I knew BoA would sneak a new "fee" in

[Judyat]

Time to dump the big banks. Credit unions are the way to go.

 

[MrsPete]

Time to dump the big banks. Credit unions are the way to go.

It's not quite that easy:

My husband and I keep accounts at both Bank of America and a credit union. The credit union pays us more interest on our savings, and over the years we've had several loans with them. Yet we keep our checking account at Bank of America. Why? Because he travels for business, and he needs to be able to access cash anywhere. Recently, for example, he headed out for what should've been a 2-night trip, but he had bad luck with the materials with which he was working, and he ended up staying 5-nights. This happens maybe 20% of the time he travels; he can't always anticipate his financial needs. If we kept our checking account with the credit union, and he used a big-bank's ATM just once during the month, there'd go our savings.

 

[minnie1928]

one thing, do not lump all banks in one category. Even more so remember like any other business, there are people who depend on banks for their jobs, I am one of these people. No I do not work for the big banks like Bank of America, but my bank must endure all new legislation that resulted because of the misconduct of the few. As an employee and as a bank customer I get to see both sides, please remember many banks offer many services without charge, fees and interest income is what generates the revenue to pay wages.As with any business that rely on human employees, mistakes happen, how these errors are resolved is what is important. I venture that most local banks are honest. My company requires charity work and community investment by its employees. Not defending bank of america, I am not a big fan of them either. Also credit unions are a nice alternative but they are a bank competitors and are not required to follow all of the same regulations. Like with all aspects of life, you always have the good and the bad, unfortunately it is the few bad that hurt the reputation of the many.

Excellent post! As a former banker of 20+ years (community bank), I've seen lots of people bash banks in general. But, banks in general are not bad...there are some bad ones, but I'd venture to say that you could have that same occurrence in any industry. There are many more good banks that value their customers, know how to provide high levels of customer service and are truly trying to do what's best for their customers.

If you're not happy with your current bank, then change banks. That's your most powerful weapon.

 

[cookingqueen123]

If we kept our checking account with the credit union, and he used a big-bank's ATM just once during the month, there'd go our savings.

My credit union refunds me up to $15 a month to use atm's anywhere.

 

[MomToOne]

It's not quite that easy:

My husband and I keep accounts at both Bank of America and a credit union. The credit union pays us more interest on our savings, and over the years we've had several loans with them. Yet we keep our checking account at Bank of America. Why? Because he travels for business, and he needs to be able to access cash anywhere. Recently, for example, he headed out for what should've been a 2-night trip, but he had bad luck with the materials with which he was working, and he ended up staying 5-nights. This happens maybe 20% of the time he travels; he can't always anticipate his financial needs. If we kept our checking account with the credit union, and he used a big-bank's ATM just once during the month, there'd go our savings.

Just as an FYI - most credit unions belong to the same ATM network (Co-op), and you can withdraw from any of them fee free. My credit union is actually 125 miles away from where I currently live. I use ATMs for other credit unions in my area with no fees. I can even make deposits at them without any problem.

Of course, you mileage may vary based on your specific credit union, but I've never had any problems just going to the first credit union I find when I'm travelling.

 

[SandrA9810]

Just as an FYI - most credit unions belong to the same ATM network (Co-op), and you can withdraw from any of them fee free. My credit union is actually 125 miles away from where I currently live. I use ATMs for other credit unions in my area with no fees. I can even make deposits at them without any problem.

Of course, you mileage may vary based on your specific credit union, but I've never had any problems just going to the first credit union I find when I'm travelling.

Same here, my credit union is in Ft Lauderdale, FL and I'm in California. I can call or go to the website to find out the closest ATMs/banks in the area. Just ask if they use the sister network of credit unions (or something similar to that).

 

[VirataMama4]

I had a $12 fee a couple of months ago on one my BofA checking accounts, when I looked it up it was a service fee because I didn't meet the direct deposit requirements for the month, which was $250. OP you may want to check into this to make sure you're not hit with it again!

 

[LilyWDW]

Just as an FYI - most credit unions belong to the same ATM network (Co-op), and you can withdraw from any of them fee free. My credit union is actually 125 miles away from where I currently live. I use ATMs for other credit unions in my area with no fees. I can even make deposits at them without any problem.

Of course, you mileage may vary based on your specific credit union, but I've never had any problems just going to the first credit union I find when I'm travelling.

Same here. In fact, it was one of the things that I looked at before I moved my money away from BofA and into my new Credit Union. That and making sure it was covered by the National Credit Union Association and a few other keys points (to me).

That said, I never had an issue with BofA and always had wonderful service from them. The only reason I switched was because I didn't trust how solid they were at the time and wanted my money somewhere more secure. I felt really bad closing my account because the people at my branch were always awesome. I actually miss them! However, I love the service and ease of my credit union... and I just got my first dividend with them (not that it was a lot, but that was cool).

 

[anna08]

I have had the experience in every bank (except my current one) where I have had a 'free' checking account that included free checks, I have found a charge for checks later. I swear they do this on purpose, and they always act surprised that the charge occurred.

Likewise, every single bill my DH and I got from Sprint for a period of 8 months had charges for things that were supposed to be included in our plan. I would call every month, and you could tell the CS reps were so used to dealing with this issue because they would cut me off as I detailed the calls that should not have been charged, and offer a credit for an amount that usually totaled less than the incorrect charges totaled. I am convinced this was an intentional policy of the company. I have not been a customer of theirs since, and will never be again.

If I had the time and energy, I would hire an attorney to investigate these creeps. So. look carefully at your statements!!

I can't say I have experience with credit unions, but there are banks out there with great offers and service, that are not the big ones. USAA is hard to beat.

 

[NYCDiane]

I think it's pretty standard for a bank to charge you a fee and not notify you if you overdraft yourself.

Maybe for banks but credit unions are supposed to be "small and give personalized service". I would take that to mean if a company is trying several times in a row to debit my account and there is now money there, they would contact us to let us know there is some kind of problem. The credit union he was in only had ONE branch, so it's not like it was some huge credit union.

 

[Swimalie]

Time to dump the big banks. Credit unions are the way to go.

Not necessarily. My husband's credit union wanted to charge him a monthly fee. Not all credit unions are created equal. We are with a big national bank and have yet to have any fees.

 

[dumbodame]

I am with BOA. Appx. 2 months ago, a letter and brochure came from them stating their new fee structure which would be taking effect around this time.

I went to my branch and spoke with my banker.

There is "no fee" checking if you make direct deposits into you account. There is "no fee" savings if you make a savings deposit each month.

If I did not have direct deposit, I would pay $25 each month in fees to my checking account, and if I did not make a deposit to my savings account each month, there would be an additional fee.

While the new fees they are charging are extremely high, it IS possible to avoid them. I have a fee charged to my account each month of $3.....it is for my "paper" statement.

For the OP...is it possible that your uncle did not see the brochure from BOA about the new fees that were to be charged?

It is good to hear that BOA will be reversing those charges.

 

[Robinrs]

I am with BOA. Appx. 2 months ago, a letter and brochure came from them stating their new fee structure which would be taking effect around this time.

I went to my branch and spoke with my banker.

There is "no fee" checking if you make direct deposits into you account. There is "no fee" savings if you make a savings deposit each month.

If I did not have direct deposit, I would pay $25 each month in fees to my checking account, and if I did not make a deposit to my savings account each month, there would be an additional fee.

While the new fees they are charging are extremely high, it IS possible to avoid them. I have a fee charged to my account each month of $3.....it is for my "paper" statement.

For the OP...is it possible that your uncle did not see the brochure from BOA about the new fees that were to be charged?

It is good to hear that BOA will be reversing those charges.

I take care of my uncle, he has dementia and lives with me. I open all of his mail. I have been with them for years, I KNOW them very well.

I got a letter a few months back trying to add a fee to acct, I called them and told them NOT to add it. They didn't.

This time they did it with NO warning. The point is I'm glad I caught it but imagine if my uncle took care of his own affairs? Or my 18yo son? BoA counts on the people who DON'T check. I can only imagine how many 12 dollar payments they collected (NOT to mention the overdraft fees for those who didn't even have the money in their accts) because they need to make up for what they lost. btw, BOTH of them have echecking and direct deposit... NO FEES.

They can do it on someone else's dime, not mine.

 

[Tink-aholic]

Why are they offering unheard-of, amazing deals to attract new customers? They are offering me $200 to open a new account. That works out to more interest than I see in months of my high-yield accounts. Even if I keep the money in the account for three months, it works out to over 8%.

Seems odd that they would give away such large amounts of cash and then nickle and dime others.

 

[Judyat]

I've never had a problem with fees at my credit union. And they always have the best rates for loans. I trust them and they have never let me down. When I travel internationally I used my credit union debit card when I need money and they charge less than a dollar per hundred which I think is very fair. With all that I'm hearing about big banks I think it's time to change the playing field. Customers shouldn't have to complain about fees that they are being charged to get their attention. They seem to think they can do what they want and I for one am not going to support them. If you can't trust your bank than it's time for a change. I wouldn't put up with big banks when there are so many other great choices out there.

 

[dumbodame]

Why are they offering unheard-of, amazing deals to attract new customers? They are offering me $200 to open a new account. That works out to more interest than I see in months of my high-yield accounts. Even if I keep the money in the account for three months, it works out to over 8%.

Seems odd that they would give away such large amounts of cash and then nickle and dime others.

BOA has different charges for different accounts and the services you wish for them to provide to you. I am ok with my $3 per month charge, but there are obviously others that are getting "nickle and dimed" like crazy.

I have been with BOA through several name changes, etc....35 years to be exact. I have never had a problem with them, but with these new charges, I will have to make some adjustments to my daughter's account.

She has had her savings account since she was little. Once she turns 18, her account will be subject to these new charges.

 

[LilyWDW]

Why are they offering unheard-of, amazing deals to attract new customers? They are offering me $200 to open a new account. That works out to more interest than I see in months of my high-yield accounts. Even if I keep the money in the account for three months, it works out to over 8%.

Seems odd that they would give away such large amounts of cash and then nickle and dime others.

They are offering awesome deals to attract customers because they just lost a bunch. People started closing their BoA accounts when they announced the new fees (actually, a good number also left before that but we will focus on recent events). Just because they dropped the some of the new fees doesn't mean people will then go back. So they have to attract new customers to make up for the fact they lost accounts.