BOA and I are parting ways

[Cliff Rohrabacher]

They want nearly $10 a month in fees for a no frille checking account.

No thank you.

[Rich Engelhardt]

Hello,
Can't say as I blame you...

One downside we have w/as many loans as we have right now is the checking account requirment each lender has.
It's not easy to maintain the minimums required for the (so called) free checking.

LOL!
I never appreciated how good I/we had it before we became "debt free" !

This "debt free" stuff is for the birds.:rolleyes:

(I know it sounds odd - the "debt free" and "as many loans" - trust me - there's a real penalty for paying things off too early in life.

[David G Baker]

BofA and I parted ways over 30 years ago and a couple of mergers ago. They closed a lot of small branches that had been there for years and had a loyal following and friendly managers and tellers that the local folks knew well.
At one time I had a BofA credit card (think it was the forerunner of VISA), it had no annual fee for a while, then they started charging a $12 annual fee. That was a $12 per customer raise in earnings instantly for BofA. That created new earnings of millions of dollars a year for the bank.
My locally owned, friendly home town bank got swallowed up by a larger bank and the fees started climbing and the customers started bailing out in large numbers. I had $10,000 in a low interest savings account that paid a pittance per year in earnings. I didn't use the account much so they started charging me $5 per month for not using the account. That added up to $60 a year which was more than double the amount of interest the $10,000 was earning per year.
I got smart and switched to a local credit union. No charge on inactive accounts and amount of interest I earned jumped quite a bit.
Cliff, check out your local credit unions for accounts and loans.

[glenn bradley]

I've stuck with BofA through ups and downs because they meet my particular banking needs. My needs are not everyone's needs and I am not saying they don't stink. Last time I entered a branch (about 7 years ago) it was a poor experience.

Their online banking is quite robust and they have ATM's where I need them so . . . I stay. Also, I'm unsure on the fees thing. I have no fees and do not do anything special other than keep a checking and savings account. I do no other business with them. LOML on the other hand pays just to breath near a Wells Fargo ;-)

[Jim Finn]

Bank of America lost me about 15 years ago. I now have a checking account with "City Bank of Lubbock"...( not CITIBANK) and the bank in this new account PAYS ME 3.54% on my average balance. Better than their CD's or their Savings accounts.

[Ken Fitzgerald]

For the last 27 years we have had good luck dealing with small regional banks. They don't seem to have the turnover in personnel that the bigger experience. They treat us more like friends than customers.

After dealing with one for 20 years it got swallowed up....and that one got swallowed up by BOA IIRC.

We switched to another small regional bank and have been happy with the results.

[Ted Shrader]

Same here. BofA and I are in the process of parting ways. Have gotten all of the direct deposits moved to the new bank and verified. Setting up electronic transfer to move the money so BofA won't charge a "fee" to write me a check for the balance.

I have been a BofA customer for 24 years through their various iterations. The changing fees, their treatment of customers of late, and the government bailout has prompted me to move.

Ted

[Bruce Volden]

Don't know much about banks......I exclusively rely on my credit union.

Bruce

[Cary Falk]

Don't know much about banks......I exclusively rely on my credit union.

Bruce

+1. I will never go back to a bank.

[Narayan Nayar]

Local banks and credit unions are the way to go. I've been with a credit union for 10 years now and won't ever go back to bank. I like that the money they lend goes to businesses in my community, not to some corporation in another state. I like the fact that I'm treated like a member, not like a customer, or worse, a customer number. And I like that you can breathe in and around their branches without having to pay a fee.

Large corporate banks and car dealerships are two business models that in my opinion are just completely broken. They've lost the forest for the trees and have in every way alienated at least this customer.

[Brad Wood]

+3 on credit unions. I haven't had a "bank" bank account in something like 20 years... and now I work for a credit union, have been there for nearly nine years (longest job I've ever had).

I know many people probably know this, but for those that don't really fully understand the difference.... while they are numerous, there is one BIG difference... CU's are "not for profit" and the board of directors are volunteers from your community. They make decisions that are in the members best interest.
Banks, even local banks, are "for profit", and while you will get better customer service and such from a local bank, they still base their decisions on the best interest of the board and shareholders (i.e. making money for themselves).

[Dennis Peacock]

It appears that it's only going to get worse as time passes for all large banking companies.

Here's to hoping for the best for everyone.

[Steve Schlumpf]

We got tired of them changing the rules... the latest was a move to variable rates on their credit card. We decided enough was enough and after years of being a customer - closed our accounts.

[Jeffrey Makiel]

I'm hearing a lot of folks migrating to the small mom & pop banks. As long as they are FDIC insured, you're good to go. Their savings interest rates are about the same too...that is, very low. :(
-Jeff :)

[David G Baker]

I have often wondered if the banks raised their interest rates on deposits there might be a significant amount of money pour into the banks and help them correct some of the dumb decisions they have made in the past rather than raising fees that discourage people from staying with the bank.
If there was a decent amount of interest paid by my bank I would keep a significantly larger amount of money in my accounts as would many other people. I find it better to spend the money than put it in an account that charges a higher maintenance fee than it pays in interest.

[Scott Donley]

I agree with you David. As long as they can borrow from the Fed's for near 0% they are not going to pay us much more. At the beginning of last year I was getting 5.4 currently I am getting .91. Big difference.

[David G Baker]

Mine was paying .20 prior to my cancelling the account. The difference between .20 and .91 percentage wise is a large gap as well.
For around 5 years I was earning 35% on two Vanguard accounts that I had. Guess those days are gone for good.
The percentage rate that are being charged on credit cards is bordering on immoral, the loan sharks weren't charging much more.

[Art Mulder]

I'm curious as to what the difference is between banking in the US and banking in Canada.

This isn't the first thread I've read on a forum where folks are complaining about the large banks in the US. Lots of comments from folks who think the bank got worse as it got large (ie: gobbled up their local smaller bank).

I deal with TD Canada Trust here in Canada, which is a huge bank. Covers Canada coast to coast. I'm basically totally satisfied with them. I pay nothing for my chequing acct provided I keep a $1k balance. No fee for cheques, no fee for withdrawals, no fee for debit transactions. Their internet banking is really well done, I use that for paying most of my bills. Lots of branches around the town, and all of them have Saturday and evening hours. etc etc etc.

Is it a different culture, or is it different banking regulations?

[Jeffrey Makiel]

Art...there are a lot of TD Bank branches opening in New Jersey these past few months. Looks like 'big' is getting 'bigger'.
-Jeff :)

[Gene Howe]

CU for me. It's the only way to go.
There is a BOA on the corner of the small town we go to for shopping. Every time I drove by I felt a tug at my back side. Finally realized the bank had a wallet magnet mounted on the roof.:D:D

[Cliff Rohrabacher]

June 5 the initiated a new f fee structure. I got one monthly statement and said "That's it~!!"

To day I closed my accounts there. Don't need 'em won't be going back.

They do have great advertising though. All manner of soft touche we love you we are your friend sort of messages..Have I mentioned that the word Marketing and Liar are synonymous?

I'm sure I did in a Gorilla glue thread.

Well baking marketing people are no better.

[Greg Cole]

I've never had a bank account in my life. I'll stick with a Credit Union.
BOA is one I hear the most gripes about.....

[Frank Hagan]

I'm curious as to what the difference is between banking in the US and banking in Canada.

This isn't the first thread I've read on a forum where folks are complaining about the large banks in the US. Lots of comments from folks who think the bank got worse as it got large (ie: gobbled up their local smaller bank).

I deal with TD Canada Trust here in Canada, which is a huge bank. Covers Canada coast to coast. I'm basically totally satisfied with them. I pay nothing for my chequing acct provided I keep a $1k balance. No fee for cheques, no fee for withdrawals, no fee for debit transactions. Their internet banking is really well done, I use that for paying most of my bills. Lots of branches around the town, and all of them have Saturday and evening hours. etc etc etc.

Is it a different culture, or is it different banking regulations?

Different banking regulations. Well, not exactly. Many of the things we call "banks" are not chartered as banks, and so they don't have to have the same reserves as banks. BofA is a bank, but it was "sort of' pressured into buying a failing "financial institution" (and had to speed up their acquisition of a home lender with a ton of bad loans, Countrywide). Paulson, the Bush Administration's Treasury secretary now admits he "strongly suggested" BofA take these moves. Before that, they were actually in pretty good shape, with no sub-prime lending on the books.

Canada's banking system did not allow the large financial institutions to be chartered as anything but banks, and as a result, the Canadian banking system is much healthier. It is probably the strongest in the world right now, because financial institutions in most other countries were all caught up in the new mode of creative financial instruments.

One exception here is the rural banks that lend for agriculture; they are in much better shape than the consumer banks.

[Craig D Peltier]

I have been with BofA since 95. First 7 years or so it was $5 a month for checking account. I have never been charged for not using savings. Now as far as I know theres no fees. I will watch my statement closer for fees.

One thing thats great about them here is there everywhere. Makes it very convenient for ATMS. I guess Wells Fargo is second.

[Cliff Rohrabacher]

CU's are "not for profit" and the board of directors are volunteers from your community. They make decisions that are in the members best interest.

Volunteers huh?
don't get me started.