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BoA offers free e-banking account
CHARLOTTE, N.C., Bank of America says it will offer a free checking account nationwide to customers who bank strictly online and through ATMs.
The paperless "e-banking" account comes without fees or minimum-balance requirements as long as the customer does not require a human teller or paper statements, The Atlanta Journal-Constitution reported. Paper statements and teller service will still come at a cost -- $8.95 a month in fees.
BoA is rolling out the e-banking account nationwide Aug. 6. In a Georgia pilot test, the Journal-Constitution said, one in three new BoA customers since November has chosen the account.
"What we have seen is many of our customers prefer to bank on the go," bank spokeswoman Anne Pace told the newspaper.
Customers who chose e-banking get two months of paper statements but must go paperless thereafter to avoid fees, Pace said. But she added BoA would not impose fees resulting from customer service problems.
The bank sees the migration to e-banking as a potential new revenue source and a way to reduce high paper costs.
BoA and other major banks have been seeking new consumer revenue sources.
CHARLOTTE, N.C., Bank of America says it will offer a free checking account nationwide to customers who bank strictly online and through ATMs.
The paperless "e-banking" account comes without fees or minimum-balance requirements as long as the customer does not require a human teller or paper statements, The Atlanta Journal-Constitution reported. Paper statements and teller service will still come at a cost -- $8.95 a month in fees.
BoA is rolling out the e-banking account nationwide Aug. 6. In a Georgia pilot test, the Journal-Constitution said, one in three new BoA customers since November has chosen the account.
"What we have seen is many of our customers prefer to bank on the go," bank spokeswoman Anne Pace told the newspaper.
Customers who chose e-banking get two months of paper statements but must go paperless thereafter to avoid fees, Pace said. But she added BoA would not impose fees resulting from customer service problems.
The bank sees the migration to e-banking as a potential new revenue source and a way to reduce high paper costs.
BoA and other major banks have been seeking new consumer revenue sources.