Bank of America - Are You Nuts?

[NW-Bound]

I like B of A and it will take more than 3 bucks to change that. I don't care about those other thousands of people, they can go elsewhere. Less people in line that way.

I have been a B of A customer for decades. Recently, I came to them to notarize a form for an account at Merrill Edge, which has been part of them ever since the mortgage fiasco. No can do notarizing!

They explained that it was because of a certain phrase, which had a certain legal complication that the Merrill Edge people were not aware of, but they were.

So, I had to go to the nearby Chase branch, and they did it for me for free, even though I did not have an account with them. At B of A, I have Platinum Honors privilege. Hah!

I was mad and going to move my bank accounts to Chase, and my Merrill Edge accounts to Schwab. But I forgot until now.

 

[aubailey]

Strange Message

What was point number 1, not that the other points were that illuminating!!!

 

[Old Microbiologist]

We were Preferred Platinum Customers and we had $326k in our checking account and another $150K in other accounts. We had 6 accounts for various purposes including the mortgage we had and 2 Preferred cards. We also had 20 years history with BofA and were fine and dandy. My wife is a dual citizen Russian/American and we retired to Hungary in 2009. Things were fine for 5 years then we received a letter in the mail from BofA telling us all our accounts were being closed and we had 30 days to set up new accounts. Of course, the letter arrived on the 29th day. I called BofA and spoke to the Platinum person and she was horrified and very sympathetic and couldn't understand so went off to find out what was going on. She came back, very obviously negative and stated in a desultory tone that of course they were closing our accounts. I asked why and she followed even more nasty that we have no right to know why because Congress passed a law stating banking customers have no right to know. Sadly, I found out she was correct. So, I was left with trying to find a way out of this mess and to try and keep our money which I could see was in jeopardy.

Luckily, I am retired military and recalled that there is a credit union at the US Army post in Vicenza, Italy. I have no rights to use military facilities in Germany, the UK, or the Netherlands due to various status of forces agreements, mostly due to an inability to collect VAT. Apparently Italy was more understanding back in the day so retirees have full privileges. Anyway, I phoned the Credit Union in Italy and we set up an account over the phone and I arranged a wire transfer of all of our assets from BofA to them so I barely made it under the wire. This was an enormous hassle and a shock to me. I later found out it was most likely due to the 2010 FATCA laws and more likely the sanctions against Russia in 2014. How you conflate sanctions against Russia to an American citizen with dual citizenship is beyond me but that appears to be the case. So, we had roughly $500k transferred out of their bank and they just didn't care. I thought that was the most interesting point. I now tell everyone I know to never bank with a commercial bank in the US and to move their accounts to non-profit credit unions. They have the same protections and are not legally permitted to leverage their assets more than 1:1. I will add I was sill working as an independent contractor for the US military and still maintained a Top Secret Clearance. My wife was the web administrator for the FAA (GPS satellite navigation division) when we retired and she had an active Secret clearance. We both have active clearances still and I will have one until I die due to the nature of the work I did for the military in my 40 years working for them. So, I was highly perturbed when this happened and have nothing but extremely negative feelings for US commercial banks. I believe the major banks should be punished for their behaviors and the best way to do that is to move your accounts to Credit Unions. Maybe if enough people did that they might change their behaviors?

 

[Tracer]

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...

My main savings account is at All America Bank because they have they have the highest interest rate I've seen anywhere for a money market account (currently 1.75%). They are out of state. However, I like to keep a small account at a local brick and mortar bank as well so I use Bank of America. They do charge for outgoing transfers, but not incoming. I don't know how you didn't see the fee. I clearly states the fee (if any) every time I do a transfer. Avoiding that fee is easily done though by initiating the transfer at the receiving bank, No fees from anywhere. Problem solved.

 

[Another Reader]

My main savings account is at All America Bank because they have they have the highest interest rate I've seen anywhere for a money market account (currently 1.75%). They are out of state. However, I like to keep a small account at a local brick and mortar bank as well so I use Bank of America. They do charge for outgoing transfers, but not incoming. I don't know how you didn't see the fee. I clearly states the fee (if any) every time I do a transfer. Avoiding that fee is easily done though by initiating the transfer at the receiving bank, No fees from anywhere. Problem solved.

I have accounts with multiple banks, both bricks and mortar and on-line. Of all the banks with which I have accounts, B of A is the only one that charges a fee for outgoing ACH transfers.

Of course you see the fee when you go through the ACH transfer process, at the very end, just before you hit send. My objections are that this is something other banks do not charge, which makes B of A less attractive as a bank, and the fee is not disclosed in the list of account fees.

 

[UnrealizedPotential]

I am not a Wells Fargo fan either. Fees everywhere you look and if you don't pay attention those fees will eat you alive. I keep only the bare minimum in my savings account with WF. I refuse to have a checking account at WF. Why? You guessed it , fees.

 

[Tracer]

I have accounts with multiple banks, both bricks and mortar and on-line. Of all the banks with which I have accounts, B of A is the only one that charges a fee for outgoing ACH transfers.

Of course you see the fee when you go through the ACH transfer process, at the very end, just before you hit send. My objections are that this is something other banks do not charge, which makes B of A less attractive as a bank, and the fee is not disclosed in the list of account fees.

Big banks with lots of brick and mortar branches like to charge fees. I believe Chase as well as some others also charges for transfers. Online banks usually do not, which is why I have my main account at one of them. To me anyway, the only way it makes any bank unattractive is if there's no way to avoid the fees. I avoid the $12 monthly maintenance charge at BofA by having one of my direct deposits go there. And as mentioned before, I avoid transfer fees by initiating them at the other online banks or at Fidelity, where I have my checking account. Other then their pesky fees (which I manage to avoid), I otherwise like BofA. There website is great and they probably have one of the best banking apps around. For me anyway, those are the things that make a bank attractive.

 

[Another Reader]

Big banks with lots of brick and mortar branches like to charge fees. I believe Chase as well as some others also charges for transfers. Online banks usually do not, which is why I have my main account at one of them. To me anyway, the only way it makes any bank unattractive is if there's no way to avoid the fees. I avoid the $12 monthly maintenance charge at BofA by having one of my direct deposits go there. And as mentioned before, I avoid transfer fees by initiating them at the other online banks or at Fidelity, where I have my checking account. Other then their pesky fees (which I manage to avoid), I otherwise like BofA. There website is great and they probably have one of the best banking apps around. For me anyway, those are the things that make a bank attractive.

Neither Chase nor Wells Fargo charge for ACH. I keep enough money at all three banks to avoid monthly fees and I direct deposit at two of the three majors. B of A has great credit cards and their on-line banking is fine, except for that pesky ACH fee. I would NEVER originate a mortgage through them, as they adopted the Countrywide philosophy of customer service when they bought them. Plus their rates are rarely competitive. I use the strengths and weaknesses of the large banks to make things work for me.

I also have accounts with a number of online banks and move money around when the rate difference is significant. None of those banks seem to be fee happy, but some are a little slow to get things done.

 

[Smitty700]

I manage my dad’s finances through his BBVA checking account. BBVA has a similar charge for ACH transfers. Very irritating.

They have a Popmoney application, similar to Venmo only less convenient. I’ve starting using that to transfer smaller amounts.

 

[PoorOldCountryBoy]

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...

Bottom line banks aren't making much due to low interest rates and some are better than others avoiding dumb ideas that offend their customers (Hint BOA hasn't been very good at this lately)

We just fired our small regional bank after a 40+ year business relationship because they played the following game (as well as had bad attitudes):

1. Your ATM card expires after 6 months of inactivity "because of security" (yeah,right).

2. We can't reactivate it, you need to get a new one. So fill out the paperwork and that will be $10, please.

They're in a tough bind, but alienating the customers won't help them.

 

[ncbill]

As a former (reformed?) banker I wouldn't pay a dime for ACH...dump that greedy bank and move to someone else.

 

[Souschef]

You all have me worried. I just wired over $100 K to my son at a B of A. It will be interesting to see how this shakes out/

 

[MarieIG]

DF had his accounts with BOA (he added me to his accounts). After he passed I told them cut me a check, and moved the $ to the bank across the street for all the aggravation they caused me. I'm not tempted to move back.

 

[audreyh1]

You all have me worried. I just wired over $100 K to my son at a B of A. It will be interesting to see how this shakes out/

Incoming wire? $15 I think, which is quite common.
Or was in an ACH transfer? Then incoming should be no charge.

 

[Dtail]

Incoming wire? $15 I think, which is quite common.
Or was in an ACH transfer? Then incoming should be no charge.

Yes $15 at BOA for incoming unless one is Platinum status, possibly other statuses count also.

 

[BeachOrCity]

When my dad was going to court over a $10 parking ticket, I told him years ago that politicians are scared of retirees because they have too much time on their hands.

I think the same analogy would apply to all this energy and time over $3. If you don’t like it, just bank elsewhere

 

[Perryinva]

Hidden bank fees are many banks business model. Recently deceased DF had an IRA with Wells Fargo, who we also use for mortgage and checking. The 5 kids all got 1/5 of the amount either as cash or an inherited IRA. 2 of the 5 are money stupid (no retirement planning) and got cash, and will deal with the taxes. The other 3 all had to have theirs converted in to a brokerage and inherited IRA within WF. 2 left the IRA with Wells Fargo. (Its a small amount, less than $10k). Dealing with WF was cumbersome, all 5 of us had to coordinate paperwork through one woman that was handling the distribution and she was difficult to work with and get answers from. Her standard answer was always “submit this form”. I decided to move the DBA to Fidelity where all my IRAs are, especially since WF charges for everything, like a $30/yr maintenance fee for IRAs, and $11.95 (IIRC) for any trade. All free at Fido. I opened another inherited IRA @Fido and referenced it for the transfer, filled out the Fido paperwork and submitted online. About 2 -3 weeks later it finally ends up at Fido, minus a WF $95 IRA termination fee.

 

[ncbill]

Hidden bank fees are many banks business model. Recently deceased DF had an IRA with Wells Fargo, who we also use for mortgage and checking. The 5 kids all got 1/5 of the amount either as cash or an inherited IRA. 2 of the 5 are money stupid (no retirement planning) and got cash, and will deal with the taxes. The other 3 all had to have theirs converted in to a brokerage and inherited IRA within WF. 2 left the IRA with Wells Fargo. (Its a small amount, less than $10k). Dealing with WF was cumbersome, all 5 of us had to coordinate paperwork through one woman that was handling the distribution and she was difficult to work with and get answers from. Her standard answer was always “submit this form”. I decided to move the DBA to Fidelity where all my IRAs are, especially since WF charges for everything, like a $30/yr maintenance fee for IRAs, and $11.95 (IIRC) for any trade. All free at Fido. I opened another inherited IRA @Fido and referenced it for the transfer, filled out the Fido paperwork and submitted online. About 2 -3 weeks later it finally ends up at Fido, minus a WF $95 IRA termination fee.

I got my local Fidelity advisor to credit my account for a ~$100 IRA transfer fee from a national "full-service" (i.e. full-fee) brokerage.

 

[RobbieB]

My Platinum goodies came through. No fees on any non BofA atms, 2 free wire transfers a month and a free safe deposit box. Pretty cool!

 

[jazz4cash]

I got my local Fidelity advisor to credit my account for a ~$100 IRA transfer fee from a national "full-service" (i.e. full-fee) brokerage.

Yup. Fido ate the fee from my old IRA custodian also but I did have to ask.

 

[Looking4Ward]

I've been using BoA since before they were NationsBank since before they were NCNB......they sure have changed a lot.

I've been a little irritated by the outgoing ACH fee, $3 is the minimum for something like 3 business days delivery up to same day for much more. And yes, the fees are only revealed as the next to the last step of the transfer process.

I've been using Discover Banking for a few years now and it's been great. No charge for ACH and I can setup a "pull" from BoA at no charge. Checks are free as well, and the online bill pay is as good as BoA's.

But I keep the BoA because I can walk into a branch and conduct large transactions like Cashier's Checks. Can't do that with Discover.

 

[RobbieB]

Yup. I got a couple for 45 and 35 grand, no charge and fast too.