topic Re: BOA closing all eBanking accounts in Personal Finance

BOA closing all eBanking accounts

Anonymous — Tue, 24 Oct 2017 22:14:13 GMT

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.

Re: BOA closing all eBanking accounts

Anonymous — Tue, 24 Oct 2017 22:23:23 GMT

Umm, wonder what led to this.

Thanks for the info!!

Re: BOA closing all eBanking accounts

Anonymous — Tue, 24 Oct 2017 22:29:56 GMT

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!

Re: BOA closing all eBanking accounts

Anonymous — Tue, 24 Oct 2017 22:35:49 GMT

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

Re: BOA closing all eBanking accounts

Anonymous — Wed, 25 Oct 2017 03:22:22 GMT

@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.

Re: BOA closing all eBanking accounts

Anonymous — Wed, 25 Oct 2017 14:15:39 GMT

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.

Re: BOA closing all eBanking accounts

Aprile421 — Wed, 25 Oct 2017 16:54:21 GMT

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.

Re: BOA closing all eBanking accounts

Anonymous — Wed, 25 Oct 2017 17:02:24 GMT

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...

Re: BOA closing all eBanking accounts

Aprile421 — Wed, 25 Oct 2017 17:08:10 GMT

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.

Re: BOA closing all eBanking accounts

Anonymous — Wed, 25 Oct 2017 17:32:50 GMT

@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!

Re: BOA closing all eBanking accounts

Anonymous — Thu, 26 Oct 2017 08:38:50 GMT

Note that students under 24 are still eligible to have the $12 monthly fee waived.

Re: BOA closing all eBanking accounts

Dalmus — Thu, 26 Oct 2017 13:25:10 GMT

TWELVE dollars?

Good Lord... that's the highest monthly fee on a "normal" bank account I've ever heard of!

Re: BOA closing all eBanking accounts

Anonymous — Thu, 26 Oct 2017 14:40:22 GMT

@Aprile421 wrote:
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.

Ohh ok, got you!

Re: BOA closing all eBanking accounts

Anonymous — Thu, 26 Oct 2017 14:41:12 GMT

@Anonymous wrote:
@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!

I will hold on that...just opened one with wells fargo for a $300 bonus. BOFA will be next if offer still up.

Re: BOA closing all eBanking accounts

Anonymous — Thu, 26 Oct 2017 16:59:28 GMT

@Dalmus wrote:
TWELVE dollars?

Good Lord... that's the highest monthly fee on a "normal" bank account I've ever heard of!

Sadly Chase has the same fee with their standard checking account. The worst part about Chase is that they do not waive it for students. I'm paying it because I cashed in on a $300 opening bonus with them, but I'll be losing $72 of that since the account has to be open for a minimum of 6 months for the bonus to not be reversed.

Re: BOA closing all eBanking accounts

Anonymous — Thu, 26 Oct 2017 18:04:31 GMT

@Anonymous wrote:
@Dalmus wrote:
TWELVE dollars?

Good Lord... that's the highest monthly fee on a "normal" bank account I've ever heard of!
Sadly Chase has the same fee with their standard checking account. The worst part about Chase is that they do not waive it for students. I'm paying it because I cashed in on a $300 opening bonus with them, but I'll be losing $72 of that since the account has to be open for a minimum of 6 months for the bonus to not be reversed.

False. You can get a free checking with Chase if you are a high school or college student. It is just not integrated into their "traditional" Total Checking account.

Bank of America has their student fee waiver attached to their "Core Checking" product instead of offering a separate checking, whereas Chase doesn't waive the fee for students on their "Total Checking" because they offer a separate account specifically for students without fees called "Student Checking" for high school and college students without a fee.

That is clearly stated on Chase's website when looking at their checking account tabs. So, you definitely can get a fee free account with Chase due to student-status.

Re: BOA closing all eBanking accounts

Anonymous — Thu, 26 Oct 2017 18:18:38 GMT

@Anonymous wrote:
@Anonymous wrote:
@Dalmus wrote:
TWELVE dollars?

Good Lord... that's the highest monthly fee on a "normal" bank account I've ever heard of!
Sadly Chase has the same fee with their standard checking account. The worst part about Chase is that they do not waive it for students. I'm paying it because I cashed in on a $300 opening bonus with them, but I'll be losing $72 of that since the account has to be open for a minimum of 6 months for the bonus to not be reversed.
False. You can get a free checking with Chase if you are a high school or college student. It is just not integrated into their "traditional" Total Checking account.

Bank of America has their student fee waiver attached to their "Core Checking" product instead of offering a separate checking, whereas Chase doesn't waive the fee for students on their "Total Checking" because they offer a separate account specifically for students without fees called "Student Checking" for high school and college students without a fee.

That is clearly stated on Chase's website when looking at their checking account tabs. So, you definitely can get a fee free account with Chase due to student-status.

This is correct; however, I was referring to the chase Core Checking when I said "standard checking". Apologies for being unclear. Chase has their student checking account, but when comparing the Chase Total Checking and BOA Core Checking I was trying to show that BOA has the slight benefit in this situation . Very good point for those not aware of the Chase Student Checking account though.