According to the bank, they, are preparing to phase out accounts that are free with no minimum balance. The bank apparently decided to suddenly switch customers from ebanking accounts (with no min balance and or fee) with little notice, to, accounts that now carry a $12 monthly fee -- unless your daily balance is $1,500 or more.
And, ehum, as experts have already pointed out -- that is out of reach for allot of lower income people and middle class Americans. A common person doesn't quite have the liquid assets to meet such minimum requirements. Experts, ehum, have pounced on the move as "irresponsible" and "ridiculous" at the hands of the bank itself.