Bank of America eliminating free checking accounts for customers with low balances

U.S. & World

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CHARLOTTE, NC (WCMH) –  Bank of America is making some changes to its free checking rules, and many customers are not happy.

The company is moving all of its e-banking customers to a standard checking account which comes with a $12 monthly fee. You can get the fee waived only if you receive a direct deposit of at least $250 each month or maintain a minimum daily balance of $1,500.

Bank of America spokeswoman Betty Riess tells the Charlotte Observer that the monthly direct deposit requirement is one of the lowest requirements in the industry.

But that’s not stopped more than 46,000 people from signing a petition in hopes of convincing the bank to keep the old accounts.

“I currently use eBanking and have had no need to use a teller. BofA, keep this feature available for the low income people that don’t even go inside your banks,” one person commented on the petition.

“I am in the process of switching banks because of this,” another petition signer said.

“Charging people money for not having enough money is a shame. It hurts people and keeps them down,” a third signer said.

Bank of America says students under 24 are also still eligible to have the fee waived as long as they remain enrolled in high school, college, or a vocational program.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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