B of A class action law suit.

[ohthejosh]

Interesting, it sounds a lot more close knit and personal than the big company. Not sure if I need to switch over just yet since I haven't had any serious issues with BofA but on the other hand Wells Fargo was just a ridiculous bunch of crazies.

I have one credit card and a mortgage with BofA and no real issues with them on those and my checkings is a million times better than WF. I will do my research on these credit unions. Thanks GG for shedding some light for me. Much appreciated!!

[george graves]

From the little I know: Usually they are locally owned - and not part of a larger chain. Often times they are owned by unions (a teacher's union, or a pipe fitter's union, etc...) - they generally are set up as a "not for profit" corporation kind of thing - so they aren't out to rape you. It use to be that you had to be in the union to join what ever credit union, now, most all open to the public.

They are still FDIC insured and all that jazz. The only down side is that you can't really do your banking if you're out of their area, except to use an ATM. I use to travel a lot and would need to deposit checks all over the place, so that became an issue for me. Otherwise, they generally have great customer service.

[ohthejosh]

umm whats a checkbook? damn old timers with your old time lingo and do dads. lol jk.

I'm was a spendthrift and only recently have I seen the error in my ways of spending. I use to get those little mailed cards with the perforated sides that tell me my account was overdrafted all the time, not so much lately.

It's all about being aware of what you have and spending moderately. I need a lot of life learning lol but I will try and look into these credit unions you old folk are chattering about, quick question about credit unions tho. They are just another name for smaller banks right?

[george graves]

Really? Damn dude, that is awesome. Good for you.

You come off as SO condescending sometimes.

I was thinking the same thing...Actually, I was just waiting for someone to post something like that. There's always one. It's the same dude that tells you the best cure for a hangover is "not to drink in the first place!" Ummm yea.

Not to bust your balls too much delatlanta - I think you're a chill dude. (But it was kinda douchy.) :D

Now myself, I've never, ever been a d-bag. I guess it's cause I learned how to balance my d-bag check book. Just me though. ;) Yea, I'm special like that.

[bimmershark]

i am with boa and honestly i know what everyone is saying but.........


when i over draft 90 percent of the time its my own fault...i learned early on that tho the atm tells me i have x amount of dollars in my account on a saturday doesnt make it so as after using my debit card a few times over the weekend bam monday morning i am in the hole...

yes it sucks but seriously if you watch your money and are careful about using your debit card an knowing at all times what exactly (or within reason) is in your account you should have no issues...

now mind you i have just a basic checking and savings account ...no loans or the like with them so things could def play out differently with them if i did

[Jand3rson]

Meh, I haven't had an overdraft fee since the mid 90s. Mainly B/C I was taught how to balance a checkbook. Just me though.

Really? Damn dude, that is awesome. Good for you.

You come off as SO condescending sometimes.

[joshh]

Meh, I haven't had an overdraft fee since the mid 90s. Mainly B/C I was taught how to balance a checkbook. Just me though.

I don't think anyone here is actually complaining about overdrafts fees in general. It's the way some banks would take advantage of your overdraft that's fucked. I've leaned on the bank for a help a couple times thinking it was great they would charge 35 bucks to cover the difference of something I couldn't cover. But then got 4-5 overdrafts because of the way they ran the charges (out of order).
I never did this type of thing to any of my customers when I owned my business. And never would.

[Dozyproductions]

The obvious corollary to the exec's statement should be "and you also have the right to fail, and go bankrupt and get bought out by a stronger firm if you do stupid things. Not get propped back up with other people's money."

Banks should be regulated like useful utilities, and not allowed to be for-profit entities. They are doing a piss poor job of supporting the businesses in the communities in which they operate.

haha and I agree with you. I'm almost to the point of believing the purpose for having banks is completely insane.

Meh, I haven't had an overdraft fee since the mid 90s. Mainly B/C I was taught how to balance a checkbook. Just me though.

and right over your head.

[blueapplesoda]

Do yourself a favor and open your account at local credit union.

Fuck BofA...and I think they are still arranging transactions. Every once in awhile on those months with very little cash in the checking account all of a sudden a get hit with a bunch of debits that come out of nowhere. I even got the class action letter in the mail. I don't think anything has changed.

[BobombETA]

Join a credit union

[delatlanta1281]

Meh, I haven't had an overdraft fee since the mid 90s. Mainly B/C I was taught how to balance a checkbook. Just me though.

[nando]

I just got a chase account and my banker gave me the option of opting out of overdraft protection. Back when I was in college and didn't have as much income I would occasionally run into issues with wachovia processing debits before credits and overdrafting my account. I'm glad to be done with them!

they didn't "give" you anything. they changed the law, they *had* to let you opt out of the OD protection. you think they'd give up their outrageous $20-$35 fees if they didn't have to? fuck no!

they still suck the blood out of everything they touch.

Oh, US bank charged me $250 to "close my account early". I sold the house, and paid off the loans, so they penalize me?

[nando]

I can't believe anyone is still naive enough to use the big banks. Especially BoA. Credit unions FTW.

BoA has screwed me many times. Like when I had a $7000 deposit from my insurance company (that I needed!) and they had to hold it for a week. WTF? Was a multi-billion dollar insurance company going to overdraft or something? Besides, everything is electronic. It's not like they had to send a carrier pigeon to the other bank with the check and have an old guy look up the balance in a paper warehouse or something. Oh, but they got to carry interest on that money for a week. fuck.

Then there was the practice of arranging transactions so if there was an overdraft, they could charge you the $35 penalty as many times as possible. Say you spent $1.50 on a drink, $5 on some snacks, $10 on a haircut and $50 on gas (in that order). you had $51 in your account (maybe a bill went through that day that you forgot about). They do the transaction for the gas first, then they can ding you $105 in ovedraft fees for the other three transactions. Instead of doing it in chronological order, which would have only cost you $35 (still outrageous).

On the other hand, I take a $9,000 check to my credit union and it's available right then and there, they don't even bat an eye. $2 overdraft fees (transfered from your savings account - I opted out of regular overdrafts). Better interest rates on checking/savings accounts. no $5 debit card fee nonsense. Free notarization, free coin counting machine, etc. etc. BoA can't compete in any category. Certainly not customer service - offshore call centers, anyone?

Screw BoA. there's a reason the big bank stocks are in the toilet - their business models were based on screwing everyone, but that's not going to work anymore.

[Nairb]

Funny that you posted this.. I closed my Military Bank of America account like 2.5 months ago.. I had like $60 in the account, and they said they would be sending me a check. I've been waiting patiently..

I get a letter in the mail yesterday saying "Your BoA account is still in overdraft."

Um, what?

My overdraft amount... $.50.

Fifty-cents.

MFW:

[mar1t1me]

This is exactly what wells fargo got caught doing a while ago. But the mentality can't be put any plainer than what BoFA execs said, "...we also have a right to make money..."

The obvious corollary to the exec's statement should be "and you also have the right to fail, and go bankrupt and get bought out by a stronger firm if you do stupid things. Not get propped back up with other people's money."

Banks should be regulated like useful utilities, and not allowed to be for-profit entities. They are doing a piss poor job of supporting the businesses in the communities in which they operate.