U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-04-2007, 12:24 PM
 
28 posts, read 169,582 times
Reputation: 31

Advertisements

Stay away from banks. They are in business to make money. I worked for a credit union and have had my account there for over 20 years. They charge little or no fees for things, plus they fully disclose any fees. Notto mention if you feel you were charged a fee unjustly they will refund for you. They pay better interest rates on cds, and charge lower interest on loans. BOA is a criminals haven. I worked in the Risk dept at the credit union and seen alot of BOA handy work. They will give anyone an account or loan without fully checking them out. So any fees you are paying is to cover their loses for these. Anyone can join a credit union just by working or living close to it.
Reply With Quote Quick reply to this message

 
Old 07-04-2007, 01:05 PM
 
Location: Ohio, but moving to El Paso, TX August/September
431 posts, read 1,543,502 times
Reputation: 284
I ditto the credit union option. It's a great way to avoid bank fees.

I had a BOA sky miles card. It used to be MBNA, but once it got taken over by BOA, the customer service went downhill. The only reason I'm keeping it open is we are buying a new house soon and I don't want it to affect my credit score by closing it out. I will not have anything BOA again.
Reply With Quote Quick reply to this message
 
Old 07-08-2007, 03:57 PM
 
22 posts, read 74,154 times
Reputation: 16
Are you aware you can earn 4.5% interest with an online bank? If you are sent there by a referral, with a deposit of $125.00 you can receive from the bank $25.00 deposited right into your account. You can't collect your money then close the account. But, why would you?

I've been a member of this bank since Feb 2005 & experienced & enjoyed the increases in interest rates. I'm currently earning 5.35% on a 9 months CD again not offered to the new member when you sign on directly.

You can e-mail me to get your e-mail from my bank.
Reply With Quote Quick reply to this message
 
Old 07-12-2007, 06:20 PM
 
449 posts, read 1,480,304 times
Reputation: 197
I was happy enough with BOA but recently had a run-in with them over fees and problems so I'm closing out my accts. I'm considering going bank- less at this point, its easier to cash a check at the food store than have a bank give you your own money. I also have a CU I've used for years, no problems at all only they've never been good at approving loans, cc's even after 10 yrs of being with them though I've gotten approved at other banks without any problems.

I've tried diff banks over the years and it seems things always run smoothly till you're there a few months and then deposits get held, fees get added..its
happened a few times where out of the blue there's a 180 change with the services. My CU has remained the same over a much longer period.

I think I'll just stop trying at those mega-banks.
Reply With Quote Quick reply to this message
 
Old 07-12-2007, 07:22 PM
 
22 posts, read 74,154 times
Reputation: 16
Default BOA & Online banking with high interest rates & debit card

Quote:
Originally Posted by midwestmom View Post
I was happy enough with BOA but recently had a run-in with them over fees and problems so I'm closing out my accts. I'm considering going bank- less at this point, its easier to cash a check at the food store than have a bank give you your own money. I also have a CU I've used for years, no problems at all only they've never been good at approving loans, cc's even after 10 yrs of being with them though I've gotten approved at other banks without any problems.

I've tried diff banks over the years and it seems things always run smoothly till you're there a few months and then deposits get held, fees get added..its
happened a few times where out of the blue there's a 180 change with the services. My CU has remained the same over a much longer period.

I think I'll just stop trying at those mega-banks.
I am totally enjoying my online bank I'm earning money and love watching my money grow daily. I don't have checks and just pay with a debit card. so no worry about needing cash
Reply With Quote Quick reply to this message
 
Old 07-13-2007, 06:03 PM
 
Location: Arkansas
1,230 posts, read 2,841,220 times
Reputation: 1551
From a Bankers point of view!

Ok I have worked in Banking for almost 7 years, I do understand the need for low fee checking accounts but I just do not understand how anyone could expect everything free. At the bank that I work at we offer a free checking account meaning no service charge, free online banking, free debit card (cheaper for us for people to use) but past that I just dont understand why people would expect it to be free.

Here are things that take up a lot of time, paper, etc. Stop pay (for each stop pay the system will kick it out but a person must send the check back etc), for each special message instruction (ie: Lost check book check signiture, a person must check each check for this account and compare the signature to the original signature card), NSF's come one now you wrote a bad check they could just send it back, Print outs if every person wants what that is alot of paper which equals an expense, Phone Transfers (thats why on line banking is free).

To me it is like this you wouldnt go shopping and expect because you are a customer your food, clothes etc should be free. So why would you expect it at a bank?
Reply With Quote Quick reply to this message
 
Old 07-13-2007, 06:44 PM
 
Location: Burlington, VT
483 posts, read 1,782,161 times
Reputation: 259
I can understand charges for Stop Payments, account research, and other things. But some banks (I think BOA is one of them) charge you every time you use your ATM card as a debit card, instead of a credit card. Some charge you to write check. My old bank charged for on-line bill-pay for a while. Since all of those save the bank money, why shouldn't they be free?

Last edited by Hatless Wonder; 07-13-2007 at 06:44 PM.. Reason: clarity
Reply With Quote Quick reply to this message
 
Old 07-14-2007, 12:13 PM
 
2,063 posts, read 6,521,116 times
Reputation: 2718
Interesting discussion. I just closed out my BoA account (started with Fleet). While I certainly can understand fees for actual services, sherrenee, I ended up closing mine because BoA charged me $25 per month for a checking account I did not want or use. It was an account the manager insisted I needed to open when my original checking account with Fleet was changed. I ended up having 2 checking accounts and never noticed in the fine print when the "relationship" changed from a qualifying amount of $10,000 to $25,000 in all "linked" accounts for this unused account. For some reason its "relationship" changed when the others did not. No one at BoA could explain why.

The local manager was very apologetic when I realized I had been charged for months on end but could only remove 3 months worth. Isn't in wonderful when they pay you interest in the cents range but can charge you "fees" at $25 a clip?? He and the assistant manager appeared quite embarrassed about it when I showed them the how the first page still showed all fees waived because you have $XXX dollars in your account but 2 pages later, very much buried in the small print was another minimum amount listed! The rep at customer service was nasty and basically implied I was an idiot for not reading my 6 page statement ( three quarters of which is offers for all those other "products"). When I responded that her response would result in closing my accounts her reply was the canned "thank you for choosing BoA for all your banking needs" needless to say that is one bank I will never put a dime in again!


I have had an account with ING for a while now and love them. Yes, the interest rate is that good and they have always had fantastic phone customer service and the on line services are well thought out. The only drawback is that you still need a brick and mortar bank to transfer funds to and from your ING account. So far the local small bank seems to be working out just fine for banking and for ING transfers. The small bank began offering higher interest rates (not quite as much, but close to ING) for larger deposits so the BoA account transfer is now earning better interest as well.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top