How many of you are keeping BOA Debit Card?

[CS800]

TRying to find some decent Banks or CU here in the Boston area.

DCU or Jeanne D'arc CU seem pretty good. Or I should just switch everything with USAA.

[LTomBerry]

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@smc733 wrote:

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@LTomBerry wrote:

I wonder how many people are rushing to close accounts before they know all the facts. This new rule only affects the low-end "free" checking accounts, but I haven't seen a comprehensive list of exactly what types of accounts are involved. My guess is the Essentials, MyAccess, and eBanking, depending on which state you live in, will be affected. If you have a higher-tier account like Enhanced, Advantage, or Premium, I don't think you'll be affected. I personally have an Interest Checking which they haven't offered in like a decade, which I hope won't be affected. If it is, I'll switch to Enhanced which is free if you direct deposit >$2K/mo which I do. I was sort of planning on doing that anyway to get the free money market savings. BofA has managed not to piss me off yet so I'll stick with them unless this affects me, which I don't think it will.

I never use my debit card for purchases anyway except at places that only accept Visa. I have a MC, Disc & AmEx so it mightbe time to add a BofA Visa to the wallet.

I do have a USAA checking but only use it for getting cash on the road where I can't finf a BofA ATM.

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Enhanced is getting hit with the fee too.  That's why I moved to Citizens.  If you're going to tell me that someone who even keeps the minimum $6,000 to have that account isn't profitable enough that you have to charge them for a debit card, you must be running your bank poorly.

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I'm curious how you found that out. Do you know of a list describing which specific accounts are affected? Could you provide a link? That'd be awesome. All I've been able to find is this from the AP release:

The fee will apply to basic accounts, which are marketed toward those with modest balances, and will be in addition to any existing monthly service fees. For example, one such account charges a $12 monthly fee unless customers meet certain conditions, such as maintaining a minimum average balance of $1,500.

That would be the myAccess checking. Keep in mind BofA offers different accounts in different states. I wonder if the only exempt accounts are the Advantage/Premium.

[TheR105]

I'm a little upset by the fee as well. I use my debit card all the time. I also have a checking acct with ING. I won't close the BOA acct but ING mY become my main checking Account there are no fees and they pay a little interest. The downside is depositing checks which they're currently working on to make easier and no fees. I use them.for my main savings and I love them. Hope nothing changed now that Cap One is in the picture.

[smc733]

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@LTomBerry wrote:

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@smc733 wrote:

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@LTomBerry wrote:

I wonder how many people are rushing to close accounts before they know all the facts. This new rule only affects the low-end "free" checking accounts, but I haven't seen a comprehensive list of exactly what types of accounts are involved. My guess is the Essentials, MyAccess, and eBanking, depending on which state you live in, will be affected. If you have a higher-tier account like Enhanced, Advantage, or Premium, I don't think you'll be affected. I personally have an Interest Checking which they haven't offered in like a decade, which I hope won't be affected. If it is, I'll switch to Enhanced which is free if you direct deposit >$2K/mo which I do. I was sort of planning on doing that anyway to get the free money market savings. BofA has managed not to piss me off yet so I'll stick with them unless this affects me, which I don't think it will.

I never use my debit card for purchases anyway except at places that only accept Visa. I have a MC, Disc & AmEx so it mightbe time to add a BofA Visa to the wallet.

I do have a USAA checking but only use it for getting cash on the road where I can't finf a BofA ATM.

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Enhanced is getting hit with the fee too.  That's why I moved to Citizens.  If you're going to tell me that someone who even keeps the minimum $6,000 to have that account isn't profitable enough that you have to charge them for a debit card, you must be running your bank poorly.

---

I'm curious how you found that out. Do you know of a list describing which specific accounts are affected? Could you provide a link? That'd be awesome. All I've been able to find is this from the AP release:

The fee will apply to basic accounts, which are marketed toward those with modest balances, and will be in addition to any existing monthly service fees. For example, one such account charges a $12 monthly fee unless customers meet certain conditions, such as maintaining a minimum average balance of $1,500.

That would be the myAccess checking. Keep in mind BofA offers different accounts in different states. I wonder if the only exempt accounts are the Advantage/Premium.

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Sure, they're giving the info on their official Twitter page:

http://twitter.com/#!/Bofa_Help

One of the news outlets (CNN I think?) also reported that "Platinum Privelages won't get the fee, but their eBanking, Essentials, and Enhanced accounts will.", or something roughly to that effect.

[LTomBerry]

Thanks. For the benefit of erveryone reading this thread the link says:

Customers with Platinum Privileges, Premium, Advantage, Campus Edge or Small Business accounts are exempt from the fee.

[Red1Blue]

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@LTomBerry wrote:

Thanks. For the benefit of erveryone reading this thread the link says:

Customers with Platinum Privileges, Premium, Advantage, Campus Edge or Small Business accounts are exempt from the fee.

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Thanks LTomBerry. I have to call BOA tomorrow and find out the details. My DD has Campus Edge and Business Account is Advantage, so I am assuming they both are exempt. In addition to them, I have 2 personal accounts. I need to find out what kind of accounts they are and if they are exempt. I have BOA small business account with payroll service and direct deposit to my checking accounts. I hate to move the accounts elsewhere. I'll keep BOA but see what I can do to avoid the additional fees.

[MarcinXP]

Few months back I switched to Fidelity checking account (Or as it's known MyCash Account). I already have a 401k with them so getting a checking account was about 5 minutes. I get free checks, ATM fees are refunded back no matter where you use it and it's interest bearing account. They also have Visa or AMEX CC that gives you 2% cash back. I was a no brainer. I get paid every friday and my Direct Deposit hits thursday at noon and it's available for withdrawal that moment.

[Anonymous]

I will be keeping my BoA checking account, for now at least. I have the myAccess checking account but I never have a high balance. Since I am trying to pay off my student loans as fast as possible, so what money I have left over at the end of the month after bills and everything, the rest goes to pay off the student loans so my account is basically drained every month. I have direct deposit so that is how I avoid the monthly fees on the checking account.

Hopefully by the time the debit card fee goes into effect I will have the credit to be able to get a prime card, then all my monthly spending will go on the card and I will only use the debit card as a glorified ATM card for when I need cash thus avoiding that fee as well.

However when the day comes when I am unable to jump through their hoops naturally, then I will switch. I have a savings account with a local credit union and the only reason I am not using them instead is because when I do travel, it is nice to be able to access my money anywhere without any fees, at least not yet.

[KingAdrock]

I'm not particularly happy that BofA is charging such a ridiculous fee for something that doesn't actually cost them money. But I admit I'm not really going to do anything about it. I've barely used my debit card in years. Why use a debit card when you have rewards CCs? 

[CluelessCredit]

I've been waiting to transition.  BoA has my primary credit card so I'll keep that.  Going to close my Savings account and make my checking account an "emergency fund" account.  So I'll keep the debit card for emergency cash withdrawls.

I currenty have accounts with PenFed, ING, and BoA.  When all is said in done I'll probably have my primary checking account through Scwhab online checking, with BoA as emergency account, and ING as saving account holder.  Gonna zero out the Penfed savings as I recently learned you can't eletronically transfer funds out of the account ((as in from bank to bank).

BoA ATMs were never really convenient so I always used cash back options at Walmart and groceries stores to take money out.  So I'd defnitely get hit with the 5 buck charge.