Bank of America Eliminates Free Checking for Low-Income Customers


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 petition has garnered more than 52,000 signatures from Bank of America customers asking them not to end their free checking service.

Angry customers also took to social media to urge the bank to rethink their decision.