A study released last fall by Bankrate.com found that Americans with an annual household income under $30,000 pay more than three times the monthly bank fees paid by higher-income brackets — an average of $31 a month, compared with an average of $9 for other income groups.
That is one reason why “just 59% of U.S. adults with household income under $30,000 per year even have a checking account,” according to the study.
The change has prompted a backlash online, including a snowdrift of tweeters professing their intention to close their accounts and criticizing the bank for its effects on low-income customers. A Change.org petition protesting the move has also drawn more than 86,000 signatures as of this writing.
“Bank of America was one of the only brick-and-mortar bank that offered free checking accounts to their customers. Bank of America was known to care for both their high income and low income customers,” the petition’s creator, Mel San, wrote in her description.
“Now sadly, Bank of America seems to have changed their mind and wants to no longer offer free checking accounts to the American public.”
CNBC reports that the bank’s chief financial officer, Paul Donofrio, told Wall Street analysts the bank’s actions are driven by a desire to “balance” benefits for all.
“All I can tell you is that we’re going to balance our customer needs,” he said, “and we’re going to balance the competitive marketplace with our shareholders’ interests and we’re going to do the right thing for all the parties.”
