B of A has unveiled a new pilot program that gives members of the bank more choices concerning their checking accounts. The bank is offering new customers in select areas choices between checking accounts with various structures of bank fees. Bank fee practices have resulted in lots of criticism of B of A and other large national megabanks in recent months. Post resource – Bank of America offering more choice in checking accounts by MoneyBlogNewz.
Consumers can pick banking fees with new program
ABC states that B of A is beginning a new program that will allow choice when it comes to account fees for customers to choose their bank account plan and fees. The largest national banks have come under criticism for charging excessive banking fees, and now B of A, JP Morgan Chase, Wells Fargo and others have rolled out new programs for checking accounts to make fees more transparent. There will be new programs tested in certain states for B of A. This contains Georgia, Arizona and Massachusetts.
Pick the account with fees attached
You will find five options for B of A for fees. Between $6 and $25 a month could be paid for these. These are the account types:
- Essentials: Simple checking account with a debit card. 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 can be a checking account also. It is simple checking. When banking online entirely or through ATM with electronic statements rather than paper, fees are waived entirely. However, overdraft, non-sufficient funds and ATM fees will still likely apply.
Definitely more amenities are given to wealthier account holders. This is because more money is being put in the bank.
- Enhanced: Account fees are waived if consumer has a minimum balance of $2,000 in one account or $5,000 across connected accounts. Get the Enhanced account for 2 connected checking. You will find also 2 savings or money sector accounts that connection to it. Enhanced account holders may also have fees waived with monthly use of connected credit cards.
- Premium: Fees are waived with a minimum balance of $20,000 across connected accounts, certain Merill Lynch investment accounts or a mortgage through B of A. You will find free services that this account offers. This consists of free money orders and cashier's checks.
- Platinum Privileges: Customers must have a minimum account balance of $50,000 to be able to be eligible for these perks: Privileges charge cards, mortgage special rates, money industry accounts and personalized customer service.
Bank fees on the rise
As the federal government has increased regulatory pressure on banks to curtail deceptive fee practices, account fees have been steadily rising at the nation’s largest banks. There are many things being done by the big banks, for instance B of A, 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 expensive programs without notification.