Bank of America is launching their free new mobile “eBanking” account sometime in early August. The new system is paperless and there will be an $8.95 monthly fee charge if customers want paper statements or access to bank tellers for normal banking statements.
Otherwise, customers who rely solely on the bank’s online and mobile banking platforms and ATM network will be free. In the fall, this new account will replace the bank’s “CollegeEdge” checking product. “CollegeEdge” is currently a free service.
How it works:
The new “eBanking” account can be opened either online, on the phone or at a branch. When a BofA customer logs on to online banking the first time, they will be greeted by a message promoting electronic statements. These customers using this new account can only use ATMs to check balances and for deposits and withdrawals, or they’ll be charged the $8.95 fee. For transactions that an ATM can’t handle, like those involving coins, teller service is available .
There is no initial deposit required, and direct deposit is available. If you open a savings account as well, it is eligible for Bank of America’s “Keep the Change” program, which rounds the cost of debit card purchases up to the nearest dollar and deposits the difference in a savings account.