Bank of America Informative - A lesson in the meaning of "free" checking and "free" checks
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Terrell: I specialize in helping customers open new personal checking, savings and CD accounts. How may I assist you?
Customer: I'm interested in adding a checking account. I'm concerned about fees. I would be using direct deposit.
Terrell: Thank you for making Bank of America your bank of choice!
Terrell: The MyAccess and CampusEdge Checking accounts are free of maintenance fees with direct deposits.
Terrell: Do you currently attend college or are you planning on attending college shortly in the future?
Terrell: The CampusEdge Checking is a student account, so we can disregard that account type.
Terrell: The MyAccess Checking account is a wonderful account selection!
Terrell: This account has no minimum balance to maintain, unlimited check writing and free Online Banking service with free Bill Pay.
Terrell: Will you be opening the MyAccess Checking account today online?
Terrell: The MyAccess Checking account has a minimum opening requirement of $25.
Terrell: There is a $5.95 monthly maintenance fee, which is waived with direct deposit.
Terrell: The maintenance fee will be waived for the first 60 days from the date the account is opened to allow enough time for you to set-up the direct deposit.
Customer: I already have a "regular checking" account.
Terrell: We sincerely value you and your business here at Bank of America!
Terrell: The Regular Checking account is an outstanding account selection also!
Customer: Can I still open a MyAccess account?
Customer: Will I be able to receive free checks?
Terrell: Yes, you may open the MyAccess Checking account today online
Terrell: I do apologize! The MyAccess Checking account doesn't offer free checks, only the Advantage Checking account offers free checks.
Terrell: Would you like the details for the Advantage Checking account?
Terrell: Let me obtain that information for you now.
Terrell: The Advantage Checking account offers a second checking account and up to four savings account with no monthly maintenance fees, 50% off standard size safe deposit box rentals and free cashier's check and traveler's cheque services.
Terrell: The Advantage Checking account has a minimum opening requirement of $100.
Terrell: Would you like to open the Advantage Checking account today online?
Customer: Yes, but the minimum balance is $25,000.
Customer: Monthly maintenance fee when balance is not met is $25.
Monthly maintenance fee is waived for the first 3 months.
Terrell: Yes, the minimum balance is waived for the first 3 months on the Advantage Checking account.
Terrell: I do apologize!
Terrell: Yes, the maintenance fee is waived for the first 3 months on the Advantage Checking account.
Terrell: The minimum balance requirement may be combined and linked with your Bank of America checking, savings, Money Market Savings, CD's and IRA's, loans and lines of credit, credit cards, and mortgage and investment accounts with Banc of America Investment Services, Inc. to have the maintenance fee waived.
Customer: Yes. But you still need a total of $25k in all those accounts.
Terrell: Yes, you will need that combined balance amount to have the maintenance fee waived.
Terrell: Is the MyAccess Checking account a better account selection for you?
Terrell: The Advantage Checking account offers free checks, however the maintenance fee being $25 you will may purchase your own checks.
Terrell: Checks will only range from $10 - $15, depending on the check type you select.
Customer: I can get free checks opening an account at another bank, though.
Customer: The ads for Bank of America read: "Free checking with direct deposit."
Terrell: I do apologize for the inconvenience!
Terrell: The MyAccess Checking is a "free checking account with direct deposits".
Terrell: The MyAccess Checking is a wonderful account selection.
Customer: Earlier you said:
Customer: Terrell: I do apologize! The MyAccess Checking account doesn't offer free checks, only the Advantage Checking account offers free checks.
Terrell: Correct, only the Advantage Checking offers free checks.
Terrell: Are you looking for a free checking account or free checks?
Terrell: Only the Advantage Checking account offers free checks and to have the account free of maintenance fees you will need a combined balance of $25,000.
Customer: I see.
Terrell: However, the MyAccess Checking account is free of maintenance fees with direct deposits, but this account doesn't offer free checks.
Terrell: You may open an account at another financial institution but you will not receive the same service you will receive at Bank of America.
Terrell: We offer free Online Banking with free Bill Pay on our accounts.
Terrell: And did you know that Bank of America has more banking center locations and ATM's than any other banking institution!
Terrell: Will you be opening your new checking account online today?
Customer: I'm not so sure. Bank of America's use of the word "free" is a little suspect.
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