This account is free for students and "Preferred Rewards" customers, otherwise the fee is $4.95 a month. You can do everything with this checking account except write checks or overdraw the account.
Its a good choice for students who dont write checks and would be disciplined about using Bank of America ATMs whenever they needed cash. For non-students, its a good choice if you dont need to write checks, are disciplined to use Bank of America ATMs when you need cash and want an account that you cannot ever overdraw. While you wont pay overdraft fees, the account costs $4.95 a month.
People that want to have a traditional checkbook so they can write checks if needed. Its also bad for people who wont be disciplined about using Bank of America ATMs because theres a $2.50 fee for using another banks ATMs.
This checking account has all the standard features you would expect. The monthly account fee is $12 a month if you dont have a direct deposit of at least $250 or a minimum balance of $1,500. The fee can be waived if you enroll in the Preferred Rewards program.
People that want a bank with branches in hundreds of markets, meet the requirements to waive the monthly account fee and can be disciplined about only using Bank of America ATMs.
People that dont have direct deposits, arent conveniently located near Bank of America ATMs or wont be disciplined about using only Bank of America ATMs.
This is Bank of America's premium checking account that offers the most features. Itll cost $25 a month unless you maintain at least $10,000 in combined balances (checking, savings, CDs, IRAs) or enroll in Preferred Rewards.
People that want a bank with branches in hundreds of markets, can maintain at least a $10,000 balance to waive the monthly account fee and want features like free printed checks and paper statements. Its also good for people with Bank of America ATMs nearby and can be disciplined to only use the banks ATMs.
People that cannot maintain at least a $10,000 balance, dont care about free printed checks or receiving paper statements and arent nearby Bank of America ATMs (or cant be disciplined about only using the banks ATMs ($2.50 fee if you use another banks ATM).
About Bank of Americas Preferred Rewards Program: This program provides incentives to waive fees such as Monthly Account Fees and non-Bank of America ATM surcharge fees. There are 3 tiers of the program, based on combined balances: Gold is between $20,000 and $50,000, Platinum is between $50,000 and $100,000 and Platinum Honors is $100,000 or more.