Bad news Bank of America users: your free checking account might no longer be free. The bank recently announced that there will now be a minimum amount that customers need to keep in their account to avoid a monthly fee.
This month, Bank of America moved all of its remaining eBanking customers to a standard core checking account. Under the new account, users will be charged a $12 monthly fee unless they maintain a minimum daily balance of $1,500 or receive a direct deposit of $250 or more per month.
Bank of America hasn't offered the eBanking account to new customers in nearly five years, but customer who were grandfathered in to the program were not required to keep a minimum balance so long as they received their monthly statement online and used automated teller machines for withdrawals and deposits. The bank has been phasing out this type of account since 2015.
To no one's surprise, the remaining customers with eBanking accounts are not exactly thrilled about the news. against the change has since racked up over 67,000 signatures.
"Many low income families do not meet these requirements," the creator of the petition wrote. "There have been times where I've only had $10 to my name. That wouldn't even cover the maintenance fee."
On top of that, customers have also taken to social media to express their disappointment. Some say they will be switching banks as a result of the change.
In a statement to GoodHousekeeping.com, Bank of America explained that they still plan to offer lower-priced account options for their customers:
Our Core Checking account provides full access to all our financial centers, ATMs, mobile and online banking and offers several ways to avoid a monthly fee, including a monthly direct deposit of $250. This is one of the lowest qualifiers in the industry and a great value. For customers who don't qualify for the fee waiver and are looking for a lower-priced option, our SafeBalance account is a flat $4.95 a month and does not allow overdrafts.
For more information about Bank of America's account options visit .