Any reason not to wait and make the switch to AAA later?

I'm not clear what the advantage is to doing it right away/

LaJollaInvestor said:Any reason not to wait and make the switch to AAA later?

I'm not clear what the advantage is to doing it right away/

Switching may not be allowed after 9/22. New AAA accts may not be set up after 9/22. I emphasize "may" because if you call MBNA and speak to different CSRs you get different answers to these questions. One CSR even said that ALL affinity accts were being discontinued and interest rates will be the same as BOA. That's why we're switching now.

Has anyone with a AAA money market account actually received a letter from MBNA detailing the changes that are going to occur with this account after 9/22?

newspaper4 said:Has anyone with a AAA money market account actually received a letter from MBNA detailing the changes that are going to occur with this account after 9/22?

I received letters from BOA for my account. The interesting part is the addendum for the monthly maintenance fee waiver. Does this mean there will be no charge if the balance goes under the minimum balance requirement?

The new account number will be the same as the current one except some zeros are added as prefix. The letter says this change will not affect Derect deposit, ACH and check transactions.

opened my account and sent in my money by usps overnight (abt. $14) on thursday last week so i got 3 days double interest. had i been thinking ahead, i would have sent it yesterday and gotten labor day's interest doubled too.

ananthar said:I opened an NEA sponsored account on 8/21 and just got the transition letter.

Bottom line :

1. For NEA sponsored accounts the original interest rates (MFR+offset) will remain in effect after 9/21,
though the account name will change to Money Market Savings
2. No mention of introductory bonus rate for first 60 days, assume it will not apply after 9/21
3. Monthly fees are waived after 9/21 ($500 will remain the minimum to open an account).

On 08/15 I transferred my affinity sponsor from "The Motley Fool" to "NEA".
They said I wasn't eligible for the bonus rate because I received it with
the prior affiliation several years ago. I received the transition letter from BOA prior to this change. I wonder if I will continue to receive the
special NEA rate. My last statement reflected the new affinity relationship.
My statement date changed from the 25th to the 19th of the month, thus, I was
credited for only 24 days this period.

I plan on signing up to view my account online after 9/21. I can't wait to see what my interest rate will be.

waaaa! i just got mine.

remmymom said:waaaa! i just got mine.


which sponsor account do you have with them?

They will all go down, BOA ruins all banks they take over. I used Fleet here in MA for both my personal and business needs for many years. They had decent rates and usually I could even get better than listed rates. All changed when BOA took them over, Listed rates were horrible and they don't budge to try and keep even good customers. While these MBNA accounts looked attractive I did not open knowing they would be short lived

Well things look good and bad now that the money market accounts have been transitioned to bank of america. Both AAA and the NEA accounts still use the money fund reporting average while the rest of the account do not. However, bank of america apparently didn't want to lose existing customers because at least my account(defenders of wildlife) was transitioned to the state New Hampshire according to the letter I got which means that I will still be earning at least 4.83% with a balane of $2500 or greater but it is not tied to the money fund reporting average. On the other hand, I live in New Jersey and if I were to apply for the account today based on that state I would earn a measly 0.60% interest. So it seems like Bank of America is trying to maintain their existing deposit base but apparently doesn't want to pay high interest rates to new customers. I wonder if this will be preserved for the long term or if they will gradually lower interest rates on the accounts based in new hampshire. The state that your account will be transitione to can be found in the transition letter under the frequently asked questions #12.