Bank Of America's Poorest Customers To Be Charged For Checking

How to find free checking accounts after Bank of America change

How to find free checking accounts after Bank of America change

As of late Tuesday afternoon, a petition on Change.org in opposition of the bank's move had garnered 59,633 signatures, urging Bank of America not to end their free checking accounts.

Bank of America is getting grief for dropping its free checking product for customers with low balances and shuffling them into accounts that charge a $12 monthly fee - unless the customer has a monthly direct deposit of $250 or more, or a minimum daily balance of $1,500.

"Low income families and seniors utilize this service specifically in order to make their few pennies stretch further", one petition-signer wrote in the comments section.

Riess couldn't say how many eBanking customers were affected by the final account closures this month.

"Big banks, like Bank of America, are passing on fees to their customers to help maintain profits with their inflated overhead cost structure", said Colin Walsh, CEO of Varo Money, which integrates banking with financial health tools. To waive the $8.95 fee, eBanking customers agreed to forgo a printed statement and use the bank's network of ATMs rather than tellers for their deposits and withdrawals. It didn't matter how low their balance got. I have very low income to sometimes no income. Since then, its been transferring eBanking customers to the banks "Core Checking" account.

No more free checking for Bank of America customers with low balances
Bank of America eliminating free checking accounts

The bank introduced eBanking accounts in 2010 and stopped offering them in 2013.

The bank offers a cheaper option, the SafeBalance account, which has a $4.95 monthly fee. "Banking should be about helping the customer - not helping support old bank branches".

"We just don't know, though", Donofrio added.

Bank of Americas chief financial officer, speaking last week to investors and analysts on the banks fourth-quarter earnings conference call, noted the banks focus remains on "prime" and "super prime" borrowers with average credit scores of at least 760.

Donald Trump's tax reform bill gifted Bank of America and other corporate giants with a tremendous tax cut. "That wouldn't even cover the maintenance fee", Mel San, the petition's creator, states.

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