Bank of America ends free checking accounts
50,000 people are petitioning Bank of America to stop its termination of free eBanking accounts.
For years, Bank of America’s eBanking checking accounts have been free of fees for those willing to skip the teller line and DIY their deposits and withdrawals, but a growing Change.org petition has surged to nearly 50,000 signatures after the bank announced late last week that eBanking account holders would be charged $12 a month if they didn’t keep at least $1,500 in the account or direct deposit $250 or more each month.
The free accounts first debuted in 2010 but were closed to new customers by 2013, Fox Business reported. Customers have been switched to other accounts periodically since 2015.
“Many low-income families do not meet these requirements. There have been times where I’ve only had $10 to my name. That wouldn’t even cover the maintenance fee,” petitioner Mel San wrote.
While no-fee checking accounts may be dwindling, they are not extinct yet. Several banks still offer checking accounts with no monthly fees, and even more banks and financial institutions are still willing to waive other fees, like domestic ATM withdrawal fees, overdraft fees and international money transfer fees. Check out our guide to free checking accounts to see where you can still do your banking without parting with your money every month, as well as learn what to watch out for and consider their pros and cons.
In related news, new government rules are helping protect college students by allowing them to easily compare school-sponsored checking and other bank accounts to see whether or not they are in students’ best interests. Some college-sponsored accounts have been known to charge costly out-of-network ATM fees, balance inquiry charges, monthly account maintenance fees and overdraft fees.