A free checking account used by some lower-income customers has been cut by Bank of America, and all users have been transferred into accounts charging fees for those who don’t meet certain requirements.
Now, customers will be charged $12 a month if they don't have a direct deposit of $250 or more each month. Additionally, customers will be charged the fee if their minimum daily balance is below $1,500.
Some customers have expressed their dissatisfaction with Bank of America’s decision, and a petition on Change.org decrying the decision received 45,000 signatures.
The bank does have another checking account targeted for lower-income users. A monthly fee of $4.95 is attached, and customers are not permitted to write paper checks or overdraw funds from their account.
Bank of America also came under fire in 2011 after it announced it was planning to charge $5 each month for purchases made on a debit card, but did not follow through with the plan.