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Can I Waive my Fee from BofA Checking with a Money Tranfer?

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Frequent Contributor

Can I Waive my Fee from BofA Checking with a Money Tranfer?

I'm trying to waive the $12 monthly maintenance fee on my Bofa Advantage plus checking account.

The Rules to waive the fee are:

  • Have at least one qualifying direct deposit of $250+ or
  • Maintain a $1,500 minimum daily balance or
  • Are enrolled in Preferred Rewards

Could i just do a Standard Money Transfer of $250 from my Chase Total or Cap1 360 Checking to my Bofa Checking account? and Would a Standard Money Transfer "Count" or "Qualify as a Direct Deposit" to waive the $12 monthly fee? 

 

Any tips are highly appreciated!

 

Thank you for all the support Smiley Happy

Have the Following:


CashBack Cards Goals: Disco It, Ducks

Status: Doing my Homework before I App

Note to Self: Focus on the Abundance of Love and you shall have more!

Message 1 of 17
16 REPLIES 16
Super Contributor

Re: Can I Waive my Fee from BofA Checking with a Money Tranfer?

Probably not since it's not being directly deposited from your paycheck.








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Message 2 of 17
Community Leader
Mega Contributor

Re: Can I Waive my Fee from BofA Checking with a Money Tranfer?

Dont know about BofA, but with Chase and US Bank it would not work. 

EX 759 EQ 774 TU 753


Message 3 of 17
Senior Contributor

Re: Can I Waive my Fee from BofA Checking with a Money Tranfer?

Based on the DoC list of methods that banks will count as Direct Deposit, odds are not good.

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Message 4 of 17
Frequent Contributor

Re: Can I Waive my Fee from BofA Checking with a Money Tranfer?


@Remedios wrote:

Dont know about BofA, but with Chase and US Bank it would not work. 


 

My Chase Checking monthly fee is waived with a ACH of $500.

 

But to be fair, its not a Chase Total Checking (or whatever they offer today). It's called simply Chase Checking from 2010 that they do not offer anymore. I just assumed an ACH transfer worked for all of Chase's accounts.

 

OP, try it with BofA for a month and see if it works. 

    EQ=846        TU=834        EX=822      INQ=0/0/2      UTIL=1%        AZEO
Message 5 of 17
Community Leader
Mega Contributor

Re: Can I Waive my Fee from BofA Checking with a Money Tranfer?

I have an old, grandfathered account with Chase from WaMu days for which it works.  

It does not work for newer one, unless something changed in the last year or two. 

I think the list went something like payroll, government benefits, retirement etc 

 

 

EX 759 EQ 774 TU 753


Message 6 of 17
Frequent Contributor

Re: Can I Waive my Fee from BofA Checking with a Money Tranfer?


@Remedios wrote:

I have an old, grandfathered account with Chase from WaMu days for which it works.  

It does not work for newer one, unless something changed in the last year or two. 

I think the list went something like payroll, government benefits, retirement etc 


Thanks for the lesson!

 

I was going close my account with them (Chase is not my main bank) so I could churn them in 90-180 days or so. I guess I will not be doing that now.

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Message 7 of 17
Frequent Contributor

Re: Can I Waive my Fee from BofA Checking with a Money Tranfer?


@OmarR wrote:

 

My Chase Checking monthly fee is waived with a ACH of $500.

 

But to be fair, its not a Chase Total Checking (or whatever they offer today). It's called simply Chase Checking from 2010 that they do not offer anymore. I just assumed an ACH transfer worked for all of Chase's accounts.

 

OP, try it with BofA for a month and see if it works. 


How would i setup a ACH transfer from chase to bofa? is a standard money transfer different from a ACH transfer?

Have the Following:


CashBack Cards Goals: Disco It, Ducks

Status: Doing my Homework before I App

Note to Self: Focus on the Abundance of Love and you shall have more!

Message 8 of 17
Moderator

Re: Can I Waive my Fee from BofA Checking with a Money Tranfer?


@TyRacing wrote:

@OmarR wrote:

 

My Chase Checking monthly fee is waived with a ACH of $500.

 

But to be fair, its not a Chase Total Checking (or whatever they offer today). It's called simply Chase Checking from 2010 that they do not offer anymore. I just assumed an ACH transfer worked for all of Chase's accounts.

 

OP, try it with BofA for a month and see if it works. 


How would i setup a ACH transfer from chase to bofa? is a standard money transfer different from a ACH transfer?


You can set up BoA as an external account through your Chase online profile: Pay & transfer > Transfer Money > External Accounts > Add external account.  You would then need to confirm some small deposits on the BoA side within 3-5 business days so the external account can be verified.

Message 9 of 17
Frequent Contributor

Re: Can I Waive my Fee from BofA Checking with a Money Tranfer?


@FinStar wrote:

@TyRacing wrote:

@OmarR wrote:

 

My Chase Checking monthly fee is waived with a ACH of $500.

 

But to be fair, its not a Chase Total Checking (or whatever they offer today). It's called simply Chase Checking from 2010 that they do not offer anymore. I just assumed an ACH transfer worked for all of Chase's accounts.

 

OP, try it with BofA for a month and see if it works. 


How would i setup a ACH transfer from chase to bofa? is a standard money transfer different from a ACH transfer?


You can set up BoA as an external account through your Chase online profile: Pay & transfer > Transfer Money > External Accounts > Add external account.  You would then need to confirm some small deposits on the BoA side within 3-5 business days so the external account can be verified.


thanks but Would that setup be for a ACH transfer?

Have the Following:


CashBack Cards Goals: Disco It, Ducks

Status: Doing my Homework before I App

Note to Self: Focus on the Abundance of Love and you shall have more!

Message 10 of 17
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