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

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