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PSA - Bank of America eBanking (free checking) going away on January 19, 2018

2,928 815 November 21, 2017 at 06:31 AM in Finance (5)
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Hey Everyone,

Just thought I'd share this. Bank of America is doing away with their eBanking checking accounts... These were the already terrible checking accounts that meant you couldn't use teller services. Because BofA is such a small company and they offer such high interest rates to their customers, they've decided to cut back on the little things like being a bank.

To keep your account free, you have to have at least one direct deposit of $250/month or Keep $1,500 in your account or enroll in the preferred rewards program (whatever that is) and qualify for Gold, Platinum, or Platinum Honors... Otherwise you'll have to pay $12 for the privilege of letting BofA use your money.

I keep about $100 in my account on a daily basis and keep it open just to pay my BofA credit card and take advantage of the CC rewards bonus... Guess I'll be closing my account.

This may wind up causing me to close my Credit Card with them as well. Certainly will cause me to stop using it for anything other than gas...

Absolutely ridiculous.

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#2
BoA <> CU

Is that the point here?
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Frugal Money Waster
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#3
CU?

I don't know but I rarely ever log in to my boa account if I hadn't I wouldn't have known about this.
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#4
Credit Union.

IOW BoA is a big bank not known for CS or "the little guy" - that's a CU. That said, there are advantages to going with a big bank for services, so long as you realize you probably won't be on a first name basis with a branch manager like you would with a CU.

As much as people hate BoA, nearly all of our banking is with them for various reasons, availability of branches, investment and HSA options, etc, being a few.
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#5
I didn't have a problem with them until now... Banks should have a free option to keep your money with them... Their ebanking plan was already laughable but that wasn't bad enough... I use Ally for my main banking needs, I would never recommend anyone else. Chase is going to give me $500 if I open a checking and savings account with them so I'm just going to do that. If I'm going to have to pay a monthly fee I might as well get something for it.
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#6
I used BoA because the HAD branches everywhere. Not anymore. 3/4 of them are closed and all of them are closed near where my family is in TN.
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#7
Quote from Vanquished
:
Banks should have a free option to keep your money with them...
They do. Per your own OP

Quote from Vanquished; :
To keep your account free, you have to have at least one direct deposit of $250/month or Keep $1,500 in your account or enroll in the preferred rewards program (whatever that is) and qualify for Gold, Platinum, or Platinum Honors...
The fact is that if you aren't keeping that much in your account or getting a DD of $250 once a month they don't really care to have you as a customer. You're surprised by this???
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#8
I thought BOA and "Free" were mutually exclusive lol?

Seriously, why anyone does business with them is beyond me. You can get free checking at almost any local bank without all the drama...and even bigger outfits like Capital One and the main online banks. Many will give you free checks as well.
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#9
I closed BOA accounts September last year after more than 25 years with them. They wanted to charge fee for my smallest size deposit box, I've got mortgage, line of credit, ... and they treated me like a stranger so bye bye.
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Arcade Fire
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#10
does anyone here have Patelco? I'm thinking of giving them my business.
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#11
Quote from 916
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does anyone here have Patelco? I'm thinking of giving them my business.
Have some accounts with them for years. Generally signed up in the past when there was a good promo offer and just kept the money there.
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#12
And for those wondering, basically none [doctorofcredit.com] of them anymore.
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#13
What about Capital One 360? I need local branches to make cash deposits.
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#14
Capital One 360 is fine, was ING Direct for a long time previously.
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#15
Quote from YanksIn2009
:
I thought BOA and "Free" were mutually exclusive lol?

Seriously, why anyone does business with them is beyond me. You can get free checking at almost any local bank without all the drama...and even bigger outfits like Capital One and the main online banks. Many will give you free checks as well.
The only big benefit with them is because they have banks all over the country. I moved out all of my money out from them. I had it their for a very long time ago and I said screw you guys I am not getting a benefit. I went with Ally and happy that they give me something better than nothing. Only thing I have with them is their credit card basically only benefit I have with them.
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just being slick
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