Free Checking Is Basically a Thing of the Past
Big banks once offered some basic services without fees. But that's become rarer and rarer.
It’s getting harder and harder to avoid paying for one of the most basic and necessary banking services: a checking account. And that could make it even harder for low-income customers to access the services of mainstream banks.
Just this week, Bank of America finished converting an unspecified number of customers still using its eBanking checking account to a different Americans do) and agreed to get their statements online instead of in the mail. The fees for the new account won’t be as easy to get around. In order to have the $12 monthly fee waived, customers will need to keep their balance above $1,500, or have direct deposits of $250 or more per month.
