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Just ended 17 year relationship
Old 01-22-2014, 04:13 PM   #1
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Just ended 17 year relationship

with Bank of America. Newly retired at end of year, so I've consolidated accounts into a local independent bank we've also used for several years.

Closed 2 checking, 1 MMarket and a credit card at BOA in favor of KASASA program at the indy bank that pays 2.5% cash back under guidelines (link here to the details) . I think the KASASA program is a coop of sorts that indy banks can join in on to attract business.
Also opened Chase Sapphire card for pretty nice points (link) along with a Amex Blue card that discounts 6% on groceries and gas (link) .

Now gotta go update Mint.

Interesting that the nice lady at the local BOA branch were we closed the accounts and the nice lady on the phone at the credit card service number both said (in a serious way), 'sir, you realize that by closing this credit card it will affect your credit rating?'... I said 'yep, we're retired... I'm not looking to buy anything on credit in the future!'

I do have to say that BOA has been pretty good along the way...very secure and I will miss the usability online interface, but c'est la vie!

Cheers!
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Old 01-22-2014, 05:18 PM   #2
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DS and his GF have always used BoA but are moving money out because of new fees. They're in a somewhat special situation, living in Africa, and I'm not sure what the fees are about. However, after research they are abandoning them. We have a dormant BoA with a few k in it so we can easily transfer money between DS and us. Always seemed pretty OK to me, used to be free with a $10 a month auto deposit; now instead we have to keep $1500 in account. Like that's losing a lot of interest these days.
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Old 01-23-2014, 06:36 AM   #3
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I had a similar long term relationship with Wells Fargo. A few years ago they started sending letters telling me about fees that were going to be charged for maintaining accounts without certain levels cash in the accounts. The amounts were trivial at first but then it got high enough where I was going to have to be careful to maintain the balance to avoid the fee. The fee wasn't that high but it seemed pointless. I moved our accounts to a bank that gave free checking with no balance requirement and they even provide free checks.

In general, it's best to minimize your exposure to the mega-banks. They really don't want small savers and they especially don't want them now.
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Old 01-23-2014, 07:30 AM   #4
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BofA has retained me mainly because their online usability (especially bill pay) has been so good the entire time. None of the things I normally use have fees - not even for checks (there is a free option if you look for it). I even used their online service to order some Euros before my last trip.

I guess they haven't done anything to alienate me yet. I don't mind maintaining a min checking balance - it's actually (still) lower than the one from my prior bank when I switched in 2005.

BTW I only use them for checking. Have had some CDs in the past.
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Old 01-23-2014, 07:44 AM   #5
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Congratulations!
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Old 01-23-2014, 08:51 AM   #6
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Quote:
Originally Posted by 2B View Post
I had a similar long term relationship with Wells Fargo. A few years ago they started sending letters telling me about fees that were going to be charged for maintaining accounts without certain levels cash in the accounts. The amounts were trivial at first but then it got high enough where I was going to have to be careful to maintain the balance to avoid the fee. The fee wasn't that high but it seemed pointless. I moved our accounts to a bank that gave free checking with no balance requirement and they even provide free checks.

In general, it's best to minimize your exposure to the mega-banks. They really don't want small savers and they especially don't want them now.
They require a $5000 balance on combined accounts or they will charge a $10/mo. fee. It's OK for us since we keep a few thousand in bank savings for emergencies and $ for our yearly property taxes, but that's quite a high threshold!
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Old 01-23-2014, 12:58 PM   #7
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Originally Posted by hausfrau View Post
They require a $5000 balance on combined accounts or they will charge a $10/mo. fee. It's OK for us since we keep a few thousand in bank savings for emergencies and $ for our yearly property taxes, but that's quite a high threshold!
It would have been rare for us to ever go below $5,000 since the checking and a reserve savings account was there. What hacked me off was that it would be one more thing to keep track of if I wanted to avoid the fee. I keep the reserve account handy because we occasionally use it. I didn't feel that WF was so wonderful that I had to add $5,000 to it so I wouldn't get hit with the fee.

My new bank is more user friendly and no financial advisor with them have ever contacted my about opening an investment account.
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Old 01-23-2014, 02:18 PM   #8
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Left BOA for a local credit union. No regrets.
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Old 01-23-2014, 04:47 PM   #9
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Left Bof A 3-4 years ago to move to USAA. Don't keep much cash in checking so doesn't really matter. I can't remember the last time I was in a bank branch.
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