Bank of America continues to prove that the care and treatment for all of its customers, regardless of income, is something that is of no concern. The large financial institution is facing a whirlwind of backlash after unleashing a new set of rules for customers with low income checking accounts.
As reported by CNN, according to new stipulations put in place by Bank of America, customers with low balances in their checking accounts will now be charged a $12 fee if their accounts don’t meet the minimum monthly balance requirements for checking accounts. Naturally, those with low incomes are being hit the hardest, which is why many activists are already crying foul and calling for a boycott of Bank of America. Find out exactly what the new restrictions are and just how hard of an impact they pose.
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.
Customers are so upset with Bank of America’s new terms that a Change.org petition has been started and at press time has well over 45,000 signatures. “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. Some who support the petition stated they cut ties with the Bank of America over what they saw as unfair treatment of customers. One person specifically called it an unnecessary burden on the poor.
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