Angry customers are calling out Bank of America after it tightened the rules for free checking.
And Chase (JPM) waives the $12 monthly fee on its Total Checking account for people who make direct deposits of at least $500 per month, maintain a minimum daily balance of $1,500 in the account or have at least $5,000 in qualifying linked deposits and investments. The bank recently announced that there will now be a minimum amount that customers need to keep in their account to avoid a monthly fee.
Bank of America hasn't offered the eBanking account to new customers in almost five years, but customer who were grandfathered in to the program were not required to keep a minimum balance so long as they received their monthly statement online and used automated teller machines for withdrawals and deposits.
While a banking account is a financial necessity to many people in today's day and age, more than 67,000 Americans signed the petition, "Tell Bank of America to not end their free checking accounts", on Change.org.
"This is one of the lowest qualifiers in the industry and a great value", said Betty Riess, a spokeswoman for the bank.
The bank's eBanking accounts weren't technically free: An $8.95 monthly fee applied to customers who visited tellers for routine transactions.
I asked Bank of America why it didn't move its no-fee clients into that account. "By pushing poor people into the dark world of alternative financial services characterized by higher fees and exorbitant interest rates, low-income communities are at risk of being thrust into further economic distress". "Now sadly, Bank of America seems to have changed their mind and wants to no longer offer free checking accounts to the American public". "That is what made Bank of America different", reads the change.org petition.
Donald Trump's tax reform bill gifted Bank of America and other corporate giants with a tremendous tax cut.
"We just don't know, though", Donofrio added. Bank of America was the bank of every American with a dream. "That wouldn't even cover the maintenance fee", Mel San, the petition's creator, states.