CobyRupert
Super Member
Ah yes, remember the days when banks made money FOR you, not FROM you.
When Free Checking is no more... after 66 years...
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deerseeker001
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that's exactly what I was thinking when I first read this.
bumperm
Veteran Member
I closed my B of A accounts when they donated a significant sum of money to BO's campaign and other similar causes.
bumper
mark02tj
Veteran Member
Another vote for credit unions! I opened my first account with the credit union a little over 40 years ago when I got my paper route. Been with them ever since although not exclusively with them. I've done financing with other institutions for various reasons. Also, I had business accounts with banks since credit unions traditionally did not offer any business services.
About 10 years ago I found out that my credit union was offering small business accounts - for free!! So I closed my accounts ($12/mo back then) with the big-bank and moved them to the credit union. The only hiccup was processing payroll tax deposits so I still did that at the bank until I got rid of my last employee.
The only issue I still run into from time to time is that the tellers are still not used to dealing with business transactions. Sometimes they want to "hold" a customer check but I finally got one of the managers to put something on my account instructing them to not do that.
About 10 years ago I found out that my credit union was offering small business accounts - for free!! So I closed my accounts ($12/mo back then) with the big-bank and moved them to the credit union. The only hiccup was processing payroll tax deposits so I still did that at the bank until I got rid of my last employee.
The only issue I still run into from time to time is that the tellers are still not used to dealing with business transactions. Sometimes they want to "hold" a customer check but I finally got one of the managers to put something on my account instructing them to not do that.
OP
ultrarunner
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Update:
Went in today to close the account... no complaints... simply said being charged for checking is not going to work for us.
Had tried to close it two previous times but the wait for customer service was too long to do over a lunch break.
Anyway, the person looked it up and said it was the oldest account he had seen in his 13 years... asked why we were closing and I told him $300 a year for something that was supposed to free was not going to work for us.
He made a couple of calls and said as long as there is a $1,000 minimum balance... we should not be bothered anymore and he reversed the $25 fee.
Was not expecting anything and left the branch satisfied pleased.
He said we have to take care of loyal customers...
Went in today to close the account... no complaints... simply said being charged for checking is not going to work for us.
Had tried to close it two previous times but the wait for customer service was too long to do over a lunch break.
Anyway, the person looked it up and said it was the oldest account he had seen in his 13 years... asked why we were closing and I told him $300 a year for something that was supposed to free was not going to work for us.
He made a couple of calls and said as long as there is a $1,000 minimum balance... we should not be bothered anymore and he reversed the $25 fee.
Was not expecting anything and left the branch satisfied pleased.
He said we have to take care of loyal customers...
oosik
Epic Contributor
I bank with a local bank and everything, including checks, are still free. Been with this bank for 32 years and they know me well. The local credit union has merged with a large nationwide credit union and would be the same as being with B of A.
MoKelly
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ultrarunner
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It made the folks happy... it's hard when everything you know keeps changing!
rekees4300
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ultrarunner
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It's because they cancelled my HELOC and did not even bother to tell me! Only found out when I went to tap it...
I would imagine any business would be in trouble when the good customers are cast aside.
The local branches here have as much in Spanish as English...
I would imagine any business would be in trouble when the good customers are cast aside.
The local branches here have as much in Spanish as English...
deerseeker001
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I second that,credit union is the way to go.
bumperm
Veteran Member
Not always. I had well over 6 figures at the Greater Nevada Credit union. Still, they decided to start charging for many of the services they had heretofore provided at no charge for larger accounts. I went in and talked to them and one of the tellers told me that many of their major accounts were leaving. This was about 3 or 4 years ago. I've got accounts in a couple of smaller banks, no charges and no problems.
I pulled my account from B of A 6 years ago when they seemed to be making a political statement by donating a large sum to the folks helping a certain candidate.
bumper
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ultrarunner
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Mom and Dad's BofA account is 100 yards from where I work... so it does make it very convenient to help with their banking...
Got her a credit union account where I have mine... only issue is it's 20 miles away...
Got her a credit union account where I have mine... only issue is it's 20 miles away...
jrkaye
Bronze Member
Our bank, in a small West Texas town has been around ~65 years. Wife's grandparents, parents were some of their first customers. When we moved back to her hometown area we opened checking accounts that pay interest. Recently opened a new account ( for special projects) to find out interest bearing checking accounts are no longer available. The have ONE ATM in town which is free for bank account customers to use. Every other ATM will charge a fee of from $2.50 - $4.50 to use it to get YOUR money. Sad change of events. Sadder still is the lack or disappearance of true customer service everywhere.
Bank of America was my cc company after they swallowed MBNA. I went to another company after getting to know them & not liking the practices.
As mentioned earlier, the larger consolidated banks seem to want some segments of business, and flush out others: customers that are going to make them money (no interest accounts, debt load, carry balances), small customers that cost them nothing ( e-banking, ATM use, autowithdrawal & deposit--as much customer-done as their employees doing work on the customers accounts), or large depositors whose money they can make money from.
Its not just banks... we're in a dangerous spot in the US where individuals & small business are being devalued in favor of Return On Investment. It's a schizophrenic situation where every individual states they want small business to do well, and wants American made, but when the tire meets the road, and groups make business model decisions, or individuals make purchasing decisions, the bottom line is the ultimate line.
As mentioned earlier, the larger consolidated banks seem to want some segments of business, and flush out others: customers that are going to make them money (no interest accounts, debt load, carry balances), small customers that cost them nothing ( e-banking, ATM use, autowithdrawal & deposit--as much customer-done as their employees doing work on the customers accounts), or large depositors whose money they can make money from.
Its not just banks... we're in a dangerous spot in the US where individuals & small business are being devalued in favor of Return On Investment. It's a schizophrenic situation where every individual states they want small business to do well, and wants American made, but when the tire meets the road, and groups make business model decisions, or individuals make purchasing decisions, the bottom line is the ultimate line.
aczlan
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One nice thing about a credit union is that the ATMs of (almost) any other credit union are free to use and you can make a deposit at most any credit union for most any other one. I did that after my parents moved out of state and I sold a car for them. They had an account at a credit union near them and I went to a credit union near me to deposit the money into their account. They had the money within minutes and no need to fuss with a check or a wire transfer.
Aaron Z
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ultrarunner
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Probably way out of sync with the times... never have used an ATM nor have the folks.
Have heard lots of complaints over the years from friends using ATMs
I did go to my credit union to do an International Wire transfer and was referred to Bank of America...
That said... I'm very happy to have a credit union account where I am now... Interest on deposits is much better, fees almost none and I did a refi on my home and it went exactly as promised... there was a delay and rates went up and I was told not to worry as they would fund on the terms promised... seems refi gets pushed to the bottom of the stack because purchase money often has strict timelines.
Have heard lots of complaints over the years from friends using ATMs
I did go to my credit union to do an International Wire transfer and was referred to Bank of America...
That said... I'm very happy to have a credit union account where I am now... Interest on deposits is much better, fees almost none and I did a refi on my home and it went exactly as promised... there was a delay and rates went up and I was told not to worry as they would fund on the terms promised... seems refi gets pushed to the bottom of the stack because purchase money often has strict timelines.
aczlan
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I rarely use it, I just do cashback when buying stuff but I know some who use them frequently.
Aaron Z
Pixguy
Super Star Member
I have a checking acct. with the small local bank and BoA as well and have not seen any charge but have a larger balance than has been mentioned but will monitor it closely. I need a bank that is national when I winter elsewhere and BoA is the only one that is in both states but I hate using them, they couldn't care less of any of us.
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