Personal Finance

Bank of America eBanking discontinued, fee starting Jan 19

  • Last Updated:
  • Jan 17th, 2018 9:30 pm
[OP]
Deal Expert
May 30, 2005
45355 posts
5909 upvotes
Richmond Hill

Bank of America eBanking discontinued, fee starting Jan 19

Not sure if anyone here has an eBanking account with BOA, but I opened one when I lived across the border and left it open for convenience. eBanking was free as long as you had only online statements.

I just learned that this account is being discontinued on Jan 19 and is being replaced by an account with harder to meet requirements to be fee-free - direct deposit, $1500 balance, or basically having $20K investments with them. This basically means the end of this account for me.

Has anyone had experience closing accounts overseas and having them send you a cheque for the amount remaining in the account?
11 replies
Member
Sep 28, 2003
200 posts
58 upvotes
I closed my accounts out a couple of weeks ago. I just phoned from the phone number they had on file and they closed them out without issue. I closed them from Canada though, not overseas.

Still waiting on the cheque to arrive at my US address but it's only around $2 so not a big deal either way. Heh
Jr. Member
Aug 19, 2016
164 posts
77 upvotes
Use Alliant CU. If you are West Coast, Banner Bank is another option.
[OP]
Deal Expert
May 30, 2005
45355 posts
5909 upvotes
Richmond Hill
yupislyr wrote: I closed my accounts out a couple of weeks ago. I just phoned from the phone number they had on file and they closed them out without issue. I closed them from Canada though, not overseas.

Still waiting on the cheque to arrive at my US address but it's only around $2 so not a big deal either way. Heh
Thanks for the comment - I know I said overseas but I actually meant outside of USA.

I don't have a US address so I'm hoping they can mail it to Canada.
Sr. Member
Jan 16, 2007
997 posts
273 upvotes
Toronto
I too have a BOA eBanking account that I've been using for years. Now I'm scrambling to get the $1500 min balance so not to pay monthly fees. But going forward, is there another US bank I can use with no fees and just basic online/atm access with debit card? I don't plan on going to the US anytime soon. I also don't have a US residence, so I'd need to apply as a Canadian. Only one I can find with google is BMO Harris.
Sr. Member
Jan 16, 2007
997 posts
273 upvotes
Toronto
Poutinesauce wrote: Alliant Credit Union worked well for me so far, and they have very good service.
Any ideas on how to sign up for Alliant CU as a Canadian? It doesn't look like I'll qualify to join.
Sr. Member
Apr 23, 2017
998 posts
1723 upvotes
Most of the big U.S. banks operate on the 'no-fee checking account with unlimited online banking/bill pay and free MC/Visa debit card model' provided one has a minimum balance of US$ 1,500 in the account at all times. BofA was the exception and I guess they decided to join their competitors in having the requirements. They all want to be the 'primary bank' you use, so they like to require the direct deposit (of your paycheck), or want you to keep $1,500 in the account at no interest (thus if they aren't your primary bank, at least they can get free use of your $1,500. as long as you are a customer).

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