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Frequently
Asked Questions
Opening an NEA-Sponsored Deposit Account
How much do I need to deposit in an NEA-Sponsored Deposit Account?
The NEA-Sponsored CD
requires a minimum opening balance of $1,000 and the NEA-Sponsored
Money Market Account requires a minimum opening balance of $500.
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How do I open an NEA-Sponsored Deposit Account?
Call Bank of America at
1-800-205-8647 and mention priority code HA02B.
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How often do the rates change? Where can I obtain the latest information?
Rates are subject
to change weekly. For current CD rates, click
here. For current Money Market rates, click
here. Or you may call Bank of America at 1-800-205-8647, please
mention priority code HA02B.
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Can I wire money from my NEA-Sponsored Deposit Account?
If you need to initiate a wire transfer from your account to another financial institution, you will be required to visit your local Bank of America banking center to initiate the transfer. If you have recurring wire transfer instructions on file for your NEA-Sponsored account to deposit funds into another financial institution, please be aware that the Routing/Transit number for your Bank of America account has changed. The new Bank of America Routing/Transit number is 026009593. (This should only be used for incoming wires). There will be a fee charged each time you choose to wire funds from Bank of America.
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NEA-Sponsored CD Questions
Can I open an NEA-Sponsored IRA CD?
You can open an NEA-Sponsored
IRA CD and obtain the same rates and minimum opening balance as
an NEA-Sponsored CD. The IRA CD is available as either a Traditional
or Roth IRA. You also have the option to transfer or roll-over
an existing IRA, 401(k), or 403(b) to the NEA-Sponsored IRA plan.
Please contact an IRA specialist at 1-800-205-8647 and mention
priority code HA02B for assistance.
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Do you have both short and long-term deposit options?
Absolutely! You can choose a CD term between 90 days and 120 months.
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What if I need access to my CD before it matures?
You will need to contact Bank of America at 1-800-205-8647, and they will assist you. However, please be aware that there is a penalty for closing the account prior to maturity.
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Can
I add money to my NEA-Sponsored CD before
maturity?
No, but you can open a second NEA-Sponsored CD if you wish to deposit more money. You also have the option to add to your CD when it matures.
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How
is interest paid on the NEA-Sponsored CD?
You have several options for interest payments. You can have interest payments reinvested, transferred to another Bank of America Checking or Savings account or a check sent directly to you. If you currently have ACH transfers to an external bank, you will no longer receive a notice of transfer. ACH transfers will continue at this time but will change in the future. You will be notified in advance of this change and will be provided options at that time.
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What
do I do when the CD matures?
When your NEA-Sponsored CD matures, you have the option to close
the account, let it automatically renew for the same term,
or renew it for a new term.
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What
happens if my NEA membership expires before the CD matures?
The NEA-Sponsored CD has been developed for NEA members and their families only.** If you decide not to renew your membership, you and your family will no longer be eligible to receive the preferred rates and fees offered through the NEA-Sponsored CD. If eligible, a replacement account will be offered.
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NEA-Sponsored Money Market Account Questions
How does the NEA-Sponsored Money Market Account work?
With the NEA-Sponsored Money Market Account, you can take up to six withdrawals per monthly statement cycle, free of charge. Three of these can be made by check. There is no limit to the number of deposits you can make each month.
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What happens if my
balance falls below $500?
If the minimum daily collected
balance of your NEA-Sponsored Money Market account falls
below the minimum of $500, you will receive a lower interest
rate and Annual Percentage Yield on your account. The Monthly Maintenance/Below Minimum Balance fee charged on the account if
the minimum daily collected balance is below $500 will be
waived.
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Will checks be mailed
to me so I can access my account?
Yes, Bank of America will
mail checks to you once your NEA-Sponsored Money Market Account is funded.
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How is interest paid
on the NEA-Sponsored Money Market Account?
The interest paid on your account will be calculated using monthly compounding.
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What happens if my
NEA membership expires?
The NEA-Sponsored Money Market Account has been developed for NEA members and their families only.** If you decide not to renew your membership, you and your family will no longer be eligible to receive the preferred rates and fees offered through the NEA-Sponsored Money Market Account. If eligible, a replacement account will be offered.
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How often can I expect
to receive account statements?
Statements for the NEA-Sponsored Money Market Account are mailed monthly.
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Customer Service Benefits
How
can I check my account?
You can check the balance of your NEA-Sponsored Deposit account by calling Bank of America at 1-800-348-4632 and using the automated system available 24 hours a day, 7 days a week.
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How do I contact
Bank of America Customer Service?
If you are calling
from within the United States, please call a knowledgeable
Bank of America Investor Services representative at 1-800-205-8647,
Monday-Sunday 7 a.m. to 10 p.m., ET, for Money Market accounts and Monday-Friday, 8 a.m. to 9 p.m., ET, for CD/IRA accounts. If you are calling from outside the U.S.,
please call Bank of America collect at 1-800-432-1000. TTY users, please
call 1-800-288-4408.
See AT&T Direct Access Codes and dialing instructions for information about dialing this
toll-free number from outside the U.S.
Please reference 1-800-205-8647.
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How can I contact
NEA MB directly?
Call us at 1-800-637-4636,
between the hours of 8:00 a.m. and 8:00 p.m. Monday through
Friday, or between 8:00 a.m. and 1:00 p.m. on Saturdays,
ET. Or, e-mail us at Ask-Us@neamb.com.
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How can I get a copy
of my statement?
Please call Bank of America at 1-800-205-8647 with your request. There may be an associated fee.
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**What members of my family are eligible to participate?
Parents, spouse
(or domestic partner) and children are considered immediate
family members and are eligible to participate in NEA-Sponsored
programs.
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