I am an Australian citizen.
Many years ago, whilst travelling on holiday to the US I signed up for a Bank of America e-banking account. It had no monthly fees and all was well. Every time I went on holiday I would deposit money into the US account and use it freely to pay merchants/businesses in the US.
Recently the bank abruptly removed its e-banking account and apparently migrated its e-banking customers to a core checking account with a $12 monthly fees if the account is less than $1500 US.
Are banks legally allowed to do this? In particular, no notice was provided on the upcoming monthly maintenance fee. I had not been sent any information via email or mail about the new account fees. It was only when I logged into the account and saw the fee automatically deducted from my account that I found out about it.
Secondly can the bank forcibly decide to charge these fees placing the account into the red/negative.