Bank of America Will Get Your C-Note Back

Eagle-eyed reader Bruce points out that while Bank of America may be giving out 100 bucks…with the fees they charge they’ll be getting it back from you soon enough.

The fees vary but depending on what sort of banking you do, so you’re going to want to make sure to choose the correct account. That’s just common sense. With the Express account, for example, there is a $3 charge to speak to a teller more than once a month.

It is worth noting, however, that the “Regular” Account comes with a $12 monthly maintenance fee if your employer doesn’t offer direct deposit. $12 bucks a month will eat away at that C-note pretty quickly. You can almost hear them laughing, can’t you? I picture the Wicket Witch of the West, but you’re welcome to your own fantasy of what marketing meetings at Bank of America must be like. Read Bruce’s email containing Bank of America’s diabolical fee structure after the jump.

“Please suggest that before anyone signs up with B of A they study the fees involved:
Especially galling is the fee to use a teller. Below is the fee schedule copypasted directly from their site which could easily eat up the hundred bucks they are giving you if you dont realize what you are signing up for:

Checking
MyAccess Checking

This non-interest bearing account allows you to write checks without per check charges. We waive the monthly maintenance fee for each statement cycle in which we receive a direct deposit to your account.

Minimum to open – $25

Monthly maintenance fee:

* Avoid a monthly maintenance fee for each statement cycle in which we receive a direct deposit to your account.
* Otherwise: Monthly maintenance fee* – $5.95

Footnote 1:
* Monthly maintenance fee waived for the first two months.

Express Account

This account is for customers who like to bank at atms, by telephone or personal computer. This non-interest bearing account allows you to write checks without per check charges. You pay a monthly maintenance fee each statement cycle regardless of your account balance. You incur a fee for each deposit, withdrawal or transfer at a teller line, by mail or night drop in excess of one per statement cycle, regardless of your account balance.

Minimum to open – $25

Monthly maintenance fee:

* With direct deposit – $5.00
* Without direct deposit – $7.00

Banking center transaction fee:

* First checking account deposit, withdrawal or transfer at teller line, by mail or night deposit each statement cycle – No fee
* After one, each – $3.00

Regular Checking

This non-interest bearing account allows you to write checks without per check charges. You may also make deposits to, and withdrawals from, your account in our banking centers without per transaction charges. We waive the monthly maintenance fee for each statement cycle in which you maintain at least one of the required balances.

Minimum to open – $100

Avoid a monthly maintenance fee with:

* Minimum daily balance in checking – $750 or
* Minimum daily balance in Regular or Custom Savings – $1,500 or
* Minimum daily balance in Money Market Savings – $5,000 or
* Average daily balance in checking linked with savings, cd and ira accounts – $5,000

Otherwise, monthly maintenance fee:

* With direct deposit – $10.00
* Without direct deposit – $12.00

Interest Checking

This account allows you to earn a variable rate of interest and to write checks without per check charges. You may also make deposits to, and withdrawals from, your account in our banking centers without per transaction charges. We waive the monthly maintenance fee for each statement cycle in which you maintain at least one of the required balances.

Minimum to open – $100

Avoid a monthly maintenance fee with:

* Minimum daily balance in checking – $1,000 or
* Minimum daily balance in Regular or Custom Savings – $2,500 or
* Minimum daily balance in Money Market Savings – $7,500 or
* Average daily balance in checking linked with savings, cd and ira accounts – $7,500

Otherwise, monthly maintenance fee:

* With direct deposit – $12.00
* Without direct deposit – $14.00

Thanks,
Bruce

Comments

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  1. homerjay says:

    Two simple, yet underutilized words:
    CREDIT
    UNION

  2. AcidReign says:

    …..I have my checking account with Compass Bank. I’ve got the interest checking deal, and they don’t charge a fee if your balance is over $1500. And they reimburse atm fees. So, a little better than BOA. And they still mail me my canceled checks. I’ve had that account since 1978.

  3. TPIRman says:

    It looks like the $10/$12 monthly charge is only incurred if you fail to maintain the $750 minimum balance for a regular checking account. Not great, but not the most onerous minimum balance I’ve ever seen.

    The $3 fee for each extra teller visit (or night-drop deposit … ?) is pretty diabolical, though. In fact, the entire express account seems like an outright horrible deal.

  4. MattyMatt says:

    It’s probably also worth noting that promotional “gifts” like these are usually reported as interest — so you’d have to pay taxes on that $100 as if you’d accrued it over the course of the year. Not sure if that’s how BofA does it, but that’s how WaMu handled a $75 offer I took advantage of a year or so ago. Also: apparantly, abbreviating bank names is the new black.

  5. jonnypage says:

    so what’s to stop you from closing the account as soon as you get your hundred bucks? Is there a ‘year minimum’ contract or you have to have the account open a certain length or time before you get said cash?

  6. magic8ball says:

    Homerjay: amen.

  7. dustboo says:

    What’s a “Wicket Witch of the West”?

  8. Grasshopper says:

    dustboo- The “Wicket Witch of the West” cheats at Croquet.

  9. scorched03 says:

    http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/08/3

    Clark Howard vs. BOA, supposedly the figure for withdrawals from BOA due to the above incident sits at > 10 million.

    credit union or USAA are far superior options

  10. Kat says:

    3 more words for you: Small local bank.

  11. etinterrapax says:

    I’m with Kat. Open secret to anyone who lives in NH or MA: Merrimack County Savings Bank. For regular checking, there is no fee. No fee per check, no monthly maximum checks, no fee per debit, no fee per debit card used as credit, no fee (from MCSB) to use other banks’ ATMs, no monthly maintenance, no fee to bank by mail, nothing. The only thing about them that I don’t like is that the nearest branch to us is 35 miles away (I believe that there are only branches in NH), but I only ever go there if I need to make a deposit in a hurry. If you have direct deposit, these guys are a dream.

  12. acceptablerisk says:

    I’ve had an account at the local credit union since I was sixteen years old. The notion that a bank would charge a fee just to hold my money is boggling to me. I’ve never been charged a single dime for any basic services. Why do people even use a bank if they do this kind of thing?

  13. AcidReign says:

    …..I’ve resisted switching to a local credit union (Alabama Telco) mainly because it’s a fifteen minute drive, and the tellers can’t do anything except take a deposit or cash a check. Sure, there are no fees for normal banking. God help you if you have a question or problem, though. No one at my branch knows anything. And if you use ATMs, that’s a four or five buck bite everytime.

    …..I can walk to my local bank branch in less than 10 minutes. And they are super-good with service!

  14. consumer says:

    You idiots, first of all, fees are discussed and disclosed before opening accounts, and I don’t believe I’ve heard of a banker forcing a customer to open a certain account with a gun pointed at them. Every bank, local or nationwide will get back the value of any gift or redemption one way or another. So nevermind the best online banking, fraud protection, and a banking center everywhere you go. Who visits a teller anymore anyway? New inventions: ATM’s, the internet!, the express account, while probably unnecessary, is for people who bank online and swipe a debit card. repeat, Visa debit card. Which by the way, has protection to where if your card is used by someone other than you, your $$ is back in your account in less than 24 hours. One more for you brainless zombies, banks are in business to make money. Let that sink in for a minute, if possible. That is how they provide so much protection against fraudulent activity. It’s simple, name a bank, any bank, and it will have some stipulation that pisses people off. Enjoy your “local credit unions and banks before they are bought up and provide real services.