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Old 10-17-2011, 03:08 PM
 
Location: Grosse Ile Michigan
24,713 posts, read 59,499,369 times
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How do you get away from B of A? We change banks and then the new bank gets bought by B of A and we are back again. Maybe we will go back to a credit union and just pay all the endless ATM fees since Credit Unions hardly have any ATMs.

For now our former bank kept the same emplopyees and they still give us excellent service in direct violation of B of As policies. If they get caught providing freindly service, they will probably be fired.


Seriously some of the things they do might get them fired at B of A. If we overdraw our account, they call us in the morning and tell us to hurry up and transfer funds into the account to avoid being charges fees.
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Old 10-17-2011, 03:23 PM
 
Location: Los Angeles area
14,022 posts, read 16,922,220 times
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Default Time warp

Quote:
Originally Posted by Coldjensens View Post
How do you get away from B of A? We change banks and then the new bank gets bought by B of A and we are back again. Maybe we will go back to a credit union and just pay all the endless ATM fees since Credit Unions hardly have any ATMs.

For now our former bank kept the same emplopyees and they still give us excellent service in direct violation of B of As policies. If they get caught providing freindly service, they will probably be fired.

Seriously some of the things they do might get them fired at B of A. If we overdraw our account, they call us in the morning and tell us to hurry up and transfer funds into the account to avoid being charges fees.
Most credit unions these days belong to nation-wide networks of ATM's that members can use without charge. You're thinking of the old days. Your bank's service of calling you when your account is overdrawn is also a holdover from small town bank service many years ago. I didn't know such service still existed anywhere.

There are many banks that will never be bought by B of A. You are exaggerating that you cannot get away from them. How many times has this happened to you? In thirty years my bank has been bought by another only two times, and that's how I ended up with Wells Fargo.
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Old 10-17-2011, 11:25 PM
 
Location: Phoenix, AZ
5,924 posts, read 3,227,586 times
Reputation: 3646
Quote:
Originally Posted by Coldjensens View Post
How do you get away from B of A? We change banks and then the new bank gets bought by B of A and we are back again. Maybe we will go back to a credit union and just pay all the endless ATM fees since Credit Unions hardly have any ATMs.

For now our former bank kept the same emplopyees and they still give us excellent service in direct violation of B of As policies. If they get caught providing freindly service, they will probably be fired.


Seriously some of the things they do might get them fired at B of A. If we overdraw our account, they call us in the morning and tell us to hurry up and transfer funds into the account to avoid being charges fees.
Do your research and you might be pleasantly surprised.

A lot of credit unions belong to a nationwide network of ATM that do not charge fees for using them. They have ATM's all over the place, in accessible places like pharmacies, etc.

Here is an example Arizona Central Credit Union | ATMs | Phoenix, Scottsdale, Tucson
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Old 10-18-2011, 09:53 AM
 
Location: West Orange, NJ
12,542 posts, read 17,712,863 times
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Originally Posted by NJBest View Post
Hello regulation.
the regulation at least makes these things transparent to customers, who can now decide they don't want to support BOA making a 2,000% margin on the cost of a debit transaction.
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Old 10-18-2011, 09:54 AM
 
Location: West Orange, NJ
12,542 posts, read 17,712,863 times
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Originally Posted by Niftybergin View Post
No article I've read says that -- although, of course, I'm sure I haven't read ALL the articles out there! The closest I've seen to what you suggest has said that customers with certain "premium" accounts will be exempted from the $5 charge, but no article I've read has explained what "certain premium accounts" means.
the customers with a merrill lynch brokerage account. so people who enjoy being raped by $25 trade fees will get a pass on the $5 debit card fee.
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Old 10-18-2011, 09:56 AM
 
Location: West Orange, NJ
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Quote:
Originally Posted by Donn2390 View Post
Citibank announced today they will start charging $15.00 a month, so all you who dropped BofA will have to go back...! All banks are doing it to the basic accounts. I think Citibank wants you to have $6000 + to get away from fees...
i met with an account rep and got him to waive the fee for the citibank account. and my understanding is it was a $15,000 minimum balance to avoid a $20/month fee, but maybe it varies by state.
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Old 10-18-2011, 10:02 AM
 
Location: The Triad (NC)
26,793 posts, read 57,742,087 times
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Quote:
Originally Posted by bradykp View Post
the customers with a merrill lynch brokerage account.
Nah... The threshold is rather low. Regular savings/checking with as little as $1500 (maybe $3000?) and/or things like automatic deposit activity is plenty.

In the larger scheme of things...
if you don't have this sort level of "safety net" reserve balance you should be using cash and envelopes to manage your purchases like my grandmother not debit cards.
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Old 10-18-2011, 10:58 AM
 
Location: West Orange, NJ
12,542 posts, read 17,712,863 times
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Quote:
Originally Posted by Jimrob1 View Post
I also agree with there is no reason to use BOA or the other major banks. I have BOA and have had them for years including my time with Fleet Bank which BOA took over in 2004 or 05. I'm relocating during the Spring and will change all my accounts to a local credit union at that time. I think that is what we all should be doing, or making other considerations for our banking needs. What I wonder is this.

All these major banks know there will be trouble, and alot of it over the ways they are conducting business. Yet they continue to do so. So there has to be some reason. A business doesn't treat its customers poorly for the long term with no reasons. It doesn't go out of its way in its business handling with customers. When it knows it is going to lose customers by the thousands. Are the banks feeling they are going under and that is what their future is? If so is this how they are going down. By screwing each and everyone of us that does business with them until they completely sink.

Something is obviously up.
short term profits over long term outlook. and i'm sure they've calculated in a loss of certain # of customers, but they probably calculate that they are still better off. it's up to customers to vote with their feet and show them (as happened with Netflix after their most recent announcement).
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Old 10-18-2011, 11:02 AM
 
Location: West Orange, NJ
12,542 posts, read 17,712,863 times
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Quote:
Originally Posted by aliveandwellinSA View Post
instead of anyone blaming or being mad at banks maybe they should redirect that anger towards politicians.

Why banks are raising debit card fees
all the new regulations did was transfer a bank's ability to pass the fee to merchants to now passing the fee to customers directly. more transparent. now that customers see the fee, if they tolerate it, kudos to the bank. if not, the customer votes with their feet. that's how the market should work. not caking in fees that people never realize they are paying, indirectly.
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Old 10-18-2011, 11:08 AM
 
Location: West Orange, NJ
12,542 posts, read 17,712,863 times
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Quote:
Originally Posted by JBtwinz View Post
My meaning was the relative comparison of BOA fees to what the good percentage of Americans pee away paying high interest rates and and other frivoulus things. Think about it, a lot of people will live with high interest rate credit cards or think nothing about a five dollar latte every day, but they will freak out about a five dolar monthly fee. Not many people complained about the fees involved when they tapped their homes in order to take money out.
i'd rather overpay for a cup of coffee than pay to be able to use my own money...
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