There’s no more free eBanking over at Bank Of America y’all! According to reports, the bank just switched customers using free online-only checking to accounts that require customers to keep a minimal balance.
Here’s the tea… customers will be charged a $12 fee if their accounts fall below $1,500, or if they don’t have a direct deposit of $250 or more a month.
“Banks have long grappled with how to charge customers for basic checking services,” The Wall Street Journal reports. “The accounts are costly for banks to maintain, though they do bring in revenue through overdraft and other fees.”
These free accounts were popular with freelancers and lower-income customers. As a result of this change, there’s currently a petition on change.org that has more than 52,000 signatures with folks asking BOA to reverse it all!
E-checking started back in 2010 and there was a monthly fee of $8.95 if customers didn’t use online banking or see a teller.
TSR STAFF: Myeisha E.! @myeisha.essex