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I have a love/hate relationship with BOFA. I've had an account with them since the 90s, back in the day when companies had a loyalty to customers. I never needed anything from a service desk in the Bank until about a year ago. I got into a cash crunch and had no available funds for quick access. I keep my checking amount with enough to take care of monthly expenses and I have a BOFA savings for what I call "short-term" savings - mostly a fun fund; on my real savings I use a MM or I ladder CD's.
So long story short, I needed a quick $4,000 to cover payment for a moving company that showed up early and I had to make payment on the same day. I asked if I can get a "signature loan" and even had financial statements of all my assets to show I'd be good for the loan. Since I'd been banking with them and using direct deposit with them for 20 years I figured it'd be a non-issue.
The agent tells me they don't do personal loans. They only do mortgage loans, and offer credit cards. Maybe I've missed something by not going into physical banks often.. Banks don't give regular quick turn around loans anymore ????? I was pretty miffed by the whole thing. I have $0 debt, and good credit and it's seems like a very odd practice.
I've been contemplating cancelling my BOFA account, but the one thing I like about BOFA is they are EVERYWHERE and pretty convenient when I need to use a ATM.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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We had at least 2 account with B of A until about 3 years ago, they are just not the same company. Move your accounts to a credit union. They do still make personal, unsecured loans. They also pay at least some interest on checking and savings, and don't charge monthly fees. We have accounts now with two credit unions.
I am surprised at BofA! I would have thought that would be a no brainer too.
I don't keep a ton of money in my daily use bank either, I rely on CC's to do that stuff for me if needed. Once, when I couldn't use a CC, I went into a mini panic until I figure out I could write a check from my Cap1 360 online account, where my savings are kept, and was able to do an instant online transfer from saving to checking to cover it. I never expected to use that checking account and only opened it because they offered to do so for free one day and I clicked "ok". Thankfully I knew where I put the checks they sent me. Haha.
These weird financial situations come up occasionally and it's like you have to be 50 ways of prepared!
First off, just showing up and talking to any of the random employees in a typical "office" these days is pretty useless. The folks that really understand how "bankers" are supposed to help customers and the bank have been promoted to "high net worth individual personal banking representative" or maybe "business relationship banker" or more likely have left for smaller organization.
Second, "signature loans" or "personal lines of credit" are not profitable in many situations where these things have to meet with "fair lending" standards and open the bank up to claims of discrimination. That said, most "high end" charge accounts have some kind of variation on "instant cash advance" that has a window of low / no interst for folks with stellar credit. Often these can be tied to things like "universal asset management accounts" so if you have a portfolio and occasionally leverage a margin account the whole credit line is consolidated. Again a handy thing for folks that keep up with the trends for "high net worth indivuals" but not something a regular "walkin" customer would understand.
If you have signficant assets (like $500k or more of liquid non-retirement assets) and/or high current income (typically more $750k/yr) OR are a principle of a privately held business more $10M in annual sales / billable receipts it might be worth talking to a the right people at BofA or even better seeking out a smaller local / regional bank that will treat you better. Lots of regional banks have polices to help you move all your financial business. If you want an ATM that will never show "interbank / non-network fees" they can do that, if you want your account to sync up with your accountant or accounting software they can do that, if you want "magic checking" that never ever has an overdraft / NSF they can do that.
If you are not in the asset or income categories that get "red carpet" treatment you might in fact do better with a credit union or small town bank, but don't assume that these organizations are going to bend over backwards to serve you...
This is the main reason why I like line of credit. It's the odd situation when I need fund immediately, I could do transfer or write out a check. I use BofA and WellsFargo. With WF my overdraft for checking is linked to my line of credit.
Be aware that a lot of credit unions cross collateralize loans meaning they can take your car if you default on your credit card.
Why didn't you put the moving expense on a credit card? Or used margin on your investment account?
Really?
Seems to me that would just push people into filing bankruptcy to hold on to their car or get it back - their credit has already been trashed anyway.
And for those who don't actually need that car, surely they don't put a lien on your car title when you get a credit card - so if you anticipate trouble making CC payments you could sell the car first, right? As long as you have a clear title they can't stop you!
Seems to me that would just push people into filing bankruptcy to hold on to their car or get it back - their credit has already been trashed anyway.
And for those who don't actually need that car, surely they don't put a lien on your car title when you get a credit card - so if you anticipate trouble making CC payments you could sell the car first, right? As long as you have a clear title they can't stop you!
Cross collateralizing means there is more than one loan ie a credit cards and auto. If you pay one off the cross is no longer there
I have a Bank of America LOC. Immediate cash available any time you need it for only 3.25% interest.
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