Bank of America to Increase MyAccess Checking Account Fee in May

Simon Zhen

By , Staff Writer
Posted on Thu Apr 28, 2011, Last Updated on Mon May 2, 2011

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Bank of America customers who have a MyAccess Checking account will be faced with an increased monthly account maintenance fee and stricter fee waiver requirements.

Bank of America (NYSE: BAC) will be raising the monthly account maintenance fee on its MyAccess Checking account to $12.00, up from $8.95. The change will be effective starting with statement cycles beginning on or after May 24, 2011, according the personal schedule of fees.

Bank of America to Increase MyAccess Checking Account Fee in May

Currently, MyAccess Checking customers can avoid the $8.95 monthly fee if they have at least one direct deposit posted to the account per statement cycle or maintain an average daily balance of $1,500. This will change as well.

Also effective on May 24, 2011, the amounts direct deposited to the account must be of $250 or more in order to waive monthly account fee (the current rule doesn’t stipulate a minimum amount).

Don Vecchiarello, a spokesman for Bank of America, said in an email, “Our MyAccess account is significantly more valuable today in terms of products, services, and access than it was two years ago when we last increased the monthly fee. Given this fact, we believe it is appropriate to make a pricing adjustment.”

Improvements made to the MyAccess Checking account in the past two years include: text and mobile banking, proactive notification account alerts, envelope-free deposit-image ATMs, and McAfee Security software for 12-months.

New BofA Checking Accounts Coming

The largest U.S. bank has been testing a new set checking accounts and fees in Arizona, Georgia, and Massachusetts since January. The MyAccess Checking account is no longer available to customers in the test states.

Read: New Bank of America Checking Fees & Checking Accounts for 2011

Instead, customers in these states could open a Bank of America Essentials, eBanking, Bank of America Enhanced, and Premium Checking accounts with monthly account fees ranging from $6 to $25. The plan was to roll out these checking products across the country in the second half of 2011.

“Though MyAccess customers may eventually be migrated to one of our Customers Solutions (currently being piloted in AZ, GA and MA), it could be over a year before any changes take place,” said Vecchiarello.

Current MyAccess Checking customers have been notified of these upcoming changes back in March.

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  • Arnold semmons

    I got that letter from B of A and went to the branch to close my account. They switched me over to the eBanking account, which is free (in Arizona) if you only use ATMs and online banking. If you use a teller you have to pay a monthly fee, but otherwise there’s no minimum balance and no monthly fee.

    • Zeth006

      I’m going to check that out. I don’t use my BofA account that much anymore, but I may as well close my Chase bank account and move all my funds over to BofA from this point on…