arrrrrgh ... b of a cowers to financial folly

[ceagle]

Bulletin Timeline 2009: Washington Mutual, and nice and useful bank, is bought out by Chase (sometime in the last year or two), quickly taking away features from customers, such as free no-strings-attached checking. Customers leave, ...within 3 months Chase sends old customers a plea to "come rejoin and we'll give you $250!" Fine print... must stay at least 6 months or you don't get the funds, and we're still gonna charge you for checking ;P

Bulletin Timeline 2013: Bank of America, where eagle has banked since he first had a job, now decides that, after all these years, it must become a run-of-the-mill bank too, finally eliminating all of its no-strings-attached free banking plans also, and charging a new $12 a month fee.. and you don't even get any interest on your funds. Genius!

Bulletin Timeline the last few years: Credit Unions offer interest on deposited funds, between 2.5% and 5.5% sometimes, have a network of facilities so you can use atms fee-free all over the country, and don't charge for checking accounts... TRUE genius!

....Many times over the years, B of A has been able to pull some strings to keep my account free, but now the manager says there is *nothing* they can do... thanks New Millenium! ...so the sad news is, after all these years, I'm probably just going to have close my ole B of A account ... ;p With a mortgage I gotta be careful not to spend on useless stuff like $100plus a year on something that's free and even Better somewhere else...

BTW... if you still want a bank that has some free checking accounts, U.S.Bank does, so I keep a little bit in there as a smidge of emergency savings. They don't pay interest but at least its free if you ask for one.

Up until a couple years ago, Foothill Federal Credit Union was paying the 5.5%, ... I think it is currently 2.5% so that's 2 or 3 dollars a month paying The Customer to bank with them, so that's where our family does its main banking. I recommend them ^v^ ... Am still nostalgically sad to see B of A take the stupid business route though...

Comments

[mortonfox.livejournal.com]

Even with the fee, it could be worth coming back for 6 months to get $250.

[c-eagle.livejournal.com]

heh!.. *nods* a couple people told me they've done that, but I guess I'm just a tad suspicious of what's the catch.. like, will my credit rating get nicked for that sort of thing, etc...

[whitetail.livejournal.com]

Yes, I'm the same way. The fine print in that offer seems to have its own fine print; there's got to be a hidden catch in there somewhere. And yeah, I agree, I think it could show up as a hit on your credit, opening and closing an account that quickly, especially if there wasn't much if any transaction activity when it was open. The bank could just attach a note to your credit report just to be assholish, and that would probably take your credit score down a few notches all by itself. Just stay away from Chase!

[whitetail.livejournal.com]

Chase keeps sending me those 'come back' offers, too. They go straight into the trash. I never forgave them for taking away my home equity line of credit, even though I had a perfect payment record. Then they start charging ME for the privilege of keeping MY money? Sorry, Chase, you've got that exactly backwards. I'm moving to Bank of America.

Then, astoundingly, BoA recently decided to close our local branch, which has been here since the 1960s. They closed it August 15, and didn't even leave us an ATM. They seriously think I'm going to drive 20 miles just to deposit a check or withdraw 20 bucks? No freaking way!

*sigh* I didn't know about the end of all free accounts, though. That's really the last straw. Looks like I'll be moving to our local credit union, too...

[c-eagle.livejournal.com]

Wow... you too huh? eeeesh... ;P
Well at least the credit unions seem to have it right... and they are mostly networked so you get free atms with most of them too. You could also ask USBank if they'd give you the free plan if they are feelin in a nice mood, if that's in the area... *wingfuzzles*

[whitetail.livejournal.com]

Our US Bank is also a 20-mile trip away, but I do have a free checking a/c at Umpqua Bank here, which I'm using as my primary a/c now. (It used to be my 'medical' checking account before B of A bailed.) I may just keep all my money there now, but I've gotten used to keeping my general and medical expenditures separate. It really helps me budget my very limited funds; not having everything comingled. But, so far so good. ^^

[c-eagle.livejournal.com]

*nod noddle*.. yep me friend, that there is one of them "strings attached" things I don't wanna be thinking about.. that or always keep at least $1,500 in checking, or keep ... yes... $5,000 in savings... Now that might make sense ....if only their savings account had any worthwhile interest! You could probably play the horses and do better :D

[procyonid.livejournal.com]

Whoa, where do you go to get a 2.5% interest account?? I spent hours researching banks earlier this year and was unable to find anything, anywhere that does better than 1.0%.

https://www.foothillcu.org/Dividend_Rates_91.html makes it look like their regular rate is 0.05%... although I don't know what "summertime savings" it. (Maybe I'm looking at the wrong kind of accounts.)

[c-eagle.livejournal.com]

Hey there me friend! Thanks for the inquiry... ^v^ .... Have another look, it's right there on the bottom left of the main page.... Here's the link though! https://www.foothillcu.org/Checking_Accounts_-_MyChoice__Prestige__Rebound_49.html#mychoicechecking ... It's kinda wild, it gives the highest interest on the lowest balances... but who keeps more than a few hundred in checking anyway? :D ... still it's great that they pay me a few bux each month AND don't have a checking acct fee... wooot! *fuzzles ya*

[furtech.livejournal.com]

Yeah, it sucks. BofA also sold off their mortgages...to a collection agency! <--Not for collection, but the C-A is branching into mortgages now; fed regs make it unfeasible for BofA to keep home loans. Ironically (or dishonestly), though, BofA still writes new home loans... then sell them off!

Re: Interest rates-- I seriously doubt you will find -any- financial institution paying more than 1% anywhere...most savings and even most money market rates are a fraction of a percent these days.

[c-eagle.livejournal.com]

Wow... is That what it was?? eeesh... yeah, the manager was telling me they had to keep the doors open somehow... is $12 a month really gonna do that? Seems like they need a whole new approach instead...
As for interest rates, check out the other entry here by Expandranon... I think he's onto it.. being non-profit probably helps the credit unions (and probably a better business model helps some banks too, like USBank).... but yeah, have another look at the web link I put here, or give the C.U. a call... they actually pay 2.5 ... to Checking of all things... kinda a weird rarity, but I'm not knockin' it...

[furtech.livejournal.com]

Welllll...not really a good deal. The fine print on the 2.5% is that this is only for the first $2,500 deposited. Above that, it drops off to the more usual rates. If you add it up, that's $62.50: you're better off grabbing the Chase $250 for 6 months.

And yes, all of the above still beats the BofA charging for checking...

[furtech.livejournal.com]

...though BofA doesn't charge for checking with minimum balances or activity (at least one $250 deposit monthly or minimum balance of $1,500).

[expandranon.livejournal.com]

The big banks long ago lost the right to do business, in my opinion. I avoid them where I can, and do all my banking at credit unions. Their response, predictably enough, has been to push legislation to bank-ify credit unions and take away their non-profit status. They're dirty through and through.

[c-eagle.livejournal.com]

Dude.. I think you are onto it!... Must be that non-profit thing .. (though USBank somehow offers several free checking plans too.. probably a better business plan).. Let's hope the banks don't spend even MORE money trying to lobby against credit unions... eeesh... ;P

[chefmongoose.livejournal.com]

I use navy Federal Credit Union myself as my main bank. Even though the interest rate now is a pittance. Apart from them, I have a savings account with HSBC (Which just sits and makes me a few cents a month on the $100-ish in there), and that's all. BoA, I have a credit card with, and although it's the lowest rate one I have (and thus has a balance), I'm hoping to close it out at some point after I pay it off. I'm tryign to avoid mega banks when I can.

[c-eagle.livejournal.com]

Yikes... well, um... maybe ask them if they have a higher interest plan of some kind some way?... Here's to having dem balances paid off.. ^v^ *hugs*

[aldi.livejournal.com]

I live in Quebec, and I still have the same old account I opened back in 1983 at Banque Laurentienne (back then, Banque d'Épargne). It went from a savings account to a check-less checking account (no interest given anymore), and they raised the $1K minimum to $3K recently (the amount you have to leave at all times in the account to avoid transaction fees). I consider myself lucky to be able to avoid banking fees.

I also pay everything off my Visa card every month. They don't make a dime with me.

[c-eagle.livejournal.com]

Wowzers.. $3,000 ... ;P
Welp, if your strategy is working, then that's awrsome ^v^ ... I actually did pay a monthly fee waaaaaay back when I first opened the account (also in the 1980s), but not for very long after getting established as a good customer (it was my first checking account).
Many many banks here are offering that strings-attached stuff where they won't have fees IF you watch it like a hawk. Do youse alls have Credit Unions up there/ Jus' curious.... *wingfuzzles*...

[aldi.livejournal.com]

I had to pay some fees for a short while when they tripled the minimum without any notice, but haven't paid any since I found out.

We do not have Credit Union up here.

*roohuggles*

[tyrrlin.livejournal.com]

I've always had a good working relationship with BofA, but having $5000 of my savings untouchable is not a happy thing with me. I've been turned on to USAA as an alternative, and am (very) slowly working to transfer my finances over there.


...but I'm so used to BofA's interface. Sigh.

[c-eagle.livejournal.com]

*nods* :/
It's very sad to leave after all those years for me too....
If it were the same bank, it would be harder, but I'm pretty convinced it's not even the same bank any more... because they want to be exactly like Chase and the other humdrum banks I guess... not even working with the customer at all like they actually used to do....
It's good to hear you have another choice too, at USAA. I will probably be moving the BofA stuff (not that much really, just enough to write bills regularly) to U.S.Bank which has very personal service and at least two free checking accounts.