I think most of us would agree that encouraging customers to go paperless is the best route for banks. But how aggressive do you want to be? In a fee-challenged environment, one way would be to hike fees dramatically, which is precisely what Bank of America (NYSE: BAC) is trying. In this manner, it might get a short-term revenue pop as customers adjust over time.

According to the American Banker, the bank has rolled out a program in Georgia that charges customers $8.95 a month to maintain paper statements. The bank also plans to roll out the product in other markets as a replacement for its student checking account, which has no monthly fees if opened online.

This experiment will be closely watched by banks that are in sore need of new fees to offset overdraft and other fees targeted by recent legislation. Another idea of course, which a few banks have tested, is to simply not offer paper statements as an option. But that wouldn't generate the revenue pop that a hefty fee would.

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