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Step 1
Open a free Paypal account if you don't have one yet. Go to http://www.paypal.com and open an account online. For those who don't know what Paypal is, Paypal is a service that allows anyone to pay and get paid online.
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Step 2
Once you have a Paypal account, you need to connect your Bank of America MyAccess checking to your Paypal account. After you login, under the "My Account" top menu and the "Profile" sub-menu, click "Add or Edit Bank Account", then click the "add" button to add the MyAccess Checking account. Follow Paypal's instructions to verify your bank account.
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Step 3
After your MyAccess checking account is verified, once a month, withdraw (transfer) money from your Paypal account to your Bank of American MyAccess checking account. You can transfer as little as $5.00. That's it! Simple as that!
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Step 4
Remember you need to do this at least once every month. One way to remember the transfer is to send yourself an email reminder every month. You can use Yahoo or Google Calendar to set up a repeat monthly event and you will receive the remind email every month.
Comments
Pamelateda said
on 6/3/2009 Good to know!
emilyream said
on 2/13/2009 Thats good news. :) someone else also said bank of america counts paypal as a direct deposit. I just sent 5 dollars to paypal to send back to myself :]http://209.85.173.132/search?q=cache:JV2a6b1vc1kJ:www.fatwallet.com/forums/finance/432086 paypal direct deposit
emilyream said
on 2/13/2009 Thats good news. :) someone else also said bank of america counts paypal as a direct deposit. I just sent 5 dollars to paypal to send back to myself :]http://209.85.173.132/search?q=cache:JV2a6b1vc1kJ:www.fatwallet.com/forums/finance/432086 paypal direct deposit
WebSavvyMom said
on 2/13/2009 Emily, here is part what I wrote on my blog re how I discovered the tip:I actually found it out by chance. I called Bank of America customer service at the end of last year (end of 2007), and asked if they can waive my MyAcess account maintenance fee, since I am a long time Bank of America customer, and they have did this once for me for the last six month. The lady on the phone told me that she can’t do that, unless there is electronic money transfer to my account. Since she said “electronic transfer”, I asked her if Paypal transfer is OK? She said:”Yes, as long as it is electronic transfer.”So My understanding is Bank of America considers paypal transfer/withdraw is electronic transfer (which makes sense). And I have been doing the monthly $5 paypal transfer to our BoA joint account (Hubby and I) and have been avoiding the monthly fee every month. I am positive it's the Paypal tranfer
emilyream said
on 2/13/2009 I just read about qualifying direct deposits in the "Personal schedule of Fees" (effect december 1, 2008) That I got when opening my account. It says qualifying direct deposits are electronic deposits of periodic payments-- such as salary, pension, social security and supplemental security income benefits or other regular monthly income-- made into your checking account through the automated clearing house by your employer or other payer. Other transfers and deposits do not qualify for the reduction in the monthly maintenance fee. non- qualifying transfers and deposits include:teller deposits, wire transfers, non-periodic direct deposits (such as tax refunds), online banking transfers, telephone transfers, atm transfers and deposits, and other similar transfers or deposits. It's paypal like a wire transfer? I think you just lucked out WebSavvyMom. This is effective since dec 1 2008,