Bank of America hikes fee on checking accounts

Image via WikipediaIt's getting more expensive to have a checking account. The monthly fee on Bank of America's basic MyAccess checking account rose this week to $12, from the previous $8.95. And more changes are in store for customers of the country's largest bank.

Customers with the MyAccess account can still avoid the monthly fee by setting up a monthly direct deposit of at least $250 or maintaining a balance of $1,500. The bank says customers were notified of the fee hike earlier this year. Another option that skirts the fee increase is the ebanking account, which requires customers to do their banking online and opt for electronic statements. More...