Bank of America will be rolling out four new checking accounts starting the end of January.
The state of Georgia is one of three test markets for the new products. The other states include Massachusetts and Arizona. The new accounts will mean new or higher fees or conditions on accounts.
Bank of America Spokesperson Don Vecchiarello says, "We do offer free checking but it also comes with a stipulation. For example in our current accounts you either have to have a direct deposit account or you have to maintain a monthly minimum balance so that's not really going to change going forward. What is going to change is that we're going to give you more choices and more ways to pay for the value of that service."
The new accounts will only be offered to new customers. However, by the second half of the year existing Bank of America customers will receive the same offers.