New fee warning about Bank of America

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I know Clark doesn’t recommend any of the mega monster banks, and 95% of my business is with other institutions.

But be aware that in another money grab, Bank of America has started hitting people who previously had their free checking account with a $12 fee this month.

If you incurred this fee, you can call them to get it waived, and then you must maintain a $1500 balance (costs you about $60 a year in lost interest) or downgrade to the SafeBalance, which requires a $500 balance (about $25 a year in lost interest). If you downgrade to SafeBalance, you can no longer write paper checks.

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Clark would say: There are plenty of banks with a completely free checking account. Open up a new account and close your monster mega account!

I had an account with a smaller bank (United Bank). They offered a free checking and I swapped from my old to the new one. No hassels.

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I do have plenty of free checking accounts, but the Bank of Amigo was free until two weeks ago, too.

Bank of Amigo has become an increasing liability for me, though. I recently had a fraudulent charge on the debit card that I NEVER EVER use, and disputed it and cancelled the card. Then they gave the scammers the new card number, and they hit me again. When I got the (second) new card, I just turned it off completely.

I downgraded to their “free” account that requires a $500 balance to avoid the $5 fee. However, I may just finally trash it altogether.

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What’s the $5 fee for?

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The $12 and $5 are both new “monthly service fees.”

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Jolly, you know this. Time to leave the “Monster Mega Bank”!

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Way, way, way past time. I should have left when they sold my mortgage to Mr. Cooper (and, by the way, started charging me for the checking account I had then, too)!

Unless you’re Mexican, they don’t want your business now.

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This is interesting stuff. I dumped BoA checking acct long ago and only have some cards, one of which costs to keep. That would be Allegiant, as we are near an Allegiant base and can [sometimes] fly cheap. And sometimes have return flight cancelled.

Only new bride keeps a BoA checking. I tried to move her to USAA FSB but they treated her so rottenly that she actually prefers BoA! But I will alert her about the honking charge. Backup plan will be to just use Charles Schwab Bank. :slight_smile: I don’t think CSB would be considered to be a Giant Monster Mega Bank.

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tszefr, I’ve had accounts at Ally Bank (online) for over 10 years. Very happy with them, the savings account is now at ~3.8%. A lot higher than any brick and mortar bank. Once in a great while I do have a need to walk into a bank lobby (notary services or whatever) so I keep a free checking account at a local bank near me (United Bank).

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