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People who open accounts just to deposit their paychecks in and then withdraw all their money until the next paycheck direct depost goes in are actually a COST liability to the bank. Banks don't need those accounts. That's why they are going to start charging fees to cover their cost of servicing those customers and those no-profit accounts every month.
Think of it this way, until the advent of debit crads, you had to pay for a lot more checks, correct? $5.00 a month for convenience. We think nothing of spending that on a fast food meal that doesn't do us any good at all. Sorry, I don't see what the big deal is. No, I don't work for BOA.
Your right and I can agree, I guess it is just my twisted outlook on banking. I am too old school where good credit and having money in the bank was important. Who would have thought that 5 or 6 figures in an account could earn you 1/2 to 1%. Saving for my childrens future is the same as putting money under the mattress than putting it in the bank.
There are way more people that have no problem with credit card interest rates and bank fees and that makes the banks happy. We who save offer no significant benefit to the banks.
Again your right about 5 dollars as being insignificant, but the idea of me keeping money in their bank and charging me for letting it sit there bugs me. They are using my money and others money to cover their bad loans and I get charged for this, and yes I can go to a credit union.
I cancelled my BOA accounts several years ago. I was tired of dealing with inflexible and incompetent people. Plus my local bank reimburses any ATM fees for out of network ATM transactions so I can still freely travel without worrying about fees.
wife and i went through hell closing our bofa account when they pulled the 'oh lets run your biggest purchase (rent check)' through first and forget about these gas station and grocery store purchases for now... oh whats that? because we ran your check first, you got hit with 8 overdraft fees because we ran a check before some previous purchases you had made? whats that you say? if we had ran through the purchases in the order they occurred (like any sane businessman would...), you would have only been hit with one overdraft charge and you were fine with that??? oh sorry i cant help you neither can my supervisor. is there anything else i can help you with????'
yeah, i could care less if they go bankrupt and put thousands of people out of a job. those people who work for them can DIAF also.
You sure are quick to absolve yourself of any responsibility for writing checks beyond the money you had in your account to cover them. You were the one that signed up for overdraft protection. You were the one who was grossly irresponsible. And now you are the one providing us with an example of what is wrong with the United States today. Your entitlement mentality sucks big time. Grow up and act like an adult.
I bailed from BOA three years or so ago. There had been minor annoyances over the years since BOA swallowed up the bank that I had actually opened my accounts with...but nothing worth the hassle of switching.
The straw that broke this camel's back was the day I went in to cash a check. I had just renewed my driver's license, and in this state they take your old license when you renew. The teller refused to take my new driver's license for ID because it was "less than 90 days old"! I've had a driver's license in this state for over 40 years! They wanted me to go home and get my passport. I went home alright, but to get my wife so we could sever all ties with these bums.
I had a couple hundred thousand in there, so presumably they made some money off me....but they didn't particularly seem to care that I was leaving. I don't care if they cared...LOL...my credit union is far, far superior in every way!
Go back to the (overwrought and inaccurate) plea for whine I was replying to.
I'll stick with my statement there and the 10 or so others on the topic I've made.
hth
Not going to go search for your statement(s), in a context that BOA of their charge increases. You can stick w/ your statements/opinion, I'll stick w/ what BOA is saying they're going to do though.
Your right and I can agree, I guess it is just my twisted outlook on banking. I am too old school where good credit and having money in the bank was important. Who would have thought that 5 or 6 figures in an account could earn you 1/2 to 1%. Saving for my childrens future is the same as putting money under the mattress than putting it in the bank.
There are way more people that have no problem with credit card interest rates and bank fees and that makes the banks happy. We who save offer no significant benefit to the banks.
Again your right about 5 dollars as being insignificant, but the idea of me keeping money in their bank and charging me for letting it sit there bugs me. They are using my money and others money to cover their bad loans and I get charged for this, and yes I can go to a credit union.
But here's the thing -- if you go into your bank and say to the teller -- look -- I have 10K in this bank, and I don't want to pay fees..... the teller will tell you about the accounts they have where you won't HAVE to pay the fees.
I'm the same way. I won't pay for checking. I have a business account, and a personal account. While I had my HELOC I didn't pay for my personal account, and I run 10K through my business account monthly, which is way over what I need to make it profitable for them, as I write 1 check a month for the most part. Once a year I write TWO checks a month, because business insurance comes due. Every thing else is EFT.
HELOC closed -- and I told the manager of the bank (who called to tell me my HELOC was closing if I didn't re-app) I didn't want to pay for my personal account. She looked at my history and gave me free checking.
I am now considering getting my house refi'ed with a small local bank. If they do it, and are willing to give me the type of business account I need, I will gladly take all my business to them -- on condition they don't charge me.
Banking can be more than buying a service, you are building a relationship, and the more stuff you bring them, the more they are willing to bend over backwards to make it easier for you to bring them more business.
Bascaily uour just seeing the results intended of the new consumer protection laws. The elimiantion of free stuff to people who should not have so much credit to gaurd them from themselves.its comin gto all banks;credit unions etc.
wife and i went through hell closing our bofa account when they pulled the 'oh lets run your biggest purchase (rent check)' through first and forget about these gas station and grocery store purchases for now... oh whats that? because we ran your check first, you got hit with 8 overdraft fees because we ran a check before some previous purchases you had made? whats that you say? if we had ran through the purchases in the order they occurred (like any sane businessman would...), you would have only been hit with one overdraft charge and you were fine with that??? oh sorry i cant help you neither can my supervisor. is there anything else i can help you with????'
So, you write a rent check, make other purchases and don't have the money in the account to cover it, then expect BOA to take the blame? How is this anywhere near logical?
A checking account is NOT a credit account, no matter how much a bank might say they will cover the over-extension. BOA and any bank has the right to run anything, in any way they choose that comes across their desk. You write it/spend it... It comes out. Period. If you don't have the funds to cover it, you're going to get nailed with ISF charges. That's the deal and it's pretty clear from the get go. Don't blame BOA for that.
BOA and other big box banks don't 'suck' if you simply play by their rules: Keep enough money in your account, don't overdraft, etc. There are tons of options for getting free accounts with them, as long as you know what the fine print is. It's ridiculous to me that so many folks put their hard-earned money in places they know so little about (and then complain when they are 'screwed' by the rules that were in plain sight from the beginning). Don't want to deal with that? Go to a credit union or private bank, but rest assured that the rules aren't going to be any different. Welcome to the new age of banking.
No it is not and I am not sure why people think it is. Banking is hyper competitive. There will always be institutions that will be more customer focused and not charge these fees. Especially credit unions who are not out to enrich share holders. I have laid out why I think it isn't going to be standard everywhere, why do you think it will be?
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So just whose fault is this, exactly?
