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.
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.
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.
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. I don’t think CSB would be considered to be a Giant Monster Mega Bank.
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).
Cool Pilot glad it is working for you. I too had decent savings at Ally until one day they closed my account, sent me the money, and refused to even provide a tracking number. It seems ally is merely a renamed GMAC, which I did not know until after it was all over. The reason for account closing was they did not like my address. It’s a Tyranny Act (so-called Patriot act) thing where they “must” know where you live or you are fired. Your USPS address is not good enough even if it has been just fine for decades…
I don’t think CSB would be considered to be a Giant Monster Mega Bank.