Having previously been denied a credit card from Bank of America I decided I would try to open a checking account with them to establish some financial history with them.
This may or may not work but it seems to have helped with Chase so I figure I would try it. applied online for their basic “MyAccess” checking account and was approved. I sent off a $100 deposit and should be getting my shiny new debit card in the mail shortly.
As with a lot of banks there are conditions to meet in order to avoid a monthly fee. This account requires either a $250 direct deposit each month or an average monthly balance of $1500 to waive the fee.
I’m working on the assumption that a direct deposit is simply any deposit not initiated from Bank of America. Therefore I should be able to move money around between my new checking accounts to avoid any fees. If that doesn’t work I may have to put $1500 in each account which will mean pulling cash from investments.