CHARLOTTE, N.C.—Another major bank is making it harder for customers to access free checking.
Bank of America has eliminated a free checking account popular with some lower-income customers, requiring them to keep more money at the bank to avoid a monthly fee, The Wall Street Journal reported.
In January, all remaining eBanking customers with BofA were switched into accounts that charge a $12 monthly fee unless the customer has a direct deposit of $250 or more or a minimum daily balance of $1,500. Some eBanking customers were switched over as early as 2015, The Journal stated.
By contrast, 98% of standalone checking accounts at credit unions are either free or provided at very low cost based on certain criteria, a Bankrate.com survey found last year.