A Bank of America customer went viral after posting a TikTok saying he would be charged a monthly fee if he didn’t have $10,000 in his checking account.
Tenille Sokolow (@teesok)’s video had more than 3.6 million views and 286,000 likes by Wednesday. Her video also sparked virality from Bank of America customers, who claimed that her account was closed without her consent and that she was never eligible to open an account “again.”
Sokolov captioned his video: “B of A wildin’.”
She begins by asking viewers, “Do you have $10,000 in your checking account?” She clarified, “No, it’s not a savings account, it’s a checking account.”
Sokolow said Bank of America called her and told her that if she didn’t have a total of $10,000 in her checking account, she would have to pay a $24 monthly maintenance fee.
“When I said $10,000, he literally laughed,” she says. Before ending the video, Sokoloff added, “Who among the 1 percent has $10,000 in their checking account?”
@teesok wilderness b
according to it, Website, Bank of America’s monthly maintenance fees vary depending on your location and bank account type. To avoid monthly maintenance fees, “you must maintain a total balance of at least $10,000 in your account each statement cycle,” the site continues.
Another way to avoid the monthly fee is to “enroll in the Preferred Rewards program and qualify for the Gold, Platinum, Platinum Honors, Diamond, or Diamond Honors tier.” Mr. Sokolov did not say what type of bank account he uses or is eligible for.
Bank of America also said that starting in November 2023, “we will no longer use the total balance of $10,000 as a way to avoid monthly maintenance fees.” Instead, to avoid the monthly fee, “you must maintain a minimum daily balance of $20,000 or more in your Advantage Relationship Banking account during each statement cycle.”
The site states that by “enrolling in the Preferred Rewards program and qualifying for the Gold, Platinum, or Platinum Honors tier (first four checking accounts) or the Diamond or Diamond Honors tier (unlimited),” It also states that the fee can be waived.
In a fixed deposit account, american bank The statement says it’s $14 per cycle. You can waive your monthly maintenance fee by meeting one of the following requirements during each statement cycle: “Checking account with a minimum daily balance of $1,500 or more, linked savings account with a minimum daily balance of $2,000 or more, linked savings account with a minimum daily balance of $5,000 or more” link Must be a registered Money Market Savings Account or enrolled in the Preferred Rewards program.
The Daily Dot reached out to Sokolov via direct message on TikTok and via email at Bank of America.
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*First published: May 8, 2024 at 8:00 PM CDT
Grace Fowler
Grace Fowler is a summer reporting and media fellow at the Daily Dot. She just graduated from Texas State University, where she studied mass communication.
