Free Checking Account Bank Of America – Bad news for Bank of America users: Your free checking account may no longer be free. The bank recently announced that there is now a minimum amount that customers must keep in their account to avoid paying a monthly fee.
This month, Bank of America moved all of its e-banking customers to a standard basic checking account. With the new account, users will be charged a $12 monthly fee unless they maintain a minimum daily balance of $1,500 or receive $250 or more in direct deposits per month.
Free Checking Account Bank Of America
Bank of America hasn’t offered eBanking to new customers for nearly five years, but customers who did accepted the program as long as they received their monthly statements online and used ATMs. They were not required to maintain a minimum inventory. The withdrawal and deposit of this bank has eliminated this type of account since 2015.
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Unsurprisingly, the remaining customers with electronic bank accounts aren’t exactly thrilled with the news. A Change.org petition against the change has since garnered more than 67,000 signatures.
The creator of this petition wrote: “Many low-income families do not have these conditions. “There were times when I only had $10 to my name. That doesn’t even cover maintenance.”
Additionally, customers also took to social media to vent their frustrations. Some say they will switch banks as a result of this change.
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Bank Of America Ends Free Ebanking Checking Accounts For Some
I have been with Bank of America since middle school. This takes food off the table for some of your customers. Prevent others from receiving the medicine. I’m getting a new bank https://t.co/lanr1dXH57 — Abe Rakov (@AbeRakov) January 24, 2018
I will probably have to leave because of Bank of America’s new $12 fee policy. Where should I go? — Helena (@helenaoftroy) January 24, 2018
@BankofAmerica will never charge me again. I go to the credit union for everything.— FeysPerson (@FeysPerson) January 23, 2018
In a statement, Bank of America explained that they continue to offer lower cost account options to their customers:
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Our Basic Checking Account offers full access to all of our financial centers, ATMs, mobile and online banking and offers several ways to avoid monthly fees, including $250 monthly direct deposit. This is one of the lowest benchmarks in the industry and a great value. For customers who do not qualify for a fee waiver and are looking for a lower cost option, our SafeBalance account is $4.95 per month and does not allow overdrafts.
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Amazon is having a secret sale on wireless headphones. The best luggage deals to buy in March 2023. Belt bags are available everywhere the Lululemon Saatva Sleep Week mattress sale is happening. Banks have to make very difficult and unpopular decisions. Bank of America is getting rid of free checking accounts. This decision is not so good for low-income customers. They are now forced to keep more money in the bank to avoid paying monthly installments. What makes matters worse is how these funds cannot be withdrawn even in an emergency.
Obviously, Bank of America made a tough call on your free checking account. The business model is very simple. Consumers can obtain such an account to access financial services. They should always keep a smaller amount of money in their account. With this option not available, they have to keep more money in their account. All customers will be automatically upgraded to this new plan. There is now a $10 monthly “access” fee unless there is a $250 direct deposit. Another option is to keep a minimum daily balance of $1,500 in that account.
Both of these options are not suitable for low-income customers. Bank of America wants to charge customers for basic check service. This approach is not unique to BoA either. A number of banks around the world have taken a similar approach in the past. We will see more of these actions in the coming years. Free checking accounts are expensive for banks, even though they generate revenue. This is mainly in the form of overdrafts and other fees.
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Bank of America customers are not very happy with this development. Some users actually switch banks for this reason. Obviously, this move will cost the institution dearly to its customers in the long run. At the same time, if other banks take similar measures, they will be left with few options. Emerging players that adopt the free checking account model will see an influx of new customers. The eBanking account was introduced by BoA in 2010. Eight years later, it will be permanently removed as an official option.
It is important to note that there is still an option for low-income customers. The checking account has a monthly fee of $4.95. In this case, users cannot write paper checks or overdraft their account. For freelancers and small business owners, this decision is a big blow. We may see more people flock to credit unions moving forward. This move may also push more people into the world of Bitcoin and cryptocurrencies. In that ecosystem, there are no fees, penalties or anything in the way.
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If you need a convenient way to pay bills, keep track of your finances, or provide proof of payment, having a checking account can be helpful. It also serves as a more secure payment method than cash.
While there’s no shortage of financial institutions to choose from when you’re interested in opening an account, FDIC Member Bank of America is ranked as one of the best banks of 2023. So it’s no coincidence that this bank has several good checks. Consider account options for yourself. Read all the details about Advantage Bank checking accounts and what you need to open an account.
Choose a high-interest savings, checking, CD, or investment account from our list of top banks to start saving today.
To open a checking account with Bank of America, you must provide personal information to complete the application, including:
Bank Of America Eliminates Free Checking Accounts, Enraging Customers
Once you’ve gathered your documents, you’ll need to choose the Bank of America checking account that best suits your needs. Bank of America currently offers three options.
This account setup is designed for individuals and students who need an account with a minimum balance.
The service costs $12 a month, but Bank of America waives the fee for students under 25, or if you have $250 a month in direct deposit, maintain a minimum daily balance of $1,500, or sign up for the Preferred Rewards program.
This account setup is for people who have a high balance in their checking account. You’ll earn interest and get freebies like service fee waivers, free incoming wires, and the option to open other checking or savings accounts with monthly maintenance fee waivers.
Bank Of America
If you do not have a total balance of $10,000 across all of your Bank of America accounts and are not a member of the Preferred Rewards program, you must pay a $25 monthly service fee for Advantage Relationship. .
Advantage SafeBalance is a non-checking checking account setup, meaning there are no paper checks for this account. The service costs $4.95 per month, which does not apply to students under 25 and Preferred Rewards members.
Now that you’ve reviewed what the Bank of America Advantage Checking Banking Setup has to offer, you can make an informed decision about whether it’s right for you.