Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 04-16-2016, 11:20 AM   #21
Full time employment: Posting here.
 
Join Date: Aug 2014
Posts: 555
Based upon online info ID is required for deposits over $50. We regularly deposit cash from renters. It would be very rare for it to go over $2000. ATMs will take up to 40 bills at a shot and then allow you to add more. Not sure if there is a dollar limit.

We've had accounts there a long time. Maybe its time to move on. I'll have to make sure we zero the accounts before closing them though!
__________________

__________________
ArkTinkerer is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-16-2016, 11:32 AM   #22
Recycles dryer sheets
 
Join Date: Aug 2014
Location: Phoenix
Posts: 473
Here in Arizona, Chase has been aggressive in getting new customers. For the last couple of years, they've offered cash incentives for individuals to open accounts. I received $300 to open a checking account (minimum balance of $1500 to avoid fee and also required direct deposit of monthly pension payments.) They would have given me $200 to open a savings account but the initial deposit required was more than I wanted to tie up with them. For now, I've kept my credit union account but I really prefer the Chase online experience to that of the credit union. Also, I have 5 Chase stand-alone branches within a two mile radius and only two credit union branches. I also like the drive-through teller at Chase that's missing from the credit union branches near me.
__________________

__________________
Ian S is offline   Reply With Quote
Old 04-16-2016, 11:33 AM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by Totoro View Post
older types of accounts get bad interest rates. In essence, customer loyalty is punished. Because they get away with it.
That's the same strategy cell phone companies and cable tv companies use. The best deals go to new folks.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 04-16-2016, 01:13 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,271
Quote:
Originally Posted by Bamaman View Post
I have yet to figure out what the big banks' business is. They're certainly not seriously competing for individuals' business.

On a visit this week to my local Wells Fargo Branch, their lobby had desks and offices for 12 people. They had one personal banker there, and the place was like a ghost town. Go in to make a loan application and they'll put you on a computer terminal (that you could have signed into from home.)

Last time I applied for a loan, the bank was simply uncompetitive on interest rates and terms. They've essentially run personal banking off to the local credit unions.

Not all customer shop for rates... in fact most do not...

That is why they will pay so much money to get a new customer.... the 'open a new account and get $100' mailings we get all the time...

Once they have you, they know you will stay for many years if not decades...
__________________
Texas Proud is offline   Reply With Quote
Old 04-16-2016, 01:45 PM   #25
Thinks s/he gets paid by the post
Nodak's Avatar
 
Join Date: Feb 2010
Location: Cavalier
Posts: 2,317
I love my state bank; one building no branches and still operating under their Dakota Territory charter.
__________________
"Don't take life so serious, son. It ain't nohow permanent." Pogo Possum (Walt Kelly)
Nodak is offline   Reply With Quote
Old 04-16-2016, 01:59 PM   #26
Full time employment: Posting here.
gcgang's Avatar
 
Join Date: Sep 2012
Posts: 925
With today's low/negative interest rates, and lack of loan opportunities, the banks really don't want or need more money.
__________________
In theory, there's no difference between theory and practice. In practice, there is. YB
gcgang is offline   Reply With Quote
Old 04-16-2016, 02:08 PM   #27
Thinks s/he gets paid by the post
imoldernu's Avatar
 
Join Date: Jul 2012
Location: Peru
Posts: 4,616
For what possible reason would a bank want to accept a savings account?

The banking industry is built on leverage. Understanding how this works explains why your money is unimportant.

from 2013:Everything you ever wanted to know about bank leverage rules

Quote:
Discussions of bank regulations frequently get bogged down in wonky and quite technical talk. So it seems like a good time to take a step back and discuss what exactly is being proposed, what it means for banks, and how it affects consumers and investors.

Let's start with the basics. What was just proposed?

The three federal bank regulators—the Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.—issued a joint proposal to require the eight biggest bank holding companies to maintain their leverage ratios to a minimum of 5 percent, while their FDIC-insured bank subsidiaries would have to maintain a minimum 6 percent.

The standard leverage limit for all banks is set at 3 percent.

more...
One of two things could happen when the leverage ratios are exceeded by withdrawals... (1) Part or all of the monies owed by the banks to customers defaults and is lost, or (2) the government bails out the banks by printing money.

Think of it this way... The bank's assets include the $396,000 total that is owed on the house mortgage it is holding on the $230,000 house that was just bought @4%.

A cynic's view...
__________________
imoldernu is offline   Reply With Quote
Old 04-16-2016, 02:43 PM   #28
Recycles dryer sheets
 
Join Date: Nov 2014
Posts: 381
Was at a bank for years. Bank got bought by BofA and immediately added fees for everything. We dropped them then went to a credit union associated with my wife's place of employment. That was about the time that credit unions wanted to start opening up membership to anybody and the banks were fighting it tooth and nail in congress. They lost. Still at the same credit union and very happy with it. Do 95% of banking online these days.
__________________
big-papa is offline   Reply With Quote
Old 04-16-2016, 03:16 PM   #29
Full time employment: Posting here.
 
Join Date: Jul 2007
Location: ST LOUIS
Posts: 993
I read the big banks did not want to fool with people who had less than 50k
__________________
Proverbs 15:22 Designs are brought to nothing where there is no counsel: but where there are many counsellors, they are established.
rec7 is offline   Reply With Quote
Old 04-16-2016, 11:54 PM   #30
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Florence, AL/Helen, GA
Posts: 2,092
I remember applying for a loan in just my name at Regions Bank in Atlanta for a new Ford Ranger pickup. The loan manager turned my application down because I had a Lincoln lease for my wife. We had just sold our house, and were in the process of moving to town.

At the time, I had enough in my checking account to pay for the truck. That wasn't good enough for Regions' supremely ignorant loan officer. She still turned me down.

I just ran the deal through my employer--no problem. They financed it for me.

And after all these years, Regions remains a sub-standard regional bank.
__________________
Bamaman is offline   Reply With Quote
Old 04-17-2016, 04:28 AM   #31
Thinks s/he gets paid by the post
bUU's Avatar
 
Join Date: Dec 2012
Location: Georgia
Posts: 1,909
Quote:
Originally Posted by W2R View Post
One of the tasks that I have taken on since that time, is choosing my bank based on what matters to me
And if circumstances in your life had been different, it is possible that BoA may have been that bank. That's something I've taken away from my experiences: Never say never; never make choices to spite myself; don't let principle or expediency dominate, but rather balance the two against each other.

Quote:
Originally Posted by Totoro View Post
Two times the following conversation happened to me:
It is a shame that doesn't work for IRAs while you're still work.

Quote:
Originally Posted by youbet View Post
That's the same strategy cell phone companies and cable tv companies use. The best deals go to new folks.
Precisely, and they know what they're doing. I just switched natural gas marketers. I'll probably have to switch again next year, and then two years from now I'll be back where I started. Each person gets to decide whether saving the $200 or so that the promotional rate gets you is worth playing the game. Most people don't and so they pay more than they need to. They're not wrong for doing so, nor are the companies wrong for setting pricing in a way to maximize shareholder value. We all have different priorities.

Quote:
Originally Posted by rec7 View Post
I read the big banks did not want to fool with people who had less than 50k
You can read that right off their fee schedule... "Fee waived for customers with combined balances of..."
__________________
bUU is offline   Reply With Quote
Old 04-17-2016, 07:38 AM   #32
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,445
Quote:
Originally Posted by W2R View Post
I was very upset with Bank of America back in 1968, because I was young, just starting out, nearly broke, and they were eating me alive with fees. Then they charged me a fee to close my account. I told them I would never open another account with them in my life, and I haven't.

One of the tasks that I have taken on since that time, is choosing my bank based on what matters to me (and fees are part of that). My present bank has no fees and is a well established bank.
We also have a couple of banks that behaved poorly, so I said "never again" and took our small chunk of business elsewhere. If they didn't want my business a decade or two ago, I'm doubtful much has changed since then.

Besides, it's not like there's a shortage of banks.
__________________
MichaelB is offline   Reply With Quote
Old 04-17-2016, 09:32 AM   #33
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 1,647
I still cannot understand why people (especially us retired folk) even consider a bank. Our money is no safer in a mega institution than a local CU. IN FACT, NCUA offers better insurance than the FDIC.

I have "Banked" with a CU for over 30 years and NEVER paid a fee for anything that was not self inflicted. Deposit slips are free, withdrawals are free, now we do not even need checks anymore with Credit Cards and On Line banking. Plus their CD returns are often more attractive too.
__________________
"Arguing with an Engineer is like rolling in the mud with a pig. Just remember that the pig likes it."
ShokWaveRider is offline   Reply With Quote
Old 04-17-2016, 10:34 AM   #34
Thinks s/he gets paid by the post
Fedup's Avatar
 
Join Date: Mar 2014
Location: Southern Cal
Posts: 2,930
BofA has been steering people to use ATM machine vs teller. They do this to me every time. I only use online deposit now. I don't have large cash of anything to deposit.


Sent from my iPad using Early Retirement Forum
__________________
When I post IIRC, that means going by memory. Google is your friend for facts. Stop being a lazy bum, I can't do all the googling for you. I'm lazy too. LOL
Fedup is offline   Reply With Quote
Old 04-20-2016, 04:52 PM   #35
Recycles dryer sheets
 
Join Date: Apr 2015
Posts: 82
I have to admit I've heard a million complaints about BofA over the years but I've been a BofA customer since getting a childhood savings account in the early 1960's and I've never once in over 50 years ever had a problem with them. Not only that, I've never paid a cent in any type of service fee.

I'm sure some of it is because of my banking status level but still, nothing but 100% satisfaction. Now I only wish my BofA stock would do something!
__________________
Drake3287 is offline   Reply With Quote
Old 04-20-2016, 05:10 PM   #36
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,971
Quote:
Originally Posted by rec7 View Post
I thank God for credit unions. I left the banks about seven years ago. Only credit unions for me here on out.
Same here. I've used a credit union since I was 18. I've never even seen a deposit slip.
__________________
aaronc879 is online now   Reply With Quote
Old 04-20-2016, 05:34 PM   #37
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 2,487
I've been a Bank of America customer for 38 years. Never paid any fees and they never made an error in my accounts.

So good so far.
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is offline   Reply With Quote
Old 04-20-2016, 06:53 PM   #38
Thinks s/he gets paid by the post
Fedup's Avatar
 
Join Date: Mar 2014
Location: Southern Cal
Posts: 2,930
I've got you all beat. I've worked for Bank of America when I was a teenager. Of course we made mistakes.


Sent from my iPad using Early Retirement Forum
__________________
When I post IIRC, that means going by memory. Google is your friend for facts. Stop being a lazy bum, I can't do all the googling for you. I'm lazy too. LOL
Fedup is offline   Reply With Quote
Old 04-20-2016, 08:08 PM   #39
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,948
Lately it seems the banks and credit unions want my debt more than anything else. Last month Navy FCU let me add to my 4% cd with 1 yr left on the term. This month they are offering a credit card balance transfer for 12 months @ 0% w/ no fees. I love this credit union! As much as I think I should hate BofA, I've had almost no problems with them and love their online banking and Billpay. Don't these people know I don't have a job?


Sent from my iPhone using Early Retirement Forum
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Old 04-20-2016, 08:09 PM   #40
Thinks s/he gets paid by the post
 
Join Date: Oct 2008
Location: Naples
Posts: 2,161
I have been with BOA since 1989 when I moved to Florida. Called something else back then which I think was Nations Bank. Have never had any kind of problem in dealing with them. I hate to go into banks. I use the drive up ATM for check deposits but never cash deposits. I use the commercial drive-up window for cash deposits. Yes, you now need a deposit slip (which the teller is more than happy to fill out) and photo ID which is on my BOA bank card which I also need for most deposits. I do all on line banking and hardly ever write a check. Just the other day I was in a grocery store and lady in front of me wrote a check for her purchases. Also had to enter the details in her check register. Like something from 25 years ago. The times, they are a changing!
__________________

__________________
JOHNNIE36 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Save Some Money and Help Your Son or Daughter Live Longer With One Simple Act haha FIRE and Money 7 03-10-2012 12:24 PM
What should we do with money we want to pay off our mortgage with? TennisFan FIRE and Money 45 07-27-2011 04:18 PM
Get banks to bid on your money LOL! FIRE and Money 7 09-29-2008 12:35 PM
If regional banks are in trouble, what is the best bank to put your money in? Orchidflower FIRE and Money 5 09-24-2008 08:41 PM
CHASE Banks Giving Away Money OAG FIRE and Money 25 07-16-2007 10:19 AM

 

 
All times are GMT -6. The time now is 12:13 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.