More bank account opportunities accessible from Bank of America

A new pilot program from Bank of America offers greater choices in the structure of checking accounts. The intent is to make fee structures more transparent, and allow customers to choose what account and fee structure that they feel works for them. B of A and other large national banks have been steadily raising fees.

Banking fees chosen by customers

ABC states that Bank of America is starting a new program that will allow choice when it comes to account fees for consumers to choose their bank account plan and fees. The largest national banks have come under criticism for charging excessive banking fees, and now Bank of America, JP Morgan Chase, Wells Fargo and others have rolled out new programs for checking accounts to make fees more transparent. There could be new programs tested in certain states for B of A. This involves Georgia, Arizona and Massachusetts.

Fees depend on account

B of A is offering five checking account options, and fees range from $6 to $25 per month. The account types consist of:

• Essentials: Simple bank account with a debit card. An $8.95 monthly fee is charged to the account. It gets waved if a minimum balance of $1,500 is kept in the account or if a monthly direct deposit is made into the account.
• 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. However, overdraft, non-sufficient funds and ATM fees will still likely apply.

Account holders with more money end up having more amenities.

• Enhanced: there’s a minimum balance to waive account fees on this account too. There either ha s to be $5,000 across linked accounts or $2,000 in one account for this minimum balance. The Enhanced account offers two linked checking and two savings or money sector accounts. Account holders can get fees waived in the Enhanced account. Using a linked charge card does this.
• Premium: As long as there is $20,000 in linked accounts, Merill Lynch investment accounts or with a mortgage in Bank of America, all fees are waived. This account offers services such as cashier’s checks and money orders for free.
• Platinum Privileges: Consumers must have a minimum account balance of $50,000 in order to be eligible for these perks: One of these is just personalized customer service, which many love. Others contain money sector accounts, a Privileges credit card and mortgages with special rates.

Nevertheless increasing bank fees

Bank fees have been increasing more and more account fees with the pressure from the federal bank for banks to stop deceptive fees. There are 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 such as signing customers up for expensive programs without notification.

Articles cited

ABC News

abcnews.go.com/Business/wireStory?id=12550430&page=1