PSA: Bank of America now charges $12/month for checking

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sunny_socal
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PSA: Bank of America now charges $12/month for checking

Post by sunny_socal » Wed Feb 14, 2018 1:15 pm

I guess there's some new policy at BofA, I was hit with a $12 fee from my checking account. I was no longer using the account and only kept $300 in savings to avoid monthly fees. Now I was charged the $12 checking fee and a $12 fee for pulling money from the savings to cover the overdraft. And I'm sure next month I'll see another fee for not having $300 in the savings!

:oops:

Apparently it's all 'free' again if I keep $1500 in there:
https://www.bankofamerica.com/deposits/ ... -accounts/

I have a free safe deposit box with them and have enjoyed free cashiers checks for years so I'm not in a hurry to close the accounts.

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weltschmerz
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Re: PSA: Bank of America now charges $12/month for checking

Post by weltschmerz » Wed Feb 14, 2018 1:22 pm

They make you keep $1500 there, earning 0%. You could get 2% elsewhere in a savings account or CD, and that lost 2% equals about $30/year. $30 a year seems like a fair price for your checks and your safe deposit box.

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Pajamas
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Re: PSA: Bank of America now charges $12/month for checking

Post by Pajamas » Wed Feb 14, 2018 1:23 pm

Seems like you expect a lot for next to nothing. As a BoA shareholder, I am glad to see that they are instituting fees to cover the cost of providing services to you.

N10sive
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Re: PSA: Bank of America now charges $12/month for checking

Post by N10sive » Wed Feb 14, 2018 1:24 pm

Beginning of the year they changed a lot of their accounts to fees. I closed my savings since I don't really use it and get a free checking account by having enough direct deposit into the checking account.

PrettyCoolWorkshop
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Re: PSA: Bank of America now charges $12/month for checking

Post by PrettyCoolWorkshop » Wed Feb 14, 2018 1:28 pm

I wish it were easier to keep track of which banks were pouncing fees on their customers. It is a pretty crappy practice. I'm interested to see if these fees will disappear while interest rates rise. I kind of suspect they won't- the customers that are savvy enough to avoid this sort of stuff have already left. The online banks (Ally, capital one, etc) really kick butt compared to these guys.

scrabbler1
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Re: PSA: Bank of America now charges $12/month for checking

Post by scrabbler1 » Wed Feb 14, 2018 1:32 pm

Looks like what they did was to get rid of that special extra-low minimum balance checking account and bumped them up to their regular checking account which has the $1,500 min balance (I have had that for 12 years). Along with the $500 cash cushion I keep in there, it's a small price per year to have that money earning zilch in order to get a checking account, free BofA ATM use, online banking, electronic transactions, and bank teller access. I could be earning $40 per year elsewhere, so $3 per month to have all of those things available at my disposal is well worth it.

ThriftyPhD
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Re: PSA: Bank of America now charges $12/month for checking

Post by ThriftyPhD » Wed Feb 14, 2018 1:32 pm

While no one likes fees, you have less than $300 with them and are getting a free safe deposit box and free cashiers checks. No company is going to give services away for free. They either charge a fee for the service, or give it as a perk for you depositing money with them.

Sorry you got hit with an unexpected fee, but after this happened to me on my first bank account when I was in high school, I always make sure to pay attention to account minimums, activity minimums, and fees.

niceguy7376
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Re: PSA: Bank of America now charges $12/month for checking

Post by niceguy7376 » Wed Feb 14, 2018 1:39 pm

I dont think any bank offers FREE safe deposit box for regular customer balances. You just get the ability to have a safe deposit box by having the minimum balance of $1500

N10sive
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Re: PSA: Bank of America now charges $12/month for checking

Post by N10sive » Wed Feb 14, 2018 1:46 pm

I received 2 or 3 notices either electronically or snail mail that they were changing their policy back in oct/nov. Maybe want to update your communications settings if you didn't receive anything.

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prudent
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Re: PSA: Bank of America now charges $12/month for checking

Post by prudent » Wed Feb 14, 2018 1:48 pm

I've noticed a couple banks in our area have also recently increased their min bal for free checking. I wonder if we'll hear more experiences like this.

I once had a bank account where I had the same surprise checking fee. Called to inquire what happened, the rep explained notices were included in the last two monthly statements. I had changed not long before that from snail mail to e-statements. I went back and looked and although what I was told was correct, I don't like how it was done. The e-statement looked just like the printed statements I used to get... other than any notices were put on a page of their own at the end. The printed statements I had gotten before had notices like that on the first page of the statement. So when I reviewed the e-statement, I didn't notice I hadn't looked at the last page - I closed it when I had looked at what had always been the last page of the paper version. Tricky.

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whodidntante
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Re: PSA: Bank of America now charges $12/month for checking

Post by whodidntante » Wed Feb 14, 2018 1:54 pm

So far they have paid me to have a checking account there. They paid a new account bonus and now I use preferred rewards. Otherwise I wouldn't have a checking account there, since checks are an anachronism.

Jack FFR1846
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Re: PSA: Bank of America now charges $12/month for checking

Post by Jack FFR1846 » Wed Feb 14, 2018 1:55 pm

There's a reason why BoA's nick name is "the Evil Empire".

(cue Darth Vader music)
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Glockenspiel
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Re: PSA: Bank of America now charges $12/month for checking

Post by Glockenspiel » Wed Feb 14, 2018 1:58 pm

This is why I only bank with my local credit union solely for the past 10 years. I encourage you to look your local credit union.

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sunny_socal
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Re: PSA: Bank of America now charges $12/month for checking

Post by sunny_socal » Wed Feb 14, 2018 2:06 pm

Pajamas wrote:
Wed Feb 14, 2018 1:23 pm
Seems like you expect a lot for next to nothing. As a BoA shareholder, I am glad to see that they are instituting fees to cover the cost of providing services to you.
You think the money people deposit at a bank is doing nothing? The banks turn around and lend it to someone else immediately. I think something like 90% of bank deposits are loaned out regardless of the indicated 'balance.' The money isn't really there, the balance is more like a promise to pay you should you demand it.

barnaclebob
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Re: PSA: Bank of America now charges $12/month for checking

Post by barnaclebob » Wed Feb 14, 2018 2:10 pm

Pajamas wrote:
Wed Feb 14, 2018 1:23 pm
Seems like you expect a lot for next to nothing. As a BoA shareholder, I am glad to see that they are instituting fees to cover the cost of providing services to you.
That could be a bit short sighted of them. Could be better to hook people at a small loss so they use you when they need more lucrative services.

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Pajamas
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Re: PSA: Bank of America now charges $12/month for checking

Post by Pajamas » Wed Feb 14, 2018 2:12 pm

sunny_socal wrote:
Wed Feb 14, 2018 2:06 pm

You think the money people deposit at a bank is doing nothing? The banks turn around and lend it to someone else immediately. I think something like 90% of bank deposits are loaned out regardless of the indicated 'balance.' The money isn't really there, the balance is more like a promise to pay you should you demand it.
:confused

I guess they should send you a thank you letter for being so magnanimous towards them. . . . :P

How much do you think they are actually making off your $300 deposit after paying you the $0.06 interest or however much it is every year? Enough to cover your safe deposit box and cashier's checks? Some banks now charge for talking to a teller instead of using the ATM.

How many lollipops and free pens do you take when you go in for your cashier's checks? :twisted:

b.lock
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Re: PSA: Bank of America now charges $12/month for checking

Post by b.lock » Wed Feb 14, 2018 2:13 pm

BofA did this to me last year when I stared moving my money to Ally. They refunded the fee and said it wouldn't happen again. It happened again the next month so I went into a branch the next day and closed my checking and saving accounts and transferred the money to Ally. Now I'm 100% with Ally and it's been great.

rgs92
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Re: PSA: Bank of America now charges $12/month for checking

Post by rgs92 » Wed Feb 14, 2018 2:15 pm

My credit union is free.

Jack FFR1846
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Re: PSA: Bank of America now charges $12/month for checking

Post by Jack FFR1846 » Wed Feb 14, 2018 2:21 pm

rgs92 wrote:
Wed Feb 14, 2018 2:15 pm
My credit union is free.
You say that as if free is better than being charged $12 a month.




(DCU member for 32 years)
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sunny_socal
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Re: PSA: Bank of America now charges $12/month for checking

Post by sunny_socal » Wed Feb 14, 2018 2:35 pm

Pajamas wrote:
Wed Feb 14, 2018 2:12 pm
sunny_socal wrote:
Wed Feb 14, 2018 2:06 pm

You think the money people deposit at a bank is doing nothing? The banks turn around and lend it to someone else immediately. I think something like 90% of bank deposits are loaned out regardless of the indicated 'balance.' The money isn't really there, the balance is more like a promise to pay you should you demand it.
:confused

I guess they should send you a thank you letter for being so magnanimous towards them. . . . :P

How much do you think they are actually making off your $300 deposit after paying you the $0.06 interest or however much it is every year? Enough to cover your safe deposit box and cashier's checks? Some banks now charge for talking to a teller instead of using the ATM.

How many lollipops and free pens do you take when you go in for your cashier's checks? :twisted:
They bundle my $300 and use it for mortgages and such. They're probably making 3-4% at least. (In reality they probably 'sell' that mortgage to someone else, then turn around and use that cash again for another venture.)

I have no doubt that banks are making a killing on deposits compared to what they pay people like me.

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Pajamas
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Re: PSA: Bank of America now charges $12/month for checking

Post by Pajamas » Wed Feb 14, 2018 2:49 pm

sunny_socal wrote:
Wed Feb 14, 2018 2:35 pm

They bundle my $300 and use it for mortgages and such. They're probably making 3-4% at least. (In reality they probably 'sell' that mortgage to someone else, then turn around and use that cash again for another venture.)

I have no doubt that banks are making a killing on deposits compared to what they pay people like me.
That's not actually how it works. When a bank makes a loan, it's recorded as an asset on their books and balanced by a corresponding deposit that is created as a liability. Their lending is only constrained by capital requirements. Your savings account is just useful as a reserve and they have plenty of other sources of reserves.

Here, this explains it in more detail:

https://www.frbatlanta.org/education/cl ... transcript

LiterallyIronic
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Re: PSA: Bank of America now charges $12/month for checking

Post by LiterallyIronic » Wed Feb 14, 2018 3:01 pm

sunny_socal wrote:
Wed Feb 14, 2018 2:35 pm
I have no doubt that banks are making a killing on deposits compared to what they pay people like me.
And a company turning a profit is just the worst.

ThriftyPhD
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Re: PSA: Bank of America now charges $12/month for checking

Post by ThriftyPhD » Wed Feb 14, 2018 3:01 pm

sunny_socal wrote:
Wed Feb 14, 2018 2:35 pm
Pajamas wrote:
Wed Feb 14, 2018 2:12 pm
sunny_socal wrote:
Wed Feb 14, 2018 2:06 pm

You think the money people deposit at a bank is doing nothing? The banks turn around and lend it to someone else immediately. I think something like 90% of bank deposits are loaned out regardless of the indicated 'balance.' The money isn't really there, the balance is more like a promise to pay you should you demand it.
:confused

I guess they should send you a thank you letter for being so magnanimous towards them. . . . :P

How much do you think they are actually making off your $300 deposit after paying you the $0.06 interest or however much it is every year? Enough to cover your safe deposit box and cashier's checks? Some banks now charge for talking to a teller instead of using the ATM.

How many lollipops and free pens do you take when you go in for your cashier's checks? :twisted:
They bundle my $300 and use it for mortgages and such. They're probably making 3-4% at least. (In reality they probably 'sell' that mortgage to someone else, then turn around and use that cash again for another venture.)

I have no doubt that banks are making a killing on deposits compared to what they pay people like me.
So in that case, they lend out your complete $300 for 4%. That's $12/year. You're getting a free safe deposit box, free cashiers checks, ATM access, online access, teller access. A place to cash checks. Do you think that is worth more or less than $12/year?

They're making a killing off the person with $200k sitting in a 0% checking account. They're losing money on you.

denovo
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Re: PSA: Bank of America now charges $12/month for checking

Post by denovo » Wed Feb 14, 2018 4:02 pm

sunny_socal wrote:
Wed Feb 14, 2018 1:15 pm
I guess there's some new policy at BofA, I was hit with a $12 fee from my checking account. I was no longer using the account and only kept $300 in savings to avoid monthly fees. Now I was charged the $12 checking fee and a $12 fee for pulling money from the savings to cover the overdraft. And I'm sure next month I'll see another fee for not having $300 in the savings!

:oops:

Apparently it's all 'free' again if I keep $1500 in there:
https://www.bankofamerica.com/deposits/ ... -accounts/

I have a free safe deposit box with them and have enjoyed free cashiers checks for years so I'm not in a hurry to close the accounts.

If you're getting free cashier's checks and a free safe, this must be some old grandfathered promotion. You're making a killing off them.
"Don't trust everything you read on the Internet"- Abraham Lincoln

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sunny_socal
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Re: PSA: Bank of America now charges $12/month for checking

Post by sunny_socal » Wed Feb 14, 2018 4:03 pm

ThriftyPhD wrote:
Wed Feb 14, 2018 3:01 pm
sunny_socal wrote:
Wed Feb 14, 2018 2:35 pm
Pajamas wrote:
Wed Feb 14, 2018 2:12 pm
sunny_socal wrote:
Wed Feb 14, 2018 2:06 pm

You think the money people deposit at a bank is doing nothing? The banks turn around and lend it to someone else immediately. I think something like 90% of bank deposits are loaned out regardless of the indicated 'balance.' The money isn't really there, the balance is more like a promise to pay you should you demand it.
:confused

I guess they should send you a thank you letter for being so magnanimous towards them. . . . :P

How much do you think they are actually making off your $300 deposit after paying you the $0.06 interest or however much it is every year? Enough to cover your safe deposit box and cashier's checks? Some banks now charge for talking to a teller instead of using the ATM.

How many lollipops and free pens do you take when you go in for your cashier's checks? :twisted:
They bundle my $300 and use it for mortgages and such. They're probably making 3-4% at least. (In reality they probably 'sell' that mortgage to someone else, then turn around and use that cash again for another venture.)

I have no doubt that banks are making a killing on deposits compared to what they pay people like me.
So in that case, they lend out your complete $300 for 4%. That's $12/year. You're getting a free safe deposit box, free cashiers checks, ATM access, online access, teller access. A place to cash checks. Do you think that is worth more or less than $12/year?

They're making a killing off the person with $200k sitting in a 0% checking account. They're losing money on you.
Well I did just move $1500 into my BofA account so I guess the 'free' stuff is worth it!

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heartwood
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Re: PSA: Bank of America now charges $12/month for checking

Post by heartwood » Wed Feb 14, 2018 4:48 pm

sunny_socal wrote:
Wed Feb 14, 2018 1:15 pm
I guess there's some new policy at BofA, I was hit with a $12 fee from my checking account. I was no longer using the account and only kept $300 in savings to avoid monthly fees. Now I was charged the $12 checking fee and a $12 fee for pulling money from the savings to cover the overdraft. And I'm sure next month I'll see another fee for not having $300 in the savings!

:oops:

Apparently it's all 'free' again if I keep $1500 in there:
https://www.bankofamerica.com/deposits/ ... -accounts/

I have a free safe deposit box with them and have enjoyed free cashiers checks for years so I'm not in a hurry to close the accounts.
Which BOA checking account do you have? I have a "Core Checking", free with a direct deposit each month. But I pay for check printing, and only get a $20 discount on my safe deposit each year. Your free box may be a holdover of your old relationship and subject to change. Or it may be a regional effect?

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sunny_socal
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Re: PSA: Bank of America now charges $12/month for checking

Post by sunny_socal » Wed Feb 14, 2018 4:49 pm

heartwood wrote:
Wed Feb 14, 2018 4:48 pm
sunny_socal wrote:
Wed Feb 14, 2018 1:15 pm
I guess there's some new policy at BofA, I was hit with a $12 fee from my checking account. I was no longer using the account and only kept $300 in savings to avoid monthly fees. Now I was charged the $12 checking fee and a $12 fee for pulling money from the savings to cover the overdraft. And I'm sure next month I'll see another fee for not having $300 in the savings!

:oops:

Apparently it's all 'free' again if I keep $1500 in there:
https://www.bankofamerica.com/deposits/ ... -accounts/

I have a free safe deposit box with them and have enjoyed free cashiers checks for years so I'm not in a hurry to close the accounts.
Which BOA checking account do you have? I have a "Core Checking", free with a direct deposit each month. But I pay for check printing, and only get a $20 discount on my safe deposit each year. Your free box may be a holdover of your old relationship and subject to change. Or it may be a regional effect?
I think that's the case - but I haven't inquired about it :wink:

McCharley
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Re: PSA: Bank of America now charges $12/month for checking

Post by McCharley » Wed Feb 14, 2018 4:54 pm

BOA has refunded charges like this whenever I have complained, which has been at least twice that I recall. I had an account drop below their minimum for less than a day once and they dinged me (this was back when it was $3, though). A part of me was like: OK, fair enough, it was my fault for letting it go below $1500. But still, with all of my accounts there I had over $10k not making any interest (I was saving for something), and it seemed unjust. :annoyed

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pennstater2005
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Re: PSA: Bank of America now charges $12/month for checking

Post by pennstater2005 » Wed Feb 14, 2018 5:10 pm

My kids have never seen the inside of a bank. I intend to keep it that way. If we need cookies, coffee, or lollipops....I’ll go buy them. I know folks have different banking needs but I can’t see banks being around in the same fashion as they are now in say 20 years.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

ImUrHuckleberry
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Re: PSA: Bank of America now charges $12/month for checking

Post by ImUrHuckleberry » Wed Feb 14, 2018 9:00 pm

You don't need to go inside a bank to use a bank.

Quest80
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Re: PSA: Bank of America now charges $12/month for checking

Post by Quest80 » Wed Feb 14, 2018 9:07 pm

I moved an IRA to Merrill Edge a few years ago and got a $600 bonus. It’s all in VG ETFs. My balance there gets me Platinum Honors status at BOA and free everything, including foreign ATM fee reimbursement. It’s been a good deal for me. I like their online banking too.

student
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Re: PSA: Bank of America now charges $12/month for checking

Post by student » Wed Feb 14, 2018 9:20 pm

Quest80 wrote:
Wed Feb 14, 2018 9:07 pm
I moved an IRA to Merrill Edge a few years ago and got a $600 bonus. It’s all in VG ETFs. My balance there gets me Platinum Honors status at BOA and free everything, including foreign ATM fee reimbursement. It’s been a good deal for me. I like their online banking too.
By "foreign," you meant non-BoA and not non-US, right?

Quest80
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Re: PSA: Bank of America now charges $12/month for checking

Post by Quest80 » Wed Feb 14, 2018 9:35 pm

student wrote:
Wed Feb 14, 2018 9:20 pm
Quest80 wrote:
Wed Feb 14, 2018 9:07 pm
I moved an IRA to Merrill Edge a few years ago and got a $600 bonus. It’s all in VG ETFs. My balance there gets me Platinum Honors status at BOA and free everything, including foreign ATM fee reimbursement. It’s been a good deal for me. I like their online banking too.
By "foreign," you meant non-BoA and not non-US, right?
Correct. Don’t think they cover non-US.

student
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Re: PSA: Bank of America now charges $12/month for checking

Post by student » Wed Feb 14, 2018 10:54 pm

Quest80 wrote:
Wed Feb 14, 2018 9:35 pm
student wrote:
Wed Feb 14, 2018 9:20 pm
Quest80 wrote:
Wed Feb 14, 2018 9:07 pm
I moved an IRA to Merrill Edge a few years ago and got a $600 bonus. It’s all in VG ETFs. My balance there gets me Platinum Honors status at BOA and free everything, including foreign ATM fee reimbursement. It’s been a good deal for me. I like their online banking too.
By "foreign," you meant non-BoA and not non-US, right?
Correct. Don’t think they cover non-US.
Thank you for your verification.

Bacchus01
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Re: PSA: Bank of America now charges $12/month for checking

Post by Bacchus01 » Wed Feb 14, 2018 11:01 pm

Pajamas wrote:
Wed Feb 14, 2018 1:23 pm
Seems like you expect a lot for next to nothing. As a BoA shareholder, I am glad to see that they are instituting fees to cover the cost of providing services to you.
So, I'm supposed to pay BOA for accessing and leveraging my money? How is that a service?

finite_difference
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Re: PSA: Bank of America now charges $12/month for checking

Post by finite_difference » Wed Feb 14, 2018 11:26 pm

Jack FFR1846 wrote:
Wed Feb 14, 2018 1:55 pm
There's a reason why BoA's nick name is "the Evil Empire".

(cue Darth Vader music)
I thought Wells Fargo took over that role :twisted:
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

finite_difference
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Re: PSA: Bank of America now charges $12/month for checking

Post by finite_difference » Wed Feb 14, 2018 11:39 pm

I have been happy with BoA for their technology (ATMs, Mobile App, and website/bill pay). And their customer service has always been good to me. They’ve waived fees for me every time (always was a first time/one time thing.) But if they start charging me fees I’ll consider moving to Ally.

Al of BoA’s other banking products are terrible though: interest rates for savings/checking are terrible, as are their mortgage rates, car loan rates, and CDs. And I dislike the Merril Edge sales pitch.

But Ally seems nice since you can get $10 reimbursed for using ATMs per month. And Ally has much better rates.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

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whodidntante
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Re: PSA: Bank of America now charges $12/month for checking

Post by whodidntante » Wed Feb 14, 2018 11:49 pm

finite_difference wrote:
Wed Feb 14, 2018 11:26 pm
Jack FFR1846 wrote:
Wed Feb 14, 2018 1:55 pm
There's a reason why BoA's nick name is "the Evil Empire".

(cue Darth Vader music)
I thought Wells Fargo took over that role :twisted:
WF has been limited to one Death Star.

KT785
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Re: PSA: Bank of America now charges $12/month for checking

Post by KT785 » Thu Feb 15, 2018 12:18 am

pennstater2005 wrote:
Wed Feb 14, 2018 5:10 pm
My kids have never seen the inside of a bank. I intend to keep it that way. If we need cookies, coffee, or lollipops....I’ll go buy them. I know folks have different banking needs but I can’t see banks being around in the same fashion as they are now in say 20 years.
Agreed. My wife and I moved nearly completely to online banking from Chase several years ago since frequent travel necessitated ATM usage in areas not conveniently serviced by Chase . . . . and we could not cite any time we'd gone in-branch (or drive-thru) for a service since we went in and added her to my account right after our wedding several years prior.

Ultimately, I don't know why the typical customer needs in-person banking services. Between my two online banks, State Farm Bank and Ally, I can get any banking services I need online or by phone, including a mortgage refinance I did with State Farm Bank a little over a year ago.

The one service one might need is a medallion signature guarantee, but a token local credit union membership should address that issue if it should ever come up.

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wander
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Re: PSA: Bank of America now charges $12/month for checking

Post by wander » Thu Feb 15, 2018 7:53 am

finite_difference wrote:
Wed Feb 14, 2018 11:26 pm
I thought Wells Fargo took over that role :twisted:
Somehow, I always have good experience with Wells Fargo. I mostly do online banking with the bank but we have to come to one of its branches once or twice a year for some transactions that can only be taken care by a teller.

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wander
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Re: PSA: Bank of America now charges $12/month for checking

Post by wander » Thu Feb 15, 2018 7:58 am

ImUrHuckleberry wrote:
Wed Feb 14, 2018 9:00 pm
You don't need to go inside a bank to use a bank.
I thought so too but Vanguard sometimes requires medallion signature and getting this free service from the bank is very handy.

Maverick3320
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Re: PSA: Bank of America now charges $12/month for checking

Post by Maverick3320 » Thu Feb 15, 2018 8:10 am

What's the upside of using BoA over your local credit union?

(legit question)

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pennstater2005
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Re: PSA: Bank of America now charges $12/month for checking

Post by pennstater2005 » Thu Feb 15, 2018 8:13 am

wander wrote:
Thu Feb 15, 2018 7:58 am
ImUrHuckleberry wrote:
Wed Feb 14, 2018 9:00 pm
You don't need to go inside a bank to use a bank.
I thought so too but Vanguard sometimes requires medallion signature and getting this free service from the bank is very handy.
Online medallion signature guarantees now.

https://www.hellosign.com/blog/esignatu ... osigns-api

Not sure if it covers all transfers though. Worth a look.
Last edited by pennstater2005 on Thu Feb 15, 2018 8:23 am, edited 1 time in total.
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scrabbler1
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Re: PSA: Bank of America now charges $12/month for checking

Post by scrabbler1 » Thu Feb 15, 2018 8:21 am

A few years ago, a rep from my local BofA branch immediately waived a fee when BofA was starting end its practice of including canceled check images with their monthly account statements. There was a timing issue about when this would happen and the local branch rep had told me a few days earlier that it wouldn't go in for another month, so I could keep getting the images without charge for one last time. The statement arrived in the mail and, along with the check images, was a $3 fee. I ran to the bank (it's just down the street from me), showed them the statement, and the rep immediately got rid of the fee before I could even ask her to do so.

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wander
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Re: PSA: Bank of America now charges $12/month for checking

Post by wander » Thu Feb 15, 2018 8:38 am

Maverick3320 wrote:
Thu Feb 15, 2018 8:10 am
What's the upside of using BoA over your local credit union?

(legit question)
If you travel a lot and need to get cash from an ATM machine and you bank with BofA, it's easier to find local BofA than your local credit union away from home. But I think many credit unions offer free ATM within their networks so it is not a big deal nowadays. I use Charles Schwab which reimburses ATM fee so I can use any available ATM.

tev9876
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Re: PSA: Bank of America now charges $12/month for checking

Post by tev9876 » Thu Feb 15, 2018 9:28 am

I dumped BoA last year when my HELOC dropped below some magic number and they started charging me $12/month for interest bearing checking that was earning me $.01/month. I had minimal need for a branch so I moved to Cap One 360 since their interest rates are much better. I was somewhat surprised that BoA didn't even attempt to keep me as a customer when I called to cancel - that account was opened over 30 years ago and was my primary account where all of my bill pay and direct deposit happened. Closure phone call was about two minutes and they mailed me a check for the final account balance - $0.01 after I had zeroed out the checking account to the HELOC but the interest posted later.

I did open a Huntington checking account a couple weeks ago with no fees. A friend had paid me for her part of airfare with a starter check. Could not mobile deposit it to Cap One since the account number was hand written. Cap One said they would take it by mail, but I figured that would be a long hold. I set up the Huntington account online and then went to a branch (in the local Meijer store) to deposit the check. Friendliest people in the world. They were able to verify my friend had been given the starter check and took the deposit. It cleared the next day.

I'll keep the Huntington account for the occasional need like this. I did have another issue a year or so ago when I hit a royal flush at the casino for $1000, paid by the kiosk in $20s. At the time I never carried my BoA debit/ATM card since I keep a Fidelity account for fee free ATM and don't like to expose the card of my primary account to potential theft/fraud. I tried to deposit the $1000 to Fidelity via a PNC Bank ATM (they issue the Fidelity ATM card) but it would not take it. Ended up having to break out the BoA card since $1000 in cash lasts me years with my credit card point addiction.

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Re: PSA: Bank of America now charges $12/month for checking

Post by Jack FFR1846 » Thu Feb 15, 2018 9:41 am

Things my credit union does for free:

Coin machine with no charge
Cash paper savings bonds
get free coffee
get cash money
deposit cash money
get notarizations
get medallion signatures (never done one but know they do it)
overdrafts (fee refunded by simply asking)
wire receive (fee refunded by simply asking)
maintain checking account, savings account, etc
great online site

They don't have safe deposit boxes. For me, that's never been an issue as I've never had a need for one.

I'm sure the credit union has fees for things. I just can't think of any that I've ever paid.
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FrugalInvestor
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Re: PSA: Bank of America now charges $12/month for checking

Post by FrugalInvestor » Thu Feb 15, 2018 9:47 am

heartwood wrote:
Wed Feb 14, 2018 4:48 pm
Which BOA checking account do you have? I have a "Core Checking", free with a direct deposit each month. But I pay for check printing, and only get a $20 discount on my safe deposit each year. Your free box may be a holdover of your old relationship and subject to change. Or it may be a regional effect?
This is the account we have also. As long as we have an auto deposit of at least $250/month into the checking all fees are waived. I think this is a very reasonable requirement. My wife handles most of the banking and likes the included free BofA billpay system. We also like having (many) convenient and free cash machines because we aren't comfortable with the security of doing banking on our phones. We only write an occasional check so having to pay for those is not an issue for us. We are limited to a certain number of teller transactions per month but we only very occasionally have reason to go into a branch. However, when we do have the need (i.e. to change the name on our accounts when our trust documents were revised) it's nice to have a knowledgeable person available to assist.
IGNORE the noise! | Our life is frittered away by detail... simplify, simplify. - Henry David Thoreau

Doom&Gloom
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Re: PSA: Bank of America now charges $12/month for checking

Post by Doom&Gloom » Thu Feb 15, 2018 12:19 pm

I am getting a real chuckle from all the mentions of free coffee at a bank. If I am inside a bank long enough to drink a cup of coffee, the last thing I am going to need is more caffeine :annoyed

ThriftyPhD
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Re: PSA: Bank of America now charges $12/month for checking

Post by ThriftyPhD » Thu Feb 15, 2018 12:37 pm

Maverick3320 wrote:
Thu Feb 15, 2018 8:10 am
What's the upside of using BoA over your local credit union?

(legit question)
Depends on your local credit union. Most credit unions have non existent or terrible online systems. If these are valuable to you, this can be a deal breaker. BofA and other big national banks generally have good websites/apps/systems for things like bill pay, wire transfers, account transfers, mobile deposit, etc. Does your local credit union let you insert a stack of checks to deposit in the ATM, auto scan for amounts, and immediately deposit, or do you need to use a deposit slip and an envelope and a worker might get to it tomorrow? Many of the ATMs my local credit union put out didn't even accept deposits...

If your local credit union doesn't reimburse 3rd party ATM fees (mine doesn't), then using it outside of your hometown is costly. BofA has ATMs in many states. If you work more than a couple miles from where you live, your local credit union isn't very local to one of those locations. If BofA or another big bank has a branch in your hometown and worktown, this is a big bonus. If your spouse works in a different town than you, does the credit union have a branch there as well?

Now, if your local credit union has a killer online system, refunds all 3rd party ATM fees, allows things like mobile deposits, and is local to both home and work, then the credit union is an attractive option.

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