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BofA Rolls Out Online-Only Checking Account

Customers must use ATMs for deposits and withdrawals and receiving paperless statements to avoid $8.95 fee.

Although it was widely reported in July, Bank of America today rolled out eBanking, its online-oriented checking account.

eBanking customers who make deposits and withdrawals through ATMs and receive online paperless statements pay no monthly maintenance fee, regardless of their account balance or number of transactions in a given month. Otherwise, the customer pays an $8.95 monthly maintenance fee.

Customers who prefer to visit a branch or receive paper statements can choose a different account, the bank points out.

Bank of America has nearly 13,800 deposit image-enabled ATMs across the country that allow customers to feed checks and cash directly into the ATM slot and receive an image of their deposit on their ATM receipt. The bank also has 29 million online banking users and five million mobile banking users.

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