If you’re a Bank of America customer (like millions of Americans are), get ready for some changes to the way you bank.
According to CNBC, the bank switched e-banking customers into accounts that require a monthly fee of $12 unless you have a direct deposit monthly of $250 or maintain a minimum daily balance of at least $1,500.
Consumers are outraged and argue that this penalizes the bankers in the low-income bracket as most receive paper checks and cannot maintain a monthly balance of $1,500.
There is an online petition that has garnered more than 45,000 signatures, asking Bank of America to drop these requirements.
“Bank of America was known to care for both their high income and low income customers. This is what made Bank of America different,” wrote Mel San, who launched the petition. “I urge you to let Bank of America realize that this is unfair to their customers that have been loyal to them for years.”
Banks are beginning to feel out customer needs and try new ways to continue to remain competitive.