topic Re: Another reason to hate BofA in General Credit Topics

Another reason to hate BofA

llecs — Sun, 25 Sep 2011 06:35:33 GMT

I had both a checking and savings for a number of years with them and they started to charge fees to keep both open. In May, I decided to call them up and close both of the accounts because I was getting hit for $5/month on each. I had kept them open as a reserve account and it made it easy to transfer $$$ into my BofA CC. The fees weren't worth it anymore.

June, July, and August go by without any issue. I check each of my CCs a minimum of 2x/month to track balances, transactions, etc. I noticed today that a new account appeared next to my CC for a savings account (my old one) with a negative balance of $15. For whatever reason they re-activated my savings account, reported it for the first time since then, delivered a statement for the first time in 3 months, and charged me $5/mo to do so.

I'll call them Monday, but buyer beware with BofA. Keep an eye out for zombie accounts rising from the dead.

Re: Another reason to hate BofA

IOBA — Sun, 25 Sep 2011 15:37:01 GMT

They refused to let me close out my accounts. Absolutely refuse. They will however waive the fees for up to three months. They have done this repeatedly for me every time I try to close the accounts.

So I went in and had them put a freeze on the accounts. No money can go in and no money can come out until I manually unfreeze them. And while frozen, BofA can't charge fees.

Good luck dealing with them. I am sorry they are charging you....

Re: Another reason to hate BofA

score_building — Mon, 26 Sep 2011 06:05:12 GMT

@IOBA wrote:
They refused to let me close out my accounts. Absolutely refuse. They will however waive the fees for up to three months. They have done this repeatedly for me every time I try to close the accounts.

So I went in and had them put a freeze on the accounts. No money can go in and no money can come out until I manually unfreeze them. And while frozen, BofA can't charge fees.

Good luck dealing with them. I am sorry they are charging you....

No can do. Your choice to keep open or close at will.

Re: Another reason to hate BofA

Anonymous — Mon, 26 Sep 2011 23:21:49 GMT

They have a list on the online banking site on how to avoid the fees. If you are getting fees on yoru accounst , you may have an account that is not appropriate for you. Also I believe BofA likes you to mail them when closing an account. Not exactly sure.

Remember every bank has its positives and negatives but having atleast a checking a bofa can be an advantage. Their online banking is superb and having a location everywhere can help. My Portfolio is awesome!

Re: Another reason to hate BofA

AndySoCal — Tue, 27 Sep 2011 02:13:15 GMT

I would suggest you take your business elsewhere. May I suggest US Bank if in your area or a crredit union. I have banked B of A twice they screwed things up both times. Now I refuse to bank with them including any credit cards either directly from them or managed by them.

Re: Another reason to hate BofA

llecs — Tue, 27 Sep 2011 04:50:20 GMT

@AndySoCal wrote:
I would suggest you take your business elsewhere. May I suggest US Bank if in your area or a crredit union. I have banked B of A twice they screwed things up both times. Now I refuse to bank with them including any credit cards either directly from them or managed by them.

I'm a very firm believer that you should diversify your deposit accounts (checking, savings) just like you should with your investments, income, etc. Probably 14 yrs ago I had a tiff with the then First Union Bank and closed my accounts at the spur of the moment and went across the street to NationsBank (the bank formerly names as). It was a hassle to close out, redirect any outstanding checks, and to open new accounts on a whim. From that point on, I made it a point to have at least a half dozen banking relationships so that way if something did happen, the transition would be seamless. Thankfully BofA was never a primary account and basically used it for paying my CC and putting in and taking out money when needed. And when I closed this savings 3 months ago, I never expected it to come back to life.

Re: Another reason to hate BofA

IOBA — Tue, 27 Sep 2011 18:10:16 GMT

I agree with having multiple accounts.

I hope you are able to resolve the issues regarding your accounts with BofA.

Re: Another reason to hate BofA

awal — Fri, 30 Sep 2011 01:21:01 GMT

How did things turn out, when you called BoA?

Re: Another reason to hate BofA

Anonymous — Fri, 30 Sep 2011 14:27:41 GMT

Do you have direct depsit into your accounts for your paycheck? I have my checking account with BoA and I am not charged a monthly fee. I read the new terms for their checking account and as long as I have one qualifying deposit of 250 or more a month, I won't be charged any fees. Since I have my paycheck direct deposited that is not an issue.

Re: Another reason to hate BofA

Anonymous — Fri, 30 Sep 2011 14:32:29 GMT

I just posted a simular topic lol but yes BofA is just the first of many unfortunately. Chase and Wells Fargo are currently testing the same fees in select states.. Everyone run to the banks and take all your money out!!! lol

Re: Another reason to hate BofA

Anonymous — Fri, 30 Sep 2011 14:33:07 GMT

@Anonymous wrote:
Do you have direct depsit into your accounts for your paycheck? I have my checking account with BoA and I am not charged a monthly fee. I read the new terms for their checking account and as long as I have one qualifying deposit of 250 or more a month, I won't be charged any fees. Since I have my paycheck direct deposited that is not an issue.

Only some states already have the fee. I don't here in TX yet.. But all will early 2012 via CBSNews