BOA BofA "changing" premier banking (but not really)

Got a letter in the mail today from BoA. No change to Premier Banking benefits as far as I can tell. The one thing that caught my eye was that in two places where fee waivers were mentioned, the letter indicates that if they decide to un-waive fees they'll let us know. So my assumption is that fee waivers will eventually go away.

Summary:

1. We want our Premier Banking reps to sell [presumably full service] investment accounts
2. So use the local BOA branch or the Premier Banking line for your regular banking/lending
3. Fee waivers (deposit accounts) still in place
4. Intro rate on MMA and discounts on mortgages, HEL, HELOC, through 30 June
5. Self-directed investments still same customer service
6. Accolades AMEX fee waiver still in place
7. Something about a pay by phone cc fee for other BOA CCS
8. Thank you

Signed some cat called David Newberry.

It's actually a terribly written letter. All over the place, a page and a half, etc.

I wonder what that rate on the MMA is?

OP, either you received a different letter than I or we are reading it differently. Key points:

* "Premier Banking & Investments (TM) group is being realigned to focus more closely on clients with investment needs."

* "Beginning on April 6, 2009, banking services that were previously provided thorugh your Premier Banking client manager will now be provided directly by Bank of America associates in your local banking center."

* "...we have established a new Preferred Services Phone Center. The goal of this center is to provide you with continued access to banking professionals who can assist with all of your banking needs (e.g. your personal and business checking, savings, certificates of deposit, mortgage, loans, lines of credit or credit card services)."

My translation: I will no longer be a Premier Banking client effective April 6, 2009, bu I can call the "Preferred Services Phone Center." We will see how hold times are. Premier Banking phone service has notably gone downhill in the last few months in terms of response time. I'd expect this new Phone Center to be worse.

* "Since you are a valued client, at this time we will continue to waive the routine monthly fees on your deposit account. We will notify you in advance of any change."

Translation: Other fees will no longer be waived upon request.

* "Based on your relationship with Bank of America and in addition to the agove fee waivers, we are pleased to provide you with the following special offers through June 30, 2009:
- Special introductory rate on a Money Market deposit account.
- Rate discounts on a mortgage purchase ore refinance and Home Equity Loans or Letters of Credit."

Translation: After June 30, 2009, forget about it.

* "Because we value your relationship, the $295 annual fee on your Bank of America Accolades American Express Card will continue to rebated to your account. If there are any changes to your fees, we will notify you in advance."

Translation: It's just a matter time until those fees are no longer waived..

* "With respect to your other Bank of America credit card(s), we have been waiving the fee that would ordinarily apply for our pay-by-phone service. On or about April 6, 2009, if you use this service, you will be assessed a fee which will be disclosed at the time you choose to take advantage of that service."

If I sound cynical, well, yes I am.

I know a few BofA insiders and they have laid off a TON of Premier bankers and are laying off even more.

Too few of them brought in enough additional profit to make their positions worthwhile.

glxpass said: SUCKISSTAPLES said: I know a few BofA insiders and they have laid off a TON of Premier bankers and are laying off even more.

Too few of them brought in enough additional profit to make their positions worthwhile.
I believe it's also the effects of the Merrill Lynch acquisition, its investment orientation, and all of the personnel involved. Something has to give.
glxpass. Exactly right!!

My former Premier banker was fired, but I like the new Rep, who has been with BoA for 20+ years. She now has to service 3 banks and is only in my bank 1 day a week.
The big problem for me is the amount of money that will qualify a person for their services.

My Rep said, she would keep me (even though I don't carry that large a balance)and provide her service as long as possible.

I'm in the same position Teakson.

I had investment accounts with BOA and they performed woefully.

Also, I have been getting slow responses from my banker since this was announced. He's never really been as competent as my last banker who was superb. Unfortunately he retired.

If another option(bank) exists that can give me the level of service that I used to get from PB for the same level of business, I am willing to up and move to them immediately.

I found this link which provides a little more info:

Link to article about bofa eliminating premier banking

I actually was called a couple of days ago for a survey conducted by BoA about Premier Banking changing for its clients. Most of it was my asking lots of questions as opposed to the surveyor(?) doing so.

I'm told we will still have a phone number to call that isn't the same as the typical customer service number. However, there will be an option to specify self-service or to request a person. I believe both can be done right at the start of the call, but I don't know any details. People who do investing (and I imagine have large balances) will have the equivalent or someone similar to a Premier Banking Client Manager. I'm told that the Merrill Lynch staff will now handle these fuctions.

The main difference is the Premier Banking Clients -- I'm told that hasn't been dropped for us (at least yet) -- will now be served by our local branch manager than a Premier Banking Client Manager. I expressed skepticism that in addition to all their other reponsibilities, the Branch Manager would be able to assume these duties as well. I was told BoA would evaluate the situation as it develops.

Incidentally, the Welcome, Valued Premier Banking Client (or whatever) is still showing on my online banking initial screen. I called the Premier Banking phone number today, and after a long hold, received some assistance on a problem I was having with online banking's bill pay system, as well as a transfer from my risk-free CD to my checking account. It was excellent customer service as always, although the hold time has been much longer these days than it used to be. Possibly that's from the massive layoffs I've heard have taken place within Premier Banking.

glxpass said: I'm told we will still have a phone number to call that isn't the same as the typical customer service number. However, there will be an option to specify self-service or to request a person.
The main difference is the Premier Banking Clients -- I'm told that hasn't been dropped for us (at least yet) -- will now be served by our local branch manager than a Premier Banking Client Manager. I expressed skepticism that in addition to all their other reponsibilities, the Branch Manager would be able to assume these duties as well. I was told BoA would evaluate the situation as it develops.

Incidentally, the Welcome, Valued Premier Banking Client (or whatever) is still showing on my online banking initial screen. Possibly that's from the massive layoffs I've heard have taken place within Premier Banking.
I visited my local BoA today and the place looked almost empty.

I completed my business at the counter and the Rep asked if I was interested in a MM account. I answered by stating I had planned to talk to Karen, the Premier Banker and wondered about the rates today. She said, they all all gone now, fired, what you see is all that is left in the bank. I asked, if that is the case in all the banks, and she said yes it is.

The Branch Manager, will handle your questions.

So I need that phone number that isn't the same as the typical local customer service number.

Anyone know if ex-Premier customers are still getting fee waivers on their accounts?

Noticed on my most recent statement that the "Premier Banking Service & Support" 1-1800 number is now gone, replaced by a local number, guessing that's just a regular service number. Online still says "Welcome, Valued Premier Banking Client".

Also, there was a pamphlet discussing the changes in fees, discussed in this thread. One of the fees is Check Enclosure Fees, before it was waived for prima accounts, but now it states "There will be a Check Enclosure Fee of $3 for each statement cycle for all Prima, MyAccess and Standard Checking customers, regardless of if your Monthly Service Charge is waived."

Also, I noticed there was some text on my statement saying I didn't meet the minimum balance for a Prima Account, but they waived it this month as a courtesy. I have my savings accounts set up separately. Just wondering if this is the end of the fee waivers for ex-Premier clients, and if I need to start making changes to my accounts. Will call CSRs to see if I still have fee waivers in place.

Right....

I will probably remain with BoA while looking ahead to other banks. I like their Bill Pay and I have so many direct deposits going in to BoA monthly. Big chore to change this.

I did join the advertised (Banking Guy) Online Checking Account with F&M Bank. The Online Checking with a balance of $50K is (was) paying a yield of 3.12%, it shows 2.91% now.
Many years ago I used F&M Bank and I can't remember why I changed. There is a handy F&M Bank right here in my hometown.

As my BoA CD's mature I may think of leaving, but for now I will stay.

The lack of communication on this whole matter is what is upsetting me. After the recent stock meltdown, my assets with BOA are right at 200K. The only communication I got was that the Premier Reps were being eliminated. Now it looks like the special CS number is not so special and there really is no benefit with staying with BOA. The only thing is that it is such a PITA to move brokerage accounts. I wonder if they are going to transition all brokerages at some point to ML? If so, I imagine we will see some fee increases.

I was told very clearly that $250K funds on deposit was needed along with a brokerage account to keep you qualification for Premier.

Also just found that my Money Manager account cash sweep in/out of Columbia had started to pay exactly 0%. If you stop sweeping it you get .25$% AND FDIC coverage with the standard checking account. What are they thinking???

Does anyone know what is happening to brokerage accounts that are at "Banc of America Investment Services?" Will these be transitioned to Merril Lynch? IIRC, these accounts are actually serviced by Fidelity Investments. There is no FAQ that specifically mentions these accounts.

You know, premier101, that FWF isn't supposed to be used for self-promotion, don't you? Why not just post specifics about the product without giving your name or your phone number? Otherwise, it just looks sleazy. Thanks.

I got a call today from BoA saying they want to discuss with me about their 'Wealth Management Account' which used to be called 'Premiere Account'. Anyone have this account or know what are the benefit to this account?