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I am not closing my account because I don't have a B of A account. B of A has been a greedy bank for many years. I'm surprised it's taken people this long to figure it out. I figured out more than 15 years ago that the big banks were not a good deal for most people. What planet have people been living on???
I ditched BofA a long time ago when they were holding up my direct deposits an extra day and posting my transactions (in order of largest to smallest, of course) and charging me NSF fees. There's all kinds of class action suits against them. I don't bother with them, though.
I have coworkers who use BofA. They'll get paid today or tonight. I got paid yesterday because my bank posts the money right away. For the life of me, I do not understand why anyone still banks with them... because they have a lot of ATM locations? My bank (USAA) reimburses me for other banks' ATM fees.
Citibank is going to charge more then BofA if you use your debit card. Actually chase & u.s. bank may follow as well. Not all credit unions offer free checking with no requirements (at least not arrowhead credit union). Bank of america does have the free checking account if you use the atm only. Talk to a teller once & it will cost you $8.95 month.
Of course many people are not waiting until January but are already moving their banking business (as stated here in this thread), so B of A may have already shot itself in the foot.
I have to say that it's nice that they provided as much notice as they did.
People may want to close their accounts reactively as a result of this, but if they have direct deposit through their work and automatic bill-pay set up, they should really take a month or two to work through all the logistics of transition (from old BofA account to new other-bank account) so as to avoid NSF fees. At my company, for instance, you can submit a new direct deposit form to the Payroll people, but it may take two more paychecks before the money starts showing up in your NEW account.
[FONT="Comic Sans MS"]Want to know where to Move Your Money?
Here's a website that will help you decide.[/FONT]
[url=http://moveyourmoneyproject.org/find-bankcredit-union]Find A Bank/Credit Union | Move Your Money Project[/url]
I have to say that it's nice that they provided as much notice as they did.
People may want to close their accounts reactively as a result of this, but if they have direct deposit through their work and automatic bill-pay set up, they should really take a month or two to work through all the logistics of transition (from old BofA account to new other-bank account) so as to avoid NSF fees. At my company, for instance, you can submit a new direct deposit form to the Payroll people, but it may take two more paychecks before the money starts showing up in your NEW account.
What you wrote above is one reason why people stay with their current bank, be it B of A or another one - it is a lot of trouble to arrange for new automatic (electronic) deposits and re-do all your on-line bill pay payees. I have five automatic deposits every month and at least that many bills that get paid automatically every month. If I had to or if I wanted to badly enough I could re-do all that, but it isn't a pleasant thought. I have Wells Fargo and have been satisfied with their service.
That's a good site! I used it several years ago when I moved away from Bank of America. I was able to find a local bank that was rated as sound, and I have some banking business with that bank now, although I left my checking account at Wells (see above).
You know you live in a very rural area when you get this:
Sorry, your zipcode did not return any results.
We switched from BofA a couple years ago for political reasons and couldn't be happier. The new bank is a small one that's got few branches, but since I'm not traveling anymore and we seldom go anyplace it works. No fees at all. And they're just wonderful, friendly people. I LOVE small banks. I'd love a credit union but haven't found one we like as much as the small bank, so we're sticking with what we have.
Location: Huntersville/Charlotte, NC and Washington, DC
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Quote:
Originally Posted by Huckleberry3911948
why would you ever agree to such terms when you can join a credit union?
I think some just like the supposed convience of a big nationwide bank and the familiar name.
I don't think many realize how much you can do and don't need a big bank. For instance I have USAA and a credit union in another state. I have direct deposit. So when rent is due I just spend a buck to get a money order for the amount of the rent and I use my USAA debit card to do it. When I need to deposit cash I use an co-op/cu24 ATM to put money to the credit union account.
I have never been a bank customer. I've always been in a credit union and been quite satisfied.
I would never be a big bank customer, even if it was the last bank on earth.
I think some just like the supposed convience of a big nationwide bank and the familiar name.
I don't think many realize how much you can do and don't need a big bank. For instance I have USAA and a credit union in another state. I have direct deposit. So when rent is due I just spend a buck to get amoney order for the amount of the rent and I use my USAA debit card to do it. When I need to deposit cash I use an co-op/cu24 ATM to put money to the credit union account.
Are you saying you stand in line somewhere (post office??) to get a money order every month for your rent? If not, how and where do you get the money order?
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Please explain.
