Blog: Customers Want Transparency, Not Hidden Overdraft Fees
Earlier this week, Bank of America (BoA) announced that it is discontinuing its free checking product for customers with low balances and switching them to BoA Core Checking accounts that charge an upfront $12 monthly fee. The fee can be waived if the customer maintains a daily minimum balance of $1,500 or has a monthly direct deposit of $250. Further, if you are a student under the age of 24, the fee is also waived. If a BoA customer wants a more affordable option with some penalty protection, the bank does offer their lowest-fee option—a Safe Checking account, which charges a monthly fee of