Bank of America (BofA) is to launch the ‘eBanking’ account on 6
August, free of charges for customers who use only the bank’s
internet, mobile and ATM banking channels and give up receiving
paper statements.
But if customers want branch access or paper statements, the
account will charge a monthly fee of $8.95.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The new account will replace BofA’s existing CollgeEdge checking
account aimed at students, which carries no monthly fee.
The eBanking account can be opened online, by telephone or
in-branch. According to BofA, one-third of new customers opted to
open an eBanking account during an eight month pilot programme
conducted in Georgia.
Customers must also use ATMs or m-banking to check balances or
they will be charged the $8.95 fee. Teller service is only
available for transactions that an ATM cannot handle.
By contrast, rival Wells Fargo stopped offering free checking
accounts to new customers on 1 July; existing customers’ free
checking account plans remain unchanged.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
