How can I stop the $3.00 fee on Bank of America for the Savings account, before I didn't use the savings ?

Question

account then I just randomly started getting a $3.00 fee for it. Then I think I read someone that if I had $300 or $350 in the savings account I won't be charged so I put $350 in the savings account and I still got charged. Can I cancel the Savings account without canceling the Checking account? or do something so I don't get charged

Answer 1

Well, when you opened up the accounts you were suppose to receive an Accounts Disclosure booklet and also a Statement of Fees, these are required to be given to you at the time the accounts were opened.  Most people (including myself) don't read them because we think we know what we are getting into but they are very important.

Now, you can cancel the Savings if you want, but be sure to refer back to your booklets or speak to a Bank Representative, because your Savings may be linked to your Checking account and closing the Savings may affect what "type" of Checking account you have with BOA.  

Also, how long has your account been opened that plays a big part into if you will get charged a fee or not when closing out the Savings account.  If it has been well over 90 days you may not incur a fee.  Have you been taking money out of the savings account since you put the $350 in because usually banks will charge based on a daily running balance.  So anytime you go below $300 you will automatically get that $3.00/charge.  

Or, some banks charge you a fee if you have exceeded your monthly allotted amount of withdrawls from the Savings account itself. Even if you have well over $350 and you make over a certain amount of withdrawls in one month, BOA will charge you.  If they were ATM or In branch withdrawls than you shouldn't be getting charged.

There could be several other factors which contribute to why you are getting charged the $3.00.  

Yes, it sucks, but this is how the bank stays rich and whoever the CEO of BOA continues to take endless vacations.

Good luck!

Answer 2

The reason for the last charge was that you didn't have the minimum balance for the whole month.  If you have the minimum balance amount right, then you should be fine.  Have you called them to ask about removing some of the service fees?  They may do it if you're nice about it.

As long as you have the money to keep in there and you won't be charged anymore, why would you want to close the account?

Definitely call them and ask about the fees so you're certain you won't get any further charges.  

Answer 3

I think I had the same problem.  Do you get a monthly paper statement with details of the activity on that account?  If so, the bank is probably charging you for the monthly mail you get for that account.  Try going to the bank and bring a copy of a bank statement stating the charge and asking them about it.  If the fee is for the monthly statement then request to have it stop being sent to you and still keep the saving account as it will come in handy for putting money aside.  good luck!