How to Waive Bank of America Checking Account Monthly Fee

I have a Bank of America MyAcess checking account, and I really like it. It is free (when there is at least one direct deposit during the month), and I specially like their online FREE bill paying feature. The only problem is If I don’t have a direct deposit during the month, a $5.95 monthly maintenance fee will be charged to my account. The good news is, recently I just found out how to waive the fee and make it truly free.

The solution is actually very simple: If you have a Bank of America MyAcess checking account, but don’t have a paycheck or any other source of direct deposit, you can avoid the fee by transferring /withdrawing money from your Paypal account to your BofA MyAccess checking account.

I actually found it out by chance. I called Bank of America customer service at the end of last year, and asked if they can waive my MyAcess account maintenance fee, since I am a long time Bank of America customer, and they have did this once for me for the last six month. The lady on the phone told me that she can’t do that, unless there is electronic money transfer to my account. Since she said “electronic transfer”, I asked her if Paypal transfer is OK? She said:”Yes, as long as it is electronic transfer.”

So I transferred/withdrawn $5.00 from my Paypal account to my Bank of America MyAccess checking account in the middle of January this year, and of course when January bank statement was available, I double checked the statement – the maintenance fee was waived!

I am so glad I found this out, now my Bank of America checking account is truly free and perfect! You can do the same to get your monthly bank maintenance fee waived with a Paypal transfer.

Please Note: right now if you open a new MyAccess checking account at Bank of America website, you can open a free MyAcess checking account, meaning it’s free even you don’t have direct deposit. (I even considered this option or opening an free checking account at Wahu) However, it is only going to be for the promotion period, first 6 – 12 months. I know this because I asked the customer service lady during the call. I asked if it’s only for a period of time, and she said yes.

P.S.: I also published an article based on this post on eHow.com website here. 

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