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BofA has announced that all Free checking customers will be converted to MyAccess checking on 2/1/07. Unlike the Free Checking you have to make a DD or an online bill payment in order for it to be free.
MyAccess Checking from bofa.com:
Our most popular checking account - free with a qualifying online bill payment or direct deposit.
* No monthly maintenance fee with at least one qualifying online bill payment every 3 months or a direct deposit
* No minimum balance required
* Free Online Banking service with free Bill Pay
* Free Bank of America Visa® Check Card
* Unlimited check writing
* Manage your money online, by phone or using our ATMs all with no fee
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so the "regular checking" accounts are becoming "myaccess checking" accounts?
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I have been using the MyAccess account for years. I love it. B of A has the best bill paying system I have seen anywhere. They don't deduct the money from your account until it actually arrives in the account being paid.
Hmm. I wonder why this discussion is in Other Credit Card Programs.
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They don't deduct the money from your account until it actually arrives in the account being paid.
Neither does SunTrust <yawn>.
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Does anybody?
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Originally Bank of America deducted the money from your account as soon as you scheduled the payment. I believe they got sued and then changed their policy. My guess is that all banks now wait until the money is actually delivered to the recipient.
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Originally Bank of America deducted the money from your account as soon as you scheduled the payment. I believe they got sued and then changed their policy. My guess is that all banks now wait until the money is actually delivered to the recipient.
Nope. Most will deduct the money on the day they send it (a day you choose), then tell you it will take 1-3 days for the money to arrive, if it is delivered electronically, and up to 5 days if it is delivered by check. Bank of America, for example, will send a paper check to pay a bill, but not deduct the amount from your checking account until 5 business days after they put it in the mail. Some of my payees receive the check well before the money is deducted.
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BofA has announced that all Free checking customers will be converted to MyAccess checking on 2/1/07. Unlike the Free Checking you have to make a DD or an online bill payment in order for it to be free.
MyAccess Checking from bofa.com:
Our most popular checking account - free with a qualifying online bill payment or direct deposit.
* No monthly maintenance fee with at least one qualifying online bill payment every 3 months or a direct deposit
* No minimum balance required
* Free Online Banking service with free Bill Pay
* Free Bank of America Visa® Check Card
* Unlimited check writing
* Manage your money online, by phone or using our ATMs all with no fee
Show the official links please. Crosspost from FatWallet is a bad idea...
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Why is the information in error?
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so the "regular checking" accounts are becoming "myaccess checking" accounts?
anyone know?
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Best thing to do is to just paypal yourself $1 a month. It is considered a direct deposit and you avoid the fees. That's what I did for a couple of years as a student when I had no money.
Alex
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Nope. Most will deduct the money on the day they send it (a day you choose), then tell you it will take 1-3 days for the money to arrive, if it is delivered electronically, and up to 5 days if it is delivered by check. Bank of America, for example, will send a paper check to pay a bill, but not deduct the amount from your checking account until 5 business days after they put it in the mail. Some of my payees receive the check well before the money is deducted.
I am sorry to disagree with your above statement but I have accounts at BOA, Chase, Citibank, HSBC and USAA. The information you stated is wrong. None of the accounts I have work the way you describe. Not 1 of them.
Following bank use term "Due Date" BOA, USAA and Citibank Via Quicken
Following bank use term "Process date" Chase and Citibank Via web page and HSBC
For starters all of the above banks debit the funds for electronic payee's on the day you enter as a due date/process date and the payee receive the funds the same day you enter as due/process date.
Then for check payee's it varies by bank but still none work the way you claim either.
BOA debits money the day the check clears. If the payee gets your check before the due you enter and cashes the check the money will be debited from your account before the due date.
Chase debit the funds day the check is mailed. There web page states very clearly and tells you if a payee is going out electronically or by checks and reminds you to plan accordingly for for postal delivery times on checks.
Citibank Via Quicken mails out 1 of 2 types of checks. Funds Granted checks for payments smaller than $100 or checks drawn against your account for amounts larger than $100. On fund granted check the money is debited on the due date even if the payee did not cash the check or cashed the check before the due date. On checks drawn against your account money is drawn when the check clears so if the payee gets the check before the due date you enter and cash it the money will debited before the due date.
Citibank Via Web page withdraw cash on the day the check is mail out. Note You enter process date on Citibank web page and it shows you for example if a process date of jan 1 would be a due date of jan 5 because they require 4 days for all payments mailed out by check.
HSBC works the same as Citibank Via Web page.
USAA debits on the due date. No matter when the payee cashes the payment just like how Citibank Via Quicken handles granted fund checks as USAA mails out granted fund checks.
Citibank Via Quicken and USAA both use Checkfree for both electronic and mailed payees.
BOA, Citibank Via Web page and HSBC use Checkfree corp for electronic payments but the three of them operate their own mail centers around the country to handle the printing and mailing of paper checks out for there billpay services.
Chase use metavantee to process all their bill payments processing.
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Nope. Most will deduct the money on the day they send it (a day you choose), then tell you it will take 1-3 days for the money to arrive, if it is delivered electronically, and up to 5 days if it is delivered by check....
True!
Both WAMU and Netbank work just like that. My payment is duducted from my checking account the day I schedule to pay the bills. In theory, both ask for 5 business day to "deliver" the payment. In real practice (for my accounts), payment is usually received on/by the 4th business day thru WAMU billpay, 3rd business day thru Netbank.
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With BofA the thing I used to do is send an INGDirect transfer over once every month for any amount and that served as a DD. I know the paypal method works too.
FYI to those who care: This method does NOT work with CITI checking accounts... They actually KNEW about it and the CSR there told me they know BofA does not have it figured out yet. He brought it up, btw, and while he/they probably wont be actively looking to help out another bank and blow the whistle, I sure hope BofA doesnt change anything.
I just signed up for a new account with the Alaska visa debit again, having closed my old one years ago. (and am hoping to get a new sign up bonus for that as well)
:)MM
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If anyone really wants to discuss this, may I suggest you do it in an appropriate forum, like FatWallet Finance.
FatWallet Finance Thread discussing this (http://www.fatwallet.com/forums/messageview.php?catid=52&threadid=687245)
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They actually KNEW about it and the CSR there told me they know BofA does not have it figured out yet.
Doncha just love it when CSRs make up information? BofA knows about it, and have figured it out. For some reason they have chosen not to do anything about it. I expect with the final conversion from Free Checking to MyAccess Checking, the loop-hole will be closed.
CheckFree Alliance processes payments for many different companies. The financial institution can choose if the funds are withdrawn when the payment is sent or on the due date... at a customer level. So, BofA can choose to have customer A's funds withdrawn on the payment date and customer B's funds withdrawn on the due date.
Yes, I know a lot; I was on the original CFA project for BofA several years ago (and I still use them!:D )
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drbond, where did you hear this? any idea what they mean by free checking? there are 3 free types of account, regular, campusedge, and advantage..
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Nope. Most will deduct the money on the day they send it (a day you choose), then tell you it will take 1-3 days for the money to arrive, if it is delivered electronically, and up to 5 days if it is delivered by check. Bank of America, for example, will send a paper check to pay a bill, but not deduct the amount from your checking account until 5 business days after they put it in the mail. Some of my payees receive the check well before the money is deducted.
Well, my use of the word "most" was not the brightest thing I have done on this forum, since I have experience with no where near enough banks to say this with any confidence. I should have said "most banks with which I have delt".
Anyway, one thing I like about this B of A account is that I can schedule bills far ahead of when the money will be in the account without bouncing anything. The timing of the withdrawals for electronic payments has been exactly as stated so far.
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I was sent an email with a link to a fatwallet thread.