"Bank of America is automatically switching everyone who is currently in their "Free Checking" program into "MyAccess Checking" on 2/1/07. It comes with a $5.95/month charge.
I received a letter in the mail and called to complain, but they said they cannot waive the charge for any reason. The lady actually said to me, "It's not a big deal...it's less than $100 a year."
This is really not a big deal just think people should be aware of it and set up ACH push into BOA to avoid the monthly fee. ACH pushing from any account counts as direct deposit. So for example you can push $5 from Ingdirect to your BOA account to waive the monthly service fee.
Edited to clarify my orginal comment about this change not being a big deal.
The linked letter clarifies this, but to make it explicit: MyAccess checking is free with DD.
craig10x
Senior Member - 5K
posted: Dec. 23, 2006 @ 2:42p
exactly...with either "genuine" direct deposit or "simulated direct deposit" (lol) by way of an ach push into it....it is still a free checking account with no fees whatsoever and no restrictions.
Our most popular checking account - free with a qualifying online bill payment or direct deposit.
* No monthly maintenance fee with at least one qualifying online bill payment every 3 months or a direct deposit * No minimum balance required * Free Online Banking service with free Bill Pay * Free Bank of America VisaŽ Check Card * Unlimited check writing * Manage your money online, by phone or using our ATMs all with no fee
Does somewhere say that this applies only for MyAccess accounts opened after a certain date? At least the SD thread is saying so.
craig10x
Senior Member - 5K
posted: Dec. 23, 2006 @ 4:14p
yeah...g10ny, after a certain date (even here in NY it says that) and must be opened online not in the branch....with that, you can choose between direct deposit OR 1 bill pay every 3 months, to cover the maintenance fee....I'd do it myself, but i am moving my DD to them anyway...and also didn't want to bother opening a new checking account, closing the old one...re-linking to savings, etc....a lot of bother to me...but same may want to do it....
gregcjaxson
Member
posted: Dec. 23, 2006 @ 5:07p
I just use my small local banks ( other people online seem not to have them) for all my personal and business banking. Never had to pay a fee for a checking account.
Too bad BofA has the most convenient local bank for me. But one could simply keep only the NEA/AAA high yield account, which has checkwriting privileges (up to 6 monthly withdrawals, much better than a regular savings, only good for promos), if I'm not mistaken. In fact I'm considering, even though I have bunches of free checkbooks from other banks, to order checks for the money market account. Only because it's local to me (ATM deposit...) beats the otherwise excellent GMAC.
I would just have a $1.00 sent to my BOA acct. from paypal. Right now I dont use BOA that much. I got it for the free money. There are no branches or even ATMS in my area. But I am looking for work in Florida soon, and they have a lot of branches there. I will be using BOA extensively then. I use Chase now. I hope all the negative remarks with BOA dont pan out.
craig10x
Senior Member - 5K
posted: Dec. 23, 2006 @ 7:18p
Donedealzz said: I would just have a $1.00 sent to my BOA acct. from paypal. Right now I dont use BOA that much. I got it for the free money. There are no branches or even ATMS in my area. But I am looking for work in Florida soon, and they have a lot of branches there. I will be using BOA extensively then. I use Chase now. I hope all the negative remarks with BOA dont pan out.
Yes the do have lots of branches, all over florida (and the other 20 or so states they are in as well)...well, you know there are always those who like to make negative remarks about the big banks like BOA....but they do have alot of really good things going for them, like: Excellent Online Banking, Excellent and fast Bill Pay...really nice Voice Activated Phone Banking (which i love...no buttons to push), convenient branches all over their covered states...and in my experience, excellent customer service both in branch and on the phone....
DoctorJ said: I have a Campus Edge Checking account and did not receive any notice of this... Campus Edge accounts are not free checking accounts, they are only free for five years or so. Must be painful to forget this small detail, and, when the monthly fee kicks in, you get hit with a fee plus a overdraft fee. A good idea would be to open another CampusEdge account just before graduation, if you really plan on banking with BofA in the future. O, of course, set up Direct Deposit / periodic BillPay. Hey, BofA insiders, would it work?
also if you withdraw $1 from paypal into your account this also counts as a direct deposit, its just a pain to do it once a month and if you forget it costs you the monthly fee!
raringvt said: If you haven't seen the video of two guys from BoA performing a parody of U2's "One" I suggest that you search the net for it--it's GREAT!
raringvt said: If you haven't seen the video of two guys from BoA performing a parody of U2's "One" I suggest that you search the net for it--it's GREAT!
The sad thing is it is not a parody. They were serious.
I bank with WaMu for almost 8 years now. I upgraded to WaMu Free Checking account. Loving it all along...No monthly fees....no worries....I know that you guys know about it too but I thought I will put my two cents in here
DTLarson
New Member
posted: Dec. 24, 2006 @ 3:12p
I have had the MyAccess account for about a year now and never had any fees associated with it. I do a small paypal transfer every month and that takes care of the fees. I also have a linked savings account that is free if you have at least $300 in it at all times. I just leave my $500 of emergency money in there.
DTLarson said: I have had the MyAccess account for about a year now and never had any fees associated with it. I do a small paypal transfer every month and that takes care of the fees. I also have a linked savings account that is free if you have at least $300 in it at all times. I just leave my $500 of emergency money in there.The savings free with $25 monthly non internet transfers from checking. You can deposit your emergency to some %5+ APY account.
ANightShopper said: DTLarson said: I have had the MyAccess account for about a year now and never had any fees associated with it. I do a small paypal transfer every month and that takes care of the fees. I also have a linked savings account that is free if you have at least $300 in it at all times. I just leave my $500 of emergency money in there.The savings free with $25 monthly non internet transfers from checking. You can deposit your emergency to some %5+ APY account.
You can also get an affinity savings account with BOA that pay between 4.80%+ depending on the Affinity program you are a member of and sign up for.
Again I think this change is a joke considering how easy it is to avoid the fee and continue to have a free checking account. If you would read the thread on SD about this. They are acting it like the end of the world. And BOA is most of the evil bank in the world because it turns a profit which is a joke in itself.
craig10x
Senior Member - 5K
posted: Dec. 24, 2006 @ 7:10p
yep...dolmar is right....1)apparently any ACH "Push" seems to suffice to simulate DD and avoid the charge (in my case i decided to actually move my real DD to it for convenience purposes, since i now use BOA for main banking anyway)...
2) if you have regular savings...setting up an auto transfer from checking to savings of $25 per month to reg savings eliminates that fee as well (regardless of your balance)....but best of all:
3) just add a BOA affinity Money Market for the nice high APYs....AAA, NEA and Defenders of Wildlife already have them, and BOA is adding on dozens of other organizations that you can join and get the same deal, within the next few months....
My friend called BoA the "rich people's bank". He said that BoA's primary customers are large businesses/corporations, so they don't really give a d*** nor want business from regular customers like us.
craig10x
Senior Member - 5K
posted: Dec. 24, 2006 @ 8:29p
rikkus256 said: My friend called BoA the "rich people's bank". He said that BoA's primary customers are large businesses/corporations, so they don't really give a d*** nor want business from regular customers like us.
Yes, you are probably quite right...they don't want regular, ordinary customers, just big businesses and corporations, which is why they are expanding their affinity program and offering excellent money markets and cd rates to members of all kinds of charitable organizations like the humane society, defenders of wildlife...ordinary "joe" AAA members, teachers (NEA) etc... yep...that sure proves your friend's theory....
I will grant you BOA is not the most "consumer-oriented" bank around...but they do offer alot of excellent services...their online banking, bill pay and customer service (both phone and in-branch) is excellent, and let us not forget the convenience of all those branch locations in so many states, nationwide.....
SeattleNative
Senior Member - 1K
posted: Dec. 24, 2006 @ 8:38p
What is a Nuevo Future account? I've never seen that account type listed at the BofA web site of discussed here before. The letter is signed by "David P. Vasquez, Senior Vice President."
Big corporations never, ever make mistakes.
MrVernon
Cranky Member
posted: Dec. 24, 2006 @ 9:52p
adiganifatwallet said: MyAccess Checking from bofa.com:
Our most popular checking account - free with a qualifying online bill payment or direct deposit.
* No monthly maintenance fee with at least one qualifying online bill payment every 3 months or a direct deposit
The classic thing to do is set up a "bill payment" to yourself
AprilA1775
Member
posted: Dec. 25, 2006 @ 12:14a
no kidding this bank is FULL of fees
cultureclubfan
New Member
posted: Dec. 25, 2006 @ 6:56a
MrVernon said: adiganifatwallet said: MyAccess Checking from bofa.com:
Our most popular checking account - free with a qualifying online bill payment or direct deposit.
* No monthly maintenance fee with at least one qualifying online bill payment every 3 months or a direct deposit
The classic thing to do is set up a "bill payment" to yourself
how is this done exactly? anything to cheat this bank is good in my books. I already get "direct deposit" from secondlife into my "throwaway" internet account via paypal, so that explains why I didn't get slapped with the 5.95 fee in that account. btw, it's already happening. my main checking account got slapped with a 5.95 fee, hardly 2/1/07 (such a nice early birthday present, getting bank charges they are not owed, must be difficult keeping a line of numbers stored on a hard disk....)
do I just set up myself as a ficitious bill pay recipient or something?
craig10x
Senior Member - 5K
posted: Dec. 25, 2006 @ 8:49a
the "bill pay once in every 3 months" option on MyAccess Checking (instead of direct deposit) only applies to new accounts open online...not to accounts previously open online, or in-branch....there is a special code that is plugged in on the application for that....
A bill pay to yourself means you set up yourself on your list of "payees" and, say, send yourself a small payment ($10 for example)....the bill pay service would mail a check to you, since you don't accept electronic payments (lol).....
A bill pay to yourself means you set up yourself on your list of "payees" and, say, send yourself a small payment ($10 for example)....the bill pay service would mail a check to you, since you don't accept electronic payments (lol)..... If it's the same trick I'm using to autopay ING from Citibank once a month, then it's very, very easy, and I don't see the check at all, it's sent directly to ING.
s0ssos
Senior Member - 1K
posted: Dec. 26, 2006 @ 12:15a
craig10x said: rikkus256 said: My friend called BoA the "rich people's bank". He said that BoA's primary customers are large businesses/corporations, so they don't really give a d*** nor want business from regular customers like us.
Yes, you are probably quite right...they don't want regular, ordinary customers, just big businesses and corporations, which is why they are expanding their affinity program and offering excellent money markets and cd rates to members of all kinds of charitable organizations like the humane society, defenders of wildlife...ordinary "joe" AAA members, teachers (NEA) etc... yep...that sure proves your friend's theory....
I will grant you BOA is not the most "consumer-oriented" bank around...but they do offer alot of excellent services...their online banking, bill pay and customer service (both phone and in-branch) is excellent, and let us not forget the convenience of all those branch locations in so many states, nationwide.....
are you kidding? online banking? bofa advertises it right now, but it's old news. everybody has it. and has had it for quite a while. (plus, they're dumb. just because you have a computer doesn't mean you have a bank. does it let you deposit checks? or withdraw cash?) excellent services? are you kidding? in-branch they charge a fee sometimes. and i've never ever heard someone say their service is excellent. convenience of all those branch locations? it all depends where you live. just like cellular service. there is no such thing as convenient for everybody. verizon isn't best where i am, and that's simply a fact.
and to emphasize someone else's point-wamu's free checking really is free. if you don't want to worry about such stuff, just get wamu's
s0ssos said: are you kidding? online banking? bofa advertises it right now, but it's old news. everybody has it. and has had it for quite a while. (plus, they're dumb. just because you have a computer doesn't mean you have a bank. does it let you deposit checks? or withdraw cash?) excellent services? are you kidding? in-branch they charge a fee sometimes. and i've never ever heard someone say their service is excellent. convenience of all those branch locations? it all depends where you live. just like cellular service. there is no such thing as convenient for everybody. verizon isn't best where i am, and that's simply a fact.
and to emphasize someone else's point-wamu's free checking really is free. if you don't want to worry about such stuff, just get wamu's
LOL S0ssos I said same thing 1X in a Citibank thread about Wamu being the only true 100% free no stings attached Checking account I got flamed like crazy by people because of 2 bill payment waiver/DD loophole many people on here use. People argued with me that anyone can do it. I said explain it to my maid, Garnder etc not claiming they are stupid people but most people dont go out of there way to trick/cheat or by pass bank requirements by making fake online payments to themself or simulating fake ACH deposits like people on here. And Average Joe chances are does not bother doing it which is why even in places like Los Angeles were both BOA has some of there best coverage because they bought security Pacific and in many high traffic areas even till today has branches a couple blocks a part WAMU still has a large market share.
And as far as BOA wanting big accounts and only big company I really dont think this is true. If you look at BOA fnancial statements BOA makes a big bulk of there profits from there Goverment Banking division which by the way is the largest in the USA much larger than Citibank who is by deposit size a larger bank.
Even BOA private bank suck compared to Citibank. I have said this in the main BOA affinity thread I started and also in a couple of other threads. Citibank and Chase own Private bank/High Network/forutne 500 banking area. Citibank is going after baby private banking area very agresively now too.
BOA/Wells Fargo/Wachovia for the most part has gone after the $10K-$50K market agressively. For example Chase/Citibank sweep checking account require between $100k-$250K realationship were as in some states BOA requires as little as $10K for same type of account. In some states BOA require $2.5K for advantage checking and both Citibank and Chase require $10-25K for the same account type. BOA in no way shape or form is looking nor do they want accounts with under $1K balances as this is not there bread and butter bussiness like WAMU.
craig10x
Senior Member - 5K
posted: Dec. 26, 2006 @ 12:58a
s0ssos...of course everyone has online banking...i was just pointing out that their interface is nicer then most online banking i have seen...it's extremely well organized, transactions generally show more detail that many others do...it's in "real time"...etc...and their bill pay is exceptionally fast...1 business day on electronic bill pays...some banks are slower...
Everytime i have called (perhaps 6 or 7 times) the customer service representative was courteous, friendly and efficient and knowledgeable...and i have never gotten anyone in India (call Wamu/Citi/HSBC in the evenings or weekends and see what you get)...and i never get charged for using a branch...what kind of account do you have? MyAccess Checking customers have full free privileges for using tellers...so don't know what you are talking about...
And in the 20 or so states they are in, they have a tremendous amount of locations....even often in very small communities where you won't find a WAMU, Citibank, or Chase.....
Actually, i like WAMU alot....here in NY they have an adequate number of locations...but BOA seems to always be "popping up" with new branches and even more convenient locations....and if you are doing your main banking with BOA, what is the big deal about actually having your paycheck direct deposited to them?
It would be nice if BOA would offer a 5% Savings account for everyone (like CITI/WAMU/HSBC) but you can get a similar high yield account by getting one of their affinity money market savings as has been previously discussed here and in the "smokin hot BOA Savings" thread started by dolmar.....
devakj
Thrifty Member
posted: Dec. 26, 2006 @ 6:13p
mabrikh said: I bank with WaMu for almost 8 years now. I upgraded to WaMu Free Checking account. Loving it all along...No monthly fees....no worries....I know that you guys know about it too but I thought I will put my two cents in here I switched from BOA to Wamu.. And I can vouch for WAMU...Free Checks for life..No fees.. NO worries/ one NSA fee waived etc..
Grifman
Senior Member
posted: Dec. 26, 2006 @ 8:56p
s0ssos said: convenience of all those branch locations? it all depends where you live. just like cellular service. there is no such thing as convenient for everybody. verizon isn't best where i am, and that's simply a fact.
and to emphasize someone else's point-wamu's free checking really is free. if you don't want to worry about such stuff, just get wamu's
Well, that certainly makes sense. You downplay the convenience of all those BoA branches, and then tell people to get a WAMU account, when WAMU is in alot fewer states than BoA. Nothing like consistency!
I sent them an email and they promptly agreed to refund the fee
Skipping 27 Messages...
bookodama
Happy Member
posted: Feb. 24, 2007 @ 5:45p
Thanks OP & FW, green for you. I have a BofA Checking and it started charging monthly fees. Now I initiated an automatic DD of $5 from another financial institution and the fees will cease.
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