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Thread: Goodbye BoA

  1. #1
    Roll Out Jeremy
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    Goodbye BoA

    After 35 years of banking with BoA we are cutting ties. The credit union will work just fine..
    Probably going to take a couple of billing cycles to get all our automated payment stuff transfered. We have till January when they start charging for debit use.....then its goodbye with a period not a comma....
    Ollie Ollie Oxen Free
    "Don't believe everything you think"

  2. #2
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    If you have at least 5K in your checking account or at least 10K between accounts, there are no fees, and nothing changes. HTH.

  3. #3
    Roll Out Jeremy
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    Its the principle....we should have changed to our CU years ago and have just been lazy about it.
    Ollie Ollie Oxen Free
    "Don't believe everything you think"

  4. #4
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    Present, but not voting

    I am amazed, really, that this debit fee has come to so much.

    I guess I see it like this:

    1 ) Does the debit card fee apply to the "premium" accounts, too, or just the basic no-fee no-frills one?

    2 ) I can't tell you when the last time I used a debit card to PAY was. I use credit cards for the rewards, or, cash.

    3 ) Have been surprised for a long time that anyone (small) still did business with BofA, considering how bad the reputation was. Was not sure what they brought to the table in an age of electronic transfers and ubiquitous cash machines.



    Quote Originally Posted by Fordy View Post
    After 35 years of banking with BoA we are cutting ties. The credit union will work just fine..
    Probably going to take a couple of billing cycles to get all our automated payment stuff transfered. We have till January when they start charging for debit use.....then its goodbye with a period not a comma....

  5. #5
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    Quote Originally Posted by hoothroopoo View Post
    If you have at least 5K in your checking account or at least 10K between accounts, there are no fees, and nothing changes. HTH.
    Correct. BofA is going back to being the back they use to be and have the customer base they want.

    I have an account with them and I don't carry 5K in my checking. So yes, I will be hit with fees. I think its a JOKE they are charging for a PIN transaction. I can see using it as a VISA/MC as you get benefits, but a PIN transaction? The CEO stated, that "Every company should be able to make a profit." I agree, but the whole point of a PIN transaction was, it as a cash based transaction and cost the bank nothing.

    Now, if it does cost them per transaction, then fine, state this and I think most will accept/understand the fee.
    Sadly, this fee will hit most banks anyways.

    I opened a cash rewards CC with them and will just use that instead of my VISA Debit card to avoid the fees. The cash back will easily out weigh the annual fee. So, I finally did what i should have done years ago.

    Hope for CU works for you. Smart move if it does.
    DIRT BOY

    "Pain is a big fat creature riding on your back. The farther you pedal, the heavier he feels. The harder you push, the tighter he squeezes your chest. The steeper the climb, the deeper he digs his jagged, sharp claws into your muscles." - Scott Martin


  6. #6
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    I'm a long time BofA customer (25 years or so). I won't be switching. Perhaps it's because I meet the minimums, but this is the way of the world.

    The banks are charging these fees because they are no longer allowed to charge the merchants. I have a sneaky feeling that the merchants won't be reducing their prices because they no longer have to pay the fee.

    I really don't understand why these fees were legislated away from the merchants and on to the banking customers, but I have to imagine that this is an unintended consequence.
    Often wrong, never in doubt

  7. #7
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    Quote Originally Posted by q_and_a View Post
    I'm a long time BofA customer (25 years or so). I won't be switching. Perhaps it's because I meet the minimums, but this is the way of the world.

    The banks are charging these fees because they are no longer allowed to charge the merchants. I have a sneaky feeling that the merchants won't be reducing their prices because they no longer have to pay the fee.

    I really don't understand why these fees were legislated away from the merchants and on to the banking customers, but I have to imagine that this is an unintended consequence.
    Because the banks were overcharging the merchants 6-8x the cost of processing a transaction. I agree that a bit high for a simple transaction.

    But like you said, you think merchants are going to discount their stuff now? They never offered me a better price if I paid cash or via PIN. Some Gas stations do around here, but it has to be physical cash,

    I don't like the fees, but I also can't see the hoopla and anger over it. really. The bank is still proving the service of the transaction. because you are NOT using cash. If you use it as a CREDIT transaction, you also gain all the benefits.

    I will assume it cost them more money to handle Debit card transactions, than it does a cash transaction. If it does, in reality, a fee should be assed. You money or not, the BANK is doing the work. When its cash, the merchant deals with all the cost, like Armor Guards for pick-up etc.

    Crap, the more I think about it and talk about it, the more I understand.
    DIRT BOY

    "Pain is a big fat creature riding on your back. The farther you pedal, the heavier he feels. The harder you push, the tighter he squeezes your chest. The steeper the climb, the deeper he digs his jagged, sharp claws into your muscles." - Scott Martin


  8. #8
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    Quote Originally Posted by DIRT BOY View Post
    Because the banks were overcharging the merchants 6-8x the cost of processing a transaction. I agree that a bit high for a simple transaction.

    But like you said, you think merchants are going to discount their stuff now? They never offered me a better price if I paid cash or via PIN. Some Gas stations do around here, but it has to be physical cash,

    I don't like the fees, but I also can't see the hoopla and anger over it. really. The bank is still proving the service of the transaction. because you are NOT using cash. If you use it as a CREDIT transaction, you also gain all the benefits.

    I will assume it cost them more money to handle Debit card transactions, than it does a cash transaction. If it does, in reality, a fee should be assed. You money or not, the BANK is doing the work. When its cash, the merchant deals with all the cost, like Armor Guards for pick-up etc.

    Crap, the more I think about it and talk about it, the more I understand.
    I kind of understand it too.

    Merchants were actually charged significantly less for debit card transactions than credit card transactions, so I really don't understand who this is designed to help.

    Admittedly, I'm not really up on all aspects of the issue, but the banks reactions' seem to be pretty predictable.
    Often wrong, never in doubt

  9. #9
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    Quote Originally Posted by q_and_a View Post
    I kind of understand it too.

    Merchants were actually charged significantly less for debit card transactions than credit card transactions, so I really don't understand who this is designed to help.

    Admittedly, I'm not really up on all aspects of the issue, but the banks reactions' seem to be pretty predictable.
    From what I hear, its basically to make up for lost revenues form credit card transaction.
    They can only charge a nominal fee now for processing CC. With so many consumers using Check/Debit cards, they can make that revenue back.

    Again, I can see the fees if you suing it as a CREDIT transactions and getting benefits. But a PIN transaction is hard to swallow. But I guess understandable if it cost them more than a CASH transaction.
    DIRT BOY

    "Pain is a big fat creature riding on your back. The farther you pedal, the heavier he feels. The harder you push, the tighter he squeezes your chest. The steeper the climb, the deeper he digs his jagged, sharp claws into your muscles." - Scott Martin


  10. #10
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    Quote Originally Posted by DIRT BOY View Post
    Again, I can see the fees if you suing it as a CREDIT transactions and getting benefits.
    I'm not totally up on this story either since I'm not a BofA customer. But in the past couple of years I've started to wonder how soon it'll be before I'll have to change my ways. I pay for most stuff with a credit card, and do no other business with the issuing bank than on this account. It gets paid in full with every statement, and costs me nothing to use. I get pretty good rewards out of it too. Imma ride that one as long as I can (convenience for me, plus I get free stuff), but someday that has to change, right?

    For everything else, there's the CU. I switched to one nearly a decade ago. Good stuff.

  11. #11
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    I had a gander at their site and I cannot figure out how many people do or do not pay this fee. I found many news articles about the subject but none of BofA's own website. Perhaps it has not been published yet? The minimums referenced below seem to be for teh account monthly maintenance fee, right?

    Other than inertia -- I know that banking has changed quite a lot in 25 years -- what do you get out of BofA? Why did you choose them?

    I had a US Bank account for some time, primarily because they were the physically closest bank to the folks' house, and this was before the era of "Universal" credit unions. You usually had to qualify for the membership by working in a particular place, etc. All of the credit unions that I can find now have nearly universal memberships.

    Mine is based in Virgina, used to be the "Federal Aviation Employee's Credit Union," and I have never set foot in a branch, as they are all thousands of miles away. I do all of my banking business online, or, through "shared banking" arrangements they have with other Credit Unions' ATM's.

    Quote Originally Posted by q_and_a View Post
    I'm a long time BofA customer (25 years or so). I won't be switching. Perhaps it's because I meet the minimums, but this is the way of the world.

    The banks are charging these fees because they are no longer allowed to charge the merchants. I have a sneaky feeling that the merchants won't be reducing their prices because they no longer have to pay the fee.

    I really don't understand why these fees were legislated away from the merchants and on to the banking customers, but I have to imagine that this is an unintended consequence.

  12. #12
    Proud luddite
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    The missus and I are about to dump B of A too. I have an account at a local credit union and they offer everything that B of A does with the exception of requiring no minimum balances and charging no fees for anything. They have an ATM in my building at work so I can use that if I want some cash, otherwise I'll just keep using a debit card.

    That is nonsense about B of A "losing money". The truth is that they just aren't making as much as their greedy little brains would like. If they're losing money then why did their top 2 execs get over $15 million in bonuses recently? B of A can take their "losing money excuse" and shove it where the sun doesn't shine. See ya, B of A you fargin' bastages, hello credit union.

  13. #13
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    I have a BofA Visa (basically dormant, I use my Capital One CC usually) but my checking and savings are with SunTrust. They say they are going to start charging me a $5/mo fee for my debit card in November. I'm going to either surrender mine or stop using it (I think the fee will be assessed only if I actually use the card, but I've not yet verified this).

    The reason is simple: for years I have qualified for free checking, because I'm (a) over 50 and (b) maintain the modest required minimum balance. That policy hasn't changed -- but if I want to use the more convenient debit card instead of writing a check, it's gonna cost me five bucks a month. IOW, I have free checking, but I don't have free checking. Ridiculous. So, goodbye debit card.
    Allez Rouge

  14. #14
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    [QUOTE=azpeterb;3606409

    That is nonsense about B of A "losing money". The truth is that they just aren't making as much as their greedy little brains would like. If they're losing money then why did their top 2 execs get over $15 million in bonuses recently? B of A can take their "losing money excuse" and shove it where the sun doesn't shine. See ya, B of A you fargin' bastages, hello credit union.[/QUOTE]
    Bof A did NOT lose money. They made a very handsome profits every quarter. They never lost money. They ARE losing revenue due to the changes.

    Now bonuses, are another thing. If YOU were the CEO and got the bank through this recession and made the company nice profits, would YOU be complaining about their compensation? I think not.
    DIRT BOY

    "Pain is a big fat creature riding on your back. The farther you pedal, the heavier he feels. The harder you push, the tighter he squeezes your chest. The steeper the climb, the deeper he digs his jagged, sharp claws into your muscles." - Scott Martin


  15. #15
    Get me to In&Out
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    We will be switching to USAA because of this as well. Anyone who keeps a running balance of$5000 in a checking account is crazy. Why would you keep that much cash in a non-interest bearing account? Same for a lame savings account. Why keep $10,000 in something that gets you almost nothing. Our 25 year relationship with BoA will be ending. They will see an exodus because of this. Who wants to pay $60 for the privelage to spend their money?
    Cyclists really need to learn a little Rule #5.

  16. #16
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    Quote Originally Posted by Argentius View Post
    I had a gander at their site and I cannot figure out how many people do or do not pay this fee. I found many news articles about the subject but none of BofA's own website. Perhaps it has not been published yet? The minimums referenced below seem to be for teh account monthly maintenance fee, right?

    Other than inertia -- I know that banking has changed quite a lot in 25 years -- what do you get out of BofA? Why did you choose them?

    I had a US Bank account for some time, primarily because they were the physically closest bank to the folks' house, and this was before the era of "Universal" credit unions. You usually had to qualify for the membership by working in a particular place, etc. All of the credit unions that I can find now have nearly universal memberships.

    Mine is based in Virgina, used to be the "Federal Aviation Employee's Credit Union," and I have never set foot in a branch, as they are all thousands of miles away. I do all of my banking business online, or, through "shared banking" arrangements they have with other Credit Unions' ATM's.
    I originally had an account with a Savings and Loan that got acquired by BofA. This instantly opened me up to being able to access my cash via ATM at many many more locations, so I liked them right away. I hate to pay ATM fees.

    Since then (those were the just after college days), I've done all of my banking with them. I have a couple of CD's, checking, savings and credit cards with them. Their on-line banking offering has stayed current with the times and has always offered me every solution I needed. I'm also a premier member which entitles me to some additional benefits. Every customer service call I've ever made has been handled swiftly and to my satisfaction. Transferring money between accounts is simple and problem free. (Except for the time I meant to transfer money from one account to another and accidentally transferred it to my credit card which had no balance)

    Every other bank I've ever looked at has had some shortcoming in one of these areas.

    They want me to transfer my investment accounts to them, but I have not done this.
    Often wrong, never in doubt

  17. #17
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    Quote Originally Posted by Allez Rouge View Post
    I have a BofA Visa (basically dormant, I use my Capital One CC usually) but my checking and savings are with SunTrust. They say they are going to start charging me a $5/mo fee for my debit card in November. I'm going to either surrender mine or stop using it (I think the fee will be assessed only if I actually use the card, but I've not yet verified this).

    The reason is simple: for years I have qualified for free checking, because I'm (a) over 50 and (b) maintain the modest required minimum balance. That policy hasn't changed -- but if I want to use the more convenient debit card instead of writing a check, it's gonna cost me five bucks a month. IOW, I have free checking, but I don't have free checking. Ridiculous. So, goodbye debit card.
    The fee is supposed to start in January 2012. This I don't get though. I can right a check for free, but not a debit card? How many stores take checks anyways?
    DIRT BOY

    "Pain is a big fat creature riding on your back. The farther you pedal, the heavier he feels. The harder you push, the tighter he squeezes your chest. The steeper the climb, the deeper he digs his jagged, sharp claws into your muscles." - Scott Martin


  18. #18
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    Quote Originally Posted by DIRT BOY View Post
    Bof A did NOT lose money. They made a very handsome profits every quarter. They never lost money. They ARE losing revenue due to the changes.

    Now bonuses, are another thing. If YOU were the CEO and got the bank through this recession and made the company nice profits, would YOU be complaining about their compensation? I think not.
    But that's my point....the fact that they received these generous bonuses is a statement that B of A is doing well and fine. They do not NEED to implement the new fees, they simply WANT to because they want to gouge the account holders as much as they can. Sorry but I'm not going to be a part of this charade any more. They won't miss my relatively small account balances and I certainly won't miss their attitude. It will be a win/win for us both when I take my business elsewhere.

  19. #19
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    Quote Originally Posted by azpeterb View Post
    The missus and I are about to dump B of A too. I have an account at a local credit union and they offer everything that B of A does with the exception of requiring no minimum balances and charging no fees for anything. They have an ATM in my building at work so I can use that if I want some cash, otherwise I'll just keep using a debit card.

    That is nonsense about B of A "losing money". The truth is that they just aren't making as much as their greedy little brains would like. If they're losing money then why did their top 2 execs get over $15 million in bonuses recently? B of A can take their "losing money excuse" and shove it where the sun doesn't shine. See ya, B of A you fargin' bastages, hello credit union.
    Do you own any mutual funds? Do you or anyone you know have a pension? You realize that Bank of America is a public company so that means it is owned by people? Are those the people you are referring to as greedy?

    Would you like to see better returns in your 401-K or your IRA? Do you consider yourself greedy?
    Often wrong, never in doubt

  20. #20
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    I have a small IRA in the borkerage arm of Wells Fargo. It holds a mutual fund's shares. At no charge.

    Because of that, I pay Wells Fargo no fees for anything.

    There are several ways to skin your banker.

  21. #21
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    Yes.. I became a member of USAA last night... Great bank.

    Quote Originally Posted by spookyload View Post
    We will be switching to USAA because of this as well. Anyone who keeps a running balance of$5000 in a checking account is crazy. Why would you keep that much cash in a non-interest bearing account? Same for a lame savings account. Why keep $10,000 in something that gets you almost nothing. Our 25 year relationship with BoA will be ending. They will see an exodus because of this. Who wants to pay $60 for the privelage to spend their money?

  22. #22
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    Quote Originally Posted by q_and_a View Post
    Do you own any mutual funds? Do you or anyone you know have a pension? You realize that Bank of America is a public company so that means it is owned by people? Are those the people you are referring to as greedy?

    Would you like to see better returns in your 401-K or your IRA? Do you consider yourself greedy?
    Many people forget this with all their ranting. Yet they complain when the stock price drops.
    DIRT BOY

    "Pain is a big fat creature riding on your back. The farther you pedal, the heavier he feels. The harder you push, the tighter he squeezes your chest. The steeper the climb, the deeper he digs his jagged, sharp claws into your muscles." - Scott Martin


  23. #23
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    Here she is.
    Kristen Christian, Who Created 'Bank Transfer Day,' the November 5 Bank Boycott, Tells Us Why...

    By Jen Doll Fri., Oct. 7 2011 at 8:06 PM

    Earlier today we wrote of what appeared to be an Occupy Wall Street-related bank boycott planned for November 5th. We've spoken to Kristen Christian, the 27-year-old creator of the event, who has clarified some things. For one, it's not an Occupy Wall Street-organized event, though members of the Occupied movement support the idea and are planning to join in. Further, it's not an effort based in anarchy, or an event that Christian hopes will cause an economic crisis (any more than the one we're already in). "It's not people taking their money and burying it under their mattress. It's shifting the money to a company people respect the practices of. It's like, if you don't like Wal-Mart's practices, shopping at a local grocery store instead." More from Christian on Bank Transfer Day, after the jump.
    Kristen Christian, Who Created 'Bank Transfer Day,' the November 5 Bank Boycott, Tells Us Why - New York News - Runnin' Scared

    Bank Transfer Day Continues Facebook Runup

  24. #24
    Call me a Fred
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    I switched from BoA to a credit union about 20 years ago. I haven't missed them and they haven't missed me.
    Mike

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  25. #25
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    Blame Dick Durbin for the whole fiasco, but I don't want to get this moved to PO so if you don't know what I'm talking about google it.
    It's not only BoA...
    "I felt bad because I couldn't wheelie; until I met a man with no bicycle"

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