Congressmen criticize end of free checking accounts at BofA
CHARLOTTE, N.C. (AP) — Two Democratic U.S. congressmen want Bank of America to explain its decision to eliminate a popular free-checking account.
The Charlotte Observer reports Elijah Cummings of Maryland and Jimmy Gomez of California on Friday requested a briefing from Bank of America officials on the decision and for the bank to provide documents by Feb. 9.
The information requested includes the number of people enrolled in free accounts at the bank and an analysis of how the tax overhaul affects Bank of America’s financial results.
Bank of America spokeswoman Betty Riess noted in a statement that the bank stopped offering the eBanking account to new customers five years ago. The account didn’t have a monthly maintenance fee as long as customers received paperless statements and didn’t use bank tellers for routine transactions.
Information from: The Charlotte Observer, http://www.charlotteobserver.com