Bank of America Corp. BAC said Wednesday it will waive the $4.95 monthly fee of its SafeBalance checking account program for accounts with a minimum daily balance of $500 starting in November. Bank of America also said SafeBalance customers will also see the $4.95 monthly fee waived for account holders under age 25, with the elimination of the requirement for being enrolled in school. Bank of America said the SafeBalance account program, which helps customer avoid overdraft fees, has now topped five million accounts, including two million students. The move by Bank of America comes as banks continue to slash fees in some areas for consumer banking services. Bank of America’s stock was up 0.2% in premarket trades.

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