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.
Where Bad Business is Exposed!
