Possible Fraudulent Switch to Bank of America’s Advantage Checking Account

I’ve been a BOA member since 2004. I signed up for their MyAccess Checking account and whatever savings account went along with that. I didn’t have much money at the time, so I wasn’t concerned about what type of account it was as long as it was FREE! MyAccess Checking is free, as long as you direct deposit (it’s now free as long as you sign up online). Everything about this account I’ve loved: the web GUI, the free bill pay, the convenience of ATMs. It’s been a good relationship you could say.

About 2 months ago I received a $20 Advantage fee in my checking account. Then, a month later, a second $20 Advantage fee. Sadly, it took this second charge to force me into action. I did some research on this Advantage fee and it seems it applies to people with an Advantage checking account, who keep average balances less than $5000. I thought, “I don’t have that type of account do I?” and “since when would I keep that high of an average balance to never have received this type of fee?” (I keep my savings in ING) At this point I knew one of two things must have happened: I was either moved to this new account type OR that MyAccess account type “became” the Advantage account type.

After further research into my old statements and the BOA website, I discovered that I was simply switched from the MyAccess checking to the Advantage checking (ironically, the only “advantage” was me paying $40 over two months). My next step was to contact BOA to:

(1) get the charges removed,

(2) get me switched back over to the MyAccess checking, and

(3) find out why this switch was made.

Numbers 1 and 2 have happened successfully. I’m still waiting on an answer for number 3. Since customer service never answered my emails on this issue, I’ve enlisted a friend (who just happens to be a BOA manager) to research the transaction and find out why I was moved. I suspect it’s fraudulent (or unethical at least), as these type of account upgrades usually come with a nice commission for the bank employee to makes the change. In my case, it was done without my permission.

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Has anyone else had this happen? How was it resolved?

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Last Edited: January 15, 2013 @ 5:43 pm
About Philip Taylor

Philip Taylor, aka "PT", is a husband and father of two. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.