Source: Mike Mozart
Bank of America has announced they will no longer offer free checking to customers who keep less than a certain amount in their bank account.
Customers of the bank will now have to pay a monthly fee of $12, unless they keep a minimum daily balance of $1,500 in their account, or make a direct deposit of $250 or more.
Previously Bank of America charged offered E-checking, which carried a monthly fee of $8.95. However, customers could bypass that charge if they used online banking instead of utilizing a bank teller.
A Change.org petition has garnered more than 52,000 signatures from Bank of America customers asking them not to end their free checking service.
Hey @BankofAmerica husband and I will be closing our account tomorrow. While we do have direct deposit and still qualify for the free account we will be closing on principle. What about the single mother who lives on minimum wage and already had a hard time feeding her kids?
— Heather (@mrsgeronimo08) January 23, 2018
Bank of America charging a monthly fee for low income people to have a checking account?
Closing my account tomorrow.
Signing up with my local credit union. Bye @BankofAmerica.
— Stephen Ford (@StephenSeanFord) January 23, 2018
Hey @BankofAmerica, you are terrible. Shame on you.
— Will Hailer (@willhailer) January 23, 2018
I have 3 accounts with @BankofAmerica and I’m shutting them ALL down this week. I’ve been hating their policies and how they do their customers for a while, this is icing on the cake. You want to mess up the poors lives? #Done https://t.co/0n666KePq4
— Ja'Mal Green (@JaymalGreen) January 23, 2018
I’ve been with Bank of America since I was in middle school. This will take food off some of their customers’ tables. It will prevent others from getting medicine. I’m getting a new bank. https://t.co/lanr1dXH57
— Abe Rakov (@aberakov) January 24, 2018
Angry customers also took to social media to urge the bank to rethink their decision.