Bank of America Corp. is changing the fee structure for some checking products.
Later this month, the Charlotte company will raise the monthly fee on its MyAccess checking account to $12 from $8.95. Customers can avoid the fee if a direct deposit of at least $250 is made per statement cycle, or an average monthly balance of $1,500 is maintained. Previously, customers could waive the fee by making a direct deposit of any amount.
The bank began alerting customers of the changes, which were reported Thursday on the website Consumerist.com, in early March. A spokesman for B of A confirmed that it is making these changes, which will take effect May 24.
Additionally, B of A has altered its overdraft policy. Previously, if an account was overdrawn when a customer wrote a check or following a recurring monthly payment by less than $10, the bank would not charge an overdraft fee. Now, there is no minimum amount for incurring the bank's $35 overdraft fee. For those consumers who have overdraft protection, it charges a $10 overdraft protection transfer fee to transfer funds from a linked account.
B of A still does not charge customers a fee if an overdraft occurs at the point of sale debit transaction. Instead, the transaction is declined.
