Best free checking account> CashPay by Bank of America , Prices, Promos, Reviews, and ratings
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9.8 (1) |
September 12, 2009
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Banking Details
| Institution Name | Bank of America |
| Website | https://www.bankofamerica.com/ |
| Minimum Opening Balance | 0 |
| Minimum Balance Required | 0 |
| Monthly Fees | minimal |
| FDIC Insured | Yes |
| Description | For second chance checking or simply a no-hassle direct deposit account, CashPay is great! |
User reviews
Average user rating from: 1 user(s)
CashPay by Bank of America is hassle-free!
| Overall rating: | 9.8 | |
| Overall: | 10.0 | |
| Customer Service: | 9.0 | |
| Institution Stability: | 10.0 | |
| Maintenance Fees: | 10.0 |
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Reviewed by drodgersSeptember 12, 2009
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0 of 0 people found the following review helpful
For basic account users in need of direct deposit or want a hassle-free account without checks, CashPay by Bank of America will get the job done!
User Review
| The Good | If you’re one of the folks who doesn't currently have a checking account in your name and required by your employer to have direct deposit, or you simply need a second chance for a checking account because of a checking account mishap in the past, you’ll definitely want to check this place out. Everything is handled online and via fax. You just submit your direct deposit form printed from the site to your employer and they do the rest. You don’t have to fuss with checks, but they do supply you with a routing number and account number so you can still have automatic withdrawals for bill pay and the likes. The monthly maintenance fees are based on usage and for me, it’s been under $5 a month. Plus, it’s almost impossible to overdraw the account. If the money isn’t in there… it payment doesn’t clear. The ONLY way to overdraw is if you have a place, like a restaurant that initially charges the account for the price of the meal and then LATER adds on the tip… you’re transaction has already been approved and if you don’t have enough in there to cover both costs, it will overdraw the account. |
| The Bad | I’ve only had one problem with using my account. Some credit card authorization companies deem this as a “pre-paid” account and will not accept your card for payment. This happened to me only one time when I wanted to open a gambling account online for Texas Hold’em. It wouldn’t let me b/c it wasn’t a revolving credit account. I imagine this would happen on any “debit” account and not an actual credit card account anyway, but it was kind of frustrating. |
| The Ugly | Although I don’t have to mess with checks, and virtually everything is done online with a bunch of numbers anyway, I found a big problem when I tried to have money deposited into my account. Apparently, you HAVE to have the direct deposit form filled out from an employer for them to be allowed to drop money in your account. If you have a couple of jobs, no problem. But if you do contract work and like things dropped in via PayPal or other online entities, that won’t work. AND, you can transfer money from one account to another, but they have to be CashPay accounts. For instance, I can’t transfer money to my husbands account at the credit union. |
| Would you recommend? | Yes |