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American banks continue to phase out free checking accounts

Bad news for low-income consumers: There’s now one fewer place where you can store your cash for free.

Bank of America BAC, +0.69%has gotten rid of a free checking account called eBanking, The Wall Street Journal reported. More than 45,000 people have signed an online petition protesting its elimination, on Change.org.

Instead, the account holders will be charged a $12 monthly fee if they don’t have at least a $250 direct deposit that month, or a daily account balance of $1,500 or more. The eBanking accounts debuted in 2010 and offered an affordable alternative to consumers without a lot of cash.

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