Wednesday, September 8, 2010 - 12:04 AMBank of America
I received a notice in the mail today stating that effective this November my MyAccess Checking account will be subject to monthly maintenance fees unless I meet the direct deposit or $1,500 minimum balance requirement. I opened this account in 2007 during a promotion that waived the monthly maintenance fees. Following the suggestions on this site, I have kept the application and promotional flyer that state I won't be charged monthly maintenance fees (although neither document says I will never be charged such a fee). So, my question: can BoA change a rule like this and start charging fees on an account opened during a no fee promotion? Even if they can, has anyone successfully argued that they shouldn't be subject to the fees?
1 posts since
Sep 7, 2010
Rep Points: 7
1. Friday, September 10, 2010 - 7:24 PM
Even thru the bank and savings and loan crisis of the 80's and all the buyouts and bank failures, checking accounts were grandfathered. It ended up being very confusing for the bank employees and the banks responded by making accounts more favorable if the customer changed to a different account. Maybe free checks, free overdrafts if paid by a credit card, no minimum balance etc. Never heard of an accounts benefits being taken away at any bank I worked at. No checking accounts that I have had through out my banking years was ever changed for the worse.
575 posts since
Jan 16, 2010
Rep Points: 1,694