OT: Chase sucks………………….fees fees fees fees fees fees

[stockstradr]

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.

[Coronita]

[quote=briansd1]

Nobody is disputing that a large percent of the population has financial management problems. But isn’t is our society’s job to help them?

[/quote]

No, it’s not. And I don’t think people want to be helped. They just want the to know what the minimum payment amount is for that BMW or other bling…They just want a job to pay for the bling, or a job so they can leverage the paycheck to get bling they can’t afford.

[quote]

If someone has only $1 in the bank, and overdraws the account by mistake at McDonald’s, how is it to our society’s benefit to allow the bank to charge them $20 overdraft fee? Simply decline the transaction and be done with it.

[/quote]

Well, that’s definitely a choice. Whether someone wants overdraft protection or not, but that’s a personal choice. You can’t say that because people cannot make intelligent choices to outlaw overdraft protection. If so, why don’t we just outlaw credit cards completely? Afterall most folks in this country have demostrated they can’t handle buying on credit too…

[quote]
To me, free basic banking is the same as free over-the-air broadcast and universal lifeline telephone. It wouldn’t be necessary if employers were required to pay in cash if the employees so chose.

When check payments are obligatory, banks get an automatic stream of customers which they prey upon.
[/quote]

Banking for the most part IS free if you want basic banking… Why are we arguing that free banking doesn’t exist?

[Coronita]

[quote=briansd1]

Nobody is disputing that a large percent of the population has financial management problems. But isn’t is our society’s job to help them?

[/quote]

No, it’s not. And I don’t think people want to be helped. They just want the to know what the minimum payment amount is for that BMW or other bling…They just want a job to pay for the bling, or a job so they can leverage the paycheck to get bling they can’t afford.

[quote]

If someone has only $1 in the bank, and overdraws the account by mistake at McDonald’s, how is it to our society’s benefit to allow the bank to charge them $20 overdraft fee? Simply decline the transaction and be done with it.

[/quote]

Well, that’s definitely a choice. Whether someone wants overdraft protection or not, but that’s a personal choice. You can’t say that because people cannot make intelligent choices to outlaw overdraft protection. If so, why don’t we just outlaw credit cards completely? Afterall most folks in this country have demostrated they can’t handle buying on credit too…

[quote]
To me, free basic banking is the same as free over-the-air broadcast and universal lifeline telephone. It wouldn’t be necessary if employers were required to pay in cash if the employees so chose.

When check payments are obligatory, banks get an automatic stream of customers which they prey upon.
[/quote]

Banking for the most part IS free if you want basic banking… Why are we arguing that free banking doesn’t exist?

[Coronita]

[quote=briansd1]

Nobody is disputing that a large percent of the population has financial management problems. But isn’t is our society’s job to help them?

[/quote]

No, it’s not. And I don’t think people want to be helped. They just want the to know what the minimum payment amount is for that BMW or other bling…They just want a job to pay for the bling, or a job so they can leverage the paycheck to get bling they can’t afford.

[quote]

If someone has only $1 in the bank, and overdraws the account by mistake at McDonald’s, how is it to our society’s benefit to allow the bank to charge them $20 overdraft fee? Simply decline the transaction and be done with it.

[/quote]

Well, that’s definitely a choice. Whether someone wants overdraft protection or not, but that’s a personal choice. You can’t say that because people cannot make intelligent choices to outlaw overdraft protection. If so, why don’t we just outlaw credit cards completely? Afterall most folks in this country have demostrated they can’t handle buying on credit too…

[quote]
To me, free basic banking is the same as free over-the-air broadcast and universal lifeline telephone. It wouldn’t be necessary if employers were required to pay in cash if the employees so chose.

When check payments are obligatory, banks get an automatic stream of customers which they prey upon.
[/quote]

Banking for the most part IS free if you want basic banking… Why are we arguing that free banking doesn’t exist?

[Coronita]

[quote=briansd1]

Nobody is disputing that a large percent of the population has financial management problems. But isn’t is our society’s job to help them?

[/quote]

No, it’s not. And I don’t think people want to be helped. They just want the to know what the minimum payment amount is for that BMW or other bling…They just want a job to pay for the bling, or a job so they can leverage the paycheck to get bling they can’t afford.

[quote]

If someone has only $1 in the bank, and overdraws the account by mistake at McDonald’s, how is it to our society’s benefit to allow the bank to charge them $20 overdraft fee? Simply decline the transaction and be done with it.

[/quote]

Well, that’s definitely a choice. Whether someone wants overdraft protection or not, but that’s a personal choice. You can’t say that because people cannot make intelligent choices to outlaw overdraft protection. If so, why don’t we just outlaw credit cards completely? Afterall most folks in this country have demostrated they can’t handle buying on credit too…

[quote]
To me, free basic banking is the same as free over-the-air broadcast and universal lifeline telephone. It wouldn’t be necessary if employers were required to pay in cash if the employees so chose.

When check payments are obligatory, banks get an automatic stream of customers which they prey upon.
[/quote]

Banking for the most part IS free if you want basic banking… Why are we arguing that free banking doesn’t exist?

[Coronita]

[quote=briansd1]

Nobody is disputing that a large percent of the population has financial management problems. But isn’t is our society’s job to help them?

[/quote]

No, it’s not. And I don’t think people want to be helped. They just want the to know what the minimum payment amount is for that BMW or other bling…They just want a job to pay for the bling, or a job so they can leverage the paycheck to get bling they can’t afford.

[quote]

If someone has only $1 in the bank, and overdraws the account by mistake at McDonald’s, how is it to our society’s benefit to allow the bank to charge them $20 overdraft fee? Simply decline the transaction and be done with it.

[/quote]

Well, that’s definitely a choice. Whether someone wants overdraft protection or not, but that’s a personal choice. You can’t say that because people cannot make intelligent choices to outlaw overdraft protection. If so, why don’t we just outlaw credit cards completely? Afterall most folks in this country have demostrated they can’t handle buying on credit too…

[quote]
To me, free basic banking is the same as free over-the-air broadcast and universal lifeline telephone. It wouldn’t be necessary if employers were required to pay in cash if the employees so chose.

When check payments are obligatory, banks get an automatic stream of customers which they prey upon.
[/quote]

Banking for the most part IS free if you want basic banking… Why are we arguing that free banking doesn’t exist?

[KSMountain]

[quote=briansd1]
Nobody is disputing that a large percent of the population has financial management problems. But isn’t it our society’s job to help them?
[/quote]
Wow. You have a lot of jobs for our society.

[quote=briansd1]
If someone has only $1 in the bank, and overdraws the account by mistake at McDonald’s, how is it to our society’s benefit to allow the bank to charge them $20 overdraft fee? Simply decline the transaction and be done with it.
[/quote]
I think the balance is not always checked, perhaps for speed. I can easily imagine it is more expensive to process an overdraft after the fact. I suppose we could mandate that all the banking and POS software in the world be changed to check the balance before hand. Even then, could you have a race condition where another check cleared between the balance check and the new debit? You could still have overdrafts.

[quote=briansd1]
To me, free basic banking is the same as free over-the-air broadcast
[/quote]
The same? Adding extra listeners/viewers doesn’t add incremental costs. No customer service, etc. It’s not even CLOSE to “the same”.

[quote=briansd1]
and universal lifeline telephone.
[/quote]
That isn’t free is it?

[quote=briansd1]
It wouldn’t be necessary if employers were required to pay in cash if the employees so chose.

When check payments are obligatory, banks get an automatic stream of customers which they prey upon.[/quote]
Well, you have a point there. But, jeez is it THAT hard? We had banks even in the wild west frontier days, and people seemed to figure it out somehow. Have we gotten stupider, and should we pander to that? Life is pretty cushy compared to how it was 200 years ago, do we really have to act as if everyone is completely helpless? Like we’re those chubby folks in WALL-E? Don’t citizens have any obligation to the society to get their act together?

[KSMountain]

[quote=briansd1]
Nobody is disputing that a large percent of the population has financial management problems. But isn’t it our society’s job to help them?
[/quote]
Wow. You have a lot of jobs for our society.

[quote=briansd1]
If someone has only $1 in the bank, and overdraws the account by mistake at McDonald’s, how is it to our society’s benefit to allow the bank to charge them $20 overdraft fee? Simply decline the transaction and be done with it.
[/quote]
I think the balance is not always checked, perhaps for speed. I can easily imagine it is more expensive to process an overdraft after the fact. I suppose we could mandate that all the banking and POS software in the world be changed to check the balance before hand. Even then, could you have a race condition where another check cleared between the balance check and the new debit? You could still have overdrafts.

[quote=briansd1]
To me, free basic banking is the same as free over-the-air broadcast
[/quote]
The same? Adding extra listeners/viewers doesn’t add incremental costs. No customer service, etc. It’s not even CLOSE to “the same”.

[quote=briansd1]
and universal lifeline telephone.
[/quote]
That isn’t free is it?

[quote=briansd1]
It wouldn’t be necessary if employers were required to pay in cash if the employees so chose.

When check payments are obligatory, banks get an automatic stream of customers which they prey upon.[/quote]
Well, you have a point there. But, jeez is it THAT hard? We had banks even in the wild west frontier days, and people seemed to figure it out somehow. Have we gotten stupider, and should we pander to that? Life is pretty cushy compared to how it was 200 years ago, do we really have to act as if everyone is completely helpless? Like we’re those chubby folks in WALL-E? Don’t citizens have any obligation to the society to get their act together?

[KSMountain]

[quote=briansd1]
Nobody is disputing that a large percent of the population has financial management problems. But isn’t it our society’s job to help them?
[/quote]
Wow. You have a lot of jobs for our society.

[quote=briansd1]
If someone has only $1 in the bank, and overdraws the account by mistake at McDonald’s, how is it to our society’s benefit to allow the bank to charge them $20 overdraft fee? Simply decline the transaction and be done with it.
[/quote]
I think the balance is not always checked, perhaps for speed. I can easily imagine it is more expensive to process an overdraft after the fact. I suppose we could mandate that all the banking and POS software in the world be changed to check the balance before hand. Even then, could you have a race condition where another check cleared between the balance check and the new debit? You could still have overdrafts.

[quote=briansd1]
To me, free basic banking is the same as free over-the-air broadcast
[/quote]
The same? Adding extra listeners/viewers doesn’t add incremental costs. No customer service, etc. It’s not even CLOSE to “the same”.

[quote=briansd1]
and universal lifeline telephone.
[/quote]
That isn’t free is it?

[quote=briansd1]
It wouldn’t be necessary if employers were required to pay in cash if the employees so chose.

When check payments are obligatory, banks get an automatic stream of customers which they prey upon.[/quote]
Well, you have a point there. But, jeez is it THAT hard? We had banks even in the wild west frontier days, and people seemed to figure it out somehow. Have we gotten stupider, and should we pander to that? Life is pretty cushy compared to how it was 200 years ago, do we really have to act as if everyone is completely helpless? Like we’re those chubby folks in WALL-E? Don’t citizens have any obligation to the society to get their act together?

[KSMountain]

[quote=briansd1]
Nobody is disputing that a large percent of the population has financial management problems. But isn’t it our society’s job to help them?
[/quote]
Wow. You have a lot of jobs for our society.

[quote=briansd1]
If someone has only $1 in the bank, and overdraws the account by mistake at McDonald’s, how is it to our society’s benefit to allow the bank to charge them $20 overdraft fee? Simply decline the transaction and be done with it.
[/quote]
I think the balance is not always checked, perhaps for speed. I can easily imagine it is more expensive to process an overdraft after the fact. I suppose we could mandate that all the banking and POS software in the world be changed to check the balance before hand. Even then, could you have a race condition where another check cleared between the balance check and the new debit? You could still have overdrafts.

[quote=briansd1]
To me, free basic banking is the same as free over-the-air broadcast
[/quote]
The same? Adding extra listeners/viewers doesn’t add incremental costs. No customer service, etc. It’s not even CLOSE to “the same”.

[quote=briansd1]
and universal lifeline telephone.
[/quote]
That isn’t free is it?

[quote=briansd1]
It wouldn’t be necessary if employers were required to pay in cash if the employees so chose.

When check payments are obligatory, banks get an automatic stream of customers which they prey upon.[/quote]
Well, you have a point there. But, jeez is it THAT hard? We had banks even in the wild west frontier days, and people seemed to figure it out somehow. Have we gotten stupider, and should we pander to that? Life is pretty cushy compared to how it was 200 years ago, do we really have to act as if everyone is completely helpless? Like we’re those chubby folks in WALL-E? Don’t citizens have any obligation to the society to get their act together?

[KSMountain]

[quote=briansd1]
Nobody is disputing that a large percent of the population has financial management problems. But isn’t it our society’s job to help them?
[/quote]
Wow. You have a lot of jobs for our society.

[quote=briansd1]
If someone has only $1 in the bank, and overdraws the account by mistake at McDonald’s, how is it to our society’s benefit to allow the bank to charge them $20 overdraft fee? Simply decline the transaction and be done with it.
[/quote]
I think the balance is not always checked, perhaps for speed. I can easily imagine it is more expensive to process an overdraft after the fact. I suppose we could mandate that all the banking and POS software in the world be changed to check the balance before hand. Even then, could you have a race condition where another check cleared between the balance check and the new debit? You could still have overdrafts.

[quote=briansd1]
To me, free basic banking is the same as free over-the-air broadcast
[/quote]
The same? Adding extra listeners/viewers doesn’t add incremental costs. No customer service, etc. It’s not even CLOSE to “the same”.

[quote=briansd1]
and universal lifeline telephone.
[/quote]
That isn’t free is it?

[quote=briansd1]
It wouldn’t be necessary if employers were required to pay in cash if the employees so chose.

When check payments are obligatory, banks get an automatic stream of customers which they prey upon.[/quote]
Well, you have a point there. But, jeez is it THAT hard? We had banks even in the wild west frontier days, and people seemed to figure it out somehow. Have we gotten stupider, and should we pander to that? Life is pretty cushy compared to how it was 200 years ago, do we really have to act as if everyone is completely helpless? Like we’re those chubby folks in WALL-E? Don’t citizens have any obligation to the society to get their act together?

[Coronita]

[quote=stockstradr]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.[/quote]

That was my experience with BofA. The benefit with getting free ATM access with CCB wasn’t worth it…

One redeeming factor of BofA is almost all of your fees are generally waved if you have a mortgage serviced by bofa, as well as you get a free safe deposit box…And once you can open second checking account (still with an attached mortgage) for free, you get another safe deposit box for free too.That was the only reason I was keeping them around…Now that I refi’ed no free safe box, and they want something like $100/month for it each box.. Uh, no…….Goodbye…

[Coronita]

[quote=stockstradr]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.[/quote]

That was my experience with BofA. The benefit with getting free ATM access with CCB wasn’t worth it…

One redeeming factor of BofA is almost all of your fees are generally waved if you have a mortgage serviced by bofa, as well as you get a free safe deposit box…And once you can open second checking account (still with an attached mortgage) for free, you get another safe deposit box for free too.That was the only reason I was keeping them around…Now that I refi’ed no free safe box, and they want something like $100/month for it each box.. Uh, no…….Goodbye…

[Coronita]

[quote=stockstradr]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.[/quote]

That was my experience with BofA. The benefit with getting free ATM access with CCB wasn’t worth it…

One redeeming factor of BofA is almost all of your fees are generally waved if you have a mortgage serviced by bofa, as well as you get a free safe deposit box…And once you can open second checking account (still with an attached mortgage) for free, you get another safe deposit box for free too.That was the only reason I was keeping them around…Now that I refi’ed no free safe box, and they want something like $100/month for it each box.. Uh, no…….Goodbye…

[Coronita]

[quote=stockstradr]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.[/quote]

That was my experience with BofA. The benefit with getting free ATM access with CCB wasn’t worth it…

One redeeming factor of BofA is almost all of your fees are generally waved if you have a mortgage serviced by bofa, as well as you get a free safe deposit box…And once you can open second checking account (still with an attached mortgage) for free, you get another safe deposit box for free too.That was the only reason I was keeping them around…Now that I refi’ed no free safe box, and they want something like $100/month for it each box.. Uh, no…….Goodbye…

[Author]

Posts