Bank of America MyAccess Checking monthly fee - all states

We should all move our assets to local credit unions. Maybe then these banks will realize how much money they have from us. Maybe then they will realize the impact of losing customers.

Thanks for the information. It seems that the only change is the monthly fee will become $12, but the $1,500 min balance or direct deposit stuff is still the same.

Is it really that hard to have a direct deposit go to the account or keep a $1,500 average daily balance?

I mean it does cost the banks something for you to have a checking account so they gotta be able to make their $$ somehow...

Quote from LivninSC : Is it really that hard to have a direct deposit go to the account or keep a $1,500 average daily balance? I mean it does cost the banks something for you to have a checking account so they gotta be able to make their $$ somehow...

It is when the only reason I have a B of A account at all is because it's the only really convenient option to pay my B of A credit card balance online. They make money in interest for the credit card already, so I don't feel all that obligated to give more money to a bank I despise. I'll be closing that bank account if fees suddenly pop up.

Quote from LivninSC : I mean it does cost the banks something for you to have a checking account so they gotta be able to make their $$ somehow...

they charge plenty of other fees, but normally the banks get their money back from interest, since in a checking account they just "hold" your money for you

Quote from Gaz : It is when the only reason I have a B of A account at all is because it's the only really convenient option to pay my B of A credit card balance online. They make money in interest for the credit card already, so I don't feel all that obligated to give more money to a bank I despise. I'll be closing that bank account if fees suddenly pop up.

So as long as you're ok with them eating the supposed cost of $300 for them to maintain a checking account that you virtually never use the banks are evil. You do realize that it's actions like yours that lead them to do the things they do.

And I never leave a balance on my CCard so not one bank has ever made a penny off me that way. It's not what you do, or what I do but rather what the bulk of people do and while I don't like the fees you gotta realize that they're in the business of making money. They aren't this big evil corporation that has you bent over a barrel. Don't like it leave

Quote from LivninSC : So as long as you're ok with them eating the supposed cost of $300 for them to maintain a checking account that you virtually never use the banks are evil. You do realize that it's actions like yours that lead them to do the things they do. And I never leave a balance on my CCard so not one bank has ever made a penny off me that way. It's not what you do, or what I do but rather what the bulk of people do and while I don't like the fees you gotta realize that they're in the business of making money. They aren't this big evil corporation that has you bent over a barrel. Don't like it leave

I did leave lol. I do all of my actual transacting with USAA now, only using B of A when I need to deposit checks for cash faster since USAA doesn't have a center in town for that. I don't mind a business recouping their costs. Nothing in this world is free, and you have to pay for quality. What I don't like is the shady way that B of A does business, and the utter and complete lack of care they showed me when I was primarily banking with them. I opened my first account with them at the age of 16 when I first started working, and stayed with them for 5 years before moving on b/c I found out that some credit unions actually treat their customers like people instead of money cows.

Quote from slapshot136 : they charge plenty of other fees, but normally the banks get their money back from interest, since in a checking account they just "hold" your money for you

I worked for BOA for a few years, and their business model is to make money of of fees, no interest payments. In fact, most of the interest payments on mortgages goes to the investors of mortgage backed securities, and BOA only makes a small fee to process the payment.


At the small branch that I worked at, which I found out today in the local paper is closing along with 67 others around the country, I was in charge of the overdraft report every morning. All accounts opened at that branch filtered through this report. Now we were in a commercial area, so we had no where near the number of accounts some more suburban branches had, nor were we opened as long as some branches were, some going back 50+ years. Everyday I would post over 300 OD, at $35 a pop, to accounts. On Mondays, which covered all transactions Friday to Sunday, it could reach a thousand. Think about that, my small branch was making $50,000 per week in pure profit OD fees alone, not to mention all the account fees, especially on business accounts where every check deposited cost up to $0.70, the $5 fee we charged for cashing non account holders paychecks, the $20 wire fee, etc, etc.


The MyAccess accounts were originally free with any direct deposit. They were created to take advantage of people with poor checkbook skills. Overdraft your account, no problem, the bank will get its fees as soon as the next direct deposit came in. You know its hard to change a DD quickly, so does BOA.

This might sound a bit silly, but will transferring $250 from savings to checking every month waive the fee?

Quote from LivninSC : Is it really that hard to have a direct deposit go to the account or keep a $1,500 average daily balance? I mean it does cost the banks something for you to have a checking account so they gotta be able to make their $$ somehow...

Honestly.

There are costs to maintaining an account, which is why they insist you have a minimum balance (in reality this translates to loan interest income for them).

But, you are free to take your money wherever you please.

Quote from nakk : This might sound a bit silly, but will transferring $250 from savings to checking every month waive the fee?

yes, it sounds silly because they will charge you a transfer fee for any saving to checking account. Chase will charge $12 per saving to checking transfer. I am not sure how much BOA will charge. Why do you want to do that? Is there any advantage of doing that? Remember, you will have to have certain amount stay in your checking and saving account DAILY.

I switched my account to ebanking today, there's no monthly fee unless you use the teller. You do have to opt for paperless statements.

Quote from microkelvin : yes, it sounds silly because they will charge you a transfer fee for any saving to checking account. Chase will charge $12 per saving to checking transfer. I am not sure how much BOA will charge. Why do you want to do that? Is there any advantage of doing that? Remember, you will have to have certain amount stay in your checking and saving account DAILY.

Chase will only charge a fee if you exceed 6 withdrawals/transfers in a month -- BoA, too.

A $250 internal transfer from savings to checking does not qualify as direct deposit, so it would not waive the monthly fee. I don't see a good reason to have a BoA savings account, anyway.

I imagine some customers may want to do an ACH push/pull so they can continue to deposit U.S. Mint coins at local branches.