MyAccess is a personal checking account option available from Bank of America. The checking account features online bill pay, free account alerts, free transfers to other Bank of America accounts and a free Visa debit card. As of June 2011, this account normally has a monthly fee of $8.95. However, Bank of America offers several options to waive this monthly fee including direct deposit from either your employer or Social Security, or by maintaining an average daily minimum balance.
Request direct deposit from your employer. Go to your employer's human resources department and request a direct deposit form. Generally, the form requires your Bank of America MyAccess account number, routing number and your signature. Additionally, many employers require you to provide a voided check from your MyAccess account. Your human resources department will process your request and automatically deposit your future paychecks into your MyAccess checking account. As of June 2011, Bank of America requires a minimum monthly deposit of $1,500 to avoid the monthly service fee.
Request direct deposit of your Social Security benefits from the Social Security Administration. Call the Social Security Administration at 800-772-1213 and request direct deposit of your Social Security benefits. You can also complete your request online by going online to ssa.gov/deposit.
Maintain a daily average balance of $1,500 in your Bank of America MyAccess checking account.
Brian Bass has written about accountancy-related topics and accounting trends for "Account Today." He works as a senior auditor specializing in manufacturing and financial services companies for one of the Big 5 accounting firms. Bass hold a master's degree in accounting from the University of Utah.