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Bank of America

 

Posted : 10 Apr ,2015 by    mypcpart

 

 

Monthly Maintenance Fee policy changes on Advantage Checking accounts After being long time customer for over 15 years, before Bank of America took over Fleet Blank in Connecticut, I have had this checking account with a linked savings account. ** disabled daughter also has checking and savings account that is linked and I help manage. I also have a credit card with Bank of America and $1000 overdraft protect account (which is rarely used). For all this time, this account has been eligible for free checking because both ** wife and I have direct deposit into this account and I had a loan, mortgage or credit card balance over a certain threshold.
I have now been informed of a new set of product rules starting in May, to keep the free checking status (which I won't meet) or else I will start paying a $25 monthly fee. That is a jump of $300 a year. I went to ** local bank representative and their solution was to move mortgage from another bank (Bank of America mortgage interest would be higher than what I pay today!). They now (did before) consider ** high credit card balance as a valid loan (this has a balance over $20,000) and I pay well over $250 a month in interest already on that Credit Card balance. They want now pay an additional $25 for checking and saving accounts. Another alternative the bank representative offered would be to convert to a basic Core checking account, but I would lose 75.00 overdraft protection. Specifically any overdraft transfer would be $10 (even though this is rarely used, it still is another new fee). solution, is that I have 2 months to move all accounts to another bank who will support needs.

 

This complaint has been visited 1574 times since it was published.

 


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