I’m Finally Closing My Bank of America Checking Account

When I went off to college, I signed up for a checking account with the local Bank of America branch. Free checking with no account management fees, no minimum required balance, and tons of ATM around. It was perfect for a college kid who didn’t have much money and had no interest in paying someone money to hold cash for them.

The account has been really great and I’ve never had any major issues. In fact, they once messed up a cashier’s check and when trying to fix it, added free cashier’s checks to my account. I only used this feature one other time, when buying my first car, but that $10 saved was sweet! Basically, the account has been great to me, even though I don’t like Bank of America as a whole.

They wouldn’t allow me to add Lauren to this account for some reason, so we opened up a new account with them that is also fee-free, as long as we don’t go inside the bank. It hasn’t been a problem yet, but as soon as I deposit a check inside a branch, I’ll be slapped with an $8 charge that month. I’ve started to move my business elsewhere (specifically, to Capital One 360, formerly ING Direct), which has tons of great features and knows how to treat it’s customers.

Bank of America Is Going To Start Charging Me For Checking

Last week, I got a letter in the mail, effectively telling me that my free ride is over. Going forward, they are going to be charging me $12 per month. There are two ways for me to avoid the fee:

  • Have at least one qualifying direct deposit of $250 or more or
  • Maintain an average daily balance of $1,500 or more

I’m not interested in doing either of those because I am trying to move away from Bank of America to Capital One 360. I rarely use the account as is (it’s mostly used for convenience and in case of emergency) and I don’t want it to become my main account because it’s less convenient.

I’m Closing My Account

I’ve been taking advantage of Bank of America’s free services for years now. I won’t be able to take advantage anymore, and since I don’t want to jump through hoops, I’m going to be closing my account soon. In their letter, they said I would be given a 2 month grace period, but I plan on closing it well before I might hit the deadline.

Bank of America, it’s been a good run, but if you can’t match the online banks, more like me will be leaving.

Update: After seeing my article, Bank of America reached out to me, ultimately keeping the account free for another 12 months. That doesn’t change anything for me and I still plan on closing the account.

8 Responses to I’m Finally Closing My Bank of America Checking Account

  1. Cindy Merrill says:

    Think again. According to an article on the Economist, banks will soon start charging more hidden fees or not paying ANY interest on your deposits. Why? Because the US dollar is dropping in value by the hour, with no sign of stopping- many over sea banks no longer consider holding US dollars a good investment. My advice? Well, most of us can’t afford to buy Gold, silver and high value gems, including myself. Nesting is the best option: Buy essential tools, long shelf life food and try to hang on to some rural land: When (not if,WHEN)the US gov collapses,you’ll be able to survive.

  2. Money Beagle says:

    Simplification is always a positive thing. It reduces the ‘clutter’ so to speak, and this is fine if you’re no longer getting the advantages that once prompted you to open and keep the account.

  3. The less accounts the better! :)

  4. I’ve had a similar experience with Bank of America. Its important for people to realize that they don’t have to put up with bad service from a bank. You can choose, and its best to find one that will accommodate you.

  5. Emily @ evolvingPF says:

    I closed my BoA account 4 years ago and I wish I could convince my husband to close his! He wants to keep it in case we ever have to deposit a large amount of cash, which is the only thing our online banks can’t do. Also one time we used a notary service for free, though that’s probably gone now that they’ve implemented tiered service. I love online-only banks and really don’t understand why everyone doesn’t use it!

  6. Jason @ Phroogal says:

    Many financial institutions are charging fees for basic banking. There are still a few that do not and focuses on consumers to use more of the products. I’d consider choosing a credit union but not all CUs are the same. I’m a CU fan and devoted to spreading their mission.

    I’m just a bit weary of the CUs that hire bankers that turn policies and products to mimic banks.