your finances more of a chore. Always be in control of your payments and remember your due dates.

Step Five: Seek help if you need it. If you’re unsuccessful in changing your bad habit or just cant control your spending, don’t be embarrass or afraid to seek help. There are tens of thousands of American’s drowning in debt each day and help is only a phone call away. Let a pro guide you to your financial freedom with a free debt consultation.

Facebook, the online most popular Social Network who already has over 500 million users worldwide has raised $500 million from Goldman Sachs and an undisclosed Russian investment firm in a deal to value the company at $50 billion, according to those who are involved in the transaction.  This now makes Facebook worth more than Fortune 500 companies like Yahoo, eBay and Time Warner.

Under U.S Securities and Exchange Commission regulation, a company with more than 499 investors is required to reveal it’s financial results to the public.

With the new deal made, this could put pressure on the company to go public as co-founder Mark Zuckerberg had resisted. Zuckerberg has yet to speak out on the possibility of an initial public offering or a sale of the company. Those who are involved indicated that a public offering could happen as soon as 2012.

You’re probably wondering what Facebook is really worth? No one knows exactly. As Facebook grows at a rapid pace, more questions are being stirred up about what the company is worth in the public market.  But with Goldman’s involvement, it will give Facebook more ammo to steal away valuable employees to develop new products. Analyst estimated that it could bring in a near $2 million profit annually.

As for Zuckerberg’s personal fortune, Forbes estimates it to be at $6.9 billion when Facebook was valued at $23 billion.

As lawmakers met on Sunday, some Republicans are opposed to raising the nation’s debt ceiling before control government spending.  Top White House economic advisers warned against “ playing chicken” on the issues.

To some conservatives, refusing to raise the limit on federal debt could be a tactic to force lawmakers into cutting government spending.

Today, our debt is at a near $13.9 trillion and is growing each day.  Even though Congress just raised the debt ceiling back in February 2010, they are now expected to consider raising it again in March.

Chairman Austan Goolsbee, of the White House Council of Economic Advisers said on an interview with ABC’s “ This Week” that refusing to raise the debt ceiling could push the country into default – and a far greater economic crisis than Americans saw in 2008.

If you’re a taxpayer who’s use to filing your taxes early, you might run into a big problem this year. With the new tax law just pasting two weeks ago, the IRS is scrambling to update and reprogram their systems to handle the new tax breaks that were scheduled to expire, but now extended.  Those who are filing with itemized deductions such as gifts to charity, college tuition, and local and state taxes will now have to wait till mid February to file for their 2010 returns.

To most late filers, this delay most likely wouldn’t affect them. But to the nearly 9 million of the 50 million early taxpayers nationwide who usually itemize their taxes and file early, they will now have to wait until the IRS is done reprogramming their system before they can claim their refund.

This delay will affect those who file itemize deductions on form 1040 Schedule A either through e-file or paper filing.  It also delays those who are claiming the new deductions on college-education tuition and fees up to $4,000 and for kindergarten through 12^th grade teachers who are claiming a separate $250 deduction for out of pocket classroom expenses.

Although itemizers are able to work on their taxes early before the IRS is ready to accept them, the government said people should not be mailing them in before the IRS can process them.

To ensure that their database will be completed by February, the IRS said they’ll be working through the holidays and into the New Year to complete their system for a faster and smoother tax season.

With the April 15^th tax deadline, the IRS has not yet released an actual date on when they expect the system to be up-to-date but are encouraging taxpayers to check with their tax advisors or on the IRS website.