Based on what I’ve read so far, it’s quasi-free checking, almost-free checking, or possibly-free checking. It depends on how you use the account.
BofA’s stated goal here is to offer an account that is free to those consumers willing to accept online statements and avoid going into a branch for deposits or withdrawals.Account holders wishing to avoid the $8.95 monthly fee must be diligent about using ATMs.
But here’s the confusing part – these eBanking checking account customers can go into the branch fee-free should they have a problem with their account, a service issue, or need to surrender a big jar of accumulated coins.
So, do the folks at BofA really want these checking customers to stop using the branch or not? If you’re already in there lodging a complaint or surrendering coins, it seems odd that you’d then have to walk outside to make a deposit at the ATM to avoid getting “zapped” for $8.95.