Bank of America - Are You Nuts?

[Another Reader]

I keep reserve funds at multiple banks, including Bank of America. I have a "free" checking account, something called Advantage Relationship Checking. I keep a not insubstantial amount there, for which I am paid pennies in interest. No monthly checking fee, and Preferred Rewards on the credit cards.

I'm doing some work on one of the rentals, and I just paid a lot in property taxes and for other projects. There is extra money sitting in B of A, so I thought I would skim a little off for the work. I go to make the transfer, and they want $3.00 to make an outgoing ACH transfer. Huh? Literally NO other bank I use charges an ACH fee.

I read all the fee disclosures for this account available on-line and NOWHERE is an ACH fee mentioned. However, I can get free checks. Surely it costs them more to process a check I write and deposit at my main bank than it costs to process an ACH transfer.

Some people go clearance sale shopping the day after Christmas. I'm going to visit my local B of A branch and make my complaint known. And probably order some free checks...

 

[audreyh1]

Years ago I always initiated transfers from the other institution and I believe fees for outgoing transfers from a bank were common.

 

[Another Reader]

Years ago I always initiated transfers from the other institution and I believe fees for outgoing transfers from a bank were common.

I also do business with Chase, Wells Fargo, and about six or seven online banks. Not one charges an ACH fee. And why is the fee not disclosed in any fee schedule?

 

[Midpack]

Seems like a small amount but from what I can tell most other banks don’t charge as the OP suggests. https://www.nerdwallet.com/blog/banking/ach-transfers-costs-send-money-banks-online/

Can you initiate the transfer from the receiving institution and avoid the BoA fee?

I had to use a wire transfer a while ago for an amount too large for ACH and that cost $20...

 

[Dtail]

Are you a Preferred Platinum customer?

 

[Another Reader]

I expect a wire transfer fee. Labor is involved. Everyone charges for wire transfers and the fee is disclosed.

I will check if there is a fee if the other bank initiates the transfer. I have never been charged any fee by B of A for an inbound ACH transfer...

 

[Another Reader]

Are you a Preferred Platinum customer?

No, this is not my main bank and I'm a lowly Gold level customer.

Fee disclosure document: https://www.bankofamerica.com/deposits/resources/personal-schedule-fees.go

 

[Dtail]

Okay then.
I know they don't charge ACH transfer fees in or out for Platinum level nor any incoming wire transfer fees, but do charge wire transfer fees for outgoing wires.

 

[Midpack]

No, this is not my main bank and I'm a lowly Gold level customer.

Fee disclosure document: https://www.bankofamerica.com/deposits/resources/personal-schedule-fees.go

So it appears they address wire transfer fees on page 14.

 

[Another Reader]

So it appears they address wire transfer fees on page 14.

Yes they do. Everyone charges wire transfer fees. ACH = Automated Clearing House. That's a system designed for interbank transfers such as the one I want to make. I don't see any reference to ACH transfers in their fee schedule.

 

[Midpack]

Yes they do. Everyone charges wire transfer fees. ACH = Automated Clearing House. That's a system designed for interbank transfers such as the one I want to make. I don't see any reference to ACH transfers in their fee schedule.

I know what ACH is as I noted in my earlier post, I was taking wire transfer as a generic term. But OK, good luck with your $3...

 

[Dtail]

Yes they do. Everyone charges wire transfer fees. ACH = Automated Clearing House. That's a system designed for interbank transfers such as the one I want to make. I don't see any reference to ACH transfers in their fee schedule.

They waived an outgoing wire 2 times for me, so I would ask them to waive the ACH fee, since you do have gold level status.

 

[Another Reader]

I know what ACH is as I noted in my earlier post, I was taking wire transfer as a generic term. But OK, good luck with your $3...

Sorry, I missed that. It's not the $3.00. It's that no other bank I use charges this fee and it's not listed in the fee schedule. I'm not paying it as a matter of principle. It's also not evident what happens if the other bank initiates the ACH transfer. Do they charge the fee for that transfer?

B of A is great for credit cards. Not good for mortgage servicing since the acquisition of Countrywide. Not interested in Merrill Lynch. No knowledge of their other products and not inclined to expand my relationship with the company at this point.

 

[nobody]

Fire Bank of America and move your money to a credit union.

 

[audreyh1]

None of my online high yield savings accounts charge an ACH transfer fee, and neither do my brokerages. So I always initiate transfers from one of those institutions - whichever direction. As a result I have never been charged a transfer fee from BofA.

I keep my BofA account for convenience - it's a good checking account. We have a couple of safe deposit boxes at a nearby branch. Their online capability and billpay has been excellent - one of the best early on. So I find them easy to use, get free checks, and maintain a minimum balance so no charges and have a couple of very handy credit cards with them. But I avoid anything that results in a charge such as ATM use at a non BofA ATM or worse foreign ATM as their fees are quite steep!

 

[Aerides]

Chase has never charged me an ACH fee, but I was really annoyed last year when they charged me $15 for accepting a wire DEPOSIT...which of course I didn't realize until the money arrived - sure I know wire transfers result in fees but for outbound.

My other bank, TIAA formerly Everbank, only charges outbound. Since that I've transferred all my regular payments out of Chase and over to TIAA, leaving only enough at Chase to maintain the minimum and watch for anything I might have missed. About time to close it now thanks to this reminder!

 

[Another Reader]

None of my online high yield savings accounts charge an ACH transfer fee, and neither do my brokerages. So I always initiate transfers from one of those institutions - whichever direction. As a result I have never been charged a transfer fee from BofA.

Like you, I have multiple high yielding savings accounts and multiple brokerage accounts. No other bank or brokerage I use charges a fee for an ACH transfer. Your transfer method is probably the answer here. But I'm going to waste far more than $3.00 of a Bank of America employee's time to ask about the fee and point out it is not in the disclosure document.

 

[erkevin]

Seems like a small amount but from what I can tell most other banks don’t charge as the OP suggests. https://www.nerdwallet.com/blog/banking/ach-transfers-costs-send-money-banks-online/

Can you initiate the transfer from the receiving institution and avoid the BoA fee?

I had to use a wire transfer a while ago for an amount too large for ACH and that cost $20...

Midpack, yes, you can initiate the transfer from another bank and avoid the fee. Have done it dozens of times between Marcus and BofA.

 

[audreyh1]

Like you, I have multiple high yielding savings accounts and multiple brokerage accounts. No other bank or brokerage I use charges a fee for an ACH transfer. Your transfer method is probably the answer here. But I'm going to waste far more than $3.00 of a Bank of America employee's time to ask about the fee and point out it is not in the disclosure document.

Absolutely- especially as it’s not disclosed!

 

[Lagniappe]

I am a platinum level customer at BofA and cancelled an ACH last week for this reason. The disclosure was just before you got the submit button.

I think this is a new thing, and it is very annoying. I originated the ACH from the other institution. Bad business by BoA, I am likely to keep less money there now.

Peeve number two about BofA - credit card alerts. Every other card I have allows alerts as soon as a charge/swipe happens. Sometimes I get a text before the cashier has given me a receipt (Elan, First Tech FCU). For some reason with BofA I don't get an alert until the charge is posted, frequently 2-3 days later.

Peeve number three - you can't set up automatic payments of your credit card from any account that is not at BoA. I asked why at my local branch, and they said that's how all banks do it. Nope. Not Chase, Citibank, Elan, Or even the credit unions I have credit cards with. What bugged me was the condescending attitude of the branch manager more than anything else.

 

[Midpack]

Sorry, I missed that. It's not the $3.00. It's that no other bank I use charges this fee and it's not listed in the fee schedule. I'm not paying it as a matter of principle. It's also not evident what happens if the other bank initiates the ACH transfer. Do they charge the fee for that transfer?

The link I provided showed they do not charge for incoming ACH transfers. And I see another post now where a member has been avoiding the BoA ACH charge by the same approach.

 

[zinger1457]

Peeve number three - you can't set up automatic payments of your credit card from any account that is not at BoA. I asked why at my local branch, and they said that's how all banks do it. Nope. Not Chase, Citibank, Elan, Or even the credit unions I have credit cards with. What bugged me was the condescending attitude of the branch manager more than anything else.

Closed my BofA Visa card a few months ago but had automatic payments setup with my Chase checking account for as long as I can remember.

 

[Another Reader]

The link I provided showed they do not charge for incoming ACH transfers. And I see another post now where a member has been avoiding the BoA ACH charge by the same approach.

The document you reference refers to incoming wire transfers on Page 14. There is no mention of ACH transfers. None of the banks I do business with charge for incoming wire transfers. Or incoming ACH transfers for that matter.

 

[Midpack]

The link I provided showed they do not charge for incoming ACH transfers. And I see another post now where a member has been avoiding the BoA ACH charge by the same approach.

The document you reference refers to incoming wire transfers on Page 14. There is no mention of ACH transfers. None of the banks I do business with charge for incoming wire transfers. Or incoming ACH transfers for that matter.

No, I said link I provided, post #4...

 

[The Cosmic Avenger]

Fire Bank of America and move your money to a credit union.

Seconded. BoA and Wells Fargo were pioneers in ATM fees (charging their own customers), and BoA was the worst to deal with when closing my mother's accounts after she passed. I wouldn't do business with either one even if you paid me.