In another brilliant move by Bank of America, they have now announced that the new debit card fee will not be waived on accounts with less than $20,000 in deposits.
California’s largest bank is eliminating the Advantage checking account program, which required just $5,000 in checking and savings deposits to waive the fee. It will now take at least $20,000 in deposits and investment account balances to avoid the debit card fee as part of the bank’s “Premium solutions” offering.
Bank of America makes it harder to waive unpopular debit card fee
This seems designed to do 3 things:
1. Separate the wheat from the chaff by discouraging lower income accounts.
2. Boost direct deposit useage, and
3. Boost profits at the expense of the poor and middle class.
“The people who will be affected the most are the ones who can least afford it: low-income consumers,” Brown said of the new fee.
Please spread the word about Move Your Money, especially those with BofA accounts:
http://www.moveyourmoneyproject.org