• Go to page :
  • 1 2
  • Text Only
Voting History
rated:
I have received a letter from BOA that "My access checking" account is ending and they have propsoed new accounts. All of them have fess raning from $6 - $25 and very difficult requirements to avoid fees like having atleast $2K direct deposit every billing cycle or $20K average daily balance.. same thing for saving account.. no fee free savings account. I won't even get that much interest in whole year for how much they want to charge for savings account fees like $10 per month.


Can they just change my account or since account was opened in original terms , they should just grand fathered the original terms and new terms should apply to new accounts only ?

thought ?

Member Summary
Most Recent Posts
For me, they had this fee for a year or so. Only recently has Bank of America uniformed their products, service, and fee... (more)

bankdealsrule (Nov. 05, 2011 @ 8:45p) |

I have been with Bank Of America (and its precursor bank in my area) since the 1980s. So far, the pricing structure doe... (more)

fedguy (Nov. 07, 2011 @ 5:45p) |

Been punishing them for months now with $2.xx balance. $1.xx recycles monthly.

DWooley (Nov. 07, 2011 @ 6:34p) |

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
  • Also categorized in:
Thanks for visiting FatWallet.com. Join for free to remove this ad.

Tell them you want the same terms you have. If they say no, politely ask them to close your account and then you can open one with Chase or whoever has the normal fee waiver as long as you have direct deposit, no minimum. Usually BofA will agree with what you want if they see they will lose your business. Even if they don't, you will at least open an account with the terms you need elsewhere.

Chase now has $500 min. DD.

If you change banks, don't forget to look for sign up bonuses for new customers. There are usually $125 bonus coupons for Chase checking accounts with [1] DD in the change of address packages at the Post Office.

I was in the same boat as you, even though I could meet the minimums with no issue I was still not ok with the thought. Closed my accounts and went with USAA. If you have an in for USAA/NFCU go with one of these types of banks, service you can count on, I've never been happier away from BigBanks....

Better yet, take the plunge and "move your money" to a locally-owned bank. Check Investigative Reporting Workshop for a bank close to you that doesn't have solvency issues, and look for sign-on bonuses. Many locally owned banks have decent Rewards Checking Accounts, although the good ones aren't as good as they used to be.

--cjspangler

I just got a notice too (account opened in MA). I remember when I signed up for the account online I did it specifically because it was advertised as "no fees forever" or "for life" I can't remember which. The only thing I use me BoA account for is occasional foreign currency conversions and cash deposits or withdrawals of large sums of cash so I will probably close the account if they refuse to honor those original terms.

most industries and companies have had to change their business model to survive. the airlines started charging for stuff that used to be free and people were outraged at first. Now most people I know have become accustomed to paying $25 to check a bag. That is just one example. look around and you will see other examples.

the new financial rules have changed the game for banks. they have to find another way to make money or they will not survive. there are surveys conducted that reported that it costs a bank an average of $300 per year for each checking account to maintain. checking accounts were never free--there was always a cost but it was offset by the NSF charges or other fees. I did some research and at first I was shocked at the $300 per account fee -- that covers people to answer your questions over the phone, all the systems for online banking, storage of keeping your transactions and statements online, security, etc.... At first it sounds kinda high but at the end of the day banks have a lot of overhead to protect my privacy and security. Every time a new regulation becomes law - there is a cost to implement it. banking is one of the most regulated industries there is out there.

I've shopped around for better deals but I just don't think the small banks can protect my privacy and provide the same level of security. The way that I avoid the fees on financial accounts is to maintain a higher balance -- that makes it worth it for me not to have to worry if some hacker will steal money out of may account.

I see the Chase $500 dd minimum per month. I don't see BofA's updated on their website yet. $2k per billing cycle for most people should be a fine threshold for direct deposit to reach, so it won't affect many people. Sucks for people it does affect though.

nk42 said:   I have received a letter from BOA that "My access checking" account is ending and they have propsoed new accounts. All of them have fess raning from $6 - $25 and very difficult requirements to avoid fees like having atleast $2K direct deposit every billing cycle or $20K average daily balance.. same thing for saving account.. no fee free savings account. I won't even get that much interest in whole year for how much they want to charge for savings account fees like $10 per month.


Can they just change my account or since account was opened in original terms , they should just grand fathered the original terms and new terms should apply to new accounts only ?

thought ?



https://www.bankofamerica.com/deposits/index.action?body=check_o...

Monthly service charge waived if you:

Make direct deposits each statement period
OR
Maintain an average balance of $1,500


Otherwise, $8.95 per month


Maybe they havent updated web yet??

Their e-banking account is great, no fees, you just need to use an ATM instead of a teller for transactions you can do at an ATM.

xit said:   

s but I just don't think the small banks can protect my privacy and provide the same level of security. .

Sure they can

Moosy said:   Their e-banking account is great, no fees, you just need to use an ATM instead of a teller for transactions you can do at an ATM.

+1 for E-banking. I've actually found it much better to do everything at the atm.

xit said:   most industries and companies have had to change their business model to survive. the airlines started charging for stuff that used to be free and people were outraged at first. Now most people I know have become accustomed to paying $25 to check a bag. That is just one example. look around and you will see other examples.

the new financial rules have changed the game for banks. they have to find another way to make money or they will not survive. there are surveys conducted that reported that it costs a bank an average of $300 per year for each checking account to maintain. checking accounts were never free--there was always a cost but it was offset by the NSF charges or other fees. I did some research and at first I was shocked at the $300 per account fee -- that covers people to answer your questions over the phone, all the systems for online banking, storage of keeping your transactions and statements online, security, etc.... At first it sounds kinda high but at the end of the day banks have a lot of overhead to protect my privacy and security. Every time a new regulation becomes law - there is a cost to implement it. banking is one of the most regulated industries there is out there.

I've shopped around for better deals but I just don't think the small banks can protect my privacy and provide the same level of security. The way that I avoid the fees on financial accounts is to maintain a higher balance -- that makes it worth it for me not to have to worry if some hacker will steal money out of may account.


Ever considered a credit union?

Also, as SIS says even smaller banks can and do provide similar level of privacy and security. As per your own statement banking is a heavily regulated industry, so what makes you think the smaller banks would be exempt from it?

I'll say that ebanking is the way to go if you want to really want to stay with BoA but I will say its worthwhile to go to a credit union/mutual bank. Though, of course, the best one depends on your area. In MA, Workers Credit Union, Leominster Credit Union, and Cambridge Savings are all great choices as well as Salem Five using www.salemfivedirect.com. CUs and mutual banks can at many times offer the same or better convenience as national banks due to atm alliances and atm refunds. There's more SUM and shared deposit networked ATMs than ATMs of any particular large bank in my area.

BofA uses your Merril Lynch Edge accounts to compute your daily balance.

If you have IRA's or a brokerage account there, they can be linked. You need to call them to do this.

SteveG
PS - BofA stinks! The yhave changed my fee structure many times... I have not got around to getting rid of them yet.

Moosy said:   Their e-banking account is great, no fees, you just need to use an ATM instead of a teller for transactions you can do at an ATM.

Totally agree with this. The fine print even says I can keep depositing dollar coins with the teller since the ATM doesn't accept these!

luiset83 said:   Moosy said:   Their e-banking account is great, no fees, you just need to use an ATM instead of a teller for transactions you can do at an ATM.

Totally agree with this. The fine print even says I can keep depositing dollar coins with the teller since the ATM doesn't accept these!


I'm sure the e-banking account works for some. I like the idea of being able to approach a real person inside the branch should I ever encounter a problem like losing my banking card or having it stolen and then needing to access cash. Also, there are daily limits for ATMs that are different than branch locations. Also, I like to have the option to write checks.

Close the account and move to another bank.

gifpaste said:   
https://www.bankofamerica.com/deposits/index.action?body=check_o...

Monthly service charge waived if you:

Make direct deposits each statement period
OR
Maintain an average balance of $1,500

Otherwise, $8.95 per month

Maybe they havent updated web yet??


I'm curious about this as well. I have a student checking account that will be five years old in July (losing the no-fee bonus regardless of balance) and figured I'd convert it to a standard account with the terms you've listed ($1500 minimum to avoid fees). However, if that is not going to be an option I need to move those funds to an online checking account (interest bearing?) since in the short term I may be moving in the next few months.

I closed my BOFA account a couple months ago.

There is no reason for me to let them have my money.

In fact the only reason I opened the account was to get the new account bonus a few years ago.

In light of so many of the recent security issues at many big banks, I feel more secure at a smaller bank. They know my name, pay interest on my free checking, take care of any concerns I have, I can use any atm, and I have not seen their name on the news ever. What more could I want?

My bank manager called me out of the blue and asked if I wanted some concert tickets he wasn't able to use. How many big banks do that?

If you like customer service, small banks are the way the route I would go.

cclyde said:   If you change banks, don't forget to look for sign up bonuses for new customers. There are usually $125 bonus coupons for Chase checking accounts with [1] DD in the change of address packages at the Post Office.

anyone seen any savings accounts bonus coupons lately??

sgogo said:   BofA uses your Merril Lynch Edge accounts to compute your daily balance.

If you have IRA's or a brokerage account there, they can be linked. You need to call them to do this.

SteveG
PS - BofA stinks! The yhave changed my fee structure many times... I have not got around to getting rid of them yet.


works well w/ Merril Lynch Edge free trades...

Only problem is no IPO access.. Still trying to find that @ the retail investor level like I had during 2001-2

As am I. I got a regular account because the opening bonus wasn't available for the student account, but then after they paid the bonus, I converted to the student account because of the lax requirements. However, I'm going on 6+ years, and it never converted over.

I'd like to read a post from a student account holder whose account converted after the 5 year mark, but for the time being, I never call about my account or these changes in terms to drag things out.

inm8num2 said:   
I'm curious about this as well. I have a student checking account that will be five years old in July (losing the no-fee bonus regardless of balance) and figured I'd convert it to a standard account with the terms you've listed ($1500 minimum to avoid fees). However, if that is not going to be an option I need to move those funds to an online checking account (interest bearing?) since in the short term I may be moving in the next few months.

Just wanted to add that BofA ate my check when I deposited it at the machine the other day. I called the CS # and after originally telling me it would take up to 10 days to add the funds to my account the very next day the amount was deposited in the account in "good faith" as I had deposited other large amounts in similar increments. This was even after only having the acct. open for 3 months. Better than I expected w/ CS.

Got the same letter, opened Fidelity mySmart Cash account, transferred over the funds, closed BoA account. End of story.


As good old Wikipedia (correctly) states, "U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations."
Obviously, a financial institution that doesn't have to make a profit or pay taxes is going to be able to offer you a better deal than a bank.

I can't understand why people still bank with BoA

Credit Unions don't work well for me. I can download my transactions from Quicken and I get daily emails from Chase regarding transactions that happened the day before. My credit union does not offer nearly as many services but I am paying for the services in the end, but it's worth it.

Don't you love that government got involved? I kept telling folks the banks will make their money in other ways and they will recoup somehow the $38 bounced debit transaction/check fee that the govt deemed unfair.

ComputeThis said:   Don't you love that government got involved? I kept telling folks the banks will make their money in other ways and they will recoup somehow the $38 bounced debit transaction/check fee that the govt deemed unfair.
Do you apply the same logic to other situations? Do you think abuses in other areas shouldn't ever be stopped, because the abuser may just find other ways to abuse the victim?

Or open a Merrill Edge CMA account. Works just like checking, get bill pay, free checks, and can make deposits at a BoA ATM. No monthly fee.

TMaG82 said:   Or open a Merrill Edge CMA account. Works just like checking, get bill pay, free checks, and can make deposits at a BoA ATM. No monthly fee.
Interesting option! Can you handle any other account services at a branch or just use the ATM?

I'm still on the student checking account, and the fee structure hasn't changed (or, if it has, I haven't been notified). It'd be a push in the right direction to get me out of BOFA if they do, though, because I'm earning essentially nothing in interest on my savings and literally nothing at all on my checking.

fairenough said:   luiset83 said:   Moosy said:   Their e-banking account is great, no fees, you just need to use an ATM instead of a teller for transactions you can do at an ATM.

Totally agree with this. The fine print even says I can keep depositing dollar coins with the teller since the ATM doesn't accept these!


I'm sure the e-banking account works for some. I like the idea of being able to approach a real person inside the branch should I ever encounter a problem like losing my banking card or having it stolen and then needing to access cash. Also, there are daily limits for ATMs that are different than branch locations. Also, I like to have the option to write checks.


You should read the details online, the only thing you need to do to get it free is to use the ATM for cash debit and check depositing. Anything you cannot do at the ATM (like dealing with a lost card) you can do for free with a teller.

You can write checks they are just not free to order.

I personally use Schwab as it is superior in any way but I keep my BoA free e-checking for when I need to deposit a check and I want the funds available the following day or I need a cashier check. Now that I can deposit checks with Schwab using my iPhone and it cleared the same day, I am not sure I will use BoA.

I think it is important to have several (free) accounts to have a multitude of services, there is no one bank that has it all.

fairenough said:   luiset83 said:   Moosy said:   Their e-banking account is great, no fees, you just need to use an ATM instead of a teller for transactions you can do at an ATM.

Totally agree with this. The fine print even says I can keep depositing dollar coins with the teller since the ATM doesn't accept these!


I'm sure the e-banking account works for some. I like the idea of being able to approach a real person inside the branch should I ever encounter a problem like losing my banking card or having it stolen and then needing to access cash. Also, there are daily limits for ATMs that are different than branch locations. Also, I like to have the option to write checks.


I should mention, I went in today (although maybe it was that it was a few minutes before closing) and what I assume to be the manager there mentioned that she couldn't keep overriding the fee if I kept bringing coins continuously. I told her that in the literature I had gotten from another branch there wasn't any mention of how often I could bring them in... she kept insisting it was occasionally, so I just mentioned I could take my business elsewhere. At that point she wanted me to discuss other account options... I said I had no time, so she just waved me to the teller, haha. I might just go to the other branch downtown where I know they're kosher with the coins.

Otherwise I know they have another account type that one can waive fees using BOA CC 1x/month, which is relatively easy to do since I already have one.

0AfterRebates said:   Close the account and move to another bank.

This is what I'm doing. I have an account at a small local bank (RCA) and a main account at BOA that I've kept through the years because I like their BillPay interface. But they pissed me off recently when I deposited a $50k+ check and they put a 7 day hold on most of it. I tried calling CS and explaining that I'd been a customer since 1995 etc..., but they couldn't or wouldn't make an exception. When I make these deposits quarterly at my small local bank, they make the full amount available to me the next day. The big banks just don't care about customers as individuals anymore.

Skipping 17 Messages...
SeattleNative said:   Being that today is Bank Transfer Day, how many of you have closed out your BOA accounts after the various changes in their pricing of checking & savings accounts?

Although BOA has retracted its plans to impose a $5/month debit card usage fee, in many states they have increased minimum-balance requirements or direct-deposit requirements needed to avoid (increased) monthly service charges. It appears that BOA will also impose new "stealth" fees to make up for reduced income from debit-card interchange fees and overdraft protection services.

One thing that was worth mentioning, is that for years most BOA checking accounts included cancelled-check return, which later became imaged copies of canceled checks. Now, BOA is imposing a $3/month Check Image Enclosure fee for this "service". It is true that online banking users can view and print copies of canceled checks, but this is just an example of how new fees are being introduced.

Been punishing them for months now with $2.xx balance. $1.xx recycles monthly.



Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014