BofA Tests New Checking Accounts With New Fees

Bank of America is trying out a new system of checking accounts with new rules—and new fees for breaking them.

The new accounts will be called “Essentials,” “eBanking,” “Enhanced,” and “Premium.” The monthly fees on the accounts will be $6, $9, $12, $15 or $25, depending on the account and level of service it offers. The bank won’t yet say which accounts get what fees, but they have revealed how these different accounts will work:

  • “Essentials” is one checking account with a debit card and a monthly fee, probably about $6.
  • “eBanking” is already in play and it’s one online checking account with a debit card and no fee as long as you get e-statements and don’t see any tellers. Walk up to a teller, though, and boom! Fee.
  • “Enhanced” will have a fee if you don’t keep a minimum $2,000 balance. The account will let you link up with up to two checking and two savings or money market accounts.
  • “Premium” mandates a minimum $20,000 monthly balance between accounts, lets you link up to four checking and four savings/money market accounts, and gives you free money orders and check printing. I’m betting it will get one of the higher fees as well if you don’t meet the requirements.

The accounts are designed to recoup some of the revenue already lost from recent consumer protection acts, as well as some of the cash they’ll lose out on once the interchange fee caps go into place in July.

The new accounts are getting tried out in Arizona, Georgia, and Massachusetts and will probably get rolled out nationwide by the end of the year.

Bank of America tests wider account fee choices [CharlotteObserver]

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  1. KatieNeptune says:

    I have an eBanking account and it’s awesome – I haven’t needed or wanted to see a teller since I’ve gotten the account either.

    • Nisun says:

      I dont either… When they try to make you wait in line for 10 minutes… Whats the point!?!

    • davidsco says:

      WHY RISK THE POSSIBILITY OF A FEE??? The ONE time you may need a teller, it’ll cost you. Seriously, is BOA the only bank in a 100 mile radius??? I just don’t get it

      • FerretGirl says:

        Ok fine, but how much will it cost you? In the years I’ve had my BoA account I have only had to go into the bank once a year to get a cashier’s check to pay taxes. If they charge say, an ATM fee of 2$ whenever you go in, that’s not a problem for me. If they charge 50$ per time well I would take my banking elsewhere. I currently have an account with them because I travel for work and am generally paid in cash. So as to avoid traveling with thousands of dollars of cash on me I need a bank with ATMs or branches worldwide. BoA fit the bill the best in my research.

      • Portlandia says:

        Yes, so the “ONE” time you need a teller it will cost you. Last time I checked it was $5. So, the rest of the year he pays about $2-$3 less per month. He will save $2x 12 months = $24 versus paying $5 ONCE for a teller.

        Sorry reading your post I picture a very mentally unstable person.

        • chocolate1234 says:

          Or you could bank somewhere without any fees to begin with and save yourself the trouble. Those banks and credit unions do exist!

      • tooluser says:

        I use BofA because they have branches all over the country, making it a good bet that no matter where I travel, I will be able to withdraw cash from an ATM for free. That, and because they haven’t messed with me yet.

        • KatieNeptune says:

          Exactly. I have had a great experience with BoA thus far … I have two checking accounts and a savings account and it’s great, their ATMs are fantastic, I haven’t had to go INTO the bank in ages. Am I going to get a mortgage with BoA ever? Hell, no. For now though, pretty awesome.

        • ARP says:

          There are a number of accounts that reimburse you for non-branch teller fees. Ally is a dirty word around here, but they do that.

    • dcarrington01 says:

      Why would you pay someone to access YOUR money. There are multiple places out there that don’t charge you to put your money in their bank. USAA Federal Savings Bank is one of them and shit hot awesome!

    • AustinTXProgrammer says:

      I just don’t know why you would use BofA anyways.

      • Mom says:

        My mortgage is at BofA. It was the best deal at the time I was getting the mortgage, and I’ve had no problems with their lending or loan processing. If you have a mortgage, you get the current equivalent of the “Premium” account for free, which includes free checks, and (this was the key for me) a free safe deposit box. Safe deposit boxes don’t seem to exist at credit unions, at least not at my credit union, and I needed one. So, I opened a checking account to get the safe deposit box. I actually used the BofA account for awhile, but found that even a simple little mistake, like a single overdraft, could end up eventually costing hundreds of dollars in fees. So I left the account open with a small amount of money running through it to pay a single bill in order to keep the safe deposit box, and went back to using the credit union account for everything. The last time I bounced a check, the credit union charged me a dollar to transfer the money into my checking account from my savings account. I like that better.

    • johnva says:

      There is ONE situation that I do occasionally go to see a teller for: when I need to get some rolls of quarters for parking, etc. If they would make an ATM capable of dispensing those, I would never go to a teller, no matter what my bank is.

      • Overheal says:

        I actually got my account switched to eBanking the other day and the woman assured me that you will NEVER BE CHARGED for using any Teller service that CANT be done at an ATM. This includes things like Depositing rolls of coins, depositing worn checks/cash that the machine refuses to read, opening/closing accounts, making large cash withdrawals, etc.

        The fee will only trigger if you do something that CAN be done at the ATM, like getting a Statement printout, or a balance check, depositing readible monies, etc.

        • MaxH42 thinks RecordStoreToughGuy got a raw deal says:

          Did you get that in writing? I’d ask for a printout of that policy, because those things are more often decided by what the front-line rep thinks they should be instead of what the policy actually says.

        • Chaosium says:

          “the woman assured me that you will NEVER BE CHARGED for using any Teller service that CANT be done at an ATM.”

          She totally lied to you.

      • JMH says:

        Similar to what johnva said, I pretty much never go to see a teller unless I want to deposit rolled-up coins. Still, the idea that I’d get charged a fee for that is ridiculous.

    • Chaosium says:

      Other, less shady banks offer eBanking.

    • zegolf says:

      I’ve attempted to deposit two checks at 5 different ATMs over the last 3 weeks. Every ATM gave me a “This ATM is not currently accepting check deposits.” That’s not acceptable if I’m going to get taxed for seeing a teller as that’s my only viable option.

      • Portlandia says:

        Actually, if you go inside and tell the teller that you weren’t able to use the machine they have the option of not Charging you when they do the transaction.

        Pretty simple actually.

        • YokoOhNo says:

          oh, it’s their option. that’s nice.

          so this is how it plays out, 3 scenarios.

          1) BoA waives the fee at the teller window for the people who know they’re going to be charged and humbly request they not be charged the fee.
          2) BoA charges the fee to people who go to the teller and don’t know that they will be charged a fee. Upon receiving their statement and realizing the fee they will spend 10 minutes calling BoA to have the fee immediately refunded by said bank.
          3) Same as above except the “mark” doesn’t realize the illigitimate fee or doesn’t seem the 10 minutes is worth it to call to get BoA to refund the fee…BoA keeps the money and now has more money then they would have by acting honorably/fairly.

    • YokoOhNo says:

      Brought to you by Bank of America’s marketing department!!

      Hi Bank of America! :wave:

      • KatieNeptune says:

        LOL. I SWEAR I don’t work for BoA. And honestly, if they give me any trouble I’m gone, hands down. I’ve managed to have a really great experience with them thus far. OTOH, I’m not sure if I feel comfortable having a mortgage with BoA etc or using them more extensively than I am at the moment – I don’t trust them THAT much. But for my needs, the check depositing feature at the ATM is the best thing to happen, and their ubiquitous ATMS are convenient to my situation right now. No complaints here. (also, when my debit acct was hacked a year ago, from when I used a 3rd party ATM in Montreal that swiped my info – idiot, I know – I rec’d a text, phone call, and email (all on my iphone) from BoA within 15 minutes of spotting the fraudulent transactions. Because I was out of town at the moment, they waited an hour before closing my debit cardwhile I took out cash from an ATM to make sure I would have enough for gas/activities until I got home the next. Great customer service in that experience).

  2. Cat_In_A_Hat says:

    Some of their accounts already have monthly fees in place and are waived with a direct deposit. If this stays in place I won’t mind, but the moment I have no option to pay a fee, I’m jumping ship. Farewell B of A..

    • gc3160thtuk says you got your humor in my sarcasm and you say you got your sarcasm in my humor says:

      The news said the fees are going to be in spite of direct deposit. I tipped the story as I saw it on the news today.

      • Cat_In_A_Hat says:

        Well doesn’t that just suck. Currently my B of A checking account is my landing account where my paychecks from my daytime and part-time job are directly deposited. I also have a Schwab checking account and an American Express savings account. I rarely ever have to deposit checks, but every once and a while I’ll receive a physical paycheck from contract work or when my mother uses my credit card and has to pay me for my bill. If it wasn’t for this I could get away with not having access to a brick and mortar bank, but there is some security in having instant access to a teller if by chance I lose or misplace my debit card or there is some sort of catastrophic f-up with my account where I need to speak directly with a human. Hopefully all other banks don’t follow suit.

      • BlownCircuit says:

        That isn’t 100% accurate. Each of the account types have a way to avoid paying a fee on the account. It varies based upon account type, but in many cases it is as simple as having direct deposit or using a Bank of America credit card during the month (use as in ‘make purchase with’, not ‘carry balance on’).

    • Awesome McAwesomeness says:

      I was thinking I would jump ship as well, but since I will always have a minimum of $2000, It won’t affect me so much. It does just piss me off on principal though.

    • FuzzyWillow says:

      Interesting.

      I have a free checking without any minimum balance or charge to see a teller. Comes with a debit card with no ATM fees.

      Its not with BofA though.

      Its a local bank that serves just my part of N.H.

      Wouldn’t touch BofA with a 10′ pole.

  3. Hi_Hello says:

    Although I rarely use a teller, I think it’s whack to charge you something to talk to a representative of the bank ( the teller) in which you have an account for…

    I would rather just sign up for a e-checking account or something…

    once in a while.. prolly 3 times a year, when the line doesn’t exist, I like to cash my little extra check rather than depositing them and then go to the ATM to withdraw.

    Once in awhile I like to go up to a teller and ask for a roll of quarters.

    OR ask for a certified bank check or something like that. Or even ask for a lollipop.

    • jjmcubed says:

      You can go to any bank/grocery store for a roll of quarters. I’m sure you know this, but might save someone a fee in the future. Oh, and if you go to your own bank for a roll, they don’t need to know your account #.

  4. mbd says:

    Why anyone still uses the bank of opportunists is beyond me.

  5. yessongs says:

    They’re just trying to make the difference of all the money they lost in lawsuits. Expect a boost in NSF charges as well.

  6. SideshowCrono says:

    To all the haters, I’ve had a BofA account for around 10 years now and I have NEVER paid the bank a fee and I don’t intend to start now. People should remember though that banks are businesses and, as its a business, they should be making money off of you. I have no problem with that. I just counter this by using BofA for decent chunk of my financial needs. I have a BofA checking account, a BofA money market account, a BofA credit card and a Merrill Edge self directed brokerage account.

    I feel its a win-win. They get more of my business, I don’t have a fee and, as an extra benefit, all my information is easily consolidated using their great online software.

    If you have a checking account that holds $50 on average… Why do you think the bank should give you a service at a loss? I’m of the mindset that no one deserves anything. I’m pretty ornery for being under 30 though…

    • RvLeshrac says:

      Yeah. They already make money off you. They make money on deposits, loaning them out at anywhere from 5% to 30%. They make money off the Fed (You), by borrowing money at 0% and loaning it out at anywhere from 5% to 30%.

      They already charge fees for nearly everything.

      Why you think they’re entitled to gouge even *MORE* money when they *ALREADY* make massive profits is beyond me. You *do* understand that they don’t actually use that profit to bolster the economy, yes?

      • SideshowCrono says:

        They clearly make money on loaned out deposits because thats what banks do. I don’t care what they use their profit for as, to a large extent, that is completely up to them. I use them because, on the surface, its free and they provide a good service to me. I have never paid them an upfront fee for anything. I never intend to.

        In my opinion they are entitled to do WHATEVER they want as long as I at least get a little heads up. If I don’t like it then I’ll take my business somewhere else. I’m a customer at will.

        And again, they’ve never ‘gouged’ me. But if YOU are one of those people who doesn’t actually have any money in the bank then the bank is certainly not making ANY money off of you, unless its charging you fees.

        It’s all so surprisingly reasonable.

        And if you have a problem with the 0% rates they get from the Fed then maybe you should pressure your representatives to have them pressure the Fed to change that. If someone offered you money at a 0% rate, would you voluntarily offer to pay more? I wouldn’t.

        • hansolo247 says:

          They really don’t borrow money at 0% from the fed, at least not effectively.

          The fed actually pays them interest to keep borrowed cash on their balance sheet.

    • Nighthawke says:

      One reason why you have yet to do so: Grandfathered accounts. These are for NEW account holders that signed up post-announcement.

      • SideshowCrono says:

        Well I have never paid a fee for any of their previous arrangements. This isn’t the invention of the bank fee. They have always been around and they have generally been pretty easy to avoid if you bring a small amount of business to the bank.

        High debit card interchange rates though made small balance checking accounts profitable.. or at least profitable enough. There’s no reason checking should be free as some sort of inherent truth.

        • MaxH42 thinks RecordStoreToughGuy got a raw deal says:

          This is not the invention of the bank fee, but Wells Fargo and BoA are pioneers when it comes to gouging customers. I remember I swore off them both for life back when I heard that they had invented the foreign or “off-us” ATM fee — not for non-customers using their ATMs, but for their OWN customers who use another bank’s ATM. Since it makes sense for banks to charge non-customers a fee to use their ATM if they allow it at all, the foreign ATM fee basically double-dipping.

          Thankfully, my credit union not only doesn’t charge a foreign ATM fee, they also refund any ATM fees I am charged by other banks, so I can use any ATM I like.

          Remember, according to the U.S. Office of Thrift Supervision, the average ATM transaction costs the ATM owner about $0.27, including the amortized cost of the equipment, the telecommunication costs, and the personnel to oversee the operation.

      • Kestris says:

        ReRead the article.

        To quote-


        start, the choices will be offered for new accounts in the three pilot states by the end of the month. Existing accounts will be converted to the new system in the second half of the year.”

        That means that there will be NO Grandfathered accounts. ALL accounts will have a fee by the end of the year.

        • jesusofcool says:

          Wow. Yeah, I currently have a student account – I conveniently forgot to remind them when I graduated not that long ago. The minute they catch on though, I’m canceling my account if I can’t find a way to avoid fees.
          It’d make sense if they charged a fee and provided a great service/product. But they have the worst customer service and appreciation of any bank I’ve ever seen and virtually nothing going for them beyond a high ATM presence in my city.

      • Chaosium says:

        Yeah, that worked real well for Chase former WaMu accounts.

    • calchip says:

      Then you’ve just been lucky so far, because this bank, which at one time was an excellent, service oriented bank with great people behind it, has turned into an evil, money-grabbing piece of shit that will stoop to anything to steal money out of your pocket.

      Were you aware that there is currently a class action alleging that after BofA reverses a fee, they go back and remove incremental amounts (2 or 3 dollars) from your account, retroactively, over the last 7 or 8 statements, recouping the amount reversed? Or that there are a dozen other class actions and pending state actions for similar shady behavior?

      These people aren’t a “business.” They are a criminal enterprise engaged in theft, fraud, deception, and any other tactic they can get away with to steal money from their customers, usually their lower income and less educated customers. The entire senior management team deserves to spend about 20 years in a prison chain gang, doing hard labor. And even that won’t be adequate recompense for all the harm they have caused on millions of hard-working Americans.

      • SideshowCrono says:

        Link please for that class action lawsuit. I just find that hard to believe.

        Just because money doesnt work like that… if you knew how much money you have (lets say $100) and then you were charged a fee ($25) then you will have $75. Easy math right. So you call and complain and they reverse the fee. Hooray. If they go and remove money retroactively however, then you’ll still have $75. No change. You would call back.

        I’m not sure which party would be stupider in that situation. The bank who is basically stealing or the customer who is just not paying any attention.

    • yessongs says:

      You will soon, and karma will catch up with you big time. BofA’s motto: no customer goes uncharged.

    • Chaosium says:

      “To all the haters, I’ve had a BofA account for around 10 years now and I have NEVER paid the bank a fee and I don’t intend to start now. People should remember though that banks are businesses and, as its a business, they should be making money off of you. “

      And this is why crappy businesses survive, no matter how much they scam others. Someone isn’t concerned about business ethics and can’t tell the difference between a few fees here and there and people getting scammed out of their houses.

    • Mom says:

      I have a BofA account, too, that I currently only keep open to get the free safe deposit box. Like you, I could go for years without ever having a fee. But, unlike you, I’m not perfect, and every couple of years, I get careless, and bounce a check. Typically, the money is there, but in the wrong account. That’s where the fun starts with BofA. The last time I bounced a check, it ended up costing me about $200 in fees and interest (admittedly, it was a large check), even though I was able to cover the check as soon as I found out about the problem a week or so later. Which was also a problem, because they don’t tell you you’re bouncing checks all over town, they just let you do it, and charge cash advances to your credit card. It gets very expensive, very fast.

      My credit union accepts my imperfections a little better. The last time I bounced a check, they charged me $1 to move the money from savings to checking, and sent me a polite letter right away, telling me what they did. In general, my credit union’s fee schedule is much more closely related to the actual cost of providing the services they provide. I like that better.

  7. tripnman says:

    While reviewing my December statements from Bank of America I noticed a $20 service fee for the month. I have banked with BofA for over a decade and have never paid a service fee on any of my accounts because they are all linked together to consistently meet the “minimum balance” requirements. Strangely enough, the fee was applied to the one account that has always had sufficient funds to satisfy the minimum balance requirements all on its own.

    After navigating BofA’s phone tree (there is no direct option to speak with an agent – I just mash random buttons until the system gives up and connects me to a person) I spoke with a nice young woman who looked up the fee and agreed that it was in error. She reversed it without hesitation. So – where’s the “Consumerist” angle on this short and effective customer service communication with the big evil bank?

    Well – the agent dropped this bomb on me when I asked why a fee was applied randomly after so many years. “Bank of America recently had a third party audit of our account policies which removed the “no fee” agreements across the board.” Say what? So I asked if that meant that every BofA client who should not be charged monthly service fees could expect them on the December statements. She replied simply – “Yes, but you can just call in and we’ll reverse them.”

    • hansolo247 says:

      Ahh, the old “they gouged me but when I noticed they took it off. They’re so nice” argument.

      For every one of you there is another (or more than another) that just got ripped off.

      If they make a mistake, why should you have to waste your time calling in? Why not just take your business to someone competent and honest?

      • tripnman says:

        Don’t get me wrong – I hate them on principal but by business has been banking with them since I started it and some degree of apathy has kept me from going through the hoops required to change banks. So no – this wasn’t a “they’re so nice” argument. It was a “Look the fuck out” customer service message to those who may not reconcile their accounts to the penny every month. Of course – everyone who reads Consumerist knows to do that (and avoid BofA. My bad.)

        • Mom says:

          Thanks for the warning. I checked my account, and didn’t have the fee, but it was a good warning to be more careful when balancing my account.

          (Halfway through moving everything out of BofA to a credit union, but life is complicated, and so is moving money around.)

    • oldwiz65 says:

      Sneaking fees in and not taking them off unless you complain is definitely a great way to make money. Just think – if they do it for a few million customers here and there they can add a nice fat amount to the CEO’s bonus. Believing silly excuses from bank reps is like believing politicians.

      BTW what is an honest politician? One who stays bought.

  8. UnicornMaster says:

    WhoTF keeps $20000 or more in a CHECKING account? Unless you’ve got the monthly budget of a millionaire its totally unreasonable. Combine that with their low yield on savings accounts (0.05%!!!) and money market accounts, who would keep all that money there? Find somewhere else to put your money.

    • rpm773 says:

      It looks like that’s $20K across several accounts, not just one checking account

      • Firethorn says:

        I honestly don’t know for sure, but I do remember that there’s something about some banks counting mortgages towards balance requirements. If that counts – $20k of outstanding balance(that you’re paying interest on) is really, really easy.

        Of course, at 3.25%(a really low rate), that’s still $54 of interest a month on that much balance.

        • tbax929 says:

          They do count the mortgage toward it. I have a mortgage with B of A, which is the only reason I still have a checking account with them. Everything is free.

          I do most of my banking with USAA, but I use my B of A account for cash deposits.

    • aloria says:

      “”Premium” mandates a minimum $20,000 monthly balance between accounts, lets you link up to four checking and four savings/money market accounts…”

      It doesn’t have to be all in checking. It can be across checvking, savings, and money market.

    • Damocles57 says:

      WhoTF comments in CAPS for EMPHASIS without fully reading and understanding the article they are commenting on???

    • tripnman says:

      Business.

    • CappyCobra says:

      I do. I just dont do it at BOA. Reward Checking FTW at my local credit union for 2.75%

  9. rpm773 says:

    FTA: In addition, Enhanced customers are able to avoid a fee by using a linked credit card at least once a month. That’s also unusual, Narter said. Banks typically issue credit cards through a separate division from their retail banking operations and it’s hard to combine the businesses.

    I’m inferring that this is an actual credit card…not just a debit card.

    • Mom says:

      My experience banking with BofA is that they really, really want you to have (and use) their credit cards. So yes, they’re talking credit, not debit.

  10. lonestarbl says:

    Liberty Bank… use it, love it

  11. davidsco says:

    Again, WHY DOES ANYONE BANK WITH THESE THIEVES???? Seriously. How can people be so stupid? BOA is the WORST bank in the country. They have the HIGHEST fees, the WORST CS and treat their employees like crap. Are they REALLY The only bank some people of heard of??? Fools and their money……

    • ben says:

      Newsflash: Not everyone has the same experiences with the same companies. Plenty of people have had no negative experiences with BoA, myself included.

      • Tom Servo says:

        I haven’t had a negative experience with BofA, either. I just like doing business with folks who run their business with a certain level of decency and ethics.

        I don’t take chances on becoming a victim just because I haven’t been victimized in the past.

      • Chaosium says:

        Some people engage in incredibly risky sex without catching AIDS as well, doesn’t mean that I’d encourage them to do so.

    • Portlandia says:

      I’ve been a customer of BofA for over 15 years and I can count on 1 hand how many times I’ve had to pay a fee for something (outside of an ATM fee). Including my safe deposit box.

      You sound fanatical in your contempt for BofA and any rational argument to the contrary will fall flat. I will say, I’ve seen this same thing come from customers from just about every other bank out there, Wells Fargo, Chase, you name it. So if you speak in hyperbole (“these theives!!!”) how are we take you any more serious than any other person that may have had a bad experience?

    • tbax929 says:

      If you’ve ever had a mortgage that has started with one bank and been bought by another you’d understand how people end up banking with B of A.

    • Cosmo_Kramer says:

      You’re right that a fool and his money, but how does that relate to me and my decision to use Bank of America for one of my accounts? I’ve never paid a fee. The fools are the people who can’t avoid the fees.

    • Dont lump me into your 99%! says:

      I use BOA for my business, because they have all the services I need. Not sure how this is going to affect business accounts, but I will say I have been a happy customer of BOA, even use them for payroll services.

    • Awesome McAwesomeness says:

      I’ve never had a fee with them. I enjoy always being able to find one when I need it. I love their website, bill pay, etc… In 5 years, I have never had a problem, ever. Why shouldn’t I bank with them? Other people’s issues are not mine. Once I have an issue, then I might change my mind, but that hasn’t happened so far.

    • bluejena says:

      I had a BayBank account. Then they became BankBoston. Then they became FleetBoston. Then Bank of America took over. I’ve had the same savings account almost my entire life and my checking, a couple credit cards and a loan are all tied to it. Switching to another bank will be a major pain in my ass… but I’m doing so as soon as possible, after BoA has overdrafted my account almost every week lately, but yet when you look at the statements, it never actually dips below zero, so I can’t figure out how or why and neither can their customer “service” representatives. If I go into a bank, they’ll charge me a fee that I can’t afford.
      It’s just a matter of finding a new institution that I can use with comparable convenience and then attempting to change over everything (including unemployment, which I’m sure either BoA or the State of Massachusetts will find some way to screw up in the process).

  12. GMurnane says:

    If you don’t wanna worry about fees, bad customer service, and crappy checking/savings accounts (low interest, lack of features) check out ING Direct. They don’t have many physical locations, but otherwise they are amazing.

  13. DanKelley98 says:

    Hello credit union!

    • jeepguy57 says:

      I have a credit union as well as accounts at PNC. Guess which I use for 95% of my banking? PNC.

      Neither charges me a fee because I am responsible with my money.

      PNC has local branches with better hours for the seldon time I need one.
      PNC integrates better with Quicken for Mac.
      PNC doesn’t charge me a fee to send money out to other banks. My credit union does.
      PNC actually refunds me money charged by other bank’s ATMs. My credit union does not.

  14. BettyCrocker says:

    I make my own fees at home.

  15. Joseph S Ragman says:

    There are reasons why I cut BofA out of my life …

  16. EverCynicalTHX says:

    Why is it that even after we bailed them out, the mega-monster banks still expect to make the same amount or more, even in this economy.

    The minute they implement any fees on my account I will be heading to my local credit union. If enough people do the same maybe they will get the message, things are NOT business as usual anymore in America. Middle class America is having to do more for less and less and we haven’t even seen the radical inflation that’s just over the horizon with the dollar being diluted..if only we had stayed on the gold standard!

  17. momtimestwo says:

    Here, let me pay you to make money off my money.

    • YokoOhNo says:

      Yea, 30x’s what I deposit isn’t enough for them. They pay me .25% then loan out my money, times 30, to others at 20%…but they want all the marbles so they want another $6.

  18. Kestris says:

    Article says ‘Existing accounts will be converted to the new system in the second half of the year.’

    So basically, we have 5-6 months, give or take, to figure out what BofA is intending to charge those of us with existing accounts and possibly find a bank with a cheaper checking account fee.

  19. evnmorlo says:

    A special thanks to the US Congress and the Federal Reserve, who all have “personal bankers” and will be unaffected. Those that think they can avoid monthly fees at other banks are going to be disappointed.

    • gpatrick says:

      evnmorlo

      That is not accurate. Smaller banks & credit unions won’t be effected by the Durbin Amendment. Now with Visa saying they will support a two interchange fee system. That means merchants won’t be able to refuse higher rate debit card, merchants wouldn’t know the difference. I still think the feds will come out saying the merchants can’t refuse the higher rate debit card if they take the lower rate debit cards. Smaller banks & credit unions would be able to keep their free checking account & reward program(If any) for their debit cards.

  20. Me - now with more humidity says:

    Makes me love my credit union even more.

    No fees if you direct deposit your paycheck and use your debit card as a credit card at least five times a month (I buy gas 5 times a month). No ATM fees at any ATM. I know all the tellers and managers by name and they always ask about my kid and wife. And they give me my 3 FICO scores for free every quarter (soft pull, so it doesn’t ding me at all).

    • outlulz says:

      Your credit union sounds like Chase. There are credit unions that offer free checking accounts.

      • Me - now with more humidity says:

        Uh… mine does. Read what I wrote.

        I wouldn’t touch Chase with a hazmat suit on.

    • Me - now with more humidity says:

      Forgot to mention that they always have DumDum lollipops in big bowls at the teller windows and give me Milk Bones for my dog. Suck it, B of A.

    • Mom says:

      Besides the financial benefits, every time I walk in to my credit union branch, everybody working there says “Hi Mom!” It’s like walking into Cheers.

      Really, this is true. Strangest place I’ve ever banked, but I go to the teller for things I could use the ATM for, because they make me feel welcome when I walk in. (This is a really small, 3 employee branch. The larger branches don’t behave this way.)

  21. Consumeristing says:

    “The accounts are designed to recoup some of the revenue already lost from recent consumer protection acts, as well as some of the cash they’ll lose out on once the interchange fee caps go into place in July.”

    Funny, Consumerist here didn’t tell us that the bill they pimped all last year is going to end up in tons of fees for consumers.

    • Chaosium says:

      “Funny, Consumerist here didn’t tell us that the bill they pimped all last year is going to end up in tons of fees for consumers. “

      Lol, there’s always someone to promote usurious credit card policies and the interests of big business and blame the victim. Shine on, you captain of industry! If you suck up enough, they’ll surely make you an executive officer.

  22. Awesome McAwesomeness says:

    Why can’t they just treat their customers right and make an ass load of money instead of screwing them and make a mega assload of money? Why can’t businesses just do well. Why do they keep having to shaft people so they can make more, and more, and more?

    If my account is hit with this, I will be moving to a credit union.

  23. Awesome McAwesomeness says:

    Stupid card act. I have no cc debt and have never had a complaint with a card ever. Why should everyone be punished b/c a few cannot control themselves or go down on their luck???

  24. Max5695 says:

    Many credit unions are part of a shared branching network: CU Service Centers. My credit union participates. That means that you can walk into any credit union branch across the country and do banking such as deposit, get cash, pay bills, etc. It is like having bank branches in all 50 states. I don’t know why people use Bank of America when there are alternative credit unions and banks that offer free checking, free checks, ATM fee refunds. SF Fire Credit Union does all of that.

    People don’t realize how little interest BofA pays. For example, if you deposit $50,000 with Alliant Credit Union you get paid $550 a year in interest. You get paid only about $50 at big banks like BofA, Chase, Wells Fargo, etc. That is like getting ripped off by $500 a year by Bank of America. Move your money to where you can earn more interest.

  25. gman863 says:

    For any other bank wanting to put a similar fee structure in place, here’s an alternate list of account names that summarize screwing customers:

    “Quickie”
    “Half and Half”
    “Round the World”
    “Professional Escort”

  26. skakh says:

    I have no idea why anyone would choose to use BofA. Had them for a short time a few years ago. Worst bank ever. I changed back to a more local bank and the differences are amazing. If enough people choose to bank elsewhere, watch how quickly the thieves at BoA change their tune. People have the power, not the banks, if only they would act.

  27. Dollie says:

    Banks don’t need to charge fees. They make enough money reinvesting the money you think is safe in their coffers. Think they really set aside your money just for you? No, it goes in different directions in an effort take make even more money. How do you think they get their gazillion dollar bonuses every year?

    If you’re paying a bank to hold your money, I have a bridge I’d like to talk to you about.

  28. Lucky225 says:

    “eBanking” is already in play and it’s one online checking account with a debit card and no fee as long as you get e-statements and don’t see any tellers. Walk up to a teller, though, and boom! Fee.

    HAHAHAHAHAHHAHA BofA *ALWAYS* tried to sucker me in when cashing payroll checks drawn on their bank by saying “We have to charge non-customers a $5 fee, sure you don’t want to open an account?”

    My response: “If this is how you treat POTENTIAL customers by charging them a fee, I sure as hell don’t want to become a customer and hold MY money at your institution so you can charge me more fees”

    Now they’re charging their own customers at the teller window, PRICELESS!

  29. Bang Uchiha says:

    They made billions in NSF fees last year…thats how they made profit…this is expected