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anyone who does not understand that business needs to fire the customers that either cost them money or are a nuisance to deal with , can't understand much about economics.
even vanguard charges small account fees if you do not adhere to the requirements .
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account service fees
Account service fees are automatically waived when you register for secure access to our website and let us send account documents to you electronically. They're also waived for all Voyager, Voyager Select, Flagship, and Flagship Select Services clients.
If none of these apply, a $20 fee will be charged annually for each fund account in which you have a balance of less than $10,000.
BoA's minimum account requirements got them what they wanted from me: I now keep their required minimum in the account. Much cheaper than the fees and worth the ATM access. It's effectively a $30-50 annual fee depending on what interest rate you assume and worth it for access to their ATM network which is far and away the best. If and when bank interest becomes meaningful again or they hike the minimum further I will reconsider.
This is an obvious win for their managers. People like me who kept tiny accounts for access to the atm network and to the teller a couple times a year were a drain. Obviously I don't like the change but understand why they did it.
My (BoA) branch just closed a few weeks ago, so now if I want to use the bank, not just an atm, I have to drive 15 miles to the next town. But I will stick with them, I keep the required minimum in, to avoid fees, & I like the geographical access to atms, & I also carry the b of a travel card, which is handy on foreign jaunts.
I'm pleased that this topic has finally received some intelligent and knowledgeable replies. I intend to go back over the posts and +rep for everybody who had any intelligent comments to add.
My sister were just laughing and laughing at some of the posts last night (while we were on chat). So many are so clueless.
Folks, banks are corporations, and corporations are just financial objects. For us the name of the game is consumerism. Banks have their strategy, we have ours. They are mega-corporations and were bailed out by big government while the little guys got squat. And now you sympathize with corporations? Jesus... You should be making plans on your best strategy on how to use the system to your best financial strategy. Banks could care less about you other than you as a number. Why you should you care anything about your bank except it too as a number?
I've been a customer with many of the banks on the top 10 list. I make it a point to be on a first name basis with my local branch officers and many of their staff. I have an excellent relationship and rapport with all the people that count at my banks! I get red carpet service with that personal touch. I just opened a stock trading account at my credit union (online). The instructions said to mail in the completed, signed form. I drove 10 minutes to my local branch and handed the app to the branch manager and my app went to headquarters via their overnight courier. It was at the main HQ next morning and my "takes 2-3 days to process" turned into getting processed by close of business same day. I already have my account number and temporary pass, and will fund it tomorrow morning. That's what I call personal service, and that's what I call being on excellent terms with your banker.
Bank of America? It was my chump change bank. No way will I hand the keys to a good bank to PayPal. B of A didn't want my business, US Bank wanted me so badly they paid me $75 to switch to them! I call that a genuine deal! That's consumerism at its best, and now I know the manager at the mini-branch in my local supermarket, first name basis!
Your best bets for getting a free checking account DO NOT include carrying a minimum balance. That's for suckers. They pay you 0.1 percent APR, maybe even less. Your very best bet is to have your paycheck or retirement check on direct deposit which will almost always get you a free account. Another good way is to carry a mortgage at your bank, or do your banking at the bank that holds your mortgage. (I own a few investment houses so that's why I get free checking at Chase.) Unfortunately mortgages often get sold bank-to-bank and it's difficult to chase them.)
My credit union has an interesting system, they award points for various relationship activities. Points for a mortgage, points for an auto loan, points for a home loan, points for direct deposit, points for various minimum balances, points for an investment account. I think you need something like 8 points to reach the highest level, Platinum Signature member. I have around 16 points... (I've never found a place where any of my ATM cards are not accepted, and I travel widely throughout the Southwest.)
The message I'm trying to send is that as a consumer it is your job to locate the best deal that meets your financial goals and requirements. Quit crying about the interests of banks. They aren't even humans, they're corporate entities. They're the big boys. They're going to make a profit no matter what you do, and if that includes cutting your heart out to make a profit they'll bring out their scalpels and to hell with the anesthetic.
Those of you who don't have a clue, please get one. And don't feel bad for me, I get multiple free accounts wherever I go. B of A doesn't want me, that's fine. US Bank paid me $75 to get me to sign up for a free account with them. I did much better than getting a free account. I got a free account and they paid me a $75 signing bonus just to get my business that B of A didn't want. Now US Bank is my PayPal bank! I'm looking forward to resuming my sales activities on eBay as soon as I can shoot some product and get it listed in an auction, this week I hope. (But buying Amazon takes priority.)
so i guess your take away is banks should give you free services or they are evil ......
personally i would never use any financial institution if i couldn't at least make their minimum requirements . if i couldn't then i would not complain about a small account fee .
OP is quite full of his or herself. I’m not sure what you are trying to accomplish with your long rambling posts, and why you think anyone here cares that you and your sister are “laughing at the responses” here. I can only imagine the desolate sadness of two grown adults getting their kicks from a misguided superiority complex over strangers on the internet.
The fact is, OP, BofA couldn’t be happier to see you go. Their entire model right now is centered around weeding out the small account holders that cost them more to service than what they receive from your measly deposit. BofA is currently more focused on expanding their business around more active customers and selling more products to them. And it’s been working for them. So you really aren’t accomplishing anything by wasting a teller’s time with your self righteous drivel.
I'm surprised that so few members get the humor that Bank of America kicks me to the curb and US Bank pays me $75 to get my business. Just how is US Bank's model different than B of A's model?
Sis lives on a different continent, in a vastly different country. They don't have checking accounts there because as she says, "all the cheques are rubber. Nobody uses them." They are on a cash basis in her country.
At least you don't have to balance your purse. What you see is what it is.
I get free accounts at all the institutions I deal with because I can't shove cash or mortgages under my bed. It's not my fault if they insist on giving me free banking but I put the money there because it doesn't belong under my bed, not because of the free accounts.
The only loose end is my PayPal linked account. I never have more than a couple hundred there, and I won't give PayPal access to any account that has serious money in it. US Bank meets that criterion. PayPal can't suck it negative no matter what they want. Yeah, it will end up in court if PayPal thinks otherwise. PayPal can be so arbitrary at times (and eBay) that no way am I going to trust them with more than a few hundred bucks. If we have problems I'll see them in court.
I'm a "verified" PayPal seller with a 100% positive feedback rep. I treat my customers well, unlike how the banks treat their "sheeple."
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