Wednesday, 21 November, 2018

Bank of America eliminating free checking accounts

Bank of America has eliminated its last free checking account not requiring a minimum balance to avoid monthly fees Bank of America has eliminated its last free checking account not requiring a minimum balance to avoid monthly fees
| 26 January, 2018, 03:03

Bank of America can well afford to provide these customers with free checking accounts and themselves with goodwill.

"People who don't have bank accounts and cash checks at currency exchanges are disproportionately low-income, people of color, people with disabilities, older adults, immigrants, and other vulnerable populations that are least able to pay more", said Dory Rand, president of the Woodstock Institute, a research and public policy group that tracks retail banking trends, in an email to me.

Bank customers have since launched an online petition with 66,000 signatures as of Wednesday protesting the changes.

Another commenter wrote: "I am in the process of switching banks because of this".

"But Bank of America said the move to eliminate free checking accounts was part of their goal to "[streamline] the company by exiting business lines and shedding "non-core" products".


On Jan.19, Bank of America completed the final phaseout of its eBanking account, and at least 46,000 of the bank's customers and like-minded supporters are really not happy about it, according to a report by the Charlotte Observer. "By pushing poor people into the dark world of alternative financial services characterized by higher fees and exorbitant interest rates, low-income communities are at risk of being thrust into further economic distress". "I urge you to let Bank of America realize that this is unfair to their customers that have been loyal to them for years". The bank stopped offering the account five years ago and has been slowly migrating customers into different accounts ever since, she said.

The Charlotte-based bank says it hasnt offered the account for almost five years. It didn't matter how low their balance got. "I don't expect that's going to change anytime soon".

Free checking is still available, you just have to know where to look.

Clements says the fees are similar to other brick and mortar big banks.

Analysts at KBW predict Bank of America's earnings will increase 17.8 percent in 2018 once the tax cut is factored in, compared to an expected 13 percent earnings increase for banks overall. That wouldn't even cover the maintenance fee.

Recommended

Vandal damage Field of Dreams site Vandal damage Field of Dreams site Stillman said the sprinkler system was damaged in addition to the grass, and repairs could take an entire season to complete. There are no security cameras at the site, so field officials have been unable to identify the guilty vehicle.

The XFL Is Actually Coming Back The XFL Is Actually Coming Back CEO Vince McMahon is taking another shot at what many consider the biggest flop of his business career-the XFL . When the XFL formed, McMahon's vision was to provide fans with American Football during the NFL offseason.

UK's former chief rabbi defends his help for Pence's Israel speech UK's former chief rabbi defends his help for Pence's Israel speech The decision to recognize Jerusalem as Israel's capital was condemned by 128 countries in a UN General Assembly vote in December. Trump said , "Israel has always supported the United States , so what I did for Jerusalem was my honor".

'Super blue blood moon' is coming 'Super blue blood moon' is coming This celestial phenomenon, which is set to occur on the night of January 31, 2018, is claimed to occur only once in 150 years. During a Supermoon , the moon appears up to 30 percent brighter than a regular full moon that doesn't have a cool name.

Stripe bails on bitcoin as the currency's drawbacks pile up Stripe bails on bitcoin as the currency's drawbacks pile up Stripe is an Irish technology company that allows both private individuals and businesses to accept payments over the Internet. The fees associated with Bitcoin transactions have risen too and now challenge those usurious bank wire fees.

Another Deadly Shooting at a US School Another Deadly Shooting at a US School That dispatcher reports that there is only one shooter who is still on the scene and that there is a non-responsive victim. After 8:15 a.m., a police officer states that the weapon has been uncovered and the suspect is in custody.

Microsoft's new big day one Game Pass access program includes PC Microsoft's new big day one Game Pass access program includes PC Today, January 23, Microsoft launched the Xbox One X in India , which is presently the most powerful gaming console in the world. Microsoft's Game Pass launched in June a year ago and is available to Indian users for a price of Rs 699 a month.

Rafinha jets into Milan to undergo medical Rafinha jets into Milan to undergo medical It could slip out of the Champions League places if Roma wins its match in hand on Wednesday. He spent the 2013-14 season on loan at Celta Vigo.

Apple's Rumored 6.1-inch iPhone Won't Come With 3D Touch Apple's Rumored 6.1-inch iPhone Won't Come With 3D Touch However, the release failed to excite as much as anticipated and has, since, struggled to achieve remarkable sales numbers. Aside from a handful of analyst estimates, we don't know how many iPhone Xs Apple has sold.

Korean Olympic Host City launches Dialogue on the Earth and its Citizens Korean Olympic Host City launches Dialogue on the Earth and its Citizens North Korea also lashed out, calling the games' conservative critics in the South "human scum" and accusing them of "unpardonable atrocities".

Expert says North Korea, not Trump, the provocateur Expert says North Korea, not Trump, the provocateur And he said Pyongyang's next likely move would be development of an arsenal of weapons and setting up a system to launch multiple missiles.

Why Meghan Markle And Prince Harry Won't Have A Wedding Registry Why Meghan Markle And Prince Harry Won't Have A Wedding Registry The site pointed out that when Prince Harry and Meghan Markle went there for a date, there were tons of pictures. This fuschia midi dress from Temperley London's Spring/Summer 2018 offering would look stunning.

Comedian Attacked on Stage in South Carolina Club Comedian Attacked on Stage in South Carolina Club The assault goes on for about a minute until bystanders rush the stage and run the man out of the room. The stand flew apart, sending the base into the crowd where it hit several members of the audience.

Sanchez 'thrilled' to join Manchester United Sanchez 'thrilled' to join Manchester United Sanchez will earn £350,000 a week at Old Trafford - by far and away the biggest deal ever signed by a footballer. So I think that in my experience of being in dressing rooms, it's so important to have a really good group.

Alex Rodriguez to work with both ESPN and Fox Alex Rodriguez to work with both ESPN and Fox Get ready for plenty of A-Rod, baseball fans. "I am incredibly excited to work with both Alex and Matt", Mendoza said. But sources close to ESPN said that the proposed Disney-Fox marriage didn't play a role in the A-Rod hire.