How are you dealing with the end of free checking?
Free checking is going the way of easy credit.
Bank of America is revamping its checking account lineup — attaching new strings or fees that make it harder to maintain a free checking account, AJC staffer Scott Trubey reports.
Other banks will be doing the same.
“Nothing’s going to be free anymore. Free checking is dead and gone, or if it isn’t yet, it’s going to be soon,” Jennifer Tescher, president and CEO of Center for Financial Services Innovation, told Trubey.
How are you responding? Have you dumped your bank because of additional fees?
Where did you go — to a credit union? Is it any better?
Does the convenience of having many branches, like BofA does, outweigh the charges or conditions?
- Henry Unger, The Biz Beat
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136 comments Add your comment
TnGelding
January 6th, 2011
6:14 am
Well, they should charge fees for their services. I hope this means they will give the working poor a break and reduce the fees they charge them. So far it hasn’t affected us. Our credit union is trying hard to get us to change, but so far we’ve resisted. They need to close some of those “convenient” branches. Seems there’s a bank on every corner, even in this “poor” county that I live in.
LazyDawg
January 6th, 2011
7:12 am
If BoA starts charging my account, I’m gone……I’ll go with Delta Credit Union…..
Credit Unions
January 6th, 2011
7:14 am
Join a credit union, you will be amazed. I have been with one for 23 years and have never paid one dime in fees and have al my loans with them at amazing rates. You can join and usually free. Stop feeding the rich in this country and save your money. ATM’s are free also. WAKE UP and stop taking this crap, you have alternatives. BOA of service sucks as well. Imagine paying a fee for them to keep your money. WAKE UP..
fildawg
January 6th, 2011
7:19 am
Dumped SunTrust because my Free Business Checking was no longer Free. BB&T was happy to have my business in a free account.
Loren
January 6th, 2011
7:23 am
If you decide to leave BOA and go with a Credit Union, Georgia’s Own has all access checking where EVERYTHING IS FREE! The credit union where I work now is starting to charge it’s members for EVERTHING! I wouldn’t bank there if I didn’t work there! So much for my employer being non profit and people helpers! Go GOCU!
Katherine
January 6th, 2011
7:24 am
Banks should offer a waiver if you keep a certain balance to promote financial health or grandfather existing customers. Instead banks like Chase will charge you unless you’re using your debit a minimum time each month. Instead of promoting money health, banks want people to be financially unhealthy because they make a killing off of overdrafts fees and credit card late payments. I think it’s really sad. Having a nation of financially unhealthy citizens is what got us in the the economical mess we’re in now.
m915
January 6th, 2011
7:35 am
I left BOA years ago.Joined ATL POSTAL C.U. havent looked back since. One of the best moves ever made.
Bill
January 6th, 2011
7:36 am
My mom was the only one that had a account with BofA in recent times and she closed her account recently. In the past 6 years I have dumped 2 banks because of overdraft fees etc. I don’t mind paying a small fee to cash a check, but I don’t like the idea of overdraft fees etc when my bank account is only couple of bucks overdrawn. And I rent a place to live so I don’t think I should have to pay for someone else defaulting on a mortgage loan etc.
LGE
January 6th, 2011
7:43 am
Dumped Sun Trust last summer cause of a monthly $12 service fee on my savings account. Went to a Credit Union and now I’m making more interest in one month than I did in ine YEAR at ST.
Katy
January 6th, 2011
7:50 am
I dumped the Mega Bank right after the merge. People dont get service from Mega Banks. Only headachs which we have enough of already.
Reality Bites
January 6th, 2011
7:54 am
The community banks and CU’s will follow – sooner or later – just wait and see! There is NO such thing as a FREE RIDE.
JFM
January 6th, 2011
7:55 am
I dumped BofA 2 years ago to go to a credit union and I couldn’t be more happy with my decision. What is killing the big banks is greed and incompetence. I still get a quarter statement from one of my kid’s savings account that was closed 7 years ago. Back then, I asked them to stop sending statements but somehow they still haven’t figured out that the account is closed.
Dan Deman
January 6th, 2011
7:55 am
Gave up on large banks years ago. Credit Unions are awesome. ING bank is pretty damn slick too! Check them out. No overdraft fees, no checks, totally online. If you need a check sent you fill out the info online and they mail it for you. For free. I just thought that was the coolest service. Now I don’t need to go to the stupid post office to buy stamps either.
The Economy
January 6th, 2011
7:56 am
B of A is the Evil Empire of Banking, I would never give them my money. Check out a local credit union people, you get treated like a god and there rates and fee’s are better then ALL the major Wall St run, politician backing, lobbiest paying frauds.
No CU
January 6th, 2011
7:57 am
I just switched from a credit union (Delta) to a big national bank because of the convenience factor. Like all the other zombies I switched, which was a huge mistakes. The little guys and credit unions can only offer free stuff and reduced fees for so long. It costs money to run any business whether you want to admit it or not.
The Economy
January 6th, 2011
7:58 am
lmao, looks like everyone agrees, Pig Banks $uck!
Bye BoA
January 6th, 2011
7:59 am
I’ve already started the move from BoA to a local credit union as I had heard this was coming. Now that debit cards exist, I no longer need a mega bank with branches everywhere like I once did.
Funny Money
January 6th, 2011
8:03 am
Folks, it’s all about proper money management. If you think all the lemmings running away from the mega banks is going to have any impact, you are sadly mistaken. CU’s, etc are not telling you the whole truth, they are reeling you in like a fish on a line. Not worth it to continue to hop from bank to bank. Funny – the little guys are going to give you free money and a break. That friendly smile is just a silent laugh in your face
Deena
January 6th, 2011
8:09 am
If banks like Bank of America need money so bad, why is there one on every corner? Close down some of those branches instead of charging fees for checking accounts. At the BofA nearest to my house, they have “greeters”. I suppose these are bank employees or maybe even managers with nothing else to do than stand at the door and grin. I’d rather have free checking, and I will most certainly try a credit union.
Joe Schmoe
January 6th, 2011
8:13 am
I am in the process of a refi on my house from BoA to Navy Federal Credit Union (NO PMI.) As soon as that hits the fan, im dumping BoA for good with credit and checking account. The service is superior with a Credit Union, and they dont act like your just a peg in the way.
George P Burdell
January 6th, 2011
8:20 am
I have been using a credit union for my personal accounts for over 20 years.
Excellent service, free checking plus interest paid TO ME.
The account can be accessed from most non-bank ATMs without paying a fee.
My credit union is part of an association of credit unions that allows me to use other credit unions’ branches as if they are a branch of my credit union.
I do not understand why anyone would use a bank for personal banking.
“No CU” and “Reality Bites” are grossly uninformed; credit unions are not for profit and have been operating in this manner for decades.
jsscott
January 6th, 2011
8:22 am
I switched from Wells Fargo to a small bank for several reasons: Wachovia had excellent customer service, Wells Fargo has none. I could not vote on the merger/buyout but I could close my account.
I was sick and tired of email and junk mail from my bank. Instead of charging people to hold their money which you earn dividends and/or interest on, why don’t you save some bucks and quit sending out unsolicited advertisements for services not requested? I have life insurance, thank you.
Too many chiefs, not enough indians. Listen to the tellers and branch personell. They are the ones who know the customer, not a suit in a highrise somewhere. Remote management is just not as good, ever, in any business.
TIRED OF IT
January 6th, 2011
8:30 am
BAC has gotten too large and doesn’t care about the individual. Customers are paying for BAC’s poor business decisions (such as purchase of Countrywide Mortgage) and less about regulatory change. BAC is now the bank of NO AUTHORITY/NO SERVICE from senior vice presidents down to representatives in local banks. After 40 years with BAC, I now hate this bank, will leave it, and will not return.They’ve lost one long-time dedicated customer.
neal kelley
January 6th, 2011
8:32 am
The hell with all of the banks.. I use netspend.. it is a prepaid debit card.. only charge 6 bucks a month for unlimited transactions.. and NO OVERDRAFT fees. Let you go every your limited by 10 dollars for free. Also you can transfer money for free from your card to some one else.. (i.e. children or lending money to a friend). Never had a problem with them at all.. It is a great service.
brian
January 6th, 2011
8:32 am
credit union. commercial banks: are you listening?
spider
January 6th, 2011
8:32 am
just dumped CHASE for same thing, found free checking at the LION(fidelity)
ATLBadger
January 6th, 2011
8:36 am
I find it amazing that anyone actually still uses Bank of America (or Wells, etc) anyways for personal banking accounts. Do it all online (ING, Ally, Schwab, etc) or with a CU and you’ll get better rates and service. My Schwab checking account not only pays interest, but it also reimburses ALL my ATM fees, including international ones.
Easy Button
January 6th, 2011
8:41 am
Thanks for making it so easy to spot where all the poor people are:
In WalMart, in line to buy lottery tickets, AJC bloggers, and now customers of credit unions and community banks.
HateWellsFargo
January 6th, 2011
8:47 am
I work for Wells Fargo and I urge everybody to stay away….. They will rip u off and treat u like crap, there’s no such thing as customer service… I have already switched my accounts over to suntrust
Easy Button
January 6th, 2011
8:52 am
I’m an uptight hipster who thinks too much of myself. im partially bi sexual as well.
Mike
January 6th, 2011
8:53 am
“I don’t mind paying a small fee to cash a check, but I don’t like the idea of overdraft fees etc when my bank account is only couple of bucks overdrawn.”….um you do understand that you are in affect borrowing money even when its just a couple of bucks….usually you have to apply for a loan so if a bank is charging you an OD fee then it seems reasonable to me…choosing where to bank is the beauty of our capitalist system.
Joe Schmoe
January 6th, 2011
9:01 am
I agree with you mike except on that these banks are sneaky. As shown by Clarke Howard, they use software whereby it will give them the most in fees in overdraft. Instead of taking transaction in order, they will take from largest to smallest, causing more overdrafts.
lovelyliz
January 6th, 2011
9:01 am
I have a bank and a credit union. I joined the bank because I wanted a local branch but kept the credit union because of the great service. The bank has almost none, good service that is. My bank has my mortgage and makes $$ off of me. When they start charging fees for a checking account that always has $ in it, is rarely use and has never been bounced is when I will drop said bank and go credit union only.
joe
January 6th, 2011
9:03 am
As Clark Howard likes to say…anyone with checking or savings accounts with the big mega banks is an idiot…
Doris M
January 6th, 2011
9:04 am
I banked with BofA many, many years ago when it was Citizens & Southern. Stopped then because of fees; went to my credit union when it began to offer checking. I am completely satisfied with Pinnacle Credit Union and I don’t have to worry about fees for checking as long as I have money in my account. The loans are offered at a much lower rate than banks and everything is online and I love it.
Shop around people, don’t be intimidated by the banks. What have they done for you lately?
lovelyliz
January 6th, 2011
9:05 am
To all those predicting that credit unions will soon follow the ways of the big banks: I have banked with my credit union for over 20 years. They haven’t treated me as poorly as any baks nor charged me for my checking account in that time. I can’t say it won’t happen, but I doubt it.
U Gotta B Kidding
January 6th, 2011
9:10 am
I also dumped Wells Fargo after fees suddenly popped up for downloading my financial information into software. This after banks were doing all they could to encourage online use to keep you from visiting a teller!
Fortunately I had already opened another checking account that … so far … has no fees.
ally cat
January 6th, 2011
9:11 am
I dumped BOA years ago and have never looked back. That bank just continues to get worse and worse. The main reason I dumped them was because their customer service was AWFUL. Moved to SunTrust and have never looked back. They are always nice and there are no fees on my checking account. Too bad BOA can’t read all of these comments, but they probably would not listen anyway.
Thrasher_Ed
January 6th, 2011
9:12 am
Nothing Bank of America does surprises me. That is one sorry financial institution. I will never ever bank with them, have a loan with them, or in any way deal with them in the future. I recently had what I must say is the most horrible interaction with a bank in my life. We tried to do a refinance with them. The process started in August. We were strung along for 5 months until we finally got a compotent person to deal with an then just when we were within 7 days of closing a manager with no dealings with us cancelled the loan after looking at some incorrect data that was not clearly off the account. Bank of America, YOU SUCK!!!!
Matt
January 6th, 2011
9:23 am
Suntrust has totally free checking! No minimum balance and no monthly service fees. Home base is in Atlanta
Eric
January 6th, 2011
9:23 am
So far SunTrust is fairly stable on fee increases. But if that changes, it’s “goodbye!”
Lindsey
January 6th, 2011
9:25 am
I was a customer and an employee of BoA and being both STUNK!!! They are horrible in every way you can imagine!! Every morning they would have a staff meeting and push the drive-thru tellers to get mortgages from customers. Who in the world wants a mortgage while in a drive thru? Their fees are their bread and butter, they only care about themselves. I hope more people will leave BoA after this and find a bank that actually cares and treats them better.
FINA 101
January 6th, 2011
9:27 am
“I do not understand why anyone would use a bank for personal banking”
… I don’t understand why you don’t understand how to manage your money properly. Do you have any?
“No CU” and “Reality Bites” are grossly uninformed; credit unions are not for profit and have been operating in this manner for decades.”
… “not for profit” does not mean that can’t or are not making money. How do you expect them to pay their expenses and overhead. Just look at all the people that are supposedly flocking to these small institutions, there expenses are mounting and customer demands will be rising. There is no free ride people! Where are you going to go when their customer service is strained by so many new customers. After all, they can’t make a “profit”!
Bart
January 6th, 2011
9:30 am
Don’t go to Regions Bank either!
cup of joe
January 6th, 2011
9:34 am
… As Clark Howard likes to say…anyone with checking or savings accounts with the big mega banks is an idiot…
Clark Howard tell his listeners what they want to hear. The man has loads of cash and several vacation homes, all by telling folks to how to rip off and lie to big businesses. If you need Clark Howard or Dave Ramsay to tell you on a daily basis how to conduct your financial business, you are the idiot!
Gwen Hunter
January 6th, 2011
9:39 am
Thanks Matt, I am looking for a Bank that do not have checking fees. I will check out Suntrust and dump Chase
joe
January 6th, 2011
9:40 am
“by telling folks to how to rip off and lie to big businesses.”
Please give me one example of him ever telling anyone how to “rip off and lie” to big businesses? BTW, which mega bank do you work for??
Joe Schmoe
January 6th, 2011
9:41 am
I remember when BoA used to give three out of network atm transactions per month. Then they changed it to zero without notification. That’s BoA for ya.
Buh Bye
January 6th, 2011
9:42 am
PLEASE – RUN as fast as you can and take your paltry sum of money with you! I am so sick to death of having to wait behind some of you deadbeats that can’t figure out how to manage you minimum wage lifestyle. My giant monster mega bank is more than happy to see good customers like me that know how to manage their money. Lousy customers get bad customer service. You brought the problem on yourself. GO – PLEASE!
joyceee
January 6th, 2011
9:43 am
Yes, Bank of America is one that charges high fees for everything. They are gouging the middle class and poor. Their banking practices should be looked in to by the FDIC.