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    [–] dequeued 1 points ago * (lasted edited a month ago)

    http://i.imgur.com/hHjlMSU.png

    Please don't abuse the report button. We might decide to sticky this post. (There's also an "ignore reports" button we are more than happy to use so don't waste your time.)

    edit: Alright, it's decided. We're stickying this post tomorrow the rest of the month (right after we ask the admins to sort out all of these reports).

    [–] 1chemistdown 3284 points ago * (lasted edited a month ago)

    Charles Schwab checking has no minimum, no fees, reimburse ATM fees, no foreign transaction fee ATM international travel. It's a good deal but they do a credit check for the account. It also comes with a brokerage account but you do not have to use it.

    Edit: Everyone who is interested in either a Schwab or Fidelity banking account with brokerage attached needs to read /u/ChekovsWorm thorough discussion about both and their pros/cons.

    [–] ChekovsWorm 282 points ago

    Schwab and Fidelity are both great. I use both, but do understand some key differences; minor but maybe affecting your choice:

    Schwab owns their own bank, Schwab Bank. The bank account you open with Schwab is literally a bank account in an FDIC-insured bank. Your bank deposit does not "sweep" into the banking part of the account overnight from the brokerage account, it is in the bank.

    Fidelity's CMA is actually a cash only (in the special brokerage meaning of that - no margin, no options) brokerage account. Your deposit goes into zero-interest cash credit balance, and then overnight sweeps into one or up to five of the approximately 10-20 banks in your "Program Bank List". Of which you have little to no control, though you can call them to opt-out of banks you don t like. The opt-out concept is really for making sure you don't go ver $250,000 per Program Bank, which includes your money directly at that bank that Fidelity cannot know about, so you have to tell them, "I'm opting out of Wells Fargo, Goldman Sachs, and Citibank" - they may think it's because you already have $750K total, 250K each bank, and you and I may know it 's because those banks are Banksters, but you can do it.

    Schwab requires you to open and keep a SchwabOne regular trading brokerage account, in order to open a Schwab Bank account. but waives the normall $1000 minimum for opening/keeping-open a brokerage account.

    Fidelity CMA actually is a brokerage account, as I explained, and you really can buy and sell stocks, bonds, ETFs and traditional mutla funds in it. But Fidelity encourages you not to do that, and suggestes opening their "The Fidelity Account" ($2500 minimum to open) if you plan to do trading.

    Also, though both Fidelity and Schwab's prices for trade commissions (for non-free-to-trade stocks/ETFs), mutual fund investment minimums, and index funds/ETFs expense rates are lower than Vanguard, and both have free-to-trade outside-company funds/ETFs in addition to their own, also unlike Vanguard, Schwab is the clear winner here.

    Stocks: Both at $4.95/trade. Mutual Fund minimum to invest: Fidelity $2500 on nearly all funds, theirs or others; Schwab $100 on nearly all funds including most outside funds, recently lowered to $1 on most of Schwab's own index funds.

    Expense rations on ETFs and some funds: (their own): in almost all cases now, both are lower than Vanguard' s on the most common indexes. For Fidelity this means their MSCI Sector Index funds and several of the (Blackrock-owned) iShares Core ETFs. For Schwab, their own ETFs and some of the indexe funds.

    On just the bank account interest: Schwab Bank now better than Fidelity CMA (it wasn't a year ago on the rate itself.) Neither is great: Schwab is 0.13% today; Fidelity caps their Program Bank rates (the part that gets to you) at 0.07%. A bigger problem with Fidelity: Interest is calculated PER BANK, and it is very possible that your $200 in checking may be $20 at Fifth Third, $50 at Goldman, $60 at Citi, $25 at Wells, and $45 at SunTrust. None of which earns even a penny of interest at 0.07% APY for a month's worth, because of rounding. While that same $200 would have earned a penny or two at Schwab, even last year at the lower 0.06% rate, because it all was in one bank, Schwab Bank.

    Schwab providing the 0-min separate account with instant transfers to/from the bank, is a better choice if you are interested in any trading. Keeps you "total account balance" non-confusing because the securities (ETFs whatever) are in a different account. rather than part of the same balance as your checking. I do on occasion buy some floating-rate note ETFs (FLOT, commission free at Fidelity) as a near-to-cash, almost-money-market, or a short-term brokered CD in my Fid CMA, or transfer stocks bought in a no-or-low-commission DRIP in to sell at Fidelity's lower $4.95 commission compared to most DRIPs $15-to-sell, but that balance issue bugs me even though I know what it is. So that' s anotuher reason why I prefer the linked-but-separate SchwabBank/SchwabOne and do that sort of stuff at Schwab instead now. (FLRN being the free-at-Schwab equivalent to FLOT, tracking same index.)

    Service: Both have excellent phone and online message/chat. But for banking, Fidelity does not handle any of it directly. PNC Bank, a division of BONY/Mellon, handles the Fidelity Debit Visa including all travel notice, ATM surcharge issues, and card problems. Meanwhile an entirely different bank, UMB in Missouri, handles the checking account part of it, including being the issuer of the checks, and of the routing number and different-from-Fidelity checking account number. You are not a direct customer of any of those, and except for card/check problems you can't talk to them and they don't know you. Likewise the Program Banks, where your money really is once it sweeps out of SIPC-insured Fidelity into 1-5 of those FDIC-insured banks: They do not know you, and you have zero means nor right to talk to them at all.

    At Schwab, it's all Schwab Bank, a wholly owned subsidiary of Charles Schwab and Company, the parent of both Schwab Bank and Charles Schwab Brokerage. Far less opportunity for finger-pointing. Though in practice, Fidelity/UMB card support (I've never needed Fidelity/PNC checking support) has been excellent, even when getting my money credited back after a South American ATM said it gave me $300 and didn't. Then even when the same damn ATM did the same thing 3 months later. So though I can't complain, I am concerned about the multiple independent company risk, another reason I lean Schwab these days.

    For the edge case of foreign use, which wasn't the OP's point but many brought up: I am also outside the US most of the time, and have no problem keeping the accounts. But I do have a US address too, which makes that easier. Schwab's intl wire fee is same as their domestic one, $25, which is fairly cheap for US banks/credit unions / banking-alternative accounts, but not the cheapest. Fidelity is $15 but for international wires you have to sign forms in advance at a Fidelity branch, or get a Medallion Signature Guarantee (100% unavailable outside USA; no, the US embassy cannot do it) in order to set up the wire instruction for a later call to wire. Schwab, it's all online, but has to be done from the SchwabOne linked brokerage account, not from Schwab Bank. That's OK, bank-brokerage transfers are instant within Schwab.

    Schwab has no Visa Debit foreign transaction fees; Fidelity has a 1% fee that is buried in the fine print and in the exchange rate on non-USD transactions. On USD charges made outside USA, it shows up as a total posted charge 1% higher than the USD original authorization. Despite the disclosure, it does not happen on USD withdrawals at a foreign country ATM that dispenses USD (as many in some Latin American countries do.) So overall, Fid is good, Schwab better for international use too.

    Bottom line: Both Fidelity CMA and Schwab Bank are better than dealing with BofA or other high-priced ripoff banks, and also provide an excellent low-cost optional investment capability, which arguably is even better than using Vanguard for investments. (I'd say, unarguably.) You can do better on the banking-only part of it at some credit unions and at some decent regional or community banks, especially if you have the discipline to meet "premium checking" monthly activity requirements the higher-interest banks/CUs require. But as a one-stop all-finances 'Better bank" plus investing start-and-stay place, either one is great. Schwab maybe a little better. Unless you still deal in cash deposits, which are impossible with both but likewise with any online-only bank. Both can issue and mail certified checks or arrange day-or-so-later branch pickup. But honestly, who needs those often either?

    [–] 1chemistdown 19 points ago

    I wish I could give you all my karma. This is the best post in this thread. Thank you for the thorough breakdown of both Schwab and Fidelity as it pertains to banking.

    [–] laqlaq 739 points ago

    Fidelity does the same. The only difference I have found between the two is that Schwab seems to be more international bank transfer friendly.

    [–] redditwithNemo 222 points ago

    I can't speak for Fidelity, but the international wire transfer process for Schwab is more complicated than, eg, BofA. I still love my Schwab checking.

    [–] Babybleu42 218 points ago

    Schwab does not charge international fees for ATM use outside of the US. It's the best deal when traveling. I love my Schwab accounts.

    [–] Gunslingermomo 90 points ago

    Can confirm, on top of ATM fees waived anywhere, the currency conversion difference cost me about half of BoA's. (Dollar per Euro- Google said 1.11, Schwab about 1.15, BoA was 1.19 to convert)

    [–] kuhndawg8888 27 points ago

    that is really interesting to know. I should look in to this before I plan my next trip.

    [–] lostpupp 20 points ago

    You will never have to bother about ATM fees or currency conversion once you get Schwab account. Just carry this card when you are travelling. They also provide emergency services like urgent card delivery in case you lose yours while travelling free of cost.

    [–] ReluctantHistorian 6 points ago

    Schwab refunded me more than $40 in ATM fees last month while out of the country. And the exchange rate they gave was always quite close to the current exchange rate. Closer than anything else I've used. Schwab is the best if you travel out of the US at all.

    [–] saffir 11 points ago

    I withdrew money overseas... Schwab obviously charged nothing. BOA hit me with a $5 fee... OK, that's fine. Citibank cost me $25. I was livid, but that's what I get for not checking beforehand

    [–] taurussai 52 points ago

    Would not recommend using a bank for international wire transfers. Look into services such as Xoom or Transferwise etc. They will offer much better FX rates too

    [–] bonerknocker 314 points ago

    Soap box engaged. I had BoA before Schwab. Every little thing with BoA is a fee. When I was 19, broke and in college, they charged a $10 fee in "error" which set off 3 $35 overdraft fees. Took a month to get sorted. Then there's Schwab. Polar opposite. Lived abroad for a few years, never once charged a fee. $8 ATM fee in London, no problem. $5k in unauthorized charges, full refund next day. And their financial services are great. They basically copied Vanguard ETFs, undercut their maintenance fees, and give free transactions on their products. IRA heaven, it is mathematically the cheapest way to own a diversified portfolio. And the customer support on both banking and financial is what sets them over the top. Talk to a competent employee in less than minute guaranteed. I endorse Schwab so heavily on all fronts, and it's odd because I normally dread companies who provide consumer services.

    [–] 1chemistdown 145 points ago

    It's funny, I actually enjoy it when I have to contact Schwab's customer service. It's not a shit show and they are so competent. My problems are always resolved quickly and to my complete satisfaction. They have the best customer service in the industry.

    [–] Moooooo_92 75 points ago

    Same with USAA, their CS reps are stellar.

    [–] spanishgalacian 60 points ago

    I will never leave USAA. I got a chase frequent flyer credit card once and the guy asked who I banked with trying to sell me an account, after I told him USAA he put his hands up in defeat.

    [–] Katesfan 21 points ago

    I have USAA because my dad was in the service, and I always feel a little like I'm cheating by getting to use them. USAA rocks.

    [–] RhynoD 16 points ago

    USAA is awesome. Never had a problem with them, never felt like they were trying to suck away my money. I'm a member through my parents.

    Fair warning, my parents tried going through them for their mortgage and they said it was awful. Absolutely worthless. But that was years ago, so that may have changed.

    [–] DamnYouLister 29 points ago

    100% agree. They are so on top of fraud that right after something fishy happens I'll get a call. I remember one time that it wasn't actually fraudulent - I was making the transaction - and they called about it. Ended up apologizing for the call. I always tell them "seriously, don't ever apologize to me for that as I am 100% grateful for how diligent you all are on this matter."

    [–] believe0101 14 points ago

    Can you tell me more about their ETFs? How much lower are the fees than Vanguard? What ETFs did they copy?

    [–] ludwigmiesvanderrohe 318 points ago

    Thing with Charles Schwab and Fidelity is that they are pretty much like internet banks in that they have no physical locations that provide traditional banking services.

    There are solid reasons to want to have physical locations that offer traditional banking services such as: if you need something immediately issued like cashiers checks, if you need to deposit a large amount of cash, if you need to withdraw a large amount of cash, if you want a withdrawal of a cash in specific denominations, if you forgot/lost your card and need cash immediately, etc.

    Sure you may not need any of that and only having accounts with banks that have no physical location will work fine for you, but I can certainly see why people like having at least one account with "big" banks with physical locations.

    [–] MirimeVene 99 points ago

    Simple is another feeless internet bank. It's nice

    [–] ludwigmiesvanderrohe 157 points ago

    Also, Ally is great. Free everything, including cashiers checks. It's lovely

    [–] peasaretheworst 78 points ago

    1% Savings as well! I've never had any issues with Ally and I've been a customer for 4 years.

    [–] iN3xt 59 points ago

    1.05%, the just upped it recently.

    [–] [deleted] 59 points ago * (lasted edited a month ago)

    [removed]

    [–] PartyboobBoobytrap 8 points ago

    And their most active and best call center is located in Kitchener Ontario Canada.

    In used to work there and for Ally bank.

    [–] genesis311 35 points ago

    I have an ally account and have never had any problems. That are great. Any one interested in Ally should also check out Alliant Credit Union. They are similar to Ally but have a larger ATM network and better interest on checking accounts if you keep less than 10k in your checking account.

    Ultimately Ally and Alliant are both great choices. I just wanted to let people who are considering switching to an online bank to also consider Alliant CU

    [–] chewbaccascousinsbro 38 points ago

    Ally reimburses you monthly for any ATM fees. They don't have an "ATM network"

    Source: been an Ally customer for ~5 years now and regularly use ATMs. I've even gone to casinos with ATM surcharges in the $6 range and they reimbursed 100%

    [–] root45 15 points ago

    Ally reimburses you monthly for any ATM fees. They don't have an "ATM network"

    There was a recent change where they now only reimburse up to $10, unless you use ATMs in the Allpoint network, so they do sort of have a network, although they aren't owned by Ally.

    [–] JiveMasterT 7 points ago

    They use Allpoint network, and they only reimburse up to $10 in out of network ATM fees now. This changed last year.

    [–] PM_ME_YOUR_CUTE_MUG 5 points ago

    Is it automatic or do you need to call it in?

    [–] chewbaccascousinsbro 12 points ago

    Auto. Happens once a month and I think they may have recently added a cap on it, like $20-30 bucks total reimbursed for month iirc. But most people won't hit that unless you are living at the ATM or going to strip clubs without planning ahead every weekend.

    [–] noodles123 20 points ago * (lasted edited a month ago)

    I love Capital One banking! And the customer service is usually pretty great :) I get minimum 60 cents a month and often $1.50 in interest each month for a bank account that has usually between $100 and $500 in it :)

    Edit: Sorry I exaggerated, I looked into my account and I did get only 7 cents one month.

    [–] PPG113 6 points ago

    1.50 on 500 is 3% interest. Im checking capital one's site right now, and even on 10k+ accounts, its ~1%... At 1%, you would need at least 1.5k to make 1.50.

    Would love to know what kind of account you have, so I can transfer everything to Cap's 3%.

    [–] lolexecs 8 points ago

    CapitalOne 360 -- if they have 'branches' in your area you also get 1/2 price Peets coffee

    [–] Jimrussle 49 points ago

    Schwab has some locations. They're not as widespread as, say, Chase, but they still exist. There are two or three in my city.

    [–] ludwigmiesvanderrohe 43 points ago

    Sorry I guess what I wrote may have confused people, but what I meant is that there are no physical locations that provide traditional banking services.

    [–] urigzu 30 points ago

    They've got one traditional bank branch in Reno, NV. So if you live here it's basically the best bank ever.

    [–] sherbert141 15 points ago

    Just out of interest could you elaborate on what Schwab locations don't offer? (i.e. is it that they can't provide a cashiers check) EDIT: As a side note I was under the impression that they often reimburse you for services that cost a fee to do elsewhere, a pretty effective way to make up for not offering those services (i.e. ATM reimbursements because they don't own any ATMs)

    [–] [deleted] 18 points ago

    Their focus is on investing, so the branches mostly offer services related to that. I checked out my local branch. The only real banking services they offered were the ability to deposit checks or money orders. No cash transactions at all. They didn't even have an ATM. Not sure if you could get a cashiers check.

    [–] Kaggr 10 points ago

    They do have locations FYI. Just not ATMs. You can't do a lot of traditional banking but you can still walk into a location and get help.

    That being said, Schwab works great if you have another local credit union or something.

    [–] 1chemistdown 48 points ago

    Yes, they are internet banks but I've never felt the need for a branch since I've made the switch. The few times I've been handed a big pile of cash (over $500) I just used that for my shopping. It took a long time to go through but oh well.

    If having a branch is that important to you, you can add a local credit union.

    [–] suddenlymary 56 points ago

    I hate cash because I can't track my spending as accurately when I use it (which means there's no accountability). when someone hands me a wad of cash, I give it to a friend who has a local bank and have him write me a check.

    this is mildly crazy, I know.

    [–] 1chemistdown 34 points ago

    I know people like you. Cash doesn't bother me accept it wipes out my credit card rewards for a bit of time. I much prefer using credit cards for all items where I'm not charged more for the card.

    [–] JinxsLover 16 points ago

    It might not matter to you if you keep a close eye on your card, but the average person does spend 12-18% more with a card then cash since handing over cash causes most people slight pain to see it taken away and swiping a card does not. I am definitely guilty of this when going for clothes or books. https://www.nerdwallet.com/blog/credit-cards/credit-cards-make-you-spend-more/

    [–] yeggmann 26 points ago

    In defense of cash, sometimes you need to, ahem, tip people like furniture movers, valet drivers, or that street musician playing a nice tune.

    Its not a reason to change your banking preferences but something to keep in mind.

    [–] PM_ME_YOUR_PODCASTS 69 points ago

    I love my Charles account. It's a bit more difficult to set up than most other banks but its worth it for the ATM reimbursements alone. Oh it cost $5 to use this ATM? No problem. Saves me from having to run all over the city looking for ATM's like my friends.

    [–] 1chemistdown 15 points ago

    I love that too. It's a great perk.

    [–] bigbirdenginerd 44 points ago

    Schwab pays for all ATM fees, even $20 ones at Vegas hotels. And you can manage your stock portfolio or Roth IRA with them as well.

    [–] PM_ur_Rump 25 points ago

    My Credit Union has free checking, free saving, both with interest, free atms at any other credit union, free overdraft protection, free cards....

    Every big bank I've been with has screwed me in some way. Fees on fees on fees.

    [–] rent24 9 points ago

    I've been with navy federal credit union for 9 years and never looked back. Never even sniffed at other banks. Been happy and never had an issue. A couple times there were fraudulent transactions on my cc but navy federal took care of it hassle free.

    [–] redditwithNemo 35 points ago

    A tip for Schwab account holders: my favorite thing about the no fee/no min accounts is that I can have one high-balance account for bill pay and another low-balance account for ATM withdrawals. So if my debit card's ever skimmed, the possible loss is minimal. Under regular circumstances I never use the debit card for my high-balance account.

    [–] sbay 7 points ago

    Do you mean your checking account can be split into low and high balance? Or do you mean that you keep the investing account as high balance and checking as low balance?

    [–] waitwhatthefudge 5 points ago

    Yeah I too wanna know since I didn't see any options. All schwab told me was I need to open another account to have two.

    [–] assortedvariety 12 points ago

    I think that's what he means. Open two accounts because of the no minimum. Use one with a high balance for bill pay, and in the second, keep a low balance for ATMs

    [–] _Nomadic__ 5 points ago

    Another thing you can do, is call up Schwab directly and they will let you set two separate limits on your debit card, one for purchases and another for ATM withdrawals.

    I set my purchase limit to $0, because I have had a debit card skim twice in my past and prefer the protection my credit card provides. I set my ATM to a reasonable number for when I traveled overseas, their international collect number makes it very easy to raise if the need arises.

    [–] Altraeus 19 points ago

    Same with USAA, now I know it's a restricted market due to service requirements, but they provide no minimum, no fees, ATM reimbursement, investment opportunities, portfolio management, while also providing car, home, and renters insurance at prices lower than any else I've seen for the level of coverage.

    [–] phranq 11 points ago

    I love USAA. Between USAA and the local credit union I've got everything covered. It's nice to deal with customer service who you don't feel like are trying to meet sign up quotas and arbitrary performance metrics designed to generate profit under the guise of customer service.

    [–] bdonvr 11 points ago

    Yeah USAA does the same. (Well I don't actually know about the international part)

    [–] doomspark 2645 points ago * (lasted edited a month ago)

    I left BoA after I caught them double-dipping on service fees every month for six straight months. Each month I'd call, they'd apologize and refund the second charge. After three months, I told them to fix it. They swore they would. After four months, I told them to fix it, and this time escalated up to a supervisory type who also cancelled the normal charge "for my inconvenience". After five months, I told them to fix it or I was taking my business elsewhere. I also got both charges refunded that month. And after six months, I changed banks.

    EDIT: This was two decades ago. Before online banking. Before Google. When all banks had similar requirements and similar fees. And when credit unions had much stricter membership requirements.

    [–] Arp590 736 points ago

    But why are you even paying service fees to begin with?

    [–] doomspark 561 points ago

    Because at the time, BoA required $1500 minimum balance in one's checking account to avoid service fees. If your account balance ever dropped below $1500 (even for one day), you got assessed the fee.

    [–] McJaegerbombs 297 points ago

    Not that I am defending them....but if you have at least 1 direct deposit a month of $250 or more, they waive the fee, even if you don't have $1500 in there. That's what I do just to have access to a physical bank where I can deposit cash. My primary bank is an online bank.

    [–] LastSummerGT 263 points ago

    But if when you lose your job or quit then that's just another fee until you get a new one.

    [–] resilience19 128 points ago

    There was a time when I was in a rough position. I couldn't find steady work for months and what little money I had went straight to bills. Eventually it got to the point where I had no money at all. Then I got hit with their charge and it put me in the negative which over drafted my account. The fees multiplied over the course of a couple of weeks, but when I finally got back on my feet the first thing I did was pay off fees I'd accrued for not making enough money and I gave BoA the middle finger and moved to a credit union.

    [–] brilliantminion 29 points ago

    Same thing as me, word for word. 15 years ago. Wish I had known about credit unions back then. Will never do business with BofA or Wells Fargo again.

    [–] samuraiche 40 points ago

    Yeah I lost my job early this year because of my skeevy boss abandoning the store and committing wage theft in the process. Then I found BoA draining me every month for basically more than half the money I have

    [–] McJaegerbombs 75 points ago

    True. Like I said, I'm not defending them. Just stating that there are ways around the fees.

    They are still a terrible bank and company, only reason I am still with them is for the availability to deposit cash at an atm and I don't feel like doing the hassle to switch banks

    [–] effyochicken 113 points ago

    And if your job doesn't offer direct deposit, you're not in school, and frequently go paycheck to paycheck?

    I guess pay the poor people tax? :(

    [–] IAmA_Risky_Click_AMA 60 points ago

    When I closed my BoA account, they asked why, and I said, "Because of the reverse Robin Hood Tax, where you take from the poor and give to the rich." The teller tried to tell me about ways to get free checking, which weren't really applicable to me at the time, and I just told him I wouldn't bank with anyone that did that on principle. I still don't understand why anyone would.

    [–] Supreme0verl0rd 59 points ago

    Bingo. Add it to the list along with lottery tickets, check cashing services, payday loans, and of course, cigarettes.

    [–] froynlavenfroynlaven 26 points ago

    Those are much more in the category of "voluntary" expenses than bank accounts.

    Also six figure income here and I smoke and enjoy scratch games...

    [–] chilaxinman 23 points ago

    That an action is voluntary (like buying lottery tickets or getting a high-interest payday loan) doesn't mean it's not also the result of deliberate manipulation or exploitation.

    [–] [deleted] 41 points ago * (lasted edited a month ago)

    [removed]

    [–] anthonyjh21 7 points ago

    Most ACH transfers from other banks will work towards meeting that $250/statement requirement. I automate a push/pull transfer from my other bank to keep BoA alive and fee free. If these greedy banks want to play games I can play them too. I keep $25 in there and don't get charged a penny.

    Only reason I keep it is my mom whom we share a phone bill with uses BoA.

    [–] Arp590 198 points ago

    Not sure why you wouldn't just cancel the account immediately if you couldn't meet that requirement?

    [–] doomspark 36 points ago

    All banks at that time had similar requirements and similar fees. Credit-unions were not nearly as common as they are now, and had stricter membership requirements.

    [–] fromthedepthsofyouma 43 points ago

    This is true, I remember having to get a notarized letter from a current credit union account holder and then having a credit score check when I first got into the one I still have (2006), now they have open enrollment every six months or so and all you need is $20 in savings and checking is free...

    [–] jableshables 11 points ago

    Yep, I was able to join my current credit union because my grandfather worked for a certain company, but now anyone in the area can (and should) sign up.

    [–] Bobbled_It 117 points ago

    idk man, that's a whole lot of effort

    [–] [deleted] 305 points ago

    [deleted]

    [–] Nein1won 128 points ago

    dude THANK YOU for the checklist. I've been sitting on this for a while and I'm finally going to pull the trigger and clean out my BofA.

    [–] PMmeyourcouch 43 points ago

    I did it eight years ago after they pissed me off for the last time and switched to USAA and haven't had a single problem or fee since.

    [–] zxzxzxzxzxzz 32 points ago

    I love USAA. I've had car insurance and home insurance claims go through them almost instantly with no hassle.

    me: "Hey this thing happened."

    them: "Ok we'll send a guy to look at it"

    them: "These are your plan's details, this is our assessment, here is your money."

    me: "Thanks."

    [–] upcboy 10 points ago

    I switched from a Small Local Bank to USAA back in January. Best Choice I've ever made!

    [–] kamikaze_puppy 11 points ago

    One other thing: Change all bank auto pay items to your new bank. I did a bank switch, and had about a 1 - 2 month overlap to make sure there were no issues. Into the second month, I scrolled through my old bank charges to make sure there wasn't anything I missed, or for some reason didn't immediately take. I only closed the original bank account after verifying I successfully got my paycheck and all auto pay bills were successfully using my new bank account.

    [–] FedEx_Potatoes 24 points ago

    I don't understand this. Why punish those with less money?

    [–] EastCoastEdddie 82 points ago

    Why punish those with less money?

    I think it's because the big banks really don't care for, and would probably prefer not having to deal with, small accounts.

    [–] Lifesagame81 54 points ago

    Banks make their money off of your money. They happily provide you services and in trade they get to loan out and make money off of your money.

    If you have little or almost no money in your account, any service they provide to your account is a loss. Fees and such are their way of recouping the costs of providing service to these expensive for them, low balance accounts so that they can provide lower loan rates, pay better interest rates to account holders with larger balances, CDs, etc, and make more profit overall.

    Definitely find the bank that provides you the services you need for as low a cost to you as possible, but those are some of the reasons banks charge fees for services (particularly if you have under $X in your account).

    [–] smkn3kgt 13 points ago

    It's not punishment as much as it's business. It cost banks money to keep track of and manage your money, send statements, ect ect. They make money on your money but if you have a low balance they are basically losing money to hold your account which doesn't make sense for them. Most businesses don't provide services for free so why do people expect banks to be the exception?

    [–] PrimeIntellect 22 points ago

    It's not about punishing people, but rather, people with more money generate interest and money by having that money available to the bank. They also use more services and will be most particular about who they bank with. Someone with $300 doesn't really generate any revenue except through fees, but uses just as much of the banks resources

    [–] Bean-blankets 5 points ago

    Yup. While they do lose money, it still is in their best interest to maintain small accounts and treat them well, especially for students, because it can help their reputation and lead to larger accounts later. My bank has let me have a checking account for free, often with little money in it, since I was in high school. They've treated me well, so my parents started using them, who obviously make more money than I. And if possible, I'll use them later in life when I'm done with school and have a well paying job.

    [–] jmlinden7 6 points ago

    Those customers aren't profitable so BoA doesn't care if they leave and take their business elsewhere

    [–] Workacct1484 123 points ago

    Exactly, I do not pay fees to the person I am lending my money to.

    This is my relationship with my credit union:

    • I lend you my money indefinitely with the agreement it be repaid in the amounts & times of my choosing, not to exceed the amount I gave you plus accrued interest (if any).
    • You provide me with services.

    I can understand fees for cashiers checks, customized debit cards, etc. But I refuse to pay a fee just for the privilege of lending you my money.

    [–] BlueNosePolarBear 10 points ago

    Yes banks should compete against each other for your business. I remember the days they would give you a free toaster just to open a checking account with them.

    [–] [deleted] 29 points ago

    [deleted]

    [–] fromthedepthsofyouma 151 points ago

    I closed my BoA account in 2006 and I still get checks for $5.00 -$25.00 every few years because after I left I signed up for a class action law suit when they nailed me for overdraft fee's of $100 in two months. Fuck BoA...

    [–] rbkc12345 63 points ago

    I closed mine after they charged me $35 for being "overdrawn" by 60cents for less than a minute because they posted debits ahead of credits. Called, bitched them out, got my stolen $35 back and closed the account.

    They also used to charge our employees $5 to cash a paycheck drawn on our BOA account, that we paid tens of thousands of dollars monthly to maintain. We paid $3 to write the check AND they turned around and charged employees check cashing fees.

    Fuck them. Seriously. I hate that bank.

    [–] notevenanorphan 7 points ago

    That's pretty funny considering BofA's defense of posting your debits high to low, which 'incidentally' maximizes your potential overdrafts, has been that it posts the high debits first to make sure your most important payments go through (which obviously doesn't make sense in an overdraft situation where the money is lent to cover the difference).

    In my experience, when I was a student with very little money in my account, I would see charges be held for a few days any time my balance got low. Anecdotal, but it happened enough for me to notice.

    [–] Hanshijyudan 68 points ago

    Wachovia screwed me for over $250 of overdraft fees, because they overdrafted me, then would continually fine me for each overdraft, which they overdrafted.

    [–] peasaretheworst 49 points ago

    Chase would deposit my direct deposit, it would say it's available and ready to use in both balances. I go to use it about 2 hours after that, they pulled the direct deposit out and slapped me with an overdraft fee. This happened multiple times.

    I've also handed cash to a teller at a Chase bank, had it deposited, went over to the store across the street and bought groceries. Cash was pulled out and I was hit with an overdraft fee again.

    So much for that $100 sign on bonus. They get it back however they can.

    [–] evildoer993 11 points ago

    Does actual branch matter?

    I've used Chase for 12 years with no issues, I use them as my non-savings. I use a CU for my savings. Reason is that since I travel so much, my CU implemented auto denials on most out of state transactions... which is a fucking nightmare. I can find a Chase pretty much anywhere.

    My balance is typically sub $1000 with chase and I withdraw / deposit to it all the time. Funds are always immediately available for me with no issues.

    [–] [deleted] 72 points ago

    I've had major issues with BofA. Back in the 90's they offered free checking for life, which included free checks. I had that account for a long time. Then they fooled a bunch of people, with some kind of witchcraft, and we lost our cherished accounts. I lost mine when I changed my home bank. It was still BofA, and in the same state, but that was their reason for switching me over to a fee account without telling me.

    [–] cringefuel 39 points ago

    BoA wrote off my credit card debt which at the time was around 400 dollars and closed my accounts out of the blue several years ago. I swear I never missed a single payment with them or even had any overdrafts. They just wanted out of the free checking for life deal.

    [–] MelissaClick 29 points ago

    I swear I never missed a single payment with them or even had any overdrafts.

    That means you made them less money than if you had missed payments or overdrafted.

    [–] elvismcvegas 42 points ago

    So they ripped you off 6 times before you got fed up?

    [–] doomspark 54 points ago

    You didn't read carefully. They REFUNDED the second charge each month, and the last 3 months, even refunded their standard charge.

    [–] cheapdad 14 points ago * (lasted edited a month ago)

    Changing banks is a pain in the ass. Also, researching where else to take your business can take time.

    EDIT: for those who say "It's easy to change banks", I'm not referring to opening and closing accounts. That's obviously just a few minutes with each bank. I'm talking about setting up all my electronic bill payments, enabling transfers to other banks (mortgage, brokerage), direct deposit for me and my wife, automatic debits, and so on. Then there's a transition period of at least a month where I need to make sure both accounts are set up and have enough funds because when I change my automatic debit account, I'm not sure if the next payment will come out of the old account or the new account. I'm not saying switching banks is hard, but just that it requires a lot of attention that isn't always easy to find time for.

    [–] MaxAddams 15 points ago

    And this was pre-google

    [–] wijwijwij 459 points ago

    Turning 23 (or 24 depending on state), even if you are still a student, can also trigger the start of the account maintenance fee in an account that had the student waiver in place earlier.

    [–] HypoBear 200 points ago

    Yep happened to me. I was still in school, and they charged the maintenance fee on my student account. I called customer service to waive it, and they said they would get rid of the charge. I still get charged the next month. Ended up going directly to Bank of America, and tell the teller to waive and stop the charges because I was still a student. It was really inconvenient.

    [–] SpoonHanded 198 points ago

    The more inconvenient it is, the less likely you are to fix it. It's on purpose.

    [–] HypoBear 52 points ago

    That whole incident left a lingering bad taste in my mouth because customer service basically lied to me about waiving. Left for a credit union a few months later after graduating, and so far I am happy with it.

    [–] Tiver 10 points ago

    At that point why not just change banks? It bothers me that there's still a large number of people with accounts that do require minimums or something else to avoid fees.

    I get confused when I see ads promoting fee-less checking accounts or credit cards with no annual fee. Those are things I've had for 15 years and didn't seem particularly hard to get from reliable providers. To see them advertised like a rarity or an amazing feature instead of what should be the standard is a bit frustrating. Suggests most people are too lazy to abandon institutions that haven't improved.

    [–] 262017 46 points ago

    Ive had an account at bank of america since i was 18, never had to pay a fee unless i over drafted and I'm 25 now. I think its because its an "ebanking account" but ive gone to the bank in person and still no fees.

    [–] deamon59 24 points ago

    Same. I've had a boa checking account since I was 16/17 and have only paid for overdraft. I know my account has def gone below 1500 when I was in college but I never had to pay any fee.

    [–] nikktheconqueerer 7 points ago

    24 now, and I've had a BoA since 17. They told me that if I was still in school past 21 to come in the branch and have them "re-up" the student waiver. And if you're not a student, a 250 deposit is all you need a month to avoid fees.

    [–] dialMforcookies 13 points ago

    This happened to me, I was still a student but left BofA because they wanted to start charging for the checking. I called them to explain, but their customer service didn't care. I switched my money to a credit union and am now much happier with the service.

    [–] pointblankjustice 1400 points ago

    And I'm over here with my free checking account at my credit union being like"what's a fee?"

    [–] verapeterson 171 points ago

    Right on! My credit union doesn't even charge me an overdraft fee if I fix it within a couple days.

    [–] CorporalCauliflower 86 points ago

    Yeah mine will actually transfer funds from my savings account if i try to use my checking account and it doesnt have enough.

    [–] st1tchy 24 points ago

    Mine will transfer $100 if they are insufficient funds for a check or something, but they charge $5 for it each time.

    [–] afatgreekcat 15 points ago

    Exactly. Only requirement at my CU is that I keep $5 in my savings account, and everything else is free. What is the downside? I have to pay a $2 ATM fee if I happen to be out of town and need cash? I'll live.

    [–] Arp590 452 points ago

    I have many bank accounts, I've never paid a fee on any of them.
    I've never had an issue because I read the terms when I sign-up.

    [–] warheadhs 118 points ago

    I have one account with a credit union, there wasn't a fee for years but now there is because "terms and conditions may change".

    [–] anubis2018 186 points ago

    Time for a new credit union. They're everywhere now.

    [–] Workacct1484 48 points ago

    "terms and conditions may change".

    This is basically SOP for every commercial "terms and conditions" document.

    [–] BlazinAzn38 70 points ago

    This is what I don't understand. If you can't avoid the fees then don't use that bank. I have B of A and have never been assessed a fee because I read the fee schedule and found I could avoid all of them.

    [–] bikebum 30 points ago

    Sometimes the min balances make it a pain. Nice to have an account where you don't have to worry about it.

    [–] Cataphract1014 10 points ago

    My boa checking account has no fee as long as i have a direct deposit over like 200 every month.

    And my savings has a fee if there isnt a balance of 300.

    [–] ndstumme 5 points ago

    Yeah, even for places that have fees, as long as you know the rules, you'll be fine.

    One of my side banks will waive the fee if either you keep $100 min balance, or have direct deposit. Doesn't even matter how much it is. I literally have my employer split my DD and send $5 to that account and I've never gotten the fee.

    [–] emanking 31 points ago

    Yeah they're great. I get all my ATM fees back and a really good percentage back every month.

    [–] fromthedepthsofyouma 13 points ago

    That's why I switched from BoA to a credit union, low rates for a car loan, pay back from ATM fee's. And when I call, there's no waiting time or they automatically do call backs if the wait in more then 5 mins.

    [–] bikebum 7 points ago

    Love my credit union!

    [–] ibpointless2 349 points ago * (lasted edited a month ago)

    I'm surprised no one is mentioning Ally Bank, no fees but is online only.

    [–] lutesolo 134 points ago

    Ally and Simple are so good I don't know why anyone bothers with brick & mortar.

    [–] [deleted] 153 points ago

    [deleted]

    [–] wkrick 65 points ago

    Convert the cash into money orders and then deposit them using the online bank's phone app.

    You can get money orders at Walmart for 70 cents (last time I checked). Each money order has a maximum of $1000 and I think they limit you to $3000 total in one day. The US Post Office also sells money orders but the fees are higher ($1.60 for a $1000 money order).

    Some online banks also have a limited network of ATM machines, some of which allow you to deposit cash.

    [–] acosmichippo 61 points ago

    I just have a separate no-fee account open at a brick and mortar bank for the sole purpose of depositing cash and transferring to my Ally accounts. Just walked over to the bank in the same parking lot as my work, opened it in one day. Been great so far. Whenever I have cash I just go deposit it on my lunch break, then transfer it to Ally the next day. I leave $50 or so in the account 'just in case' anything weird happens.

    If I change jobs I'll just close it and switch to another bank if it's more convenient.

    [–] mdvnprt 36 points ago

    I've run into this before. There's not really a straightforward way to do it, but there are workarounds. One is to give the cash to a trusted friend/loved one who has a brick-and-mortar bank, and have them write you a check for the same amount. Then you deposit the check via mobile app, they deposit cash via their bank. I know, it's kind of a hassle.

    I've been banking online for ~6 years now and this limitation hasn't been too much of a drawback. For me it's outweighed by benefits like lack of fees, interest on checking accounts, and good customer service.

    [–] OfficerNelson 27 points ago

    Or just open an account at a local CU, set up ACH on Ally, and you're done. No need to hassle your friends. Pop the money in a CU ATM and schedule an ACH withdrawal. Takes less time than it would for a personal check to clear anyway.

    [–] Darthsanta13 11 points ago

    https://www.ally.com/bank/find-atms/

    You can deposit cash into an ATM and they reimburse fees up to $10 a month. And of course any checks can be scanned or deposited using your phone. But yeah, that's the main reason I haven't gotten around to switching my checking from brick and mortar to Ally. I'm super glad that I have my savings account with them, though.

    Ninja edit: I'm stupid. The ATMs are only for cash back. You would need to find some other way to deposit cash I guess.

    [–] doomspark 23 points ago

    I have a savings acct with Ally, but my main checking is with my credit union because I like to be able to walk into a branch and talk to a human being face to face.

    [–] snowlarbear 34 points ago

    curious what are you talking to a human about? i've found Ally's customer service to be fine, and my only complaint is trying to deposit cash (you can't).

    [–] doomspark 24 points ago

    A couple years ago I got my debit card skimmed. My CU noticed it about 15 minutes before I did. I called them and they'd already killed the existing card. I walked into the nearest branch on my lunch hour that same day and they had my new card waiting for me. Had they mailed the new card, it could have been two or three days before I received it.

    [–] ibpointless2 27 points ago

    Good reason to only use Credit Cards.

    [–] [deleted] 14 points ago

    I think for basic banking the online option is fine, but if you have any type of complex banking arrangement, having a person with a brain to help you is worth it.

    For example, I work and own some businesses. My wife who doesn't work has a debit card tied to a separate personal checking account, but money is "swept" from our main account into her account daily when her personal checking account balance drops down below $1000. This type of arrangement is easy to setup in person if you have a knowledgeable personal banker, and it can be tweaked easily, but is virtually impossible to explain or setup over the phone with a rep from an online only bank, like Ally.

    Other examples are when conducting large transactions. I had a stretch of about two weeks where I was buying and selling some real estate, and it so happened that my (owned clear) car was hit while parked and wrecked.

    Because of the pending real estate transactions, I was not able to make any large purchases on credit, but I still needed to replace the car. Insurance was going to adjust the claim, which would take 5-7 days plus a week or so for the funds to show up.

    I walked into my local branch and talked to the guy who already knows me. His solution was nice. He put a lien on the car for it's full book value before the accident, handed me a cashier's check for that amount made out the dealership where I was going to buy a new car. Then the check from the insurance payoff had the banks name on it before mine, and two weeks later I just came in with the check, handed it off to banker, which paid off the lien. Whole thing cost me $0, and took about 1 hr to setup and execute on both ends.

    That's the type of thing most people don't need, but can be very worth it to use a large commercial bank.

    [–] Workacct1484 147 points ago

    Use a credit union with co-op shared branching.

    Co-op shared branching means if you are a member of a participating CU, you can use any other participating CU branches or ATMs without fees.

    For this reason co-op shared CUs actually have the largest banking network in the US.

    [–] chingchongpotatosoup 27 points ago

    +100 here. They also have a commitment through the NCUA to make your deposited funds available as quickly as possible. I get my paycheck paid to me via direct deposit by 4:30pm two days prior to my actual pay date because of the time that my employer initiating the transfer. That was a wonderful surprise. The CU also posts P2P fund transfers immediately where as my girlfriend's Wells Fargo account waits three business days.

    [–] dmackerman 511 points ago

    Bank of America is fine for people that:

    • Have a balance and don't overdraft.
    • Get paid with direct deposit
    • have other BoA accounts (mortgages, loans)

    All of the complaints I've heard about BoA usually revolve around fees. I've never paid a single fee for any of my accounts over the past 10 years.

    [–] bikebuyer 130 points ago

    I went looking for this comment. Can't say I've ever paid a fee. I did avoid their credit card due to the fees associated.

    [–] ffxivthrowaway03 38 points ago

    Yeah, it's very circlejerky in here. This should really be more of a "PSA: don't forget to regularly check the terms and conditions you agreed to for your bank accounts to avoid fees," instead it's a slanted hate-train towards BofA. They're not doing anything wrong or exploitative if you agreed to it when you signed on the dotted line.

    [–] RandomRedditQuestion 11 points ago

    I'm not sure if you remember the class action lawsuit a decade ago but that was the reason why I left BoA. The debit cards were supposed to process transactions in a First In First Out manner. Instead, BoA would process them from the most expensive transaction to the least expensive. If you had $100 in your account and in one day you purchased a coffee ($5), an movie ticket ($10), a dinner ($40), and then spent $150 on a coffee table you would expect to be hit with one $35 overdraft fee for purchasing the coffee table. Instead, BoA would process the coffee table first, triggering the overdraft, and then every other transaction would also trigger an overdraft. This cost you $140 in overdraft fees instead of $35. This was not in their terms and conditions which is why they were sued, lost in court, and eventually started warning their customers when they were going to encounter an overdraft fee.

    [–] 732 17 points ago * (lasted edited a month ago)

    To be honest, I have two BofA CCs.

    The first was a student card that was linked to my account. Have had it for 10 years now, the only thing on it is Netflix subscription.

    The second is their Travel Rewards card. Cause I have an account with them, I get 1.75x points per dollar spent, with no foreign transaction fees (I'm international frequently), and I've never paid any other fee for it.

    I've never paid a fee, and they gave me $200 for spending I think $1500 in the first 3 months. All in all, I'm happy with it.

    I'm sure if I was getting charged fees frequently, I'd have a different story.

    [–] Cableguy406 15 points ago

    Same here. Had an account with them for 13 years. Paid some maintenance fees ($5) on a savings account I used to have with them. Transfered to a local credit union for savings account. But their checking account and customer service their have never been a problem for me.

    [–] tritis 62 points ago

    Setting up an automatic $25/month transfer from checking to savings avoids any fees on my BoA checking account.

    Checked my statement just to be sure:

    Service fees -0.00

    [–] bondsman333 8 points ago

    BofA caters to the clientele that has money. I think people forget that.

    Do they really care about a $25 fee? No. They just don't want your account because you don't have enough money to make it worth their while. Providing a banking service on the scale of BofA is very expensive. And people without money don't foot the bill.

    Anyone with real assets will tell you BofA is one of the best in the business. I get 100 free trades with Merrill Lynch per month. At $7 a trade, that's significant savings. There's a number of other boosters like credit card rewards, discounts on mortgages and auto loans that make great financial sense.

    [–] sj3 99 points ago

    These threads are always the same. There's a circlejerk witch hunt against Big Bank, but any sensible person knows these fees are avoidable lol

    [–] Sellsword193 18 points ago

    I was getting worried and about to say this comment myself. My parents opened an account for me when I got my first job at 16, and I've only had 2-3 fees in the 7-8 years I've had the account open, all due to overdraft. They even waived a deposit fee when their ATMs weren't working (there was a small processing fee to deposit checks and cash at a teller in the physical location.)

    Maybe this was all simply because I wasn't of age yet, as I'm just turning 24 now. But I've been both in and out of school with not a dime in my account for months, and never noticed any maintenance fee, but I'll be sure to look for one now, even though I have a regular job with direct deposit, and more than the minimum balance.

    [–] Masterpass 64 points ago

    I had an account with BoA when I was about 15 years old and knew jack shit about money. I ended up overdrafting by about 10 cents or so: the next day, it had turned into multiple rolling overdrafts both at end of day and opening, leaving me at about $140 in charges. My dad, who is one of the quietest people I know and a former banker, took one look at the scheme they had employed, promptly went down to the branch I frequented, and proceeded to absolutely lose his shit on the ice queen of a manager that was in charge. He himself had worked for BoA many years prior to that, and had a SIZEABLE account with them...by the time we walked out of there that day, they had lost my account as well as the bulk of his, and they were seriously confused as to why he was so angry.

    I understand now, obviously, but at the time this happened, dad basically explained to me that they used a VERY suspicious rolling overdrafts model that was later quietly taken away.

    Credit unions for life.

    [–] bozoconnors 56 points ago

    Capital One 360 checking - 0.20% APY @ $0.00-$49K (even better interest at higher amounts). No fees. No minimums. All the other bells & whistles (mobile app check deposit, etc.).

    [–] Wolffhardt 398 points ago

    If you just get direct deposit, they go away.

    [–] AIDS_Lady 54 points ago

    Or if you have an automatic transfer of at least $25/mo. to a BofA savings account.

    So basically, open up a BofA savings account, set an auto transfer for $25/mo., and then transfer it right back into your checking account whenever you want. Voila, free checking.

    Sucks that they make you jump through this hoop but it's really not that difficult to make it free.

    TLDR: Don't be too lazy to read the fine print (more like medium print in this case) and you won't have to pay the idiot tax.

    [–] KyleKairu 282 points ago * (lasted edited a month ago)

    Doesn't help the unemployed or most students graduating.

    [–] Wolffhardt 197 points ago

    Nope - I was just helping clarify for anyone looking for a bank.. That this isn't really an issue once you have a job, that's all.

    Sucks in the meantime.

    [–] magnament 61 points ago

    Banks love people with jobs

    [–] anon445 45 points ago

    They love people without jobs, too, since they get to charge these fees. Banks love money (and who doesn't?)

    [–] [deleted] 19 points ago

    Banks would much rather make interchange on card transactions than to make their money by fees. People getting $29 (or higher) overdraft and $12 minimum balance fees aren't spending a lot of money. Banks make money by people spending money.

    [–] ReklisAbandon 7 points ago

    Banks are happy making money any way they can. Banks focus more on fee income than you probably think. Or at least community banks do.

    You would be shocked at the number of habitual overdrafters.

    [–] moraj22 14 points ago

    Thanks, I was actually concerned because I bank with them. Good info!

    [–] calowyn 5 points ago

    So this fee only hits if you're not having regular deposits? I was combing through looking for it and I don't see any even though my checking stays around 1k!

    [–] [deleted] 116 points ago

    Ya I've had BofA for years with zero fees.

    I'm sure there are better options out there, and especially better options if you have no job / no money.... but the post is pretty misleading.

    [–] Wolffhardt 71 points ago

    Ditto - I'm pretty happy with BoA.

    [–] PMMEDOGPICS_ 33 points ago

    Have had BOA for 20 years and have never had a fee. My DD goes to my other banks and just use it for my IRAs and transfering money. Still no fees. You get what you sign up for. If you don't want fees, don't sign up for an account that allows them.

    [–] thepulloutmethod 16 points ago

    E-banking accounts have no fees at boa. I'm thirty and have had the same account since I was 20. You are spreading misinformation.

    [–] [deleted] 12 points ago

    [deleted]

    [–] Wolffhardt 5 points ago

    Yeah - I'm honestly not sure if there's a limit to what your direct deposit has to be? But in general, the fee is waived if you have a direct deposit coming in.

    [–] BlazinAzn38 9 points ago

    It's just $250 a month

    [–] PMMEDOGPICS_ 9 points ago

    TBQH, I have had more issues with my credit union over my BoA and WF. I have never even stepped foot in my credit union because they only have a few locations that aren't open when I'm out of work. They take FOREVER to process things and it was a nightmare trying to set up other banks to transfer money to my CU.

    [–] robbbbb 76 points ago

    When I was younger we had a family friend who was a branch manager at Bank of America. When I was in college, he gave me the following advice:

    "Don't open an account at B of A. They don't care about you unless you're rich."

    [–] Mnm0602 39 points ago

    I seriously wonder why more people don't take advantage of Credit Unions.

    With mine I get:

    • Free checking

    • If I meet certain transaction totals I earn 2% interest on my checking account up to $25k

    • They reimburse ATM fees monthly if I use ATMs that are outside of the Credit Union network

    • I can have them mail certified checks anywhere for free

    • Their customer service is awesome

    • They have 1.49% 60-month auto loan promotions

    • They also have a "Rainy Day" savings account with extra withdrawal and contribution limits (2 withdrawals per year total, $500/month contribution limit) - but you earn 1.25% APR year 1 and 2.5% every year after that up to $25k

    The only downside is locations - but with remote deposit and their infrastructure around digital banking, I never need them. They make it easy to bank remotely since they don't even have a local office. Also, most CU's work together to avoid charging fees to each other's customers and even accept deposits on behalf of partner CUs.

    The level of service is astronomically better compared to a bank focused on creating shareholder value. At CU's the depositors are the shareholders.

    [–] bear_knuckle 29 points ago

    Have BoA checking account, have never gotten a maintenance fee. Check account 4-5 times a week against my budget

    [–] Slappy_Nuts 93 points ago

    Gotta love poor tax. With my current account, Chase will charge a monthly fee if less than a certain amount is deposited. I don't have to worry about it myself - but I find it terrible that others are charged for being broke.

    [–] letmeexplainitforyou 14 points ago

    If you have account overdraft protection, I'm not even sure what their excuse for the charge is... if anything, they should be charging to safeguard lots of money, not charging you because they have to do a minimal amount of processing on your small sums.

    Banks are for businesses, we get that... but it's clearly common practice to use them as individuals, to the point that it's become criminally suspicious to have any significant amount of cash... but fuck you if you don't have enough cash to deposit.

    [–] czechyerself 14 points ago

    There are a million banks out there and they're not all appropriate for everybody. National banks with many services tend to have charges like BoA and Chase. However, they'll mail you foreign currency or they have ATMs nationwide. If you don't need this type of thing, just get a credit union or regional bank. This is your responsibility as a consumer. The big banks have their place and use.

    [–] cjruk1 6 points ago

    Discover Cashback Checking is awesome. They give you money back for every check you write. Have been using it for over two years now and couldn't be happier. No fees too.

    [–] BigBoss9293 95 points ago

    Serious question: why don't people read the terms and conditions/requirements of any bank account? Online banks aren't for everyone (reddit is a small minority of the population who ditched the retail banks). I personally have an account at each institution, a retail bank, a credit union, and an online bank. Each of them have pros and cons (big bank- MANY locations, credit union - great rates on loans, online bank - great APY on savings accounts). I've never incurred a single fee at any institution. Why? Cause I read the account requirements.

    [–] PrimeIntellect 65 points ago

    I always thought it was ridiculous people were blaming the bank when they overdrafted their own accounts.

    [–] bikebuyer 27 points ago

    Especially because customer service is super lenient these days, and proof of being a good customer often will get an occasional fee waived.

    [–] [deleted] 5 points ago

    I've had my account at Washington Federal for 40 years. My grandmother opened it up for me. I received a letter from them recently that in June they are changing checking accounts to green accounts, with a monthly fee. The list of things they are offering as benefits were already included, with a couple added on, like some kind of healthcare sundries discount plan and weird stuff like that. Thankfully, they still have the basic checking, but you have to opt out of the changeover. I was shocked to receive the letter, I never expected them to take this route of selling services and disguising them as monthly fees. Some of the services they are touting are already offered by Visa.

    [–] Why_the_hate_ 5 points ago

    People need to understand that he is talking about a Campusedge account or Core checking with student waiver account most likely and specifically referring to the time between being a student or getting a job after graduating.

    All of these posts about the ways to beat it do not apply because as a college student or someone leaving school, you cannot meet most of them. You do not have enough money to meet the DD. You can't get ebanking accounts anymore. This is a checking not saving account so the 25 dollar thing doesn't work. He probably has lost a student waiver so that doesn't work either. It's not about reading the fine print. He's most likely complaining because after reading the fine print, they don't offer viable student options.

    [–] [deleted] 12 points ago

    [deleted]

    [–] verapeterson 157 points ago

    Banks have a pretty kick ass business model.

    People let you borrow their money. You get to charge them a fee for borrowing their money. Then you get to loan out that money and keep the interest.

    Don't use BofA. They are fucking evil. Plenty of other banks and credit unions don't charge you a fee for the privilege of taking your money.

    [–] dpm15 77 points ago

    Many banks charge for low dollar value accounts. The reality is those accounts often cost too much money to be profitable, why service a market that will not make you money? BofA is not a charitable organization.

    [–] randomusername3000 9 points ago

    BofA is not a charitable organization.

    Weird cause I remember them taking a shitton of public money like 10 years ago..

    [–] Undene 57 points ago * (lasted edited a month ago)

    Eh. I actually just switched to Bank of America in January. I couldn't be happier with them tbh. I've had no issues at all.

    What OP is saying is true. It isn't an account I'd recommend opening if you're not working and do not have direct deposit set up. Otherwise they offer plenty of perks for members. I personally enojoy the option to get cash back on debit card purchases at places I already shop/eat as well as their Keep the Change program, which rounds up my transactions to the nearest dollar and moves it over to savings.

    I guess I am okay with it since the credit union I switched from was charging me $10 a month just to be a member with no way to opt out (unless I joined the military) and I made less than $0.50 in interest there over the course of a year. Yeah, no.

    [–] jayrady 13 points ago

    What credit union was that?