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

[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…

[KSMountain]

Taking it further, do policies like those you advocate actually move us *toward* a WALL-E or Idiocracy future?

If so, wouldn’t your proposed policies actually hurt far more than help, in the long run?

This seems to cut to the core of our difference in viewpoints.

[KSMountain]

Taking it further, do policies like those you advocate actually move us *toward* a WALL-E or Idiocracy future?

If so, wouldn’t your proposed policies actually hurt far more than help, in the long run?

This seems to cut to the core of our difference in viewpoints.

[KSMountain]

Taking it further, do policies like those you advocate actually move us *toward* a WALL-E or Idiocracy future?

If so, wouldn’t your proposed policies actually hurt far more than help, in the long run?

This seems to cut to the core of our difference in viewpoints.

[KSMountain]

Taking it further, do policies like those you advocate actually move us *toward* a WALL-E or Idiocracy future?

If so, wouldn’t your proposed policies actually hurt far more than help, in the long run?

This seems to cut to the core of our difference in viewpoints.

[KSMountain]

Taking it further, do policies like those you advocate actually move us *toward* a WALL-E or Idiocracy future?

If so, wouldn’t your proposed policies actually hurt far more than help, in the long run?

This seems to cut to the core of our difference in viewpoints.

[briansd1]

KSMountain, I don’t see how you can defend banks charging $20 overdraft fee on an EFT transaction of $2.

Bank electronically choose to process the larger transactions first so that they can stack multiple processing fees on the smaller overdraft transactions. That way, they reap thousands of percent in interest charges.

Would it not be simpler to force them to decline the transactions of people who have no money in the bank? In a cash system, that’s how it would work.

The bank free structures are not providing anyone with access to credit. It’s raping them for lack of credit.

[briansd1]

KSMountain, I don’t see how you can defend banks charging $20 overdraft fee on an EFT transaction of $2.

Bank electronically choose to process the larger transactions first so that they can stack multiple processing fees on the smaller overdraft transactions. That way, they reap thousands of percent in interest charges.

Would it not be simpler to force them to decline the transactions of people who have no money in the bank? In a cash system, that’s how it would work.

The bank free structures are not providing anyone with access to credit. It’s raping them for lack of credit.

[briansd1]

KSMountain, I don’t see how you can defend banks charging $20 overdraft fee on an EFT transaction of $2.

Bank electronically choose to process the larger transactions first so that they can stack multiple processing fees on the smaller overdraft transactions. That way, they reap thousands of percent in interest charges.

Would it not be simpler to force them to decline the transactions of people who have no money in the bank? In a cash system, that’s how it would work.

The bank free structures are not providing anyone with access to credit. It’s raping them for lack of credit.

[briansd1]

KSMountain, I don’t see how you can defend banks charging $20 overdraft fee on an EFT transaction of $2.

Bank electronically choose to process the larger transactions first so that they can stack multiple processing fees on the smaller overdraft transactions. That way, they reap thousands of percent in interest charges.

Would it not be simpler to force them to decline the transactions of people who have no money in the bank? In a cash system, that’s how it would work.

The bank free structures are not providing anyone with access to credit. It’s raping them for lack of credit.

[briansd1]

KSMountain, I don’t see how you can defend banks charging $20 overdraft fee on an EFT transaction of $2.

Bank electronically choose to process the larger transactions first so that they can stack multiple processing fees on the smaller overdraft transactions. That way, they reap thousands of percent in interest charges.

Would it not be simpler to force them to decline the transactions of people who have no money in the bank? In a cash system, that’s how it would work.

The bank free structures are not providing anyone with access to credit. It’s raping them for lack of credit.

[jimmyle]

Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.

[jimmyle]

Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.

[jimmyle]

Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.

[jimmyle]

Most, if not all, credit union ATMs are free for Credit Unions members. Just look for that Co-Op Network Triangular Sign.

I used to bank with my Credit Union and Bofa. Three months ago they want to charge me a monthly fee, I immediately told them that I want to close the account. They said they will give me a 1 year grace period for being a good customer. Once the 1 year grace period is over, I will cancel for sure if they don’t extend it.

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