Thirty-eight percent of banks offer checking accounts with no monthly service fee, according to CNBC, yet Americans pay $15 billion in fees, including monthly charges. "I urge you to let Bank of America realize that this is unfair to their customers that have been loyal to them for years".
The bank offers a cheaper option, the SafeBalance account, which has a $4.95 monthly fee.
The monthly direct deposit of $250 equates to $3,000 annually, "one of the lowest qualifiers in the industry and a great value", said Betty Riess, a Bank of America spokeswoman.
A 2015 study by the FDIC found that 7 percent of American households ― approximately 9 million households ― don't have a bank account.
The free checking account, which began in 2010, was meant to entice customers into using only electronic banking, like ATMs and phones. The bank said the e-banking accounts were not created to target lower-income customers.
By the way, this isn't the first time Bank of America has faced a customer backlash.
This month, the banking giant switched e-banking customers into accounts that require a $12 monthly fee unless they have a direct monthly deposit of $250 or more or maintain a minimum daily balance of at least $1,500.
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Free checking is still available, you just have to know where to look.
Bank of Americas chief financial officer, speaking last week to investors and analysts on the banks fourth-quarter earnings conference call, noted the banks focus remains on "prime" and "super prime" borrowers with average credit scores of at least 760.
They should strive to serve as many people as possible.
Poor people who are denied access to traditional bank services are left vulnerable to costly check-cashing outlets, pawnshops and other predatory services. They also reimburse ATM fees. "That wouldn't even cover the maintenance fee", the petitioner stated.
Yes, the currency exchanges have been operating without a rate hike for many years. The company partners with Radius Bank to free checking accounts with a $10 opening deposit.
Put all these moves together and it's a bad situation, one with lots of checks but very little balance.