- This topic has 33 replies, 14 voices, and was last updated 16 years, 7 months ago by
Ricechex.
-
AuthorPosts
-
September 18, 2007 at 6:05 PM #85087September 18, 2007 at 9:09 PM #85115
people_are_smart
ParticipantA few years ago someone told me BoA stands for Bend Over America. After having had one of their CCs I would agree.
September 18, 2007 at 9:19 PM #85117
CoronitaParticipantAlex_angel,
Why are you griping over $3 atm fees that you can avoid just by going to an ATM that is in your institution? And besides, all banks are doing the same thing.
As far as lost mortgage money. BofA has one of the most stringent loan requirements. To my knowledge they don't fund sub-prime or alt-a, even when everyone else was. I seriously doubt the $3 charge is really meaningful revenue for them. Its' probably more of a inconvenience ploy to get you to bank with them. Think about it. On one hand, they'll launching tactics to try to get you to refinance with them. Next they're trying to make it inconvenient for you to use one of there widespread ATMs if you're not part of BofA. Put the pieces together…They're trying to get customers to switch. Wells fargo has the same tactic.
WaMu on the other hand i think is scrwed. Because I do believe they got into some interesting mortgages.
FYI: I bank with Bofa and wells fargo, namely out of ATM convenience. Plus with a mortgage with Bofa, I get a free safety deposit box.
September 18, 2007 at 9:21 PM #85118CoronitaParticipantNot a teaser, no mortgage required, no strings.
Less than $10K it's only 4% APY (3.92% APR)
$10k-$250K is 5.50% APY (5.35% APR)
Over $250K is 5.65% APY (5.49% APR)
(Retirement accounts have FDIC coverage of $250K)They may lower the rate soon, will see. If I request transfer by 4pm, it is in my WAMU acct the next morning. It's worked great.
It was 5.40% APY, they raised it a few weeks ago.
They need the deposits, and it's better and cheaper for them than the discount rate. It's the highest liquid rate that I know of, and I haven't had any problems.
Seriously don't understand why anyone with $10k-$100K wouldn't use them with the FDIC insurance.
Some of the "big banks" are paying like 3%…
https://bank.countrywide.com/Am I missing something ???
I'm surprised someone with $10k-$100k wouldn't open a EmigrantDirect account and link it to a primary checking at a local branch. Emigrant offers 5.05%.
September 18, 2007 at 9:29 PM #85122Tone
ParticipantI had large six figure chunk of change ( after the sale of my home) sitting in B of A. I was looking to put some of my cash into a CD. They had a great CD rate that was available on the internet only and not at the local branches. Huh?
OK, so I went along with it. I tried moving my money into a CD using the internet but found the proceedure a little confusing and required what I felt was excessive documentation, especially since I already had an account.
I phoned B of A up and asked if they could give me the “internet only” rate since I already had an account. They steadfastly refused — even when I threatened to withdraw all of my money.
So I withdrew every last penny.
Maybe it’s cheaper for them to have customers open accounts on the internet, but sheesh — sorry to use a cliche but that’s penny wise, pound foolish. What a stupid business plan. I’ll never bank with them again.
September 18, 2007 at 9:30 PM #85124bsrsharma
ParticipantFLU,
Why do you use the ATM so much? (just curious!). I rarely make more than a couple of trips per month. Even @ $3 (which I do feel is a bit much), isn’t it less than a c-o-c @ Starbucks?
September 18, 2007 at 9:38 PM #85128CarlsbadMtnBiker
ParticipantATM tip … (need debit visa or MC)
Get the free cash back at Costco, AM/PM (costs .45), most grocery stores, and other retailers with similiar free or very cheap cash back policies.
Usually a $40 or $60 limit, but w/ that gas, cup of coffee and weekly trip to CostCo/Grocery Store, I rarely pay ATM fees.
September 18, 2007 at 9:55 PM #85132CoronitaParticipantFLU,
Why do you use the ATM so much? (just curious!). I rarely make more than a couple of trips per month. Even @ $3 (which I do feel is a bit much), isn't it less than a c-o-c @ Starbucks?
A few places I go "prefer" cash. I get a discount using it versus CC. I'm guessing either (1) avoid CC transaction fee or (2) avoid taxes. It's an asian thing.
For example, a mechanic i use to see for a beater car would give me 10% off his already cheap rate if I paid him cash.
Also, I like to keep about $200 in my wallet. When my wallet is empty, the stock market goes down that day. (Yes, I know. It's superstitious)
September 18, 2007 at 9:59 PM #85135CoronitaParticipantATM tip … (need debit visa or MC)
Get the free cash back at Costco, AM/PM (costs .45), most grocery stores, and other retailers with similiar free or very cheap cash back policies.
Usually a $40 or $60 limit, but w/ that gas, cup of coffee and weekly trip to CostCo/Grocery Store, I rarely pay ATM fees.
Minus the places that "prefer" cash, I use my CC's exclusively because of the cash back.
1) American Express Costco card at costco
2) Citibank Shell card for gas (when I'm out of the vicinity of a costco with a gas station)
3) Citibank Dividend card for everything else.
Everything that I can pay with a CC without being charged a convenience fee, I charge it. Bills, DMV fees, etc. I put about $5k on my last new car purchase. Too bad I can't charge property tax without convenience charge.
September 18, 2007 at 10:02 PM #85136ParticipantI’m with you on that FLU .. Good call..
I myself, get 1-5% cash back using the Discover card.
September 18, 2007 at 10:03 PM #85137ParticipantCan’t you use debit cards for that? My local grocery doesn’t take CC, but they take Debit card. Between CC, Debit Card & ACH (Automatic electronic bill pay), I rarely write checks even, let alone pay cash.
September 18, 2007 at 10:07 PM #85138Participant“Can’t you use debit cards for that? My local grocery doesn’t take CC, but they take Debit card. Between CC, Debit Card & ACH (Automatic electronic bill pay), I rarely write checks even, let alone pay cash.”
Same difference I believe .. your debit card gets authorization as a credt card (i.e. visa or mc) with the only difference being an immediate debit to your checking account.
September 18, 2007 at 10:13 PM #85140CoronitaParticipantCan't you use debit cards for that? My local grocery doesn't take CC, but they take Debit card. Between CC, Debit Card & ACH (Automatic electronic bill pay), I rarely write checks even, let alone pay cash.
Actually, bsrharma, you need to read between what I was saying.
Lot's of small businesses (not to stereotype, but the ones I see typically are asian), give "special" pricing for cash transaction. I don't know the exact rationale, but I would surmise that's because there technically wouldn't be a trace of the transaction has taken place from an income perspective.
Of course,this isn't probably available to you if you're not of the same ethnicity. And even if you are, you sometimes have to ask multiple times as part of bargaining. IE: "How much would it be if I paid cash? Same price? Are you sure? Really, seriously, how much would it be if I pay cash? No, I mean I understand it would be more "convenient" for you, and I wouldn't mind, but how much would it be???, etc,etc,etc,etc".
Also, some places do it to avoid convience charges of credit cards/debit cards. Techincally, it's against CC company policies. There are rules from the CC companies that says a merchant can't offer a good/service at discounted price if they pay cash (it's part of the deal when you sign up to take a CC card). Also it is not typically allowed that a merchant says "minimum $$$$ charge on a credit card". Techincally, if you hated the merchant, you could call the CC company and complain. But merchants still do it, and the CC company is lax in enforcing their own rules.
September 18, 2007 at 10:33 PM #85144ParticipantInteresting! How much discount do these stores give you for cash purchase? I remember some small computer stores advertising 5% cash discount. And ARCO gas doesn’t take CC. But even if I buy, say, $200 per month at these stores, that would save me $10 for cash discount. Isn’t that rather small for all the haggling you may have to endure?
September 18, 2007 at 10:43 PM #85145CoronitaParticipantInteresting! How much discount do these stores give you for cash purchase? I remember some small computer stores advertising 5% cash discount. And ARCO gas doesn't take CC. But even if I buy, say, $200 per month at these stores, that would save me $10 for cash discount. Isn't that rather small for all the haggling you may have to endure?
not if you're talking about auto service for beater cars, handyman service, dry cleaning, or if you're a regular customer…5-10%, depends on what.
Of course there are things that I would never do, like take my German car to see my beater mechanic. But I'll give you the price difference. Previously I posted an OffTopic here about recommendation for a Audi/VW specialist to do a timing belt. Even though I'm supplying all parts, fluid, labor alone was quoted around $500-$800 by a few places I called. My beater mechanic offered to do it for $200. Of course, taking my German (non-beater) car there would be car abuse.
-
AuthorPosts
- You must be logged in to reply to this topic.