My very first big boy bank account was with Bank of America, opened when I first landed at college nearly 15 years ago. I realized today that even though I have probably opened and closed nearly a hundred (yes, 100) bank accounts since then and pocketed several thousand dollars in signup bonuses (yes, a least that much) in the process since then, I have always kept that same Bank of America account open.
BofA has a bunch of different accounts across the nation, but from what I recall, the MyAccess Checking account I opened was one of the most basic and the easiest to avoid a monthly fee on. Today, I received notice that they will be raising some fees, effective for statement cycles starting on or after May 24, 2011. The monthly fee is now $12, up from $8.95. To avoid it, I’ll have to keep at least $1,500 in my account or have a direct deposit of at least $250. Previously, a direct deposit of any amount was acceptable.
Neither of changes will really affect my current banking patterns, but it does signal that fees are going up and reminds me that there are other deals out there. Am I somehow emotionally attached to a bank account after all these years? Or maybe I’m just a creature of habit.
By Jonathan Ping | Banking | 5/3/11, 5:00am