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: 312712

Reported Deaths: 7223
CountyCasesDeaths
DeSoto21445257
Hinds20264414
Harrison17785308
Rankin13548278
Jackson13401246
Madison10055217
Lee9959173
Jones8361163
Forrest7638152
Lauderdale7191240
Lowndes6361144
Lamar620686
Lafayette6164118
Washington5318133
Bolivar4796132
Oktibbeha460698
Panola4550105
Pearl River4493145
Marshall4393103
Warren4371121
Pontotoc419372
Monroe4089133
Union408876
Neshoba4022176
Lincoln3944110
Hancock376886
Leflore3487125
Sunflower335590
Tate332084
Pike3290105
Scott314973
Alcorn311268
Yazoo310269
Itawamba299277
Copiah296065
Coahoma293979
Simpson293888
Tippah287468
Prentiss278960
Marion268780
Leake265573
Wayne262241
Adams261882
Grenada260085
Covington256281
George246748
Newton246161
Winston226881
Tishomingo225467
Jasper220748
Attala214173
Chickasaw206957
Holmes188672
Clay184654
Stone181833
Clarke177879
Tallahatchie177840
Calhoun169732
Yalobusha162936
Smith162134
Walthall133845
Greene130333
Lawrence128323
Montgomery126742
Noxubee126734
Perry125838
Amite122842
Carroll121728
Webster114532
Jefferson Davis106932
Tunica104626
Claiborne102230
Benton99025
Humphreys96133
Kemper95328
Franklin83423
Quitman79916
Choctaw76018
Wilkinson66830
Jefferson65428
Sharkey50217
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 529446

Reported Deaths: 10930
CountyCasesDeaths
Jefferson763031516
Mobile40850804
Madison34622501
Tuscaloosa25701451
Montgomery24289585
Shelby23367247
Baldwin21035307
Lee15822169
Calhoun14469313
Morgan14266279
Etowah13806352
Marshall12185222
Houston10533280
Elmore10029205
Limestone9948150
Cullman9640193
St. Clair9589239
Lauderdale9407239
DeKalb8814185
Talladega8199175
Walker7214277
Autauga6914108
Jackson6801111
Blount6635136
Colbert6288134
Coffee5498117
Dale4820111
Russell438438
Chilton4258111
Franklin424782
Covington4111117
Tallapoosa4004150
Escambia393076
Chambers3555123
Dallas3543151
Clarke350661
Marion3105100
Pike310177
Lawrence299798
Winston273672
Bibb260463
Marengo249064
Geneva247676
Pickens233659
Barbour230756
Hale222276
Butler215869
Fayette212062
Henry188744
Cherokee184145
Randolph179241
Monroe177040
Washington167039
Macon158850
Clay155156
Crenshaw151957
Cleburne148341
Lamar141534
Lowndes138553
Wilcox126729
Bullock122941
Conecuh110129
Perry107526
Coosa106928
Sumter104332
Greene92334
Choctaw60424
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