Getting free checks from Bank of America can be a great perk, but it's not just a matter of showing up at a branch with a smile. To get BofA checks free, you'll need to meet certain requirements.
Bank of America offers free checks to its Advantage Banking customers, a type of checking account designed for those who want to avoid monthly maintenance fees.
To qualify for Advantage Banking, you'll need to have at least 10 debit card transactions or one direct deposit per statement cycle, and keep a minimum daily balance of $1,500 in your combined Bank of America deposit accounts.
Bank of America Online Checking
Bank of America is rolling out a new online checking account that's free, as long as you don't go inside the bank. If you use a teller or ask for a paper statement, you'll be charged $8.95 a month.
You don't have to start paying more for your checking account, though. Banks will still want to keep their biggest, best customers happy, so most will continue to offer truly free checking to those who maintain minimum balances.
To stay one step ahead of your bank, consider moving your money to a different institution. You may find yourself happier with a credit union, online-only bank, or brokerage firm bank.
Changes in Free Checking
Bank of America is now offering a free online checking account, but there's a catch: you can't use a teller or ask for a paper statement, or you'll be charged $8.95 a month.
Banks are expected to raise fees to regain income lost due to new rules preventing them from profiting from debit card overdrafts and credit card nuisance fees.
You don't have to start paying more for your checking account - banks will still offer truly free checking to customers who maintain minimum balances.
To stay ahead of the game, consider moving your money to a different bank or financial institution that offers better deals. You can compare options at sites like Findacreditunion.com and CheckingOptions.com.
Some banks will still offer truly free checking, but you'll need to maintain a minimum balance to qualify.
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Frequently Asked Questions
Is it free to order checks from your Bank?
Some banks, like Ally Bank and Navy Federal Credit Union, offer free standard checks to their account holders. Check with your bank to see if you can get free checks and explore online deals for discounts.
Sources
- https://www.bankrate.com/banking/checking/where-to-buy-checks-save-money/
- https://www.cbsnews.com/news/bank-of-america-to-offer-free-online-checking-accounts/
- https://www.theroot.com/bank-of-america-can-kick-rocks-heres-some-free-or-low-1822351539
- https://www.thebalancemoney.com/use-check-registers-315289
- https://orbograph.com/the-end-of-free-checking-as-we-know-it/
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