Consumers beware, Bank of America is upping its fees starting on May 24th. The bank will charge a monthly fee of $12 for its MyAccess checking account, up from the $8.95 it currently charges. To avoid paying the fee, you would have to keep a minimum balance of $1,500 or set up a direct deposit of at least $250.00. There used to be no direct deposit requirement.
Also new, Bank of America will begin charging a fee of $35 everytime a consumer overdrafts their account, even if it’s only by a penny. Previously, B of A only began charging overdraft fees unless the account was overdrawn for $10 or more.