Bank of America ends free checking option, a bastion for low-income customers

By: Colin Dwyer 

Article Reprint

Bank of America’s latest fee arrangements for checking accounts could hit hardest with those who can least afford it, say critics.

Bank of America is eliminating eBanking accounts this month, transferring their owners into accounts that charge a maintenance fee if they don’t maintain a minimum balance or get direct deposit. The move ends a program introduced in 2010 and completes a phaseout begun several years ago, when the bank stopped offering eBanking as an option to new customers.

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