When Free Checking is no more... after 66 years...

[ultrarunner]

My folks have had a checking with Bank of America since 1948... they also had B of A home loans, a HELOC and Bank Americards that were the precursor to VISA.

The Loans have be paid off, B of A unilaterally closed the HELOC about 5 years ago when they did mass closings and without a word to my folks...

This morning I went statement in hand to find out how a Grandfathered free checking account going back to 1948 now comes with a $25 monthly service fee.

The short answer is nothing lasts forever and their Free Checking product is no longer offered...

My advice to the folks tonight is to simply let their 66 year banking relationship end and leave it at that.

The senior customer service person said the folks could open a HELOC or charge $250 in gas on a B or A Visa Card and the fees would be waived... my response was for how long and he could not answer.

Probably should have seen it coming... first they had to stop getting their canceled checks returned and then they had to stop getting even the images of their checks returned just to keep their checking Free of monthly fees...

 

[murphy1244]

Get a account with a credit union.

 

[texasjohn]

I had an account with BOA but terminated it a couple of years ago for service fee reasons.

 

[mjarrels]

Credit Unions... I gave banks the boot decades ago.

mark

 

[ultrarunner]

I moved to a credit union and the first experience was not good.

I moved a second time and it has been most satisfactory... even did a home loan at a very attractive rate with no fees.

The folks are very set in their ways even though the Bank of America they knew 65 years ago does not exist... all the local branches they patronized in Oakland have been gone for decades...

Just seems $300 a year for seniors to keep open their checking of 66 years is excessive...

Funny that one of the alternatives offered is to open a HELOC and that is just what we had until the bank cancelled it and we only found out because Dad was going to use it for some home repairs and learned it had been closed and the bank said HE CLOSED it...

 

[Bird]

I don't even remember how long it's been since I had a "bank" account. I've been using the same credit union for 50 years, although the first years it was more like a savings and loan. I don't remember when they started having checking accounts, but that was when I dropped my bank checking account.

 

[Clint S]

I have actually been thinking of dropping my checking account. I am in a credit union and it is free. The reason is that I do not use it anymore. I might write 5 checks a year tops. Everything is paid online automatically or I use a debit card or credit card. The only folks I see writing checks anymore are older folks or a select few who just have not grasped the computer.

 

[MoKelly]

I have a Bank Of America checking account. They have always given photocopies of checks and its supposed to be fee free.

Now I need to go look to make sure it really is still fee free.

Thanks for the reminder.

Changing checking accounts given all the electronic bill paying is a real big pain in the you know what!

MoKelly

 

[Gary Fowler]

I hardly ever use a check, except to pay my property taxes & driver's license fees. They charge extra to use my debit card so I just use my free checking.
I think most banks charge fees if you don't keep a minimum balance in the account. Min. balance might vary by bank but I think mine is $5000.

 

[JBourquin]

My BOA checking account is still free. But, as soon as my CC is paid off they're both gone. Stick with the Credit Unions.

 

[Bird]

I have actually been thinking of dropping my checking account. I am in a credit union and it is free. The reason is that I do not use it anymore. I might write 5 checks a year tops. Everything is paid online automatically or I use a debit card or credit card. The only folks I see writing checks anymore are older folks or a select few who just have not grasped the computer.

Even my checking account is with the credit union. And this has been a busy year; last week I wrote my third check for the year of 2014. Only wrote one check each of the last 2 years. And I have a debit card, but it's NEVER been used as a debit card to pay for anything. Years ago it was sometimes used for cash from ATMs, but I haven't done that either for several years.

 

[ultrarunner]

My parents have no interest in computers... Dad still adds up numbers in his head... never uses a calculator... guess you could say really old school... all of us have never used an ATM!

I write checks... both for me and others.

Several times it has been a godsend because I had a cancelled check to offer as proof of payment.

The most recent was last year on a property tax bill... county said they had not received payment and now there was an interest penalty due... my cancelled check took care of that.

Dad always had the kind of checks you could fold and carry in your pocket... never left home without them...

The first time I tried bill pay for my mortgage they never got it... thing is my mortgage is with the credit union and so is the account my payment was drawn on... again, it all was straightened out in time.

To me... this new $300 annual fee is a lot of money for something others offer for free... supposed to go back tomorrow.

B of A said they are streamlining their banking for the 21st century... no more signature cards in a dusty card file or special account coding...

The senior teller always says hello and she had been there 25 years... very rare. I mentioned it to her and she said she was sure it was just an oversite... I asked her to check and she said as of the first of this year she no longer has access... only customer service. On my way out I told her it was a no go... she said we are not the only ones... several of her long term customers have closed the account.

Going way back... Dad originated B of A Timeplan auto loans for 25 years and every Christmas the bank would have some real parties... one year it was at the Playboy club in San Francisco and another year the Bank rented the entire Disneyland Park for a private party... the look on the customer service guy was one of disbelief when I shared that with him... still have a nice leather attache I was given from B of A

 

[ray66v]

My "free" checking account for my business, added a "FDIC service fee" of $5 per month, about 3 years ago.

It's still free. I just have to pay $60 per year for it. :laughing:

 

[Ed of all trades]

We have free checking at a small local bank that still thinks customers are important. The big bank in town we said goodbye to for many reasions, all mentioned in your posts. So their are still some good banks out there. They are just few and far between.

 

[tcreeley]

My local bank knows who I am, does all transactions without an ID, is always friendly. My CU used to be like that, but they were swallowed up by a merger.

 

[reb]

Credit Unions... I gave banks the boot decades ago.

mark

I did that, but discovered that some transactions with mutual fund companies require a signature verification, which the local credit unions do not offer. A savings account in a bank gives a way to get that done.

 

[wrenchrider]

Sorry to hear BoA is still in the business of legally robbing people. Had my 'falling-out' with them a few years ago. Most banks and credit card companies love to slip in a new 'fee' now and then. It's just free money for them. Customer loyalty doesn't mean much to most huge financial corporations anymore. A loyal/desirable customer is one who just pays what they say and doesn't gripe.
Small local banks and credit unions are a lot easier to do business with, and most are even interested to know your name. Shop around. Good luck.

 

[oldpilgrim]

BOA has been pizzing people off for several years now with crap like this. They announced a few years ago that they would let illegals open accounts even if they didn't have SS #'s. You try to do that.

I deal with a small local bank that's been in the area for many, many, years. I walk in and the bank manager/VP calls me by name.

In Ma there is a law that says if you're over 62 or under 20, (I think those are the ages) they CANNOT charge service charges on your account.

I'm not sure if it's a Fed banking law or just here in Ma. but you should check t see if it applies nationally.

Regardless, dump that no good BOA and starve them to death. They need to go away.

 

[ultrarunner]

It's very much the same here... walk into the branch and there is just as many banners, screens and brochures in Spanish as English and this is not a predominant Spanish area.

They are really courting Mexico, Central and South America clients.

Not sure what the folks will do except they will not be paying $25 a month service charge and if that means closing the account so be it.

 

[MossRoad]

As others have mentioned, have your folks join a credit union. There should be no sentimental reasons to sever relations with a business that you no longer care for and is costing you money. Its purely a business decision (your parents business) to get a better deal elsewhere. :thumbsup: