bank of america

[Queen of Spades]

Not sure why anyone in the US uses Bank of America over multiple better alternatives, but bad news for those who insist on sticking with them, I guess.

They have a few perks other banks don't have, which is why I've stayed. You can transfer money between Bank of America customers online, which is convenient for paying roommates, giving/getting money from family, etc. They also allow you to pick up a temporary debit card in their branches if you lose your debit card, so you're not out of luck for 5-7 business days until the new one gets sent. They also allow check and cash depositing at their ATMs, of which there are tons. Those are important to me and make my life easier.

On a less important note, I have Red Sox and Patriots accounts, which give me fun debit cards and checks.

This $5 is enough of an insult that I may change anyway, though.

 

[yg17]

Not sure why anyone in the US uses Bank of America over multiple better alternatives, but bad news for those who insist on sticking with them, I guess.

It was a matter of convenience, there's a BoA ATM in the building I work, but I've come to realize that I hardly ever use it to deposit anything and I can always get cash back at the grocery store if I need cash. The benefits don't outweigh the new fee.

And I haven't really had any problems with BoA, so I never had a reason to switch until now.

On that note, BOFA has a neat thing where you deposit a check in their ATM and they copy it for you. That's kind of cool but not $5.00 a month cool.

Yeah, the check deposit thing is neat, but not worth 5 bucks a month. However, what's even cooler is PNC (and some others) have mobile deposit where you just take a picture of the front and back of the check with your phone to deposit it. Now that is seriously ****ing cool and if I deposited more than one or two checks a month, something I might actually pay 5 bucks for if it saved me the gas and time of driving to a bank or ATM. Can't wait for my PNC application to finish processing so I can try it out by writing a check from my BoA account to myself and depositing it that way.

Too bad you can't deposit cash by taking a picture of it

 

[Shrink]

Are EVIL in plain english.. Who do you think the New World Order(coming) is run by??? Who do you think the Fed is run by? BANKS.. We need to eliminate them before they eliminate us.. I don't use any bank at all as I don't trust them at all and with the coming NWO, I won't be giving my money to any BANK or evil corporation.

Ooooohhh. You stopped taking you medication, didn't you. Time to renew that script...

 

[2jaded2care]

Are EVIL in plain english.. Who do you think the New World Order(coming) is run by??? Who do you think the Fed is run by? BANKS.. We need to eliminate them before they eliminate us.. I don't use any bank at all as I don't trust them at all and with the coming NWO, I won't be giving my money to any BANK or evil corporation.

While I don't agree, I understand this person's reaction more than some others. At least he or she has the courage of his or her convictions. I also understand those who are simply annoyed and considering switching banks. I don't understand being outraged by the new fees to the point of name-calling. It was a business decision. Don't like it, change banks, that simple. I don't think the evil bank execs are twirling their mustaches, thinking "we really stuck it to our customers this time, BWA-HA-HA!"

And if nickel-and-diming you is evil, don't move to my state. The legislature's always coming up with new tolls/user fees/taxes. And avoiding them isn't as easy as switching banks.

 

[OutThere]

More money for a bank that can figure out some way of not having that fee, in my view. I'm not really into paying for the privilege of spending money.

I generally just use a credit card that has no fees, and I pay the entire balance each month so I pay nothing for the use of the card.

I've also been using cash more, and for bigger purchases. I'll sometimes get discounts making big purchases with cash—never hurts to ask, the merchant saves money as well, not having to pay their fee on the credit card processing. My mechanic gives steep discounts for paying with cash, I'll fork over Benjamins for $500+ repairs.

 

[Doctor Q]

Bank fees keep going up

I keep my money in cash, stuffed under the mattress. The mattress never charges me fees and I earn no interest, which is pretty close to what a savings account at the bank would earn.

Being able to count my money, pile it up and count it again, make Origami swans out of it, and smell that nice currency fragrance is icing on the cake.

 

[fireshot91]

Eh. I have a couple of bank accounts.


One is a Student-Savings, and gives me 3.5% interest with a Credit Union.

Another is with the same Credit Union, but a regular savings with .2%.

Then I have a checking with Suntrust. And this account is my 'main' one. They give me a debit card free of charge, and I can use it like a credit card.

Plus the nearest bank (Other than a branch in my school) is Suntrust, so it works for me.

 

[zioxide]

On that note, BOFA has a neat thing where you deposit a check in their ATM and they copy it for you. That's kind of cool but not $5.00 a month cool.

They aren't charging you if you use a debit card at the ATM. It's only for point of sale swipes.

On a less important note, I have Red Sox and Patriots accounts, which give me fun debit cards and checks.

This $5 is enough of an insult that I may change anyway, though.

Ask them to open up a Bank Americard with cash rewards. Then just use that card instead of your debit card. No $5 a month charges, you get 1% cash back (more on some specific things), and you can pay it right on the same website by just transferring from checking/savings to the card account. Just as easy, and you're actually getting a little money back too.

It was a matter of convenience, there's a BoA ATM in the building I work, but I've come to realize that I hardly ever use it to deposit anything and I can always get cash back at the grocery store if I need cash. The benefits don't outweigh the new fee.

And I haven't really had any problems with BoA, so I never had a reason to switch until now.

Like I said above, ATM transactions with the debit card won't incur any fees. It's only point of sale transactions at stores. Not saying you shouldn't change banks if you want to, but just wanted to make sure you saw that.

BofA's ATMs are the only reason that I have them. I'm a waiter, and there's a BofA right near my work, so I can deposit all my cash tips at night after my shifts. That's the biggest plus about them.

 

[yg17]

They aren't charging you if you use a debit card at the ATM. It's only for point of sale swipes.



Ask them to open up a Bank Americard with cash rewards. Then just use that card instead of your debit card. No $5 a month charges, you get 1% cash back (more on some specific things), and you can pay it right on the same website by just transferring from checking/savings to the card account. Just as easy, and you're actually getting a little money back too.



Like I said above, ATM transactions with the debit card won't incur any fees. It's only point of sale transactions at stores. Not saying you shouldn't change banks if you want to, but just wanted to make sure you saw that.

BofA's ATMs are the only reason that I have them. I'm a waiter, and there's a BofA right near my work, so I can deposit all my cash tips at night after my shifts. That's the biggest plus about them.

I use my debit card for POS transactions all the time, so I'd be paying the fee.

 

[zioxide]

I use my debit card for POS transactions all the time, so I'd be paying the fee.

I do too, but I'm going to stop and just use my credit card. We'll see how that goes for a few months, and if I don't like it, then I'll switch banks.

 

[eric/]

Switch to a local bank. BoA is just garbage. $5 to use your own money? Get out of here. Wells Fargo is doing it too, testing it out at least in a few states.

The only way stuff like this will stop is if people change banks and let their business do the talking.

 

[Plutonius]

I generally just use a credit card that has no fees, and I pay the entire balance each month so I pay nothing for the use of the card.

Eventually, all credit cards will start charging yearly fees. If banks lose money due to regulations, you can guess who ends up making up the difference .

 

[Huntn]

Wells Fargo is testing this out in some markets. I have a feeling they will be doing it also. F-Them. Looks like a credit union is in my future also.

Hopefully, BOA will try it out and if the other banks don't follow suite, and there is a loss of customers, it won't last. $5 monthly fee is total BS. My primary banking for the last 25 years is with a credit union... highly recommended.

 

[iJohnHenry]

The only way stuff like this will stop is if people change banks and let their business do the talking.

Yes, but they are betting that, like DSL switching, people will be too lazy to switch, and will just eat the extra cost.

 

[cantthinkofone]

I used to be a BankofAmerica client..

I had a small online business and my account used to fluctuate up and down 24/7.

I called to ask that overdraft option be blocked from my account. If I have no money, DO NOT allow overdrafts.

Employee confirmed that was done.

Two days later, $100 in overdraft fees. I call AND DEMAND OVERDRAFT IS SHUT DOWN FROM MY ACCOUNT.

Employee confirmed!!

I travel for a week to vegas..

I return home and check my account online to find it $600 NEGATIVE!!

I went to the ATM and took as much as I can take..

Account closed, balance to collections.

I changed my phone number and have only 7 months left until that $900 is off my credit history..

I WIN.. THEY LOSE!

They got their money. Any money they "loose" because people don't pay it they use as tax deductions. I'm glad I switched to a local bank. So much better service.

 

[joepunk]

My understanding is if you use their debit card you'll be charged. What I have not researched is will I be charged if I use the debit card as credit?

If I heard the news report on this correctly you will be charged the fee when you make a purchase whether or not you choose credit over debit. If your card says both then no matter which one is chosen you will get charged before you make the choice. Anyone want to confirm this?

 

[steve2112]

I keep my money in cash, stuffed under the mattress. The mattress never charges me fees and I earn no interest, which is pretty close to what a savings account at the bank would earn.

Being able to count my money, pile it up and count it again, make Origami swans out of it, and smell that nice currency fragrance is icing on the cake.

Well, that's good for easy access and short term savings. For my long term savings, though, I bury the money in coffee cans in the back yard. Out of sight, out of mind, I say. It sucks having to get the metal detector out when I want to buy something, though.

 

[eric/]

Yes, but they are betting that, like DSL switching, people will be too lazy to switch, and will just eat the extra cost.

Oh yeah, that's their goal. But people need to not accept that. Because it's just total crap.

 

[rhett7660]

If I may suggest looking at ING Direct.

No fees, no complaints by me. Great IOS app, and they give away money every now and then to have you open an account: i.e. savings. Gave me 50 last year for opening a 25. savings account for my son.

Now, they do not have brick and mortar- but today who needs it. I have been happy with them for 3 years and going.

FWIW, might want to check them out- (and no, I do not have affiliation whatsoever).Lastly, they offer debit cards, Sharebuilder stock trading, and 401k accounts...etc.

I too use them for the savings. However I am worried since they have been purchased by Capital One! Waiting to see what fee's will come about....

 

[iJohnHenry]

I too use them for the savings. However I am worried since they have been purchased by Capital One! Waiting to see what fee's will come about....

I hope this is just their U.S. branch!!!

EDIT: *whew* ING Direct USA.

 

[rhett7660]

Yes it is just the ING Direct US:

Now that Capital One has bought ING Direct USA for $9 billion, here’s a plea on the behalf of all ING Direct customers who have long gotten a kick out of the way the company’s marketing mocks other banks for being fee crazy and nickel and diming customers: Please don’t turn ING Direct into just another bank that the old ING Direct would’ve made fun of.

Read more: http://moneyland.time.com/2011/06/1...d-customers-start-to-freak-out/#ixzz1ZYDhC68B

 

[MacNut]

The easy solution is to just pay cash.

 

[darkplanets]

If I heard the news report on this correctly you will be charged the fee when you make a purchase whether or not you choose credit over debit. If your card says both then no matter which one is chosen you will get charged before you make the choice. Anyone want to confirm this?

I too am curious. I never use my debit card as debit... I always swipe as credit. Does this still count since it's different processing (and my card is Visa backed)?

 

[Tiggs]

Surprised anyone would steal deal with them. They should've already gone BK

 

[steve2112]

Yes it is just the ING Direct US:

Yuck, I didn't know they had bought ING Direct. I've had a savings account and Orange checking account with them for years. I've always had good customer service from them. I can't stand Capital One, and I hope they don't screw with ING Direct too much, but I fear that may be too much to hope for. I may need to start looking around for alternatives.