Bank of America didn't learn lesson first time..

[SirFozzie]

Plans to charge up to $25(!!!!!) a month for the privilege of them holding your money.

Bank of America Weighs New Set of Fees - WSJ.com

[panerd]

Eh we had this thread a few months ago with their $5 fee and the solution is the same now as it was then. Bank with another company, preferably somebody smaller and local. I used to be a Bank of America customer and decided I had enough on their nonsense (actually how they tried to handle a loan and not fee related) If enough people leave the bank they will change their mind if people just complain and keep their accounts then who are the suckers?

[SirFozzie]

Yeah, apparently this is coming from the CEO who has a dream to make up the lost revenue from before.. well either that or he's an agent provocateur trying to destroy the bank from within..

They got their asses royally kicked in the court of public opinion last time, but somehow they thing that doubling down on stupid is a good idea.

[Ksyrup]

When we moved to KY, we left our BoA account in Florida and it's still the account I do most of my banking with. Apparently KY is not part of America. I've left it mainly because I have all of my online payments set up on their site, and I like the fact that they automatically determine when to send payments I schedule by due date, instead of me having to make sure they get sent early enough that they are received before the due date.

We also have a local account here, but their online system isn't nearly as good. As far as big banks, Fifth Third regularly gets bad reviews from my co-workers, so I'd just be trading one bad apple for another. Plus, I like having ATMs across most of the country I can use when I'm traveling.

[panerd]

Originally Posted by SirFozzie

Yeah, apparently this is coming from the CEO who has a dream to make up the lost revenue from before.. well either that or he's an agent provocateur trying to destroy the bank from within..

They got their asses royally kicked in the court of public opinion last time, but somehow they thing that doubling down on stupid is a good idea.

Don't get me wrong I don't disagree with you at all and think this idea seems like a PR nightmare. I just don't find the 99%/big bank outrage really works for people who choose to still use their services but want to complain about it. (Not you in particular Sirfozzie but just saying that is usually where a discussion like this heads)

[DaddyTorgo]

Hoo boy...this should be fun.

[DaddyTorgo]

Originally Posted by Ksyrup

Plus, I like having ATMs across most of the country I can use when I'm traveling.

This is why I've resisted - traveling so much it's very convenient. Not sure what I'd do otherwise.

[JediKooter]

How could this possibly go wrong?

[stevew]

B of A. B very of A.

[molson]

It sounds like the want to drop customers they aren't making money on. This fee wouldn't effect most people, but they get national bad PR out it. But, they're too big to fail, so whatever.

[BillJasper]

Originally Posted by Ksyrup

When we moved to KY, we left our BoA account in Florida and it's still the account I do most of my banking with. Apparently KY is not part of America. I've left it mainly because I have all of my online payments set up on their site, and I like the fact that they automatically determine when to send payments I schedule by due date, instead of me having to make sure they get sent early enough that they are received before the due date.

We also have a local account here, but their online system isn't nearly as good. As far as big banks, Fifth Third regularly gets bad reviews from my co-workers, so I'd just be trading one bad apple for another. Plus, I like having ATMs across most of the country I can use when I'm traveling.

5/3rd sucks. Worked for them for thirteen years...

[Ksyrup]

One of our paralegals just left them after they charged her $500 as part of the refinancing of her mortgage with another lender, and she must have sent 10 letters to the BBB about it. I actually work in the 5/3rd building in Lexington. All I've heard about them just convinces me to stick with what I've got.

[spleen1015]

I use USAA for banking and I'll never have to worry about any of this crap.

[SirFozzie]

William Galvin to banks: Offer free basic checking or give up state and local deposits - The Boston Globe online

Interesting: The MA Secretary of State is telling the big banks (nationally chartered like BoA) that if they do not offer free banking to those under 19/over 65, then they will pull all state and local deposits from the banks. There's already a rule requiring state-chartered banks to offer the free checking, but now it looks like they're going to enforce that on the big banks too..

Very interesting to see how this turns out.

Great quote from Galvin (MA is one of the states where they're testing this new fee out)

“It’s a trial balloon,” Galvin said. “But I think it’s important we take out the anti-aircraft artillery and shoot it down.”

[Solecismic]

A bank has two major revenue sources: interest from loans and the ability to invest money you've deposited.

In the former case, the government has finally stopped backing and insisting upon loans that are doomed to fail and interest rates have dropped. In the latter case, interest rates have dropped even more and there's serious worry the Dow is about to correct.

The only reason we aren't seeing more fees is that there's still real competition out there, and losing market share will be disastrous when we have the inevitable inflation out-of-control government spending will cause.

So it's a game of chicken for the banks. Do they risk losing market share by driving away customers they lose money on today? Or do they tough it out, knowing that banking is still quite profitable in the long term?

In the meantime, we have to remember that they do provide quite a service for us, even if it's easy to see a bank executive as some sort of horrifying caricature of greed and excess.

I'm trying to refinance right now under HARP, and it has been a nightmare. Try negotiating with a bank to gain access to a government program when the bank has a vested interest in *not* working with you.

[DaddyTorgo]

Originally Posted by SirFozzie

William Galvin to banks: Offer free basic checking or give up state and local deposits - The Boston Globe online

Interesting: The MA Secretary of State is telling the big banks (nationally chartered like BoA) that if they do not offer free banking to those under 19/over 65, then they will pull all state and local deposits from the banks. There's already a rule requiring state-chartered banks to offer the free checking, but now it looks like they're going to enforce that on the big banks too..

Very interesting to see how this turns out.

Great quote from Galvin (MA is one of the states where they're testing this new fee out)

“It’s a trial balloon,” Galvin said. “But I think it’s important we take out the anti-aircraft artillery and shoot it down.”

WTG BILLY!!!!

[Solecismic]

That's an interesting trial balloon. On one hand, we need regulation of major businesses. On the other hand, this so clearly crosses the line between regulation and government control over private business that you wonder about the long-term effects on competition.

Last year, they talked about saving Romneycare by forcing doctors to accept certain types of government health insurance - essentially making doctors employees of the state. I don't think this is a good direction for government to take because it means less competition and less reason to excel in the future.

[Butter]

How is this government control over private business? The government is not telling them they can't, but it's saying that they won't do business with them if they don't. That's not outright control, that's suggestion. STRONG suggestion.

[SirFozzie]

How is this any different from any (BIG, admittedly) business telling banks what terms they require for the bank to handle their deposits, etcetera?

[Solecismic]

Because we are supposedly the government. And we require our government to purchase services in a cost-effective manner. If the government artificially alters the way it does business to raise costs and/or eliminate competition for those services, there needs to be a compelling reason - such as protecting us from fraud or other illegal activity.

Instead, it is doing so to try and influence businesses to change their ways of doing legal business.

TINSTAAFL, as Heinlein would have written.

[duckman]

Originally Posted by spleen1015

I use USAA for banking and I'll never have to worry about any of this crap.

+1

[RainMaker]

Originally Posted by spleen1015

I use USAA for banking and I'll never have to worry about any of this crap.

Same here, great bank. Nothing beats calling in and having an actual American pick up the phone to say hi. It seems a lot of their employees are military wives as well, particularly on the customer service side.

I don't understand why anyone bothers with BoA. There are so many free banks available. Many that will give you free checks, free ATM at any ATM, and a slew of other goodies. There is no need to have a bank in your neighborhood to go to. Many are allowing you to deposit checks via your cell phone.

I guess I'm wondering why anyone bothers with any bank that has fees associated with them. Or any bank that you have to constantly be checking to see if they are changing to add fees to your account. USAA, Schwab, etc are great alternatives.

[Pyser]

i have usaa but never signed up for their banking. can you guys answer some questions for me?

1 - what happens if i have to deposit cash?
2- what if i need a cashiers check?
3 - to deposit a check i just take a picture of both sides of it and upload? does the image get saved on my phone? what happens to the physical check i have?

i feel like a dinosaur here asking those questions. but i do so much through usaa, i guess it's time to look into their banking.

[Marc Vaughan]

If you REALLY want real competition with banking let foreign institutions into America to provide banking services and break up the cosy cartel which rules the banking over here now ....

If you look throughout the rest of the world you'll find far better services with free banking accounts WHY? - because they're truly open to competition from around the world, in the UK for instance one of the larger banks is from Hong Kong ... if you keep a nice clicky cartel within your country then you'll end up with uncompetitive practices quite quickly ...

[RainMaker]

1) They have an agreement with some ATMs where you can make deposits (even cash). PNC is one of them and there are a couple others.

2) They have a service that will mail you a cashier's check. You can have it overnight although I believe there is a fee for that.

3) There is an app that you will download to your phone. There is an option in there for deposits that you will click. It will ask you for the amount and then tell you to take a picture of the front and back. It does not get saved on your phone. After the check clears, you can destroy the check.

If you don't like the app, you can always mail in deposits. They will give you free deposit slips and prepaid envelopes. I've used it a bunch and it's usually a 2-3 day turnaround before the check is in the account. You can also make deposits at UPS Stores although I've never used that.

The only difficulty I could see is if you are someone who deals a lot in cash or needs things like cashier's checks often.

[Buccaneer]

Originally Posted by Marc Vaughan

If you REALLY want real competition with banking let foreign institutions into America to provide banking services and break up the cosy cartel which rules the banking over here now ....

If you look throughout the rest of the world you'll find far better services with free banking accounts WHY? - because they're truly open to competition from around the world, in the UK for instance one of the larger banks is from Hong Kong ... if you keep a nice clicky cartel within your country then you'll end up with uncompetitive practices quite quickly ...

I don't know, our cartel seems to have been doing ok the past 180 years, despite some ups and downs.

[SirFozzie]

for the last 160 years, till "MergerFest 198-2012".. Hell, we're closer to the days of the National Bank then most folks would have been comfortable with in the first years of the nation.

[RainMaker]

Originally Posted by Marc Vaughan

If you REALLY want real competition with banking let foreign institutions into America to provide banking services and break up the cosy cartel which rules the banking over here now ....

If you look throughout the rest of the world you'll find far better services with free banking accounts WHY? - because they're truly open to competition from around the world, in the UK for instance one of the larger banks is from Hong Kong ... if you keep a nice clicky cartel within your country then you'll end up with uncompetitive practices quite quickly ...

Do we ban them? I know ING and HSBC are decent sized banks here.

We have a lot of good banks with free accounts available. People for some reason don't bother to bank with them. They get suckered into snazzy TV ads.

[Buccaneer]

By the far the biggest local bank in our medium-sized city (500,000 pop) is a credit union. I have not done banking at a "real" bank since the 1980s; but I really don't see any difference anyways.

[Castlerock]

Count me as another who doesn't understand why anyone banks with the 'big' banks. My credit union has free checking, online banking like the big banks, and even reimburses foreign ATM fees. Every ATM in the entire country is free to use. I don't understand the: "Plus, I like having ATMs across most of the country I can use when I'm traveling" comment.

There are other options out there... just drop BoA (and the like). I am not aware of anything that BoA has that my credit union doesn't.

[DaddyTorgo]

Originally Posted by Castlerock

Count me as another who doesn't understand why anyone banks with the 'big' banks. My credit union has free checking, online banking like the big banks, and even reimburses foreign ATM fees. Every ATM in the entire country is free to use. I don't understand the: "Plus, I like having ATMs across most of the country I can use when I'm traveling" comment.

There are other options out there... just drop BoA (and the like). I am not aware of anything that BoA has that my credit union doesn't.

Hey local boy - which CU?

[sterlingice]

Originally Posted by Castlerock

I don't understand the: "Plus, I like having ATMs across most of the country I can use when I'm traveling" comment.

This one I never understand- at least in the US. If I'm going on a trip, I get extra cash beforehand. If it's expensive, I'm going to card it. If it's a few bucks in cash, there are as many WalMarts and Grocery Stores as BoA/JPM/etc and I can just roll into one of those and debit something so I actually get a coke or actual need out of the equivalent of the ATM fee.

SI

[Buccaneer]

I'm with SI (and Castlerock too). I have a credit card, two car loans, a second mortgage and a line of credit with my credit union, at interest rates and fees lower than the national banks. My debit card can work at most ATMs (with a fee) but I almost never use an ATM. When I go on my long trips, I take out enough cash to pay for gas (don't use debit or credit cards at gas stations unless it's a gas card), food and misc. The only dealing I have with a national bank is my mortgage is with BoA, unfortunately. I just let my credit union take care of paying them.

[Marc Vaughan]

Originally Posted by RainMaker

Do we ban them? I know ING and HSBC are decent sized banks here.

I heard when I moved over (from the banks I started accounts with here) that non-US banks are allowed some activities (I think mainly investing) but aren't allowed to do personal banking for some reason or other (ie. you can't open a 'checking account' with Barclays for instance). The reason I asked at the time was that I'd have far preferred to work with an 'international' bank so I could have kept some of my credit standing from the UK ...

You may well be right however - I've actually looked into it a little now (rather than regurgitating what I was told) and there are some foreign banks operating over here (notably as you mentioned HSBC) - although their offering are very US specific (ie. far less appealing than you'd get in some other countries).

HSBC have been operating over here since the 1870's incidentally which might explain why it has a larger penetration than many of the others (ie. its operation over here is near as damn it an American bank really) - some are also well hidden for instance the AllFirst bank is actually a subsiduary of the AlliedIrish bank and Bankers Trust is part of the Deutsche Bank.

[gstelmack]

Originally Posted by Solecismic

A bank has two major revenue sources: interest from loans and the ability to invest money you've deposited.

In the former case, the government has finally stopped backing and insisting upon loans that are doomed to fail and interest rates have dropped. In the latter case, interest rates have dropped even more and there's serious worry the Dow is about to correct.

The interest rates dropped so they could get free money to lend out to small businesses to help the economy recover, so they stopped caring about our deposits since they can get free money from the government to lend out. They cut expenses by no longer paying much in the way of actual interest in return for storing our money, and now they want to charge us for the privilege of them lending our money out.

Fees for checking accounts is their way of killing off checking, they want everyone on debit / credit cards. I stopped writing most checks with the whole "Check 21" initiative that took away all the security of writing a check, since no one bothers to even look at checks anymore (they accept what's on the deposit slip), not even bothering with signatures since everything gets converted to an electronic withdrawal.

They nearly killed the economy, and continue to roll in profits. I'm not feeling very generous toward the fees they want to charge.

[JeeberD]

Originally Posted by Pyser

i have usaa but never signed up for their banking. can you guys answer some questions for me?

1 - what happens if i have to deposit cash?
2- what if i need a cashiers check?
3 - to deposit a check i just take a picture of both sides of it and upload? does the image get saved on my phone? what happens to the physical check i have?

i feel like a dinosaur here asking those questions. but i do so much through usaa, i guess it's time to look into their banking.

I know Rainmaker answered this already, but here are my experiences...

1. I keep an old Wells Fargo account open strictly for depositing cash into, then I transfer it over to my USAA account the next day. I didn't know about the ability to deposit directly into my account through different banks...

2. I've never had to deal with this, so I'm not sure.

3. You can use the app on your phone to deposit it, or if you have a scanner at home you can scan it in there. After you've deposited the check, you write "Void" on it if you want to keep it, but I always just pop it into the shredder. And no, it doesn't appear that the image of the check is stored on your phone.

Amazing customer service, amazing prices, I have just about everything possible through USAA...savings, checking, mortgage, homeowners and auto insurance, IRA. My dad signed me up when I was 2, I signed my son up as soon as he was born...

[Pyser]

Originally Posted by JeeberD

I know Rainmaker answered this already, but here are my experiences...

1. I keep an old Wells Fargo account open strictly for depositing cash into, then I transfer it over to my USAA account the next day. I didn't know about the ability to deposit directly into my account through different banks...

2. I've never had to deal with this, so I'm not sure.

3. You can use the app on your phone to deposit it, or if you have a scanner at home you can scan it in there. After you've deposited the check, you write "Void" on it if you want to keep it, but I always just pop it into the shredder. And no, it doesn't appear that the image of the check is stored on your phone.

Amazing customer service, amazing prices, I have just about everything possible through USAA...savings, checking, mortgage, homeowners and auto insurance, IRA. My dad signed me up when I was 2, I signed my son up as soon as he was born...

they really are a great company. the only thing i don't have from them, aside from banking (yet), is my mortgage. they were not nearly as competitive as some other companies i talked to. but they all sell them off anyway, so who cares.

[Castlerock]

Originally Posted by DaddyTorgo

Hey local boy - which CU?

Digital Federal Credit Union. They are fantastic.

[DaddyTorgo]

Originally Posted by Castlerock

Digital Federal Credit Union. They are fantastic.

Thankykindly.

I have been trying to figure out where to move my bucks around to. I'll add them to the list.