Bank of America Changing Fee Structure for Business Economy Checking to Business Fundamentals Effective November 1, 2013

 

I just got this notice in the mail.  It used to be you could simply charge $0.01 onto your debit card to get the fee waived, but alas, that’s over beginning November 1.

 

As of November 1, your Business Economy Checking account will
become a Business Fundamentals® account giving you new ways
to avoid the monthly fee and a savings account with no additional
monthly fee.
We’re making these changes to help you get more out of your small business banking relationship
with us, and give you additional opportunities to avoid the monthly fee.
What’s not changing
Though the name of your account(s) is changing, basic account features and how you use your
account will not change:
• You’ll keep the same account number, debit card and Personal Identification Number (PIN)
• The monthly fee will not change
• You can continue to use your same checks
• If you have Overdraft Protection, your settings will stay the same
• You’ll also continue to have access to Small Business Online Banking, Bill Pay and Mobile and
Text Banking, with no change to your Online ID and Passcode
What’s changing
Monthly fee: You now have additional ways to avoid the $16 monthly fee. Starting November 1,
you will not be charged a monthly fee when you meet one or more of the following:
• Spend $250 or more in net new purchases using any one of your linked Bank of America
business debit, charge, or credit cards; purchases must post to your account to qualify. A single
point-of-sale debit card transaction will no longer allow you to avoid the monthly fee.
Or
• Maintain one of the following balances:
– A$3,000 minimum daily balance in your primary checking account, Or
– A$5,000 average monthly balance in your primary checking account, Or
– A$15,000 combined average monthly balance in your eligible linked business deposit
accounts
There will no longer be a combined minimum daily balance qualifier.

 

 

One thought on “Bank of America Changing Fee Structure for Business Economy Checking to Business Fundamentals Effective November 1, 2013”

  1. This account might be fine unless your a small cash business, then watch out! Being a cash only business that happens to sell lottery tickets is going to start costing me a lot more money soon. My deposits are going to exceed the monthly limit set by BOfA in the 2nd week of the month then I am going to be hit to 30/40/50 service charges. Just another way for big business to rip off the small business.

    Rita Brown

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