Almost every one of us has a checking account. And if you don’t have one, get on it — it’s a place to safely store your money and you could be eligible for a new-account bonus, free checks and other perks.
For many of us, checking is the way we pay our bills and budget for our lives. It’s not where we store an abundance of money, like a savings account. Instead it holds enough to cover regular expenditures, and ideally, a little buffer cash.
Often, banks with business checking accounts charge users a fee monthly to maintain this service. However, most banks offer general checking for free to everyday customers who use it for personal expenses, with certain stipulations.
The hope is that — once they have you as a checking account customer — you’ll stick around for other services, such as savings accounts and loans. Perhaps you’ll refer family members and friends to open savings accounts and other type of accounts with this business, as well.
How Bank of America’s Fees Work
Here are the results of our survey of BofA fees:
Bank of America’s Account Fees
Bank of America used to be one of those institutions that offered a fee-free checking to customers. This one account was available to users without maintenance or ATM fees.
Then, a couple years ago, some BofA customers who’d previously enjoyed a free eBanking (online banking) account got an unwelcome surprise.
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Bank of America and its Monthly
