Bank of America

[Carolina Special]

I have a checking account, savings account and the cash rewards credit card from BOA. The checking account was originally with Sovran Bank before it was taken over and the credit card was originally a 2% cash rewards (on everything) from Charles Schwab which was transferred to BOA. I've stayed with them for so long because of convenience and inertia. The convenience factor has been declining as they've gotten rid of bank branches and ATMs in recent years.

This spring they sold off the branch/ATM closest to my workplace: since the closest branch/ATM to my house is tough to get to, I seriously considered switching to a local bank. Instead, I decided to start using my new Chase Amtrak card more frequently (lunch, primarily) instead of cash to minimize ATM visits, and discontinued using the BOA cash rewards card. Having BOA now take over the AGR program after only six months feels like a face slap. It also means I probably have to deal with the BOA credit card balance limits if I apply for the new AGR card, since I already have an existing card.

I do have my share of BOA horror stories, but they're probably no worse than most other banks. With the checking account, there was the time they sent me replacement checks with an imprinted phone number that I haven't had in a decade: they did replace those for free. I've never been able to link the savings account to the checking account for avoiding the checking minimum account balance fee, giving up after an extended online chat discussion with their rep ("It says right on your web page that I only need $2,000 in savings in my state"..."Sir, we require $5,000 in savings blah blah"). And my credit card once had a incorrect charge from a Wegmans in New York state, which I've never been in, that I challenged and was told was correct because my signature was on the receipt. :angry: I let that charge go because it was less than $100, but have vowed to cancel all BOA relationships if that ever happens again.

One final note on my very first experience with BOA's predecessor. A marketing VP of North Carolina National Bank came to visit my grad school class in South Carolina shortly after they acquired the largest bank in SC. He made it very clear to us that the bank should not be pronounced by the initials of NCNB: instead it should be called "NIC-NIB". Of course, this was only intended for us South Carolina rubes. Being young and naïve, a couple of years later in Virginia I called the bank by the name which I had been instructed and everyone in the room looked at me like I was crazy.

But I'm sure the marketing VP had a bright future, either at BOA or in politics.

 

[SouthernServesTheSouth]

Just checked my old records:

I have a year 2000 Summary from Capital One - Amtrak Visa Card

I have a 2002 Summary of Charges from MBNA - Platinum

I have some Bank of America 2007

Then Chase sometime after that

 

[Bob Dylan]

Carolina Special: Look in to Credit Unions, they're an excellent alternative to the Greedy National Banks!

If none are in your area, a Local Bank, as you said, would be better than BOA.( Barley Offers Anything)

I've never heard of a Bank that requires a $5,000 Minimum, that sounds like a Title Loan joint to me! And the refusual to fix the fraud on your Credit Card is inexcusable! Dump that bunch and if you want the AGR Card take it, have your Line off Credit moved to the AGR Card from your current Card once you receive the new one and cancel the other Card..

If not, just take the Chase Freedom Visa, no annual fee and there's no hassle to acquire it! Just no AGR Points!

 

[Carolina Special]

Jim, to clarify the minimum balance requirement on the BOA checking account is $1,500. The monthly fee for going below the minimum should have been waived if I had $2,000 balance in savings, according to the rules for Virginia on their website at the time. Their chat room rep kept claiming that the savings balance had to be at least $5,000 to waive the minimum. I finally closed out the chat because I was afraid the rep was about to change my account(s) for the worse.

I've simply kept my checking account balance above $1,500 ever since. It is annoying that they automatically link your checking and saving accounts when they mail you statements or access online, but you have to jump through their hoops to link the accounts to avoid the minimum balance fee.

 

[JayPea]

I have had dealings with BoA in the past and had no problems. Through umpty-ump bank mergers, bank sell-offs, and hostile takeovers for all I know, I landed in the lap of BoA as a customer. And was a happy customer for the most part. A minor bump here or there but nothing major. I was their customer when I moved from Spokane to the small town I live now and really liked the small-town service. Even though BoA is a Big Corporation I never would have guessed that from the service I always got. The bank manager knew me by name as did the tellers and they always went above and beyond when I did have minor problems. A couple of years ago, though, BoA sold off many of their smaller branches in the region, mine being one of them, to Seattle-based Washington Federal. And the difference is night and day. I don't know the manager and don't want to. The tellers act as though it's a terrible inconvenience when you actually have to do business with them. Fortunately I do most of my banking online; I usually only have to set foot inside the place twice a year: once at the end of the year to deposit my wellness check from my employer. We have get five sick days a year and if we don't use it we get that back at the end of the year in the form of a check. I have direct deposit for my paycheck but have to deposit this one. The other time is ironically when I am going on an Amtrak trip, to get ones for tips. I want no more dealings with them than that.

And my mom has an AAA Visa card through BoA, and I am also on her account and have a card too. She has had it for years and has never had a problem with them. Believe me, if she'd have had any problems with them I'd hear about it! :lol:

 

[Bob Dylan]

Thanks for the Clarification Carolina Special!

Maybe its because I'm poor and live in Texas, but a $1,500 Required Balance in a checking account to avoid fees sounds high to me! Do they pay you interest on what amounts to them having your money for their use?

My Credit Union and Cap One, where I have accounts, charges nothing for Checking Accounts and even gives Seniors Free Checks.

I still can't get over how a boiler room can get away with being rude to customers no matter what company.

I would have closed my accounts that day if I was treated like you say you have been!

There's plenty of competition out there to handle your finances!

 

[amamba]

We know for sure that there will be two cards.

With that a given, it's a near-certainty that there will continue to be a free card and the second will provide more benefits in exchange for a fee.

Perhaps everyone stressing over their credit score can explain their concern? In my experience, it's been an amazingly meaningless number.

While some of the obsession in this thread is much more concern than I have, I think people should always be thinking and aware of their credit score. Obviously it affects things like a mortgage rate or a rate on a car or boat loan, but depending on your state it can also affect your insurance rates for auto and home. Moreover there are companies that screen credit scores in the hiring process - even when the jobs have nothing to do with finance. There was a great story in the NYT last year about companies disqualifying retail clerks for employment based on credit score.
That being said - this shift with the AGR card is unlikely to cause a huge change in score. One might see a slight decrease with the hard inquiry but it should go back up soon.

 

[Bob Dylan]

Good pointa amamba!

We've allowed the Credit Bureaus to become Big Brother with No Accountability!

They make constant mistakes that hurt people, and still refuse to make corrections when their mistakes are pointed out!

Who do they think they are, the IRS??

 

[Ryan]

Agreed on all points - I get the big picture implications, but these changes aren't going to make a bit of difference there. Unless you're really unlucky (as someone said upthread, I think) and the small fluctuation puts you on the other side of an arbitrary cutoff that kicks you into a different bucket for something.

 

[Bigval109]

If my memory is any good, didn't we have boa in the pass? Didn't they drop AGR ? I remember having to call them when they started short changing the amount of points we earned. That's if my memory is correct.

 

[jis]

My credit score swings to and from over a range of as much as 30 points, quite often for no apparent reason that i can discern.

 

[Bob Dylan]

My credit score swings to and from over a range of as much as 30 points, quite often for no apparent reason that i can discern.

Could it be those Expensive Biz Class Flights to India and other overseas countries that use up large amounts of your Credit Line?

I'd think that since you moved from expensive Jersey to more reasonable Florida that your Financial Statement should look better to the Big Brother Credit Vaticans??!!!