Bank of America MyAccess Checking $75 Promotion CH75OL1 - Bargaineering

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• Bank of America MyAccess Checking $75 Promotion CH75OL1
• Federal Reserve Limits Credit Card Fees
• CD Early Withdrawal Penalties

Bank of America MyAccess Checking $75 Promotion CH75OL1 Posted: 16 Jun 2010 09:28 AM PDT If you have a Bank of America credit card and are thinking about opening a checking account with Bank of America, then this $75 promotion on their MyAccess Checking account may be help you overcome inertia. The offer is pretty straightforward, open a bank account online through this link, fund it with at least $125 in 30 days and you’ll receive $75 in 90 days. There is no direct deposit or check card purchase requirements. The account has no monthly maintenance fee, no minimum balance, and offers no interest. You must be a new checking account customer and the limit is one $75 incentive bonus per 6 months. No expiration date given. Doesn’t get any easier than this. T&C’s after the jump. Terms & Conditions: You will receive your $75 credit to your new account within 90 days of opening your new personal checking account online. Limit one $75 incentive per household every 6 months. This is a special offer to existing Bank of America credit card customers and only valid only for new MyAccess Checking® accounts. This offer does not apply to current checking customers or student checking accounts. You must use the Offer Code CH75OL1 and fund your account with the $125 minimum opening deposit requirement within 30 days in order to qualify for this offer. We may report the value of any premium to the IRS. This offer expires on 6/26/2010. This offer may be withdrawn or modified at any time without notice. The $75.00 credit can only be made to your new account. This new account must be still open at this time to receive your $75.00 credit. Reproduction, purchase, sale, transfer or trade of this online-only offer and use of offer code CH75OL1 is prohibited. MyAccess Checking® has no monthly maintenance fee when opened online. Other account related service fees still apply. Bank of America MyAccess Checking $75 Promotion CH75OL1 from personal finance blog Bargaineering.com.

Federal Reserve Limits Credit Card Fees Posted: 16 Jun 2010 07:03 AM PDT The Federal Research Board approved a final rule today regarding fees for late payment, penalties, inactivity fees, and other similar charges. The rule amends Regulation Z, Truth in Lending, and governs the following: Late payment fees are limited to $25, unless the consumer has a history of violations or the issuer can show the higher cost is justified by the expense associated with late payment. Penalty fees cannot exceed the dollar amount associated with the violation. A $39 fee for a late payment of $20 minimum payment is prohibited, the fee can at most be $20. Safe harbor fees – Issuers can avoid scrutiny by limited their fees to the “safe harbor” values of $25 for the first violation, $35 for any additional violation of the same type during the next six billing cycles (the rule that the penalty cannot exceed the violation still apply). Inactivity fees are prohibited. Multiple fees for a single violation are prohibited. If an issuer increased interest rates since 1/1/2009, they must evaluate the reasons for the increase and reduce them if appropriate. Issuers must use reasonable methodologies to determine this and review “no less frequently than once every six months.” You can read the actual document here with a summary of the major pieces of the final rule starting on page 4. These rules will go into effect August 22, 2010. (Photo: epicharmus) Federal Reserve Limits Credit Card Fees from personal finance blog Bargaineering.com.

CD Early Withdrawal Penalties Posted: 16 Jun 2010 04:33 AM PDT Not all CD early withdrawal penalties are created equal. I’ve long assumed that the standard penalty schedule of 3-months and 6-months was ubiquitous but with recent news that Ally Bank charges a mere 60 days has thrown by world view into disarray! Fortunately, early withdrawal penalties are disclosed in the Truth in Savings document a bank must publish about its bank products. Understanding them is crucial in our economic times and they often take a back seat to the headline interest rate. I like to draw this analogy – The interest rate is the flash, it’s like the horsepower of the engine in a car, but knowing the early withdrawal penalty is like knowing the state of your spare tire. Tou don’t want to be surprised at a time of crisis. I’ve long used ING Direct for our CD ladder because of it’s great interface and, formerly, great interest rates. At ING Direct, the early withdrawal penalty was the standard schedule I outline below. As it turns out, there is far more variance than there is agreement and the variances can be significant. Standard Early Withdrawal Penalty Schedule For long time readers, this will be old news but this is your standard schedule for an early termination penalty: CD term of 12 months or fewer – 3 months or 90 days interest penalty CD term of greater than 12 months – 6 months or 180 days interest penalty Banks will vary from this basic schedule, adding in another tier (or two) for longer maturity periods (Discover Bank charges 9 months of interest for CD terms greater than 5 years), or excluding 12 month CDs in the lower 3-month penalty tier. Regardless of their twists, the basic penalty schedule is similar to the one above. Ally Bank 60 Day Penalty As you may remember from earlier this week, Ally Bank has a 60 day early withdrawal interest penalty regardless of the CD’s term. When the early withdrawal penalty is so light, it makes a lot of sense to start opening 60-month CDs if your penalty is only 60 days. Bank of Internet Early Withdrawal Penalty Schedule How will a bank try to discourage this? Look at Bank of Internet’s early withdrawal penalty schedule (credit to – Ken at Deposit Accounts, which is a fantastic site for banking news, for unearthing this from Bank of Internet’s Truth in Savings document): CD term of 3 thru 5 months, one and a half month loss of interest, accrued or not; CD term of 6 thru 11 months, three months loss of interest, accrued or not; CD term of 12 thru 23 months, six months loss of interest, accrued or not; CD term of 24 thru 35 months, twelve months loss of interest, accrued or not; CD term of 36 thru 47 months, eighteen months loss of interest, accrued or not; CD term of 48 months or greater, twenty four months loss of interest, accrued or not Bank of Internet will penalize you 2 years of interest on a 5-year CD whereas Ally Bank will only penalize you 60 days on the same CD. At the time of this writing, Ally Bank’s yield on their 5-year CDs is better than Bank of Internet but if the two were the same or similar, I’d be much more inclined to go with the less punitive early withdrawal penalty. EverBank Early Withdrawal Penalty Schedule Everbank has a pretty simple early withdrawal penalty (from their Terms): 3.1.5.6. Early Withdrawal Penalties: We will impose an early withdrawal penalty on withdrawals made before the maturity date of the CD. This penalty will be equal to one-fourth of the total interest that would have been earned on the principal balance of the account if funds had not been withdrawn prior to the maturity date. Early withdrawal penalties may be waived, at our discretion, in the event of death or legal incompetence of any of the account holders, as shown on our records. You would lose 25% of the interest that you would’ve earned had you not closed out the CD. So on a 12 month CD, you’d lose 3 months of interest. On a 2 year CD, you’d lose 6 months of interest. The schedule isn’t as nice as the standard one, once you exceed 2 year maturity periods, but it’s certainly better than Bank of Internet’s. The takeaway from this is that you should review CD early withdrawal penalties in addition to interest rates. (Photo: eklektikos) CD Early Withdrawal Penalties from personal finance blog Bargaineering.com.

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