Take checking accounts off the senior discount list. A new report by the Pew Center on the States warns that so-called senior checking accounts may not be a good deal at all. In fact, in some cases, senior accounts cost much more than a basic checking account.
Senior discounts? With some checking accounts, it's a senior penalty - Red Tape
At Bank of America, for instance, a senior account is far more expensive than a basic account. Here are the facts, from Bank of America's website. The bank's “Advantage for Seniors” account costs $25 per month vs. a basic checking account fee of $14 per month. In both cases, consumers can earn a fee waiver, but here again, the senior account comes up short. Direct deposit of paychecks is one way, but that's often not available to seniors, Pew points out in its report. Basic checking users can also avoid fees by maintaining a $1,500 balance in their account; but seniors have to keep at least $5,000 in their account. Fall below $5,000 for even one day, and that's a $25 fee.I guess that BofA figures that they have a relatively short time to get all of a senior's money with fees, so they have to accelerate the process....