Bank of America offers several options for checking accounts, with an approach to tailoring accounts to suit clients’ needs. MyAccess Checking is a versatile account that includes the Visa check card, unlimited check writing, and free access to online banking. There is a minimum amount to open, as well as a minimum balance to waive maintenance fees. However, the fees are low, and Bank of America often has online offers to offset those fees. As of this writing, there is a promotion offering no minimum to open if the account is opened via the website. MyAccess is a solid checking account for people on limited income or as a starter account for young adults.
CampusEdge checking is offered to college students, and the fees are waived for up to five years, as long as the client remains a student. Like MyAccess, the client has a check card and free access to the Bank of America website. This account also allows parents to make deposits and is tied to a credit card with a low line of credit.
The Advantage Checking is designed for people who maintain money markets or CDs, have direct deposit, and are able to maintain a higher balance. The balance is inclusive of all accounts held. Advantage clients have the Visa check card as well as preferred interest rates on their accounts, lower interest rates on loans, and lower interest rates on their bank held credit cards. Also available is Advantage checking for seniors. This account is tailored for those on a fixed income and also need access to savings accounts.
There is also the Regular Checking account. This is a basic account that is similar to the MyAccess, but the minimum balance required is higher to avoid fees. It can be linked to a savings account to allow for that balance to be included.
All the checking account options at Bank of America begin with the basics: a check card, access to online banking, and options that allows the client to avoid maintenance fees. The Advantage Checking offers overdraft protection, as does the CampusEdge account. Minimum balances are realistic, and if the balance goes below, the fee is not unreasonable. Bank of America continues to offer promotions and opportunities for their clients to save money.
One of their most popular opportunities is the Keep The Change savings plan. Tied to the use of the check card, the plan allows for instant savings every time a client uses their card to pay. The payment made is rounded up to the nearest dollar, and the difference is deposited into the savings account of the client. For example, if the total for groceries is $100.51, and the cost is paid with the Visa check card, the forty-nine cent difference will be deposited into the savings account the next day. It’s an easy way to save, and savings can average $20 to $30 a month, and higher.
With the wide variety of options, and the versatility of each, Bank of America’s checking accounts would certainly suit any person’s needs.