Below is the following note I received from Bank of America regarding our checking account with them:
Beginning on August 14, 2015, your Classic Interest Checking – Advantage Relationship account will change to an Advantage with Tiered Interest Checking account. The monthly maintenance fee for your Bank of America Advantage® with Tiered Interest Checking account will be $25. You can avoid this fee when you meet any ONE of the following requirements during each monthly statement cycle: Keep an average daily balance in your checking or a linked Regular Savings account of $5,000 or more OR Keep a $10,000 average daily combined balance in linked checking, savings, Money Market Savings, CD and IRA accounts OR Keep an outstanding balance on a linked installment loan or line of credit of $15,000 or more OR Keep total combined assets in eligible, linked Merrill Edge or Merrill Lynch investment accounts of $15,000 or more OR have a linked Bank of America first mortgage loan that we service.
$25 PER MONTH if you don’t meet their requirements!
We only have a Bank of America account because my wife’s car is financed through them. We have a had a checking account with them over the years because our mortgage was through them and we got a discount on the loan if we had a checking account through them. We have since moved, but still have the car loan and I’m using the checking account as a savings account for property taxes.
“At least it’s an interest-bearing account…”
Get this: their interest rate is a something like .01% (that’s 1/100th of 1%). One month we received $.03 in interest, but were charged a $3.00 check image fee for ONE check.
I cannot wait to cut ties with Bank of America.