Another bank, BB&T Corp., is revamping its checking account lineup.
On June 3, the Winston-Salem, N.C., company's Free Checking account will become Bright Banking, an account that will carry a monthly maintenance fee of $10.
There are a number of ways customers can have the fee waived, including maintaining a $1,500 average checking balance, making one direct deposit of at least $100 a month or having a mortgage with the bank.
BB&T officially launched the account Monday. Current customers were first alerted of the change earlier this month, said Merrie Tolbert, a BB&T spokeswoman, but they will not be moved to the product until June.
For those who opened a Free Checking account between Feb. 22 and April 10, BB&T will waive the maintenance fees for June, July and August, Tolbert said.
Additionally, BB&T replaced its free small-business checking account with a product called Business Value 150, which also carries a $10 monthly maintenance fee that can be waived if certain requirements are met.
Other banks, including Toronto-Dominion Bank's U.S. subsidiary TD Bank, and Bank of America Corp., have redesigned their checking account offerings in the last several months to increase revenue amid new regulations that have put restrictions on fees.
BB&T is also testing a fee for paper statements in Kentucky, Indiana and South Carolina.
"BB&T has focused on finding solutions to the ever-changing financial services landscape," Tolbert said. "We have to balance providing products and services that will help our clients build a foundation for sound financial management and maintaining our fiduciary duty to our shareholders."
