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Customers angry after Bank of America tightens free-checking rules

Angry customers are calling out Bank of America after it tightened the rules for free checking.The bank's eBan...

Posted: Jan 23, 2018 5:42 AM
Updated: Jan 23, 2018 5:42 AM

Angry customers are calling out Bank of America after it tightened the rules for free checking.

The bank's eBanking accounts weren't technically free: An $8.95 monthly fee applied to customers who visited tellers for routine transactions. But clients who did their banking online didn't have to pay, no matter how low their balance got.

Now all customers with eBanking accounts have been moved to Core Checking, which carries a $12 monthly fee. Customers can avoid that fee if they make a monthly direct deposit of at least $250 or maintain a balance of $1,500. Students and customers in a rewards program are also exempt.

The bank introduced eBanking accounts in 2010 and stopped offering them in 2013. Bank of America has been moving eBanking customers to Core Checking for years. The last group was notified in October and moved over on Friday.

Many customers weren't happy about it. A Change.org petition opposed to the new rules had more than 45,000 signatures on Monday.

"Bank of America was known to care for both their high income and low income customers. That is what made Bank of America different," wrote Mel San, who started the petition.

Related: Wells Fargo plans to close 800 more branches by 2020

Some people wrote that they cut ties with the bank over what they saw as unfair treatment of customers. One called it an unnecessary burden on the poor.

The petition launched January 5. About 17,000 signatures were added over the past week, and about 600 on Monday alone.

Related: Bank of America enters the battle of the 'premium' credit cards

Bank of America said through a spokeswoman that Core Checking is "a great value."

She stressed that it provides full access to banks, ATMs, mobile and online banking and offers several ways to avoid the monthly fee.

Other major banks offer similar services. Citi's Access account charges $10 a month, and customers can avoid the fee by making a qualifying direct deposit or bill payment per period, or keeping at least $1,500 in certain linked accounts.

And Chase 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.

Customers seeking a lower-cost option from Bank of America can sign up for the bank's SafeBalance account, which has a flat fee of $4.95 per month and doesn't allow overdrafts.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 145636

Reported Deaths: 3745
CountyCasesDeaths
DeSoto973199
Hinds9668197
Harrison6898109
Jackson6178119
Rankin5319100
Lee487695
Madison4666106
Forrest371386
Jones346788
Lauderdale3355144
Lafayette317549
Washington3122107
Lamar283449
Oktibbeha240861
Bolivar240184
Lowndes229763
Neshoba2177115
Panola215849
Marshall209650
Leflore201490
Pontotoc196128
Monroe191477
Sunflower190555
Lincoln186865
Warren172657
Tate165451
Union163925
Pike160658
Copiah159540
Yazoo152039
Scott150729
Coahoma148743
Itawamba148234
Pearl River146567
Alcorn146327
Simpson145153
Prentiss141230
Adams137949
Grenada137745
Leake131943
Holmes126561
Tippah123030
George122324
Covington119737
Winston119124
Wayne116223
Hancock115939
Marion111646
Attala109833
Tishomingo106542
Chickasaw104132
Newton103629
Tallahatchie96327
Clarke88853
Clay87127
Jasper81222
Walthall75328
Stone73114
Calhoun72913
Montgomery72125
Carroll70614
Lawrence70314
Yalobusha70027
Noxubee69717
Smith69616
Perry65426
Tunica59619
Greene58422
Claiborne57616
Jefferson Davis55017
Humphreys52918
Amite51814
Benton48717
Quitman4816
Webster42114
Kemper41918
Wilkinson38722
Jefferson34211
Franklin3265
Choctaw3117
Sharkey30717
Issaquena1124
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Alabama Coronavirus Cases

Cases: 239318

Reported Deaths: 3532
CountyCasesDeaths
Jefferson31391491
Mobile19562361
Tuscaloosa12813154
Madison12741146
Montgomery12198235
Shelby1000577
Baldwin847398
Lee764466
Morgan634348
Calhoun6112115
Marshall607954
Etowah606565
Houston517038
DeKalb474736
Cullman428038
Limestone413744
St. Clair409055
Elmore400762
Lauderdale393653
Walker3588108
Talladega343453
Jackson307624
Colbert301941
Blount285539
Autauga268641
Franklin247833
Coffee239715
Dale230354
Dallas224531
Russell22053
Chilton219638
Covington216833
Escambia197431
Chambers173749
Tallapoosa173391
Pike157514
Clarke156319
Marion136535
Winston129923
Lawrence124836
Geneva12028
Pickens119418
Marengo119124
Barbour117010
Bibb116217
Butler114441
Randolph100921
Cherokee100824
Hale94531
Clay90223
Washington90219
Fayette87316
Henry8496
Lowndes79129
Monroe78111
Cleburne75714
Macon72321
Crenshaw70730
Bullock69119
Conecuh68314
Perry6756
Lamar6508
Wilcox63118
Sumter57122
Choctaw41913
Greene41418
Coosa3374
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