Recently saw a video online and realize Im leaving money on the table by not putting my checking and savings at a bank that gives you interest on tbose accounts and not charging you fees on basically everything. My concern is that if i close my accounts at Boa and Chase, it might affect my credit cards with them.
Does anybody have first hand experience with this? I carry a small balance on my BOA credit card from time to time. Would hate for them to mess with my credit card somehow. Perhaps flag my account for higher risk since i ended my checking/savings with them.
Thoughts?
For most banks, banking and credit cards are 2 different deparments. And even when it's fraudulent, the left hand doesn't know what's going on with the right hand. Mostly.
I have closed out many a checking and savings account and kept my credit cards with no AA. I didn't completely close out my Chase checking, but rather keep $.01 with them as I sometimes need a brick-n-mortar to deposit cash should I need to do so. I did that 3 years ago and they have still left my Freedom card alone.
Perhaps, keep the BoA checking and savings. Maybe one day you want to be on Preferred Rewards?
Both BOA and Chase have a minimim balance to hold unless you want to pay 12-20$ fee each month. So if you kept .01$ in your Chase account, you would be hit with a fee to bring your balance to negative that first month. Are you sure that's what you did?
As for Preferred Rewards, you can get it any time. Just have to hit the deposit threshold.
Do it. Banking relationships usually help you GET the credit cards, but you already HAVE the credit cards. Wells Fargo never did anything for me and their offers were paltry. I left for DCU & Discover banking and I don't regret a thing.
How do you like Discover for online checking and savings? I dont really plan to use these accounts for anything other than paying my credit cards each month. I hate forgetting about the minimum balances on my BOA/Chase and getting hit with their fees. Also international wire transfer fees are also lame.
I just opened an Online Savings account with Discover. Let's see what they say in a few days.
I love the discover savings! I use DCU as my main bank for the loan discount, and Discover for savings. I still use my Cap1 checking, but I've been thinking of switching it out for Discover. I only hesitate because I like keeping my savings separate from checking, but I've gotten a lot better at not touching it so I guess we'll see.
@kudosalert wrote:Both BOA and Chase have a minimim balance to hold unless you want to pay 12-20$ fee each month. So if you kept .01$ in your Chase account, you would be hit with a fee to bring your balance to negative that first month. Are you sure that's what you did?
As for Preferred Rewards, you can get it any time. Just have to hit the deposit threshold.
Yes.
I automatically ACH in $500 and ACH out $500 immediately once every statement period.
No fees and $.01 balance.
@Anonymous wrote:Do you mean from one Bank to BOA?
Because right now I have direct deposit set up, that avoids the fee, but that will be ending in a few months. So I had planned on closing Checking and Savings as well. Especially since they no longer have local branches within 80 miles.
However, if i can ACH from say either my local CU or Chase to avoid fees. I could keep one or both open.
Though it might be worth it to switch to USB since they sent me an offer for $300 SUB on new Checking.
Yes, it's an automatic recurring $500 ach transfer from my main bank (USAA) to my Chase Checking. The $500 sits in there for 1 day before being yanked out, but any other given day by balance is $.01.
Also, my Chase Checking 2010 precedes today's Chase Total Checking, so I don't know if the terms have changed. I remember someone discussing last year (or 2018) that Chase Total Checking required an actual direct deposit for the fees to be waived. I don't have the DP's for BOA checking. You could always try both for one statement period to see if the fees are waived.
I seriously only keep Chase around for extremely sporadic cash deposits. They have a branch at the edge of my neighborhood that I drive by several times daily. But if all Chase branches moved 80 miles away, I would drop them like a bad habit. When I moved to Indiana, there were no Wells Fargo's or BOA's, so I dropped them both. Now I just keep one brick-n-mortar (near-to-me) account and the rest are either military affiliated or credit unions.
Now, we are starting to get these BOA "Advanced Centers". It's an indoor lobby with 3-4 atm's, and a private booth where you can video conference with a CSR. All the old timers hate them because they want to talk to someone while depositing their roll of quarters that they saved up all last year.