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

[Noblesse]

Nice, this is what we get for bailing them out.

[Sgman91]

[QUOTE=TheDestroyerOfall;53079948][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, this is for checking, not savings. BofA used to have an account called an "eBanking" account. It was basically a checking account with no requirements, but charged you a fee if you used the in person teller instead of an ATM. It was a way for them to shift people to ATM and online usage for normal transactions. BofA have now gotten rid of these accounts and made them all "Core Checking Accounts," which do have requirements if you don't want to be charged the $12/mo fee.

[스카치 여우]

They arent the first for this. Every bank ive had has fees unless you meet criteria.

[Crest]

[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]

While I bank at BoA and can easily keep the minimum balance, I'm paid in Wire Transfers not direct deposit. So even though I bring in a really solid income, it doesn't count. Same for being paid by check, doesn't count.

[editline]25th January 2018[/editline]

[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]

Difference here is that these 'Free' accounts were exceptions when BoA moved to this payment system. Now there are no exceptions besides being under 24, everyone has fees now unless they meet these requirements.

[Kingof🅱east]

[QUOTE=Brt5470;53080878]While I bank at BoA and can easily keep the minimum balance, I'm paid in Wire Transfers not direct deposit. So even though I bring in a really solid income, it doesn't count. Same for being paid by check, doesn't count.[/QUOTE]

Is there a confirmation on this? I feel like it was more of a bad choice in wording, because if there's a deposit [I]period[/I], I'm not sure what the difference would make for them if it were via ACH, wire, check or cash deposit. Surely all of them would count.

[TheTalon]

Welcome to America, where people are used to make money off of and that's it

[Beardy]

alright, just rechecked the requirements for wells fargo.

$10 per month, none if you meet any of the following

minimum $1,500 in the account
OR $500 total in deposits
OR 10 purchases in the fee period

if you're between 17-24 you get a $5 discount.