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BOA closing all eBanking accounts

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Anonymous
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BOA closing all eBanking accounts

I went to my local Bank of America branch today to ask a question and just by accident found out that all BOA eBanking accounts are being converted as of Jan 1, 2018 to a new type of Checking account. The new type of acct has requirements of either a monthly minimum direct deposit of $250 or maintaining a $1500 balance, otherwise you will be charged a fee. The bank rep said details will be forthcoming in the October statement. He also said you won't be able to just close these accounts online, you have to either come into a branch or call the 800 #. Just FYI.

Message 1 of 17
16 REPLIES 16
Anonymous
Not applicable

Re: BOA closing all eBanking accounts

Umm, wonder what led to this.

 

Thanks for the info!!

Message 2 of 17
Anonymous
Not applicable

Re: BOA closing all eBanking accounts

I don't know, but for the past year every time I would go in and they would pull up my accounts they would say "ooh, you have an eBanking account? Hold on to that because  we don't even offer them anymore." But I guess that is a moot point now!

Message 3 of 17
Anonymous
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Re: BOA closing all eBanking accounts

Ahh, i see now.  I wonder how many years they've been in existance lol

Message 4 of 17
Anonymous
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Re: BOA closing all eBanking accounts


@Anonymous wrote:

I went to my local Bank of America branch today to ask a question and just by accident found out that all BOA eBanking accounts are being converted as of Jan 1, 2018 to a new type of Checking account. The new type of acct has requirements of either a monthly minimum direct deposit of $250 or maintaining a $1500 balance, otherwise you will be charged a fee. The bank rep said details will be forthcoming in the October statement. He also said you won't be able to just close these accounts online, you have to either come into a branch or call the 800 #. Just FYI.


That would be the Core Checking account which requires a $250/month direct deposit or a $1,500 balance to avoid the monthly maintenance fee. 

 

You might as well take this movement as an excuse to move to your local CU. Smiley Wink

Message 5 of 17
Anonymous
Not applicable

Re: BOA closing all eBanking accounts

I did see a bonus of $200 for new accounts when opening that account and have three direct deposits...I think I’m going to jump on this.

Message 6 of 17
Aprile421
Regular Contributor

Re: BOA closing all eBanking accounts

I just closed my savings account because they decided to change the terms on a savings account I have had for over 20 years. My son has one there and I told him to close his as well. He opened his account there in March and the deal was if he had $25 deposited into savings every month the savings would be free then all the sudden they want him to maintain a $300 balance or pay $5 dollars a month for the account. They should have known this was coming and told him in advance.  I have a direct deposit that is more than $250 going in every month so the change wont affect me but I am starting to not like the sudden changes they are deciding to make and thinking of closing all accounts there as I have checking and savings at other banks that do not charge a fee whether you have a balance or direct deposit. I have kept them open and my main banking bank because of the long standing history but now they are starting to show signs of being shady.

Message 7 of 17
Anonymous
Not applicable

Re: BOA closing all eBanking accounts

They want him to deposit $300/month into savings? or keep a $300 balance?

 

If he needs to have a $300 balance and opened the account in March, the savings account should be at about $150-$175.  Why not just deposit the rest to make it $300 and leave the account alone?  After all, it is a savings meant to sit there and accumulate interest.

 

He can continue to deposit $25/month...

Message 8 of 17
Aprile421
Regular Contributor

Re: BOA closing all eBanking accounts

They want him to maintain a $300 balance. Sadly he doesn't make enough money or have the discipline to keep the money in the savings account. I have tried to explain it to him. So rather than him have to pay a fee for a savings account he really isn't using I have advised him to close it to save him the $5 a month. He has a USAA account he can switch too that charges him nothing but he likes the convience of having a BOA right down the street from us.

Message 9 of 17
Anonymous
Not applicable

Re: BOA closing all eBanking accounts


@Anonymous wrote:

I did see a bonus of $200 for new accounts when opening that account and have three direct deposits...I think I’m going to jump on this.


Same here. Time for my semi-annual day of opening/closing checking accounts!

Message 10 of 17
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