Bank of America Fees and How to Avoid it

Bank of America is great when you are looking for a big bank with many locations.
However, the interest rate is low compared to competitors and now they are introducing more fees.

Starting June 5, 2009 it states that for MyAccess checking accounts, there will be a monthly fee of $8.95. There are two ways to avoid this fee.

1. Maintain an average daily balance of at least $1,500.
2. Have a direct deposit to your account (at least one direct deposit a month)

For those who can't satisfy the above requirements, there is a work around. ACH transfers also count as a "direct deposit".

So all you have to do is log in to your other bank account such as ING Direct, Emigrant Direct, USAA, etc etc, and set up an online transfer (ACH) from your bank to BoA.
Your BoA account will get an online deposit which will get counted as a "direct deposit", which satisfies the requirement to avoid monthly fess on your account.

You can put this on auto-pilot by setting up a monthly recurring transfer of a few dollars from your other bank to BoA.


-도시