Bank of America is no bank of Americans

The mega bank's new low-balance fee looks like a tax on those who can afford it least. How will consumers, and credit unions, react?

Here’s this week’s life lesson: Bank of America does not equal Bank of Americans.

Last week, Bank of America announced it is eliminating free checking for account holders who maintain low balances. Presumably, people who don’t have much in their checking account don’t have much money. So, instead of helping them improve their financial well-being, Bank of America is essentially implementing a poor tax.

In an article about the fee and consumer response, CNN reports:

“All customers with eBanking accounts have been moved to Core Checking, which carries a $12 monthly fee. Customers can avoid that fee if they make a monthly direct deposit of at least $250 or maintain a balance of $1,500. Students and customers in a rewards program are also exempt.”


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