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  #1  
Old 09-04-2013
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Default Free Bank of America checking by transferring money back and forth?

Just got out of a Bank of America today. They said in order to waive the monthly fee, you have to maintain a minimum of 1500 bucks or have a direct deposit of 250 bucks every month. It has to be ach deposit. Called PayPal and they said that the way they deposit is ach. Can I transfer money into b of a every month, then transfer it back to PayPal, then transfer it back in to avoid that 12 dollar fee?

The only scary thing is that PayPal might limit your account all of a sudden and then bam! Your 250 bucks is stuck there! Any thoughts?
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Old 09-04-2013
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Cheapskate

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Old 09-04-2013
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I think you are going WAY overboard to try to save $12. If you have a b of a account, why not just use it to receive money from PayPal from your sales? That way, you STILL avoid the fee AND PayPal is not holding your money.
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Old 09-04-2013
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Originally Posted by GreenBean™ View Post
Cheapskate

Lol...that was funny...
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Old 09-04-2013
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Originally Posted by jeffweico View Post
I think you are going WAY overboard to try to save $12. If you have a b of a account, why not just use it to receive money from PayPal from your sales? That way, you STILL avoid the fee AND PayPal is not holding your money.
Hey, thought I'd throw this question out there. Since I have to let this account marinate a little bit, for 2-3 mos, paying 36 bucks for no profit yet kinda makes me shirk a little bit. Lol, getting my liquid card now though, will update how this works.
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Old 09-04-2013
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Let Bank of America make a little money off of you.
Just like with Ebay and Paypal it behooves you to gain trust with B of A.

It will benefit you later on when you want to open more accounts. The ones that play games end up getting their accounts terminated or frozen and reported to chex sytems.

The ones that allow B of A to make a little money for their excellent service with stealth, become good customers and end up with a bank account tree.

Remember B of A is an ally in stealth and reward them as such.

Last edited by Futuremogul888; 09-04-2013 at 09:33 PM.
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Old 09-04-2013
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True true true. I just got the liquid card with chase. Been there for years. They got this super checking account that let's u have up to 9 checking accounts plus more. It costs 25 bucks per month.

Really though, I think they just want the 75000 avg minimum monthly, they told me they would rather move u into something else if you don't have that much, but you can still stay there with the 25 bucks fee though.

I'm thinking if BofA charges $12, why not just use this chase for twice the price and get 9 time more. But I haven't gotten that yet. Still baby steps to stealth. Just got the liquid for 5 bucks per month. Now time to get my vanilla visa.
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Old 09-04-2013
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This reminds of the thread started that started with "How to open Free Stealth Accounts" = Double
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Old 09-05-2013
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Keep it simple - put 1500 bucks into the account - let it sit there - fees waived - DONE. What's the big issue?
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Old 09-06-2013
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Agreed, unfortunately in the U.S 4-5 years ago when they passed a law limiting the fees that they could charge debit card transaction banks basically did away to away no minimum free checking to offset the loss in revenue.

This is why when I choose a bank for stealth accounts. I like to have one checking then add multiple savings because at most the Larger banks the minimum balance to avoid monthly service fees on the most basic saving accounts are like $300.

I will say I have used BOA for stealth accounts for many years now. They are my favorite one that I deal with.
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Old 09-06-2013
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Originally Posted by vogeltron View Post
I will say I have used BOA for stealth accounts for many years now. They are my favorite one that I deal with.
Consistently great is BoA.

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Old 09-06-2013
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BoA is so nice to work with online access for sure
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