My quick comment is to confirm everyone’s fears about Bank of America.

We just dumped them, after three months trying them out for checking/savings products.

It was a nightmare.

Just one of many examples: several “experts” manning BoA’s customer service lines told us to get their “Growth Cash Maximizer” savings account to meet our need of making a half-dozen ATM withdrawals per month from mainland China through the China Construction Bank.

Background: they emphasized that account would give us good interest rate plus allow us to benefit from the BoA “free” ATM withdrawals through any China Construction Bank terminal in mainland China.

So we did all the ground work to set up and fund that “Growth Cash Maximizer” account.

…only to then find:

1) ATM withdrawals CANNOT BE MADE from a “Growth Cash Maximizer” account through ANY China Construction Bank terminal in mainland China.
2) BoA was wrong to recommend ANY savings account for a customer who wants to make multiple ATM withdrawals per month, because regulations require penalty fees be assessed (You are limited to six withdrawals and/or transfers from your savings account each monthly statement cycle by pre-authorized transfer, or telephone/PC transfer [including bill payments]. And, if the account permits transfers by debit card, no more than three of the six limited transfers may be by check or debit card.)
3) The BoA hidden fees on ANY BoA savings or checking account are so outrageous and pervasive, it makes owning those BoA accounts simply foolish.

Everyone should also realize fees and poor customer service will only get worse both for Chase and BoA – because recent changes in banking laws are going to hurt their bottom line the worst (because their business model is relatively more dependent on using hidden fees to screw their customers)

There have been several articles, some even seen in the WSJ, that anticipate Chase and BoA will need to ADD MORE FEES in order to compensate for loss of revenues from fees that the new legislation has eliminated.

Clarifications:
-BoA savings accounts, other than “Growth Cash Maximizer” account, can do free ATM withdrawals through China Construction Bank ATMS in mainland China (but the penalty fees are high for excessive transactions)
-BoA checking accounts, , can do free ATM withdrawals through China Construction Bank ATMS in mainland China, and are not subject to the same “excessive withdrawals” penalty fees; however, the other fees on those checking accounts are so numerous that it makes that checking account foolish as well, and the BoA interest rate on those checking accounts is NOT COMPETITIVE at all.