No More Free Checking at Bank of America
Bank of America is doing away with free checking accounts.
If you have a checking account with the Bank of America it looks like they have eliminated their free checking accounts that have become popular with low income customers, according to WSOC.
The Bank of America up until recently offered customers an E-checking account which had a monthly fee of $8.95. If customers wanted to avoid the monthly fee they could use online banking for their transactions and not use a teller at one of the banks branches.
Most e-checking customers have now been moved into a new type of account that will now require customers to keep more money in their account to avoid having to pay a $12 monthly fee. To avoid the monthly fee customers have to maintain a minimum daily balance of at least $1,500 or make a monthly direct deposit of $250 or more.
Customers that have used the e-checking accounts are not happy with the changes and have started an online petition to urge the bank to re-think the changes. At last check they had over 99,000 signatures. You can sign the petition here.