Bank of America recently sent me a letter stating that the monthly maintenance fees for my MyAccess Checking account will be reinstated, even though I opened my account online.
I opened my Bank of America MyAccess Checking account during a long-time promotion that waived your monthly fees if you opened your account online.
However, it seems that Bank of America has now changed that policy and will begin to charge monthly maintenance fees as of November 3, 2010.
I’m sure that many others have received this letter, but we’ve posted it below for your review.
Bank of America Letter
Our records indicate that you opened your MyAcess checking account over 12 months ago as part of a special offer. Under that offer, which has been discontinued, the monthly maintenance fee was waived for new MyAccess checking accounts that were opened online.
Beginning the first day of your statement cycle that starts on or after November 3, 2010, the monthly maintenance fee for your account, currently $8.95, will no longer be waived.
Starting that day, the monthly maintenance fee will apply unless you meet any one of our standard requirements listed below.
How to avoid paying the monthly maintenance fee:
1. Maintain an average daily balance of $1,500 or more in your account.
2. Have at least one qualifying direct deposit made to your account each statement cycle.
Direct deposit is free, and qualifying deposits include electronic salary, pension, Social Security, and Supplemental Security Income (SSI) payments.
If the above requirements for your account do not meet your current needs, you may be interested in switching to one of our other products with different requirements, such as our new eBanking checking account.
The monthly maintenance fee for an eBanking account can be avoided by choosing Online Paperless Statements and making deposits and withdrawals using self-service options instead of with a teller
If you’ve applied for Bank of America MyAccess Checking Account Bonuses in the past, make sure that you review your account terms and take appropriate actions to avoid the monthly fee in the future.
Have you received a similar letter from Bank of America? If so, what do you plan to do?