By Jim Donovan: Bank of America customers are waking up to new fees this morning. Beginning today Bank of America will raise the monthly charge on its most popular checking account, called MyAccess, from $8.95 to $12. That’s a whopping 34% increase. To avoid paying the fee, customers will have to keep at least $1,500 in the account or set up a direct deposit of at least $250; previously there was no direct deposit minimum.

Bank of America also will begin charging a fee of $35 every time a customer overdraws an account by even a penny. Currently, the bank doesn’t begin charging overdraft fees until an account is overdrawn by $10 or more.

The bank says the hikes are due to the fact that they are losing revenue from new government regulations.

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