We reported last month that due to the new regulations of the banking industry, free checking accounts are likely to become a thing of the past as banks try to recover income that would be generated by practices now banned, such as absurdly large overdraft fees and debit card fees. Bank of America has come up with a way to keep the free account around, as the Chicago Tribune reports that they will offer a free account to users (with no monthly fee or minimum balance requirement), provided they don’t want paper statements or to use teller services. Users would need to conduct all business over the internet or through Automated Teller Machines. This essentially removes most upkeep costs from the bank, allowing them to offer it for free.

This new option will replace their student checking accounts. Online banking has become ever more popular because of the ease and instantaneous action that the internet allows. Also, it can save you hundreds of dollars. Follow our guide on how to use internet banking if you never have before, but are interested in starting (or in opening one of these new free bank accounts). Hopefully this will lead to other major banks finding other ways to keep free accounts.