Bank Transfer Cards 12 Month No Interest

End of free checking?

Bank of America is trying out new plans - the company calls them "solutions" - in three states including Georgia, giving customers a chance to get free checking, if they are willing to work for it.

The plans actually range from $9 and $12 a month for really basic service to $15 or $25 for enhanced service.

"Bank of America is trying to move toward being more transparent and having more clarity," said spokesman Don Vecchiarello. "This is the cost of the account and the value of the account."

The American Bankers Association estimates that it costs a bank $250 a year to provide a checking account to a customer.

While Bank of America looks to recoup that expense, the bank also is giving customers a way to exempt themselves from the fees, if they are willing to change the way the do some things.

Keep $20,000 in assets with the bank and Merrill Edge, and Bank of America will waive the $25 a month fee for the Enhanced Solution, which comes with all the electronic banking options, plus up to four checking accounts.

Less wealthy customers can avoid paying the $12 fee for the E-banking Solution, if you agree to paperless account statements and avoid visiting a human teller for a service available at the ATM. (Otherwise, the bank will charge you a $12 fee for a counter transaction you could have accomplished at the machine.)

"We want to reward customers for doing business with us," Vecchiarello said.

Big banks’ woes

Bank of America says that the institution has been researching customer needs for 16 months, but the bank also has been under pressure from legislative changes signed into law last summer, said Paul Irvine, a banking and finance professor at the University of Georgia's Terry College of Business.

In the past, banks made some interest off the balance in a checking account, but took in billions when customers swiped their debit cards, guaranteeing the retailer would pay a fee called an interchange fee. If the debit overdrew the customer's checking balance, the bank also hit a windfall with an overdraft fee.

"Banks like deposits because it permits them to issue more loans, but there is a cost to physically administering the account," Irvine said.

"They used to cover the cost with interchange fees and bounced check fees and now they have to figure out how to make the money in a different environment.

The Home Depot Credit Card Compared » Instant Credit Cards

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