Bank of America offering more checking account options

B of A has unveiled a pilot program for consumers with checking accounts. The bank is offering more types of checking accounts, giving customers greater control over the structure of the account they hold at the bank. The bank is offering new consumers in select areas choices between checking accounts with various structures of bank fees. Bank fees have been on the rise with large national banks for instance Bank of America.

Customers can pick banking fees with new program

A new pilot program by Bank of America allows customers to select from several different checking account plans; this allows greater choice regarding which account fees they prefer to potentially face, in accordance with ABC. New checking account programs have been started by Bank of America, JP Morgan Chase, Wells Fargo and others because of the huge amount of criticism for fees that large banks have been given. The new Bank of America bank account programs are being offered in Georgia, Arizona and Massachusetts.

Fees depend on account

Bank of America is offering five checking account choices, and fees range from $6 to $25 per month. The account types include:

• Essentials: Get a checking account with a debit care. The monthly account fee is $8.95, however the fee is waived if a consumer receives monthly direct deposits or maintains a minimum account balance of $1,500.
• e-Banking: This is simple checking also. However, consumers can waive most fees altogether by banking entirely online or through an ATM and electing to receive electronic statements instead of paper. You will find nevertheless fees. These include non-sufficient funds, ATM and overdraft fees.

Account choices with greater amenities are geared toward wealthier account holders.

• Enhanced: As long as a customer has either $2,000 in one account or $5,000 with connected accounts, then all account fees are waived. 2 connected checking and 2 savings or money sector accounts are offered with the Enhanced account. Enhanced account holders may also have fees waived with monthly use of connected credit cards.
• Premium: Getting fees waived works with this one also. All you’ve to do is have $20,000 in Merill Lynch investment accounts, a mortgage with Bank of America or in connected accounts. You will find free services that this account offers. This includes free money orders and cashier's checks.
• Platinum Privileges: Consumers must have a minimum account balance of $50,000 to be able to be eligible for these perks: One of these is just personalized consumer service, which several love. Others include money sector accounts, a Privileges charge card and mortgages with special rates.

Rising bank fees

Banks have been required to stop deceptive fees. This has caused fees to skyrocket in all banks. You will find many things being done by the large banks, for instance Bank of America, Wells Fargo and Chase, to make up for what they lost with the Dodd-Frank Act. This Act stopped practices for instance signing consumers up for costly programs without notification.

Citations

ABC News

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