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Old 02-10-2024, 05:25 PM   #21
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Please name the bank.

We have found Fifth-Third bank will auto-renew CD's to pay ~0% interest rate for folks
Farmers & Merchants Bank....it is a bank chain in Nebraska headquartered out of Milford, Nebraska
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Old 02-10-2024, 05:35 PM   #22
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I quit Chase after they fee'd me about $30 to receive a domestic wire transfer. I was selling something and sent it to my checking account with them, never even thought to check for a fee. I mean, a fee to take a deposit electronically these days?

Dropped my account after 20 years.
I would have been annoyed too. But I think receiving a Fedwire requires a small amount of "labor," i. e. human interaction on the part of the bank while an ACH transfer is free because it is more automated. I'm not sure of that though.
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Old 02-10-2024, 05:36 PM   #23
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IRA xfer fees are fairly common. I've sometimes avoided them by getting a check, and then depositing the check elsewhere as an IRA rollover.
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Old 02-10-2024, 05:37 PM   #24
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Bank of America stole $12 from me when I left. There was no fee to close the account, and as long as a minimum balance was kept, there was no monthly fee. But when I went to take out my balance to close the account, they withheld the monthly low balance fee. I reported them to the AG, but did no good.
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Old 02-10-2024, 11:12 PM   #25
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Please name the bank.

We have found Fifth-Third bank will auto-renew CD's to pay ~0% interest rate for folks

DW was a math major and always called Fifth-Third bank "One and two-thirds bank."
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Old 02-10-2024, 11:20 PM   #26
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More likely once the check clears to close the accounts, I will write a letter to the bank president of this branch bank and explain why I closed the account. I have access to their deposit information with comparison to other local banks, and they have been losing significant deposits in recent years. I suspect I am not the only one unhappy with them. They used to be just a local bank, and they were purchased a few years ago by a state-wide chain. Since then, they have been going downhill.
The bank account my parent opened with the local bank in the early 50s had handled the small business checking account for perhaps 45 years. It had gone through a few name changes since then, of course. DW managed the family business in later years and we eventually bought it.

We liked the convenience with a bank branch just blocks away where we could do a night drop since there was significant cash business. We never wanted to leave cash in the building at night. So, one day, the bank says there will be a "fee" of $3 to use the night drop - after all, the poor teller has to pull the bag out of a locked bin in the morning and complete the paper w*rk and then mail the deposit slip. We pointed out that we kept an average of 35K in their checking. No sale. We told them that we would close the account. Didn't even respond. So, we closed the account.

Some eager beaver bank exec. from that bank called 6 months later and asked why we had closed the account and asked what he could do to get our business (and $35K) back. THAT was a fun call.
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Old 02-11-2024, 02:33 AM   #27
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We have found Fifth-Third bank will auto-renew CD's to pay ~0% interest rate for folks
PSA - so does Bank of America
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Old 02-11-2024, 05:34 AM   #28
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i closed out my 401k at voya and to transfer to fidelity was a 50 dollar close out fee and 35 dollars for expedited check delivery .

so charges are common and they are usually a fixed price regardless of amount
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Old 02-11-2024, 05:39 AM   #29
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Bank of America stole $12 from me when I left. There was no fee to close the account, and as long as a minimum balance was kept, there was no monthly fee. But when I went to take out my balance to close the account, they withheld the monthly low balance fee. I reported them to the AG, but did no good.
we take advantage of citi banks big bonuses for opening accounts .

when the required stay is over you have to be careful not to just transfer the money out . you need to actually have them close the account first or there is a low balance fee .

sounds like you drew the money out before closing so they are entitled to the charge
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Old 02-11-2024, 05:44 AM   #30
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PSA - so does Bank of America
Can't imagine that folks on THIS site would have CD's at BOA.
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Old 02-11-2024, 05:45 AM   #31
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Can't imagine that folks on THIS site would have CD's at BOA.
and complain about the low interest and fee for using them ha ha
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Old 02-11-2024, 05:54 AM   #32
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PSA - so does Bank of America
Yep!

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Can't imagine that folks on THIS site would have CD's at BOA.
Guilty. They occasionally have a featured CD with a decent rate. But you gotta jump through some hoops at renewal time.
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Old 02-11-2024, 08:42 AM   #33
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Can't imagine that folks on THIS site would have CD's at BOA.
DW had one auto renew several years. I FINALLY convinced her to move it to NFCU where it has auto renewed a few more times. We canít find her password and she is always too busy to go into the branch. Meanwhile I just learned she has a huge chunk sitting in her BOA checking at 0%. Bigger concern is vulnerability to fraud. A bit frustrating as I am jumping hoops for a bit of interest but I am so grateful sheís not the BTD type!
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Old 02-11-2024, 09:29 AM   #34
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sounds like you drew the money out before closing so they are entitled to the charge
I wrote them a letter and asked that the account be closed and the proceeds mailed by check. I figured if I had been standing at a teller, they might have not done the $12 slight of hand, but every time I walked into a local Bank of America branch, it consumed at least 30 minutes, sometimes an hour. Nobody had any authority to do anything, so I was punted to various staff people. Then the one that did have authority would plunk on the computer for 10 minutes, walk out, get someone else to tell them why the system wouldn't let them do something, blah, blah. So, I wrote a letter to close the account and they stole $12. I'd rather pay than waste time with some partially trained staff using a system that doesn't have an easy way to accomplish simple tasks.
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Old 02-11-2024, 12:16 PM   #35
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DW had one auto renew several years. I FINALLY convinced her to move it to NFCU where it has auto renewed a few more times. We canít find her password and she is always too busy to go into the branch. Meanwhile I just learned she has a huge chunk sitting in her BOA checking at 0%. Bigger concern is vulnerability to fraud. A bit frustrating as I am jumping hoops for a bit of interest but I am so grateful sheís not the BTD type!
Do you both monitor your own accounts separately?
For the DGF and I, all individual and joint accounts are monitored by me, including daily monitoring of the BOA accounts.
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Old 02-11-2024, 12:19 PM   #36
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I wrote them a letter and asked that the account be closed and the proceeds mailed by check. I figured if I had been standing at a teller, they might have not done the $12 slight of hand, but every time I walked into a local Bank of America branch, it consumed at least 30 minutes, sometimes an hour. Nobody had any authority to do anything, so I was punted to various staff people. Then the one that did have authority would plunk on the computer for 10 minutes, walk out, get someone else to tell them why the system wouldn't let them do something, blah, blah. So, I wrote a letter to close the account and they stole $12. I'd rather pay than waste time with some partially trained staff using a system that doesn't have an easy way to accomplish simple tasks.
Unbelievable. Canít remember last time I went inside my local BOA because itís always packed. They no longer have greeter person that would take deposits so you donít need to queue up. Credit union on the other hand is setup so the tellers do almost everything at the window
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Old 02-12-2024, 02:05 PM   #37
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I wrote them a letter and asked that the account be closed and the proceeds mailed by check. I figured if I had been standing at a teller, they might have not done the $12 slight of hand, but every time I walked into a local Bank of America branch, it consumed at least 30 minutes, sometimes an hour. Nobody had any authority to do anything, so I was punted to various staff people. Then the one that did have authority would plunk on the computer for 10 minutes, walk out, get someone else to tell them why the system wouldn't let them do something, blah, blah. So, I wrote a letter to close the account and they stole $12. I'd rather pay than waste time with some partially trained staff using a system that doesn't have an easy way to accomplish simple tasks.

Heh, heh, time I have. I'd go in and waste THEIR time. YMMV
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Old 02-13-2024, 05:20 PM   #38
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Some eager beaver bank exec. from that bank called 6 months later and asked why we had closed the account and asked what he could do to get our business (and $35K) back. THAT was a fun call.
Bet I know which bank that was! Did the same thing to my company, exactly once, before I pulled low seven figures from my accounts! Got a call the same day, wanting to know what they could do, & I just laughed. 30+ years, & they were stupid enough to insist on a $3 fee! Glad we switched, as service at the new credit union was infinitely better. DW & I just didn't know what we had been missing.
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Old 02-13-2024, 05:29 PM   #39
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Farmers & Merchants Bank....it is a bank chain in Nebraska headquartered out of Milford, Nebraska
Hey Bookman51 that same bank (Farmers & Merchants Bank) is in my old hometown I lived in Northern Wisconsin and that bank has been there for over 70 years and when I started 1st saving there, they thought they could charge their customers whatever they wanted because there were only few banks in the area, but I moved to a credit union instead and never dealt with them again.
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Old 02-13-2024, 07:18 PM   #40
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There's a big fee for "wiring" money and a much smaller one, often zero, for an ACH transfer. There's no difference as far as the customer can see, just a different computer screen.

Also, I've learned that the bank "pushing" money out via ACH might charge a fee, but the one "pulling" money from somewhere else almost never will.

Oh, I remember that once there was going to be a fee if I closed an account. So I left $1 in it, and after five years of sending me mail about it, they sent the dollar to the state as an abandoned account.
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