Bank of America recently introduced “Safe Balance,” a low-cost checking account option that won’t allow check writing but will support online and mobile banking and bill pay. With its $4.95 monthly rate, the bank reportedly hopes to entice low-income customers and to compete with prepaid debit cards.
The bank, which has tested the product for four years, reportedly will offer the account initially to customers in Rhode Island, Michigan, Oregon, Virginia, Massachusetts, and Washington D.C., and it eventually plans to expand the offernationwide.
SafeBank of America’s traditional checking account offerings, will remain unchanged. In 2011, the bank received considerable bad publicity and customer backlash when it began charging customers a $5 monthly fee for using debit cards. It quickly eliminated that fee.
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