Bank of America Is Eliminating a Popular Free Checking Account

Bank of America is ending a free checking account often used by people with low incomes, now requiring customers to keep more money in their accounts in order to avoid a monthly fee.

The Charlotte, N.C.-based bank this month is moving all of its remaining eBanking customers to standard core checking accounts that charge a $12 monthly fee unless the customer receives a direct deposit of $250 or more or a minimum daily balance of $1,500, the Wall Street Journal reported.