Bank of America charging standard accounts $12/month if you don't make or keep enough money - Sensationalist Headlines

[QUOTE=KingofBeast;53074676]Do people think this is a new thing for banks or something? Banks don't like dormant accounts. They still take up time during nightly processing every single night and are big targets for fraud; it's definitely nothing like a "1.5mb Microsoft Access file" being stored on a hard drive. I wouldn't be surprised if low-activity accounts actually require more human intervention on average than the average Joe's account. I really don't want to sound like one of those "get a job" people, because I know it's hard for a lot. But [I]if[/I] you have any job at all you're almost certainly going to make $250 on a single paycheck. If you can't work and are on supplemental or welfare, well, your income is probably coming through some medium that doesn't require a bank anyway. Even understanding how frustrating it can be given the above, it's still not a new thing, like at all.[/QUOTE] I agree with you, but 12$ per month is far too much in my honest opinion. Should be something like 1-2$. And don't say 'it takes time in nightly processing', don't we live in age of computers or something lol.

[QUOTE=SunsetTable;53075269]I woudl like to note that this guy doesn't know what he's talking about. I work part time and until around...half way last year, my salary of 9 bucks working 30 hours a week came out to 217. Most part time jobs use minimum wage, I don't know where you got your fuzz math.[/QUOTE] Your gross should have been $270/week if you were working 30 hours at $9/h, and people rarely get paid every week. I doubt they were taking 20% out in taxes unless you set up your claimed dependents incorrectly. Also note that if you were a student at the time, then this fee doesn't apply to you already.

[QUOTE=ForgottenKane;53074342]Currently use BoA, so far been an okay experience with them but if they start charging me this semester because I decided to stop working to focus on the last of my classes then they can fuck off.[/QUOTE] They will, I'm currently in this situation.

I can't help but think that I've been lucky to only know BECU. Never have had to deal with an actual bank in my memory when I became an adult.

[QUOTE=SunsetTable;53075269]Yes, that 0.0001 cent is so important to the bottom line. [editline]23rd January 2018[/editline] I woudl like to note that this guy doesn't know what he's talking about. I work part time and until around...half way last year, my salary of 9 bucks working 30 hours a week came out to 217. Most part time jobs use minimum wage, I don't know where you got your fuzz math.[/QUOTE] It's per month not per week. 250 a month or 3k a year. Like I said you are making a fuss out of nothing.

[QUOTE=Sgt.Sgt;53075415]It's per month not per week. 250 a month or 3k a year. Like I said you are making a fuss out of nothing.[/QUOTE] It has to be 250 in a single deposit.

[QUOTE=Dougz;53073814]Hasn't this always been the case? I remember reading in when I first opened my account there 6/7 years ago[/QUOTE] I'm going to assume it's something they didn't really enforce, until recently. Then again I don't know, as I bank with SunTrust.

[QUOTE=Doctor Zedacon;53075493]It has to be 250 in a single deposit.[/QUOTE] Since most people are paid bi-weekly it would exceed that requirement. Its just an unfortunate and unusual situation for people paid weekly.

It's a good thing I made a credit union account during my high school years.

I love how they didn't mention or explain a single thing about this to me. I had been doing a lot of under the table work in the past couple months and just holding cash instead of putting it on my account. I had overdrafted the 12$ on my account(supposed to have overdraft protection from my savings) and was getting late fees, without any notifications at all. Thankfully I was excused from that, but it was still a load of bullshit. I am gonna go to the local credit union in the morning.

Bank of America can eat shit and die i might have to switch banks soon

Thanks for the post OP. Just let my cousin know about this.

[QUOTE=MR-X;53073504]Go to a credit union, you're treated more like a member then a cash cow.[/QUOTE] Can confirm. My credit union only asks that you have 20 dollars in your account.

[QUOTE=sgman91;53073520]It's probably more of a charge for people who open accounts and don't really use them. If you aren't getting a deposit of at least $250/month (That's a biweekly minimum wage check, working like 30 hours a week.), then you aren't poor, you're homeless and absolutely destitute.[/QUOTE] ...i don't get a deposit of $250/month and i'm none of these this assumption is pretty bad

[QUOTE=sgman91;53075305]Your gross should have been $270/week if you were working 30 hours at $9/h, and people rarely get paid every week. I doubt they were taking 20% out in taxes unless you set up your claimed dependents incorrectly. Also note that if you were a student at the time, then this fee doesn't apply to you already.[/QUOTE] That would be [I]before[/I] taxes though when at least in some states they take out taxes before giving you your money. In Oregon that would be about $205 per week. You know. Almost a full 20% under the $250 required in a single deposit.

$12 per month is fucking ridiculous. My bank charges €15 per quarter, but they also map me back interest earned from my account. Last November they charged me the €15 but also gave me back €12 in interest. The requirements to avoid this seem specifically designed to fuck over poor people. Have $1,000 in your account (because people can afford to just have a grand sitting around in this day and age), or get $250 in on deposit. Minimum wage, part time workers are being robbed by this.

Tbh, it was worse for me at one point. BoA told me that they were going to charge me $25 a month after I turn 23, now it's $10 less. Not saying this is good, but I'm surprised that NOW this is coming to attention. I knew of theses fees happening since last year. I guess I'm swapping banks sooner than expected.

[QUOTE=sgman91;53073583]Alright, so the banks aren't allowed to charge people for keeping empty accounts that aren't having money deposited into them. How should they be allowed to control unused accounts?[/QUOTE] America seems to be the ONLY country that i've ever heard of doing this, we only pay maintenance fees here.. You sound like a very smart young man.

[QUOTE=Xmeagol;53077515]America seems to be the ONLY country that i've ever heard of doing this, we only pay maintenance fees here.. You sound like a very smart young man.[/QUOTE] This IS a maintenance fee. If you fulfill the requirements, there's no cost whatsoever. I've never paid a cent for having an account.

Thankfully I have a Credit Union. They treat you excellently and don't have to deal with stuff like this.

Idk why one would ever sign up for an account at a place like this. I have a $6/mo fee for having a checking account at my credit union, but it's opt-in. But when I first opened it, I didn't have any fee at all. I had to keep maybe like $10 in my savings but that was it. Which was good because I was like 16? I would have never been able to make $1500 and even $250 in deposit is pushing it. I got paid like 7 bucks an hour and worked part time on weekends. Where the fuck am I gonna get that kind of money. Ridiculous imo.

[QUOTE=Pascall;53077930]Idk why one would ever sign up for an account at a place like this. I have a $6/mo fee for having a checking account at my credit union, but it's opt-in. But when I first opened it, I didn't have any fee at all. I had to keep maybe like $10 in my savings but that was it. Which was good because I was like 16? I would have never been able to make $1500 and even $250 in deposit is pushing it. I got paid like 7 bucks an hour and worked part time on weekends. Where the fuck am I gonna get that kind of money. Ridiculous imo.[/QUOTE] I think I've said this 3 times now: This charge doesn't apply to students under the age of 24. So, no, your 16 your old self wouldn't have had to worry. BofA has no fee at all if you meet the requirements. So even your $6/mo fee is more than what most people would pay.

[QUOTE=sgman91;53077978]BofA has no fee at all[/QUOTE] [QUOTE=sgman91;53077978]if you meet the requirements[/QUOTE] Do I have to make the contradiction more obvious, or do you see how stupid it is now?

[QUOTE=sgman91;53077978]I think I've said this 3 times now: This charge doesn't apply to students under the age of 24. So, no, your 16 your old self wouldn't have had to worry. BofA has no fee at all if you meet the requirements. So even your $6/mo fee is more than what most people would pay.[/QUOTE] Yes, I am aware, but not everyone above the age of 24 has a steady income, my friend. In addition: my $6/mo fee is opt-in as I said. No one is forced to pay it, whether or not they have an income. My credit union offers other options with no charges.

[QUOTE=sgman91;53073520]It's probably more of a charge for people who open accounts and don't really use them. If you aren't getting a deposit of at least $250/month (That's a biweekly minimum wage check, working like 30 hours a week.), then you aren't poor, you're homeless and absolutely destitute.[/QUOTE] I just got fired from my job and have been surviving off a few hundred bucks, i definitely deserve to have 12 extra dollars a month taken from me by a totally unrelated third party

is this new? i'm with wells fargo and they've had this same thing for years. either make 7 purchases per month, or have more than $1,500 in the account at all times to not pay a monthly fee.

[QUOTE=BeardyDuck;53078960]is this new? i'm with wells fargo and they've had this same thing for years. either make 7 purchases per month, or have more than $1,500 in the account at all times to not pay a monthly fee.[/QUOTE] Chase definitely already did this. They converted my student account without warning me and I cancelled it the next day, moved to Ally.

This isn't even news to me per say, I read about these terms a couple months ago. I knew ahead of time I'd be getting boned. It's been a few years since I had so little in my account, but I guess it happens to many people at some point. [QUOTE=sgman91;53074014]According to the BofA website, high school or college students under the age of 24 don't have to pay it, even if they don't meet the $250/month or $1,500 total. So this has nothing to do with minors.[/QUOTE] Well, my brother is in luck then, but I'm not. Just turned 25 yesterday, although I just picked up my first ever Full Time job, so I guess the timing of these events has fortunately worked out in my favor. At least sort of, my first paycheck shouldn't be until Feb 9th, so I guess I'll be subject to the BS for this month. My mom said something like "Oh well because you're account is a dependent of mine, it's not subject to the same fees" or some bullshit. She set up the account for me probably 10-12 years ago, when I was still a teen. I've heard plenty of BOA shit over the years making me want to switch to something else. But, I've always imagined it's not much easier than trying to cancel cable, with cancellation fees and retention specialist not taking no for an answer. Alright, maybe no [I]that[/I] bad, but I still wouldn't know where else to take my business.

[QUOTE=sgman91;53073583]Alright, so the banks aren't allowed to charge people for keeping empty accounts that aren't having money deposited into them. How should they be allowed to control unused accounts?[/QUOTE] [url]https://www.cnbc.com/2017/09/13/how-much-americans-at-have-in-their-savings-accounts.html[/url] According to this survey, they're alienating literally half of their potential customers, mostly because a lot of them have no other option, or simply don't know they'll be charged this ridiculous amount of money. They [I]Make[/I] money on having your money stored, yet they charge you these rates, and almost negative interest. also, side-note, This is Savings accounts, while BoA charges for CHECKING.

[QUOTE=NO ONE;53079081]My mom said something like "Oh well because you're account is a dependent of mine, it's not subject to the same fees" or some bullshit. She set up the account for me probably 10-12 years ago, when I was still a teen. I've heard plenty of BOA shit over the years making me want to switch to something else. But, I've always imagined it's not much easier than trying to cancel cable, with cancellation fees and retention specialist not taking no for an answer. Alright, maybe no [I]that[/I] bad, but I still wouldn't know where else to take my business.[/QUOTE] For Wells Fargo it was pretty simple. Get your information together, go into the bank, ask someone who you need to talk to to close an account. They'll ask you why, but other than that they should just go through with it. They'll give you what amounts to a check to cash at the teller to get your money back out of the account. Also you should be doing this anyway now, you should have financial independence if you're capable of it.