Bank of America vs Chase

sunny_socal · Post by **sunny_socal** » Sat Mar 04, 2017 10:07 am

I've been with BofA for about 20 years. I've recently moved to a new location and for some reason this area is almost devoid of BofA ATMs and branches! The one branch that's somewhat close (and still rather inconvenient) seems to always have long lines of people cashing payday checks.

Chase seems to have branches near my home and work, haven't kept track of their ATMs. I'm tempted to jump ship. Is the $300 checking account bonus still available?

I only use BofA as a conduit for employer direct deposit and paying bills, no mortgage/HELOC or anything. Their website is good IMO.

Any reason not to switch?

Post by **oldcomputerguy** » Sat Mar 04, 2017 10:12 am

If BoA is no longer serving your needs, there's no reason to stay with them. I have no experience with Chase other than that they handled our home mortgage, so I can't speak to their banking services.

If you're looking just for bill pay, direct deposit, and occasional ATM usage, you might try opening a Fidelity Cash Management account. It has all this, plus they reimburse foreign ATM fees, so you could use just about anyone's ATM. They also have a decent 2% cash back Visa card (through Elan Financial) that can be set up to deposit the cash rewards into the Cash Management account.

Just a suggestion.

obgraham · Post by **obgraham** » Sat Mar 04, 2017 10:30 am

BOA is an appalling organization. Their customer service is zippo unless you are in one of their "preferred" (i.e. lots of money) groups.
Chase has always managed to get the job done with minimal fuss.

I vote to switch. That said, I prefer an online bank, with a small local for the occasional thing that needs a personal visit.

rgs92 · Post by **rgs92** » Sat Mar 04, 2017 10:37 am

Bank of America online services is like something out of 1995. I have a credit card with them and it took me a hour on the phone with someone to set up automatic payments while I got a series of confusing explanations from them about their own incompatible systems.
They spent time telling me about the secret things you need to click on their website to do everyday things.
Something is truly off the rails there.
I actually stay with it just to be entertained by the follies since I have had their credit card for 20 years.

j0nnyg1984 · Post by **j0nnyg1984** » Sat Mar 04, 2017 10:52 am

BoA with preferred rewards is GOAT.

I don't know why you'd use a major B&M bank if you didn't have special rewards or something else that necessitated it. Switch to an online bank like Capital One 360, earn 1% on your money, and have access to a huge network of free ATM's.

radiowave · Post by **radiowave** » Sat Mar 04, 2017 10:54 am

One thing to consider before you jump ship, is that 20 years experience with BoA helps your credit score.

Dilbydog · Post by **Dilbydog** » Sat Mar 04, 2017 12:02 pm

radiowave wrote:One thing to consider before you jump ship, is that 20 years experience with BoA helps your credit score.

How does 20 years with one bank help your credit score?

Dilbydog · Post by **Dilbydog** » Sat Mar 04, 2017 12:03 pm

I have Chase for my primary checking, savings, and a couple of their credit cards... they do a competent job without any headache.

*3!4!/5! · Post by *3!4!/5! » Sat Mar 04, 2017 12:33 pm

One thing that puzzles me about the United States is that there appears to be exactly zero large truly national B&M banks. Every single one only has a regional physical presence. Extremely odd.

In any case, just open an online bank account, e.g. ally.com (there are others) which will be better for almost all regular banking needs, and will save/gain you money.

Big banks like BoA and Chase etc are basically irrelevant for Checking/Savings/Billpaying etc. They have good deals for credit cards, and maybe some brokerage deals (MEedge at BoA).

Also, it's fine, even optimal to use different financial institutions for different financial functions, e.g. ally.com for regular banking, local CU if you want a building to walk into, Vanguard (or others) for investing, big banks for credit cards, shop around for car/house loans, yet other companies for various insurances, etc. It's can actually a big mistake, certainly far from optimal, to try to combine many of these in one place, because you don't get the best deal that way.

dougp29 · Post by **dougp29** » Sat Mar 04, 2017 12:49 pm

I tried Chase when they inherited my account from Washington Mutual. I'd still be with them if they hadn't try to sell me something just about every time I walked into a branch. I never had a problem with Chase and have been impressed with customer service on Chase credit cards. I still get mailers offering up to $500 If I return.

tfb · Post by **tfb** » Sat Mar 04, 2017 1:39 pm

sunny_socal wrote:I only use BofA as a conduit for employer direct deposit and paying bills, no mortgage/HELOC or anything. Their website is good IMO.

In that case how does the lack of B of A ATMs and branches affect you? Direct deposit still works. Paying bills still works. With the right setup (see Preferred Rewards thread), you are free to use any ATM, including those from Chase, and get reimbursed for all ATM fees.

alwayshedge · Post by **alwayshedge** » Sat Mar 04, 2017 1:54 pm

rgs92 wrote:Bank of America online services is like something out of 1995. I have a credit card with them and it took me a hour on the phone with someone to set up automatic payments while I got a series of confusing explanations from them about their own incompatible systems.
They spent time telling me about the secret things you need to click on their website to do everyday things.
Something is truly off the rails there.
I actually stay with it just to be entertained by the follies since I have had their credit card for 20 years.

That's strange. I think it's quite the opposite. They are usually ahead of the curve when it comes to new technology.

danaht · Post by **danaht** » Sat Mar 04, 2017 2:19 pm

The decisions is easy.

Stay - If you are taking advantage of the Bank of America preferred rewards program. The big credit card rewards, and free trade commissions are worth staying for. You can also do most of your banking online (deposit checks with the mobile app, etc). Also, when you need money -just get cash back at a grocery store with a small debit card purchase.

or

Do not stay with B of A- If you are not taking advantage of the preferred rewards program (or have no plans to in the future). In this case your not really using what B of A offers over other banks anyway - so no reason to stay there.

*3!4!/5! · Post by *3!4!/5! » Sat Mar 04, 2017 2:28 pm

danaht wrote:The decisions is easy.

Stay - If you are taking advantage of the Bank of America preferred rewards program. The big credit card rewards, and free trade commissions are worth staying for. You can also do most of your banking online (deposit checks with the mobile app, etc). Also, when you need money -just get cash back at a grocery store with a small debit card purchase.

or

Do not stay with B of A- If you are not taking advantage of the preferred rewards program (or have no plans to in the future). In this case your not really using what B of A offers over other banks anyway - so no reason to stay there.

I use BoA for some credit card rewards, preferred rewards program, MEdge. And though I have Chk/Sav accounts I keep the balances near zero, and avoid the banking features. BoA is terrible for that stuff. Online banks are much better.

There's no need too consolidate financial services at one place. Doing so is a costly behavioral error.

jrtexas · Post by **jrtexas** » Sat Mar 04, 2017 6:35 pm

All money in BAC. Free trades from Merrill. That does it for me. Also have money in Fido. $4.95 trades there as of last week.

DetroitRick · Post by **DetroitRick** » Sat Mar 04, 2017 7:03 pm

Don't underestimate the convenience factor, and that was/is my main reason for using Chase. They are just everywhere around me.

My long-term experience with Chase has been positive in every way but one - competitive interest rates (so I also use a web-only bank). Life can be easier if your bank has branches and ATM's EVERYWHERE you are, which is certainly true for Chase in my area. BofA branches are much rarer here (SE Michigan).

Like most, I use brick and mortar bank services a lot less nowadays, but they can be handy when certain needs arise - and Chase works well for me on those occasions (Medallion service, foreign currency, notary service, safe deposit boxes, no fee accounts, good staffing and fast service at all the branches I've been to). I've actually, again on those rare occasions when I've needed it, gotten better and more personal service from Chase than from my credit union.

Some branches will try to sell financial services, but are quick to take no for an answer, so no big deal to me and never has been a problem or annoyance. Website is good, app is really good, credit card rewards are fine, online deposit works nice, and statements are accurate, etc. Peak-time branch lines always move fast in my experience - but you might stick your head in a few branches in YOUR area to make sure.

radiowave · Post by **radiowave** » Sun Mar 05, 2017 8:17 am

Dilbydog wrote:
radiowave wrote:One thing to consider before you jump ship, is that 20 years experience with BoA helps your credit score.
How does 20 years with one bank help your credit score?

Part of your credit score, e.g. FICO, is longevity of credit. If you don't have a long term credit card with BoA, then this is probably irrelevant.

denovo · Post by **denovo** » Sun Mar 05, 2017 8:29 am

radiowave wrote:
Dilbydog wrote:
radiowave wrote:One thing to consider before you jump ship, is that 20 years experience with BoA helps your credit score.
How does 20 years with one bank help your credit score?
Part of your credit score, e.g. FICO, is longevity of credit. If you don't have a long term credit card with BoA, then this is probably irrelevant.

OP was talking about banking (checkings/savings) not credit cards. Even if OP has credit card's with bank of america, he will not lose them if he cancels his checking/savings accounts.

KSOC · Post by **KSOC** » Sun Mar 05, 2017 8:31 am

Signed up with BOA after move south. Wanted a brick & mortar for ATM & occasional check cashing. I have minimal money there now, enough to avoid fees. When my LOC expires (after my home is paid) I'll likely use one of my online banks for my needs. Cashing checks electronically has basically negated my physical bank needs.

But must say my experience with BOA has been over the last 13 years has been hassle free.

obgraham · Post by **obgraham** » Sun Mar 05, 2017 3:30 pm

The reason for this strange divergence of "I love BOA" versus "I hate BOA", is that they really aren't a nationwide bank. The name is the same, but they have several regional sections, and they don't all work the same way. When my local state bank got ground up into the BOA, they had to call different places for different parts of the business. Some worked well, some were and still are, chaos.

SimonJester · Post by **SimonJester** » Mon Mar 06, 2017 9:39 am

If you move to Chase look for one of their $300/$500 coupons for opening a new account. So far I have had no issues with Chase, but I am new to them.

Open a new account, run both for a year and see how they perform against each other.

Alexa9 · Post by **Alexa9** » Mon Mar 06, 2017 9:47 am

Chase - good credit cards, their savings/checkings have fees if you don't meet several criteria. I use a local credit union and Ally/Fidelity/Schwab.

sunny_socal · Post by **sunny_socal** » Mon Mar 06, 2017 10:09 am

Forgot to mention one nice feature about BofA: I get a free safe deposit box! We keep a few things in there, I don't want to lose it.

I think I may try the hybrid approach and have part of my paycheck sent to Chase. If their online billpay is decent I may start using them more. I do have an account at a local credit but can't stand their online services (SDCCU.) Indeed I think they have farmed out the service to some 3rd party, there's even a completely separate login required for it.

taguscove · Post by **taguscove** » Mon Mar 06, 2017 10:10 am

Funny! I experienced the opposite scenario switching from Chase to BofA when moving from SF to Boston (Cambridge to be exacty).

Make the switch to Chase. Chase and BofA are similar national "too big to fail" banks that offer broad services but with impersonal service and less attractive rates than local credit unions or online banks. I'm not a fan of big banks, but it's hard to beat the convenience. Staying with BofA without the local branches largely misses the advantage. Might as well go online with Ally bank or Capital One 360.

sunny_socal · Post by **sunny_socal** » Tue Mar 07, 2017 2:15 pm

I'm making the switch! (sort of) I'll be keeping my BofA account since they give me a free safe deposit box. I went to a branch and asked why, they didn't know - but showed the $60 fee was waived. (Don't look a gift horse in the mouth... I think this was because of some past employer related promo after the BofA/MLynch merger.)

Anyway, I got a $300/500 coupon from ebay for $2, took it to a branch this morning and I'm up and running! Thanks all

guitarguy · Post by **guitarguy** » Tue Mar 07, 2017 4:01 pm

oldcomputerguy wrote:If BoA is no longer serving your needs, there's no reason to stay with them. I have no experience with Chase other than that they handled our home mortgage, so I can't speak to their banking services.

I have the exact opposite experience (mortgage with BoA). They were awful to deal with. Horrible customer service. A sweet refi and switch to PenFed has been one of the best moves we made.

Been with Chase (personal banking) for over 20 years. Have had their credit cards for about 15 years, and also now have business checking and business credit cards. Chase is terrific in every way aside from their savings accounts earning nothing. GREAT customer service, very nice online app, quickpay is very convenient, bill pay is solid, good ATM access, etc.

And for the savings accounts...just sign up with Ally. Chase + Ally is a service combo I would recommend to anyone without hesitating.

FelixTheCat · Post by **FelixTheCat** » Tue Mar 07, 2017 5:12 pm

I suggest Fidelity's Cash Management account and Fidelity's Visa Rewards.

I can take money from any ATM without a fee.
Fidelity Visa pays 2% and I use the rewards to buy more index funds.
Deposit checks through their app. I've never seen the inside of a Fidelity building.
Bill Pay is free and works well.
Customer service is excellent.

student · Post by **student** » Fri Jun 30, 2017 11:31 am

*3!4!/5! wrote:One thing that puzzles me about the United States is that there appears to be exactly zero large truly national B&M banks. Every single one only has a regional physical presence. Extremely odd.

This is due to banking regulations. https://www.stlouisfed.org/publications ... us-banking

whodidntante · Post by **whodidntante** » Fri Jun 30, 2017 11:42 am

I like Chase, but I'm only there because they paid me $500. During July I will close my accounts. I also have earned about 2k in new credit card bonuses with Chase.

My relationship with BoA is similar. I'm there as long as it pays to be there.

Do what is best for you. Banking is impersonal and business like these days, so I return the favor.

*3!4!/5! · Post by *3!4!/5! » Fri Jun 30, 2017 12:56 pm

student wrote:
*3!4!/5! wrote:One thing that puzzles me about the United States is that there appears to be exactly zero large truly national B&M banks. Every single one only has a regional physical presence. Extremely odd.
This is due to banking regulations. https://www.stlouisfed.org/publications ... us-banking

Thanks. Very interesting. I didn't know this.

Bfwolf · Post by **Bfwolf** » Fri Jun 30, 2017 1:11 pm

I agree with some of the posters above who encourage you to consider abandoning a brick and mortar bank. I use Ally, they're great. There are others. These Internet banks reimburse ATM fees so you're not locked in to one bank's ATMs. How often do you actually need a brick and mortar bank? For me--never really. There was one time where I'd gotten hold of several hundred dollars of cash that I would've preferred to deposit I guess, but I just spent it over time and it was fine.

SrGrumpy · Post by **SrGrumpy** » Fri Jun 30, 2017 1:31 pm

I have been with BofA for 25 years, and like their (almost) nationwide ATM network + I know where all the ATMs are in my town, and I am too old to relearn another bank's footprint. I would switch to Chase - because their ATMs are much niftier - but they give me $500 annually for opening and closing checking and savings accounts, so why would I park there full-time?

radiowave · Post by **radiowave** » Fri Jun 30, 2017 2:08 pm

One thing I recently found with BoA is they charge $3.00 per outgoing ACH transfer ($10 for 1 day ACH). Of course I could write a check off BoA then electronically deposit it to my online HYSA - essentially the same thing but no fee. Just shows you have "innovative" some banks are in finding fee based revenue streams.

To be fair, there are two things I like about BoA, I can edit or modify the check listing after it posts (can seem to do that with my other check bearing accounts), and there is something called shop safe which generates a one-time credit card number for online purchases to help minimize fraud. Apparently there is a credit card you can get that you push/squeeze it and it generates a number on an LCD on the card ($20 one time charge).

*3!4!/5! · Post by *3!4!/5! » Fri Jun 30, 2017 2:17 pm

radiowave wrote:One thing I recently found with BoA is they charge $3.00 per outgoing ACH transfer ($10 for 1 day ACH). Of course I could write a check off BoA then electronically deposit it to my online HYSA - essentially the same thing but no fee. Just shows you have "innovative" some banks are in finding fee based revenue streams.

Consider initiating ACH from other end to save fee. I've ACH'd many times between BoA and Ally (both directions), and always initiate ACH from Ally side and never pay fee.

radiowave · Post by **radiowave** » Fri Jun 30, 2017 3:29 pm

*3!4!/5! wrote:
radiowave wrote:One thing I recently found with BoA is they charge $3.00 per outgoing ACH transfer ($10 for 1 day ACH). Of course I could write a check off BoA then electronically deposit it to my online HYSA - essentially the same thing but no fee. Just shows you have "innovative" some banks are in finding fee based revenue streams.
Consider initiating ACH from other end to save fee. I've ACH'd many times between BoA and Ally (both directions), and always initiate ACH from Ally side and never pay fee.

Just to be sure I understand, if I "pull" funds by ACH from BoA to Ally there is no fee on BoA side?

Thanks for the info

radiowave · Post by **radiowave** » Fri Jun 30, 2017 3:29 pm

Actually, you answered my question already.

vinvedi · Post by **vinvedi** » Fri Jun 30, 2017 4:21 pm

I switched from US Bank to Chase, got the bonus offers (checking + saving), have had good experience with personal bankers and their credit card offers are an additional perk. No issues after a year!

bligh · Post by **bligh** » Mon Jan 29, 2018 3:10 pm

*3!4!/5! wrote: ↑Fri Jun 30, 2017 2:17 pm
radiowave wrote:One thing I recently found with BoA is they charge $3.00 per outgoing ACH transfer ($10 for 1 day ACH). Of course I could write a check off BoA then electronically deposit it to my online HYSA - essentially the same thing but no fee. Just shows you have "innovative" some banks are in finding fee based revenue streams.
Consider initiating ACH from other end to save fee. I've ACH'd many times between BoA and Ally (both directions), and always initiate ACH from Ally side and never pay fee.

Do they waive the 3 day and 1 day fee ACH fee for Preferred Rewards members?

I googled it but cannot seem to find anything that says that they do.

navyitaly · Post by **navyitaly** » Mon Jan 29, 2018 4:58 pm

To get out of the ACH fee, just have a Merrill Edge account, transfer the money there in real time and send it from there...same everything, but under the Merrill Edge brand, it’s free.

bligh · Post by **bligh** » Mon Jan 29, 2018 7:47 pm

navyitaly wrote: ↑Mon Jan 29, 2018 4:58 pm To get out of the ACH fee, just have a Merrill Edge account, transfer the money there in real time and send it from there...same everything, but under the Merrill Edge brand, it’s free.

Thanks! Yeah I was wondering the same thing. Didn't see a similar fee for my Merrill Edge account. I could also always just initiate the transfer from the other bank instead as mentioned above. I was just hoping someone here was a preferred rewards member and knew already. This is the first instance I've come across where I could get charged for ACH, and it seems silly to me.

I'll give their customer service a call later and see what they say.

Palatineman · Post by **Palatineman** » Tue Jan 30, 2018 12:41 am

This is my personal nightmare experience with BOA.

I deposited $800 in cash in their ATM a couple of summers ago. The ATM ate up my deposit and provided me with a receipt of indicating there was an error with nothing as a confirmation of the amount that was deposited.

I had to walk in to the local BOA branch and explain their ATM took 800 cash.

Even after this the branch which reached out to the global offices and kept denying that I deposited amount.

It took six long weeks with emails going back and forth. with my nonsense receipt, until I eventually threatened to file a complaint with the local PD, as to consumer fraud.

The BOA branch finally caved in and gave my money back.

BOA - never again - closed my Banking account with them - will never open up a new one if my life depended upon it - what a dysfunctional organization.

dodecahedron · Post by **dodecahedron** » Tue Jan 30, 2018 6:44 am

*3!4!/5! wrote: ↑Sat Mar 04, 2017 12:33 pm One thing that puzzles me about the United States is that there appears to be exactly zero large truly national B&M banks. Every single one only has a regional physical presence. Extremely odd.

Prior to the 1980s and 1990s, banks were not allowed to have branches across state lines, let alone across regional lines. This allowed many different banks to get entrenched in different places. There was historically strong resistance to allowing banks to cross state lines. In some states, banks were not even allowed to have more than one B&M branch even within the single state.

In the 1980s, regulations on interstate banking loosened up and regional banks started to form. And a few big players (like BoA) went around buying up regional banks with established B&M branches. As an example, my current BoA branch was previously part of Fleet (a multistate regional) and prior to that it was part of Norstar Bank of Upstate NY and prior to that it was a branch of State Bank of Albany.

I am sure there are some regulatory barriers to national consolidations, given that banks are subject to multiple layers of government oversight (Federal Reserve--which has a regional structure, FDIC, state banking authorities, antitrust laws and rulings, etc.)