Bank of America (BAC) has introduced a new checking account targeted at customers who typically maintain low balances.
The "Safe Balance" account charges a $4.95 monthly maintenance fee and does not charge overdraft fees, according to the company's website. The account also distinguishes itself by not offering paper checks, instead limiting customers' payment options to debit cards, online bill pay and mobile transfers.
The new product debuts at a time when checking accounts which typically
"We've been doing a lot of listening to customers, doing a lot of meetings with regulators and [consumer] advocates," Andrew Plepler, Bank of America's head of global corporate social responsibility and consumer policy,
Bank of America offers two other checking accounts. Each include a monthly maintenance fee that can be waived if customers meet certain conditions, such as a minimum monthly balance.