Bank of America stops free eBanking . | Oby Oriji Blog

Bank of America stops free eBanking .

Bank of America

The new saddening news is that There will no longer be a free eBanking over at Bank Of America. According to reports, the bank just switched customers using free online-only checking to accounts that require customers to keep a minimal balance.

The development requires customers to 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 @WSJ reports. “The accounts are costly for banks to maintain, though they do bring in revenue through overdraft and other fees.

Bank of America
Bank of America

These free accounts were popular with freelancers and lower-income customers. As a result of this change, there’s currently a petition on that has more than 52,000 signatures with folks asking BOA to reverse it all.

E-checking started back in 2010, and after 8 years it has been considered too expensive to run without seeking charges from customers..

This is a new development for the Customers of Bank of America, as they have gotten use to simply logging in and checking their account balance. It obviously is weird to pay just to check your account balance.

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Tags : #BOA#obyorijiblog
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