Dufus Businesspeople

[ceagle]

In my teens, my very first bank account was at B of A , Bank of America. I paid a monthly fee to maintain it and earn credit.

After a while they offered me free checking, so I had that for several years thereafter. Close to 20 more years go by, and they told me they were eliminating free checking, except for some cases such as high balance accounts, etc. I asked at two branches if they could find some free checking account for me. Both said no.

It was a little bit hard to take the step, but I had to cut them off and leave. Several other banks were/are still offering free checking with no strings attached. I guess they have enough suckers that they don't need my deposits.

I have still been using a B of A credit card though, since they used to partner with a charity and a percentage of payments would go there, although I think that partnership quietly faded away, since it is no longer mentioned on my card.

Today I got a notice that they will soon "reserve the right to refuse payments if it will result in a credit balance." Doesn't mean they will, but I'm not sure I want to take that chance, since they spent hundreds of thousands of dollars revising their policy and sending out notices and updating their software.

I like to send in a bit more than is usually required, because I can save a stamp and a cheque every other payment :}

So, first checking and now this. Alas, I think the B of A credit card is going into cold storage, another product they turned sour with a kookoo policy.

Comments

[mondhasen.livejournal.com]

I also used BoA for years, but stopped when I retired. My first gripe with them was when I miscalculated and missed a credit card payment by a day, and when I asked for a reversal, citing my long association with them, they shrugged and said ‘no.’ When I was able to pay off the card, in person, and told them to cancel the card, citing that incident, they shrugged and cancelled the card.

I had free checking through their auto-deposit incentive and was too lazy to cancel that and my debit card and kept it up to retirement. I’d let my work money go there, and use my checks to transfer most of the money to other accounts (mortgage and house). I had my SS go elsewhere to maintain yet another ‘free’ account in the interim. :o) I’m a regular Rockefeller, as the expression used to go (from It’s A Wonderful Life)… Anyway, no job, no freebie, no BoA!

[c-eagle.livejournal.com]

BofA seems to be the Big Shrugger, yup.. LOL! Same lackadaisical concern when I left.
Good to hear you have also been able to be emancipated from their blasé !

[makovette.livejournal.com]

I am with a Credit Union, so don't have that silliness. I pay off the card monthly using auto-pay and haven't licked a stamp in decades :P

Cheers!

[c-eagle.livejournal.com]

Credit Unions FTW !

and LOL at licking stamps.. didja ever see that Seinfeld episode about licking stamps and envelopes?

[freakylynx.livejournal.com]

If you have anything invested in IRA’s or are making contributions to a IRA you can transfer some or all of your balance to a Merrill IRA and have it counted as part of your BoA net worth balance.

It’s the only way I’m able to maintain that high minimum they require for the free checking. I’d alternatively have used a credit union except the convenience of a large bank like BoA is almost a necessity where I’m working if I need money in a hurry.

Best of luck!

[c-eagle.livejournal.com]

Thanks for peeking in, Lynx! :}

That's an interesting option BofA offers, good to hear there's some flexibility at least.

Yup I still keep a bank (US Bank) and a credit onion... purrhaps if ya wish, you can re-visit the credit union thing, they generally have a "co-op" function, that allows almost all credit unions to be "yours", allowing for moolah access fairly as widespread as banks.