During July and August, Bank of America will move over a half-million traditional checking account holders to new accounts that will require higher fees.
The initial move in July and August will affect over 530,000 customers in three states. By the end of the year, Bank of America plans to move all customers nationwide to their new offerings, BestCashCow.com reports.
Bank of America is the largest bank in the U.S., according to the Federal Reserve. Banks of all sizes are implementing new fees, however, to make up for lost revenue due to financial losses from foreclosures and new regulations.
The MyAccess checking account is being replaced by the new Enhanced checking account. To avoid a $15 monthly fee, Enhanced checking account holders must deposit at least $2,000 per month, maintain at least $5,000 in combined accounts or use certain types of Bank of America credit cards at least once a month.
There are three other new checking account options, including the Essentials checking account that requires a $6 fee, an eBanking checking account with a higher monthly fee than its current eBanking account and a premium checking account that has a $25 monthly fee that can only be waived by meeting strict requirements, DepositAccounts.com reports.
Other banks are also experimenting with new fees. In March, JPMorgan Chase & Co. tested $5 ATM fees for each non-customer transaction but recently dropped the fee to $3, TIME.com reports. SunTrust Bank has stopped offering its free checking account and replaced it with Everyday Checking, an account that may impose a monthly service fee and debit card usage fee.