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Posted by Brad Strothkamp on July 15, 2010
Bank of America is launching a new eChecking account that has no minimum balance requirement. The twist is that in order to avoid the $8.95 monthly fee customers must enroll and receive eStatements versus paper and make deposits and withdrawals using ATMs versus a teller.
The development of an eChecking account is not new, but the Bank of America offering differs from forays into this area in the past because:
I applaud Bank of America on their innovate approach to the issue of lost revenue. It is easy to see future extensions of this account to include services (when available from Bank of America) like mobile deposit and even emailing ATM receipts versus getting a paper receipt at the ATM as Wells Fargo has done.