topic Re: BOA - Free online checking in Credit Cards

BOA - Free online checking

Anonymous — Wed, 25 Jun 2008 18:04:29 GMT

I'm not sure if this is the right forum for this question. I will appreciate if somebody can help me with this:

I currently have a checking (free only with direct deposit) and a mastercard credit card with BOA.

i saw a link for BOA free checking if opened online.

Is there any catch with this free checking BOA account? Will it make a hard pull on my credit history/score. The reason I ask is SSN is required in the application form.

Can somebody tell their experiences with this account?

If approved will it get attached to the other 2 accounts that i already have?

Thanks

Re: BOA - Free online checking

Creditaddict — Wed, 25 Jun 2008 18:06:03 GMT

it did result in a pull when I opened it.

no catch though for the free part.

Re: BOA - Free online checking

creditreformer — Wed, 25 Jun 2008 18:12:20 GMT

yes, it's totally free. love it. savings is free also (but i think you have to put $25/mo. into that). great way to pay your bills. did result in a pull. no problems so far w/the acct.

idk how it will impact your other 2 accts. if i recall right, i believe the offer says somesthing like 'not open to existing acct holders,' so you may want to call to make sure you can get it.

Re: BOA - Free online checking

Anonymous — Wed, 25 Jun 2008 18:16:58 GMT

Its available to all customers. the reason being the first question is "Do you already have an account with us? if yes which all checking/savings/mortgage etc?

How much did the credit score go down after the PULL?

Thanks

Re: BOA - Free online checking

Anonymous — Wed, 25 Jun 2008 18:20:32 GMT

quizzer wrote:

How much did the credit score go down after the PULL?

That varies from person to person. The effect of a single hard inquiry depends on how many hard inquiries you already have and which scoring bucket you are in. Generally, the more inquiries you already have the less each new one will hurt.

Most of the time, though, they're worth 0 to 5 points. Usually no more than that.

Message Edited by cheddar on 06-25-2008 11:20 AM

Re: BOA - Free online checking

MsKiwi — Wed, 25 Jun 2008 20:59:56 GMT

quizzer wrote:
I'm not sure if this is the right forum for this question. I will appreciate if somebody can help me with this:

I currently have a checking (free only with direct deposit) and a mastercard credit card with BOA.

i saw a link for BOA free checking if opened online.

Is there any catch with this free checking BOA account? Will it make a hard pull on my credit history/score. The reason I ask is SSN is required in the application form.

Can somebody tell their experiences with this account?

If approved will it get attached to the other 2 accounts that i already have?

Thanks

I opened a checkings/savings account online and it really is free. I love it.

Re: BOA - Free online checking

granny031350 — Wed, 25 Jun 2008 21:20:29 GMT

so did I and I signed up for keep the change. B of A matches 100 percent for the first 3 months, then 5 percent thereafter up to 250.00 a year. I love that. I have saved a lot of money so far and it is growing in my savings account. For the first time in forever, I have savings!!! My account is totally free. Free bill pay too. And I transfer over 25.00 each month to savings to keep the savings account free. They have neat ATM's too. (no envelope necessary I come from a small conservative town )

Re: BOA - Free online checking

Kartel34 — Wed, 25 Jun 2008 21:28:42 GMT

They will pull your credit report. They will also contact you in about one/two day letting you know that your account was approved or not. Otherwise, great service and great bank. Also, go to a local branch an ask about " myexpression debt card" . it comes in so many cool designs ,sports,collages etc and the best part its free.

Re: BOA - Free online checking

Anonymous — Thu, 26 Jun 2008 00:09:26 GMT

I opened an account to get the $75 bonus. Since I have a CC, only a soft on EX and an inquiry in chexsystems.

Experience with the bank? I just use it to make cash deposits and then ACH out to USAA. Advantages are: lots of ATMS and branches, top-notch online banking.
Disadvantages: fees for EVERYTHING (outgoing ACH, non-network ATMS, expensive checks). Checking account doesn't earn interest, savings account earns a pathetic 0.2% (so, essentially nothing)

Where are you currently banking? If it's another big commercial bank (chase, wamu, etc) then you probably would find it the same. however if you're banking somewhere like a credit union, fidelity, schwab, you might find it disappointing.

Re: BOA - Free online checking

Anonymous — Thu, 26 Jun 2008 00:12:09 GMT

akhan wrote:
Where are you currently banking? If it's another big commercial bank (chase, wamu, etc) then you probably would find it the same.

I have no experience with BofA, but I just have to set the record straight about this statement about WaMu.

WaMu is the exact opposite of what you just described regarding BofA. No ATM fees, free checks for life, and Online Savings that pays around 3%. Not all "big commercial banks" are created equal.

Re: BOA - Free online checking

GFer — Thu, 26 Jun 2008 00:41:25 GMT

I'm with you Cheddar! I love my WaMu!

Re: BOA - Free online checking

Anonymous — Thu, 26 Jun 2008 01:09:17 GMT

Ok ok don't attack, wamu lovers

The only "big bank" accounts I have are chase and BOA (and only then for signup bonuses). I was actually thinking wachovia... the W banks get mixed up.

My point is though, that while these big banks generally have competitive credit card offers, the smaller banks, S&Ls, and CUs generally have better deals on deposit accounts (with the wamu exception, of course )

Message Edited by akhan on 06-25-2008 06:09 PM