MyAccess Checking Takes Off for Big Bank

Bank of America Northwest Arkansas, which maintains its local headquarters in Fayetteville, has seen a 60-80 percent increase in new accounts since May when its parent company launched its “MyAccess” national marketing campaign.

Diane Wagner, a national spokeswoman for Bank of America, said more than 1.1 million new accounts have been opened bank-wide since the campaign started.

Bank of America has $625 billion in assets and, according to Fortune magazine, is the third-largest bank in the country and one of the largest worldwide. Based in Charlotte, N.C., it has nine total facilities in Bentonville, Rogers, Springdale and Fayetteville.

The company is primarily known for its high-end commercial services and international market penetration. But Kai Dare, the chain’s regional service manager for north Arkansas, said the bank has always maintained a strong emphasis on consumers in the local market.

Bank of America does not break its financial information by markets. But Dare said the response locally to the campaign’s “Why Not Bank Your Way” advertising has been strong.

The “MyAccess” campaign, she said, simply pulls together the relationship of a number of retail products. It includes free checking with monthly direct deposits, free online banking and bill paying services and a free security check card that features a photo ID. Special introductory rates on purchases and balance transfers to Bank of America credit cards are also available.

The minimum “MyAccess” opening deposit in Arkansas is $25, and ages 25 to 40 are the campaign’s target demographic.

“We haven’t had free checking in the past,” Dare said. “But our bank does weekly consumer studies, and we’ve learned that more customers want a cafeteria style of banking. They want banking that allows them to pick and choose the services they want and how much they want to pay for them.”

Part of the attention, Dare said, has been over Bank of America’s debit cards. She said many customers have offered testimonials about how having their picture on their cards has saved them from fraud. The bank operates 13,000 ATMs across the United States.