Report: Bank of America charging fee for check images
Bank of America is adding a fee that may lead some customers to shut off paper statements, American Banker is reporting.
This month, the company began charging customers a $3 monthly fee if they elect to receive images of their canceled checks along with their statements, American Banker writes.
Bank of America is not the first to charge for check images, but its move furthers an approach it adopted last year when it required customers with a new type of account to stop receiving mailed statements as a condition of waiving their monthly fee, American Banker reports.
Customers can avoid the new fee by choosing to access their check images online only or by shutting off paper statements entirely, the publication writes.
Don Vecchiarello, a spokesman for B of A, said customers can still receive paper statements at no charge — so long as they reduce the bulk by opting out of printed check images, American Banker reports.
Vecchiarello said that the move to charge for check images is “in line with the rest of the industry.”
Wells Fargo & Co., for example, charges $2 a month for check images and extended that fee to former Wachovia customers in July, American Banker reports.
What do you think of this? Justified move or not?
- Henry Unger, The Biz Beat
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February 22nd, 2011
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Mel
February 22nd, 2011
6:59 am
This is small potatoes compared to other devious things BoA is doing. If most people looked at some of the political causes they bankroll, you would probably close your account and put the money in a mattress.
You can't handle the truth
February 22nd, 2011
7:03 am
Just a sign of the times. Do more with less. Squeeze every penny. It will get worse.
Julia Adair
February 22nd, 2011
7:06 am
don’t you mean Skank of America?
Ex BoA Customer
February 22nd, 2011
7:09 am
So now they’re charging for a service they’re supposed and always have provided. What’s next, negative interest on your checking account to pay them for holding your money ? They’ll start charging for their own ATMs next. Bye Bye. Glad I quit them.
Bank of America Increasing Check Image Fees | The Atlee Appeal
February 22nd, 2011
7:14 am
[...] This is a direct result of banking reforms. Banks are companies. Companies must make profits in order to stay in business. I know, profit is about as evil as a word for liberals as freedom is to Sharia. “Profits are by-products of greed!” I wonder if they by all of their pot at cost? Anyways, Bank of America is losing money because of new credit card and checking account regulations in part of the Financial Reform Act. So, new fees it is to make up the difference in lost revenue. http://blogs.ajc.com/business-beat/2011/02/22/report-bank-of-america-charging-fee-for-check-images/ [...]
Jeff Davis
February 22nd, 2011
7:19 am
More bad service by mega banks……….get out of there as quickly as possible. Find yourself a good credit union or a good small town bank, i.e., United Community Bank.
Jennifer
February 22nd, 2011
7:20 am
So the bank will save money and the customer will need to pay for a secure high-speed internet connection just to access their own account!
had enough
February 22nd, 2011
7:24 am
It took them over 2 weeks to find a pymt I made. The check had the acct. # written on the bottom plus the remittance stub. Maybe I should charge them for this???
dd
February 22nd, 2011
7:27 am
Paid off my b of a credit card awhile back.
Never say never, but will try my best to not do business with these folks again.
Unfortunately, my wife still has a checking account with them.
Hopefully, that will come to an end too.
No more banks
February 22nd, 2011
7:28 am
I have been with a credit union for YEARS! I hope to NEVER go back to a bank again. If they started losing more customers, they would think about these dumb fees they are coming up with.
Uhoh
February 22nd, 2011
7:39 am
Sorriest outfit ever.
Buck
February 22nd, 2011
7:41 am
Hey gang; contrary to popular belief, banks are not charity organizations! The gub-mit constrained their ability to charge overdraft fees to deadbeats who cannot balance their check book, so you can kiss free checking and other things like check images goodbye.
It's OK
February 22nd, 2011
7:42 am
This is old news. Banks began assessing fees for returning checks and printing statements in the 1990’s. No big deal. If you don’t like it, try another bank and see if you like their fee structure. Nothing these days is free, and the consumer who thinks so is fooling himself/herself.
Hater of BOA
February 22nd, 2011
7:43 am
I hate BOA – They are a bunch of high end theives! I am so glad I left them years ago but not before they robbed me blind with all those fees. I will never ever recommend or go back to BOA again!
Whatever
February 22nd, 2011
7:45 am
If you don’t like it, move to another bank.
Get over yourselves.
Richards
February 22nd, 2011
7:45 am
Don’t like BOA’s politics. Closed my account several years ago.
BIG GEORGE
February 22nd, 2011
7:50 am
Crtedit Unions are the only way to GO!!! If you don’t belong to one then you need to join……with my credit union I get 3.5% interest on my checking with no FEES!!!!!!!! WHY ARE YOU STILL DEALING WITH THE MEGA MONSTER BANKS?
DBM
February 22nd, 2011
7:50 am
Just switched from BofA to Suntrust after being a customer of Bank of America (started with Bank South, then Nations Bank) since 1996. I can’t believe the difference. So far, it has been the difference between night and day as far as customer service and assistance. Very happy with the change. The best thing I did was dump Bank of America.
Mullah
February 22nd, 2011
7:54 am
Thanks Barack, democrats really need to assess the consequences of their actions.
Jake
February 22nd, 2011
7:57 am
I sold all of my stock I had with them. Took all of my CD’s out and moved to a more friendly bank.
Road Warrior
February 22nd, 2011
7:58 am
Hater of BOA – ” I left them years ago but not before they robbed me blind with all those fees.”
I’ve been with BOA for over 15 years, always paid my credit cards in full each month, keep a minimum of $10,000 in checking so that on the rare occasion that I do write a check, there is NO chance of ever getting hit with an NSF and I keep enough in a reserve fund in svings so that I don’t pay maintenance fees. In short, I have NEVER been charged a fee.
From the posts on here, it seems that what people need is to focus on better financial management rather than searching out a new bank.
Ted
February 22nd, 2011
8:00 am
This doesn’t seem like a big deal. I don’t know why anyone would want paper statements anyway and all the utilities and finance companies are getting away from them. There should be a charge for paper statements and check images because they cost the bank money. I don’t mind BofA charging customers for wasteful things like this as long as they don’t charge fees to people who are trying to avoid waste.
What bothers me with BofA is that the electronic statements don’t include check images. That seems easy and cheap, but they don’t do it.
Meredith
February 22nd, 2011
8:03 am
Why would anyone want printed copies of their checks? You can see them online. I like B of A… I closed my Suntrust account and Wachovia… B of A is much better.
HT
February 22nd, 2011
8:04 am
Bank of America………….better known as Bank of Theives
MariettaGirl
February 22nd, 2011
8:05 am
I agree with Road Warrior. I have been with BOA for over 15 years as well and have never had a problem. But then I never over draw my checking account and I pay my credit card in full every month. If you can’t manage to balance your check book perhaps the best place for your cash IS in your mattress.
Road Warrior
February 22nd, 2011
8:10 am
Meredith – “Why would anyone want printed copies of their checks? You can see them online.”
Exactly! It seems that the only people who complain about fees are the ones that actually deserve to get hit with them. These are the people that max out the credit limit and just make minimum payments, and then whine about the high interest rate. Or, they keep $500.00 in checking but use every last dollar in the account without at least a cushion to deflect a delayed posting or system error. BOA could raise my interest rate on my cards to 500%, and it wouldn’t make a difference to me since I don’t pay interest at all. Same for the NSF fees. If I got a letter informing me that the new NSF fees will be $300.00, I wouldn’t give it a 2nd thought.
Learn how to manage your money, and fees are a non-issue. If you can’t pay off the CC each month, you shouldn’t be using one. If you are using checks on a regular basis in this day and age of electronic banking, then you are more than likely still trying to game the system, and deserve every cent you get charged.
Piggy Bank
February 22nd, 2011
8:11 am
BOA started charging my college daughter for having a savings account and if she transferred more out more than 3 times during a billing cycle they would charge 9 dollars. Then another 3 in maint. fees. I got charged a 8.95 fee on my checking in Dec-jan because the direct deposits went in early so they missed a billing cycle. That also has never happened before. I got all that back and closed my students saving account. Maybe a bank change is in my future as well.
commoncents
February 22nd, 2011
8:15 am
road warrior- don’t try to use common sense here. Life is about living on the edge and writing checks before you make a deposit, apparently.
keep the min. balance, write checks you can actually cover, and view the check images online and you won’t have any problems.
I’m not a BoA customer, but this applies to practically ALL banks now
paintman
February 22nd, 2011
8:17 am
What’s the problem ??? I’ve been banking with this crowd for 35 years. in some name or the other, and have never bounced a check, paid a fee or had an issue with the SERVICE- it’s called PERSONAL RESPONSIBILITY folks, try it u might discover how easy it really is. Oh yea, I forgot–u Can’t FIX stupid.
Road Warrior
February 22nd, 2011
8:20 am
commoncents – “I’m not a BoA customer, but this applies to practically ALL banks now”
Thanks CC. I hate to sound preachy, but I’ve personally been down this road before. 5 years out of college, I had maxed out my AMEX, MC and Visa and NSF’s were a basic way of life. I lived without credit cards and checks for another 10 years and paid cash for everything. After that I came to the realization that it was me who had to make the changes needed in order to be more financially successful. Every bank and Credit Union has a built in fee structure for abusers as do most businesses. Changing banks only prolongs the problem. if you really want to see who’s screwing you in regards to fees and interest rates, all someone needs to do is look in the mirror.
Road Warrior
February 22nd, 2011
8:22 am
Paintman – “I’m not a BoA customer, but this applies to practically ALL banks now”
Shhhhh…. don’t let anyone know, or it might lead to accountability and self reliance.
paintman
February 22nd, 2011
8:24 am
Hey, Road Warrior, the worst thing about this is –These people actually are able to VOTE !!!
Dan
February 22nd, 2011
8:25 am
Do people actually look at paper statements? And even if you do, why is it necessary to see an image of your checks? I just don’t see the big deal.
Al Feretta
February 22nd, 2011
8:29 am
What kind of idiot uses a bank that is publicly traded on the stock market anyway?? Delta Credit Union FTW!
JHo
February 22nd, 2011
8:34 am
I happen to like BOA…but it looks like I might be a minority. I’ve been with them for over 25 years, since C&S and NationsBank time. I’ve never had a problem with them. I think they have the best website ever!
mike
February 22nd, 2011
8:43 am
I’m with Road Warrior on this one. I have been down the road of NSF fees, over charging my credit card, writing checks before the money got into my account. Although, I will have to say it didn’t keep me in that situation. It woke me up and made me start thinking why would I give any bank or anybody money for my own stupidity. If I just learned to manage my money, living on less than what I make, I would be ok. Today I am happy to say I am completely debt free with the exception of my mortage. Quit complaining, blaming, and pointing the finger, act like an adult with your money. If you don’t control your money, it will control you.
I just set up a new checking account Friday and elected NOT to receive my paper statement, and mine was free.
I will have to say I did have a bad experience with BOA though. I went to open my checking account and deposited my entire payroll check and it was lost. They never would accept accountability for losing it, even when I hade the deposit slip. So I will never do business with BOA, but that really isn’t the issue here.
snoopy
February 22nd, 2011
8:45 am
Banking at Charles Schwab for over 5 years.. All online & the Best experience ever.. No hassles..
Have a CC W/BOA but pay that sucker off every month.. They are the demise of banking..
Online banking is where it’s at.. Get direct deposit & they also provide prepaid envelopes for any misc deposits you need to make.. Customer service is actually a good experience..
past BOA employee
February 22nd, 2011
8:46 am
I worked for BOA in customer (dis)service eons ago before they became the big conglomerate banking industry they are now. They taught us to treat the customer’s with more than $100k in their accounts with kid gloves, the rest were peons and they could care less if you were happy or not. The more money you had in your account the better you were treated and the better perks (services and less fees) you were offered. I had my account with them as an employee but closed it as soon as I left because of their policies regarding the “little people”. It’s a shame because the “little people” keep the bank afloat with all the FEES they pay. Even though the fees are disclosed in your statement of charges, few people read all the fine print and BOA takes full advantage of that fact, as do most banks. Credit Unions are better at catering to the “little people” of the world. I do believe people should be more responsible with their money so that this kind of thing doesn’t affect them as much; read your statements thoroughly each month or each day online, watch for mistakes (yes banks make mistakes too) purchase duplicate checks and keep a record of them, etc. Many things can be done by consumers to keep the fees at bay. A little due diligence goes a long way…financially speaking!
Road Warrior
February 22nd, 2011
8:48 am
@mike
I hear ya buddy! Of course the downside to paying off the CC cards regularly means that I don’t get to take advantage of those no interest for 5 years deals I see all the time. But then again, why would I WANT to finance my furniture for 5 years?
Chappy
February 22nd, 2011
8:51 am
If you have a mortgage, I HIGHLY recommend your printing out copies of your cancelled checks. With all the mortgage mess, I guarantee many people will be asked to prove their ownership. The banks and the repackagers cant find documentation, I assure you if you don’t no one will.
Don’t rely on anything but proof of your mortgage payments, that you keep yourself. Innocent people will be taken out by the bank crooks.
Happy Banker
February 22nd, 2011
8:54 am
I don’t know anyone who likes BOA. I keep my money at RBC on 5th street. Those folks do me right. They greet you by name when you walk in. One day I asked them if there was a way I could lower my interest rate on my home equity loan. The loan officer got on his computer, hit a couple of keys, and converted the loan to a line of credit cutting the interest rate in half. Automatic for the people. No charge. Awesome service.
DJuan Harris
February 22nd, 2011
8:54 am
4 words. FIND A CREDIT UNION!
Road Warrior
February 22nd, 2011
8:55 am
past BOA employee – “A little due diligence goes a long way…financially speaking!”
I second that! There is another advantage to keeping the CC’s at a zero balance. it allows me to immeidately spot any erroneous errors or charge mistakes as soon as they happen. i had one occasion where the card was paid off, but the bank assessed an interest charge. i called them, and they apologixed as it was their error and took it right off. I know for a fact that most any bank will count on there being so many charges on the billing statement that a mistaken interest charge will be overlooked. Again, these things apply only to the people who only make the minimum payment. When you’re balance is constantly zero, no one can take advantage of you.
Road Warrior
February 22nd, 2011
8:58 am
Happy Banker – “They greet you by name when you walk in.”
Wow, I haven’t been inside a bank since 2005. Do they still have little bowls of candy on the counter by the teller window?
Conservative
February 22nd, 2011
9:00 am
Why are so many people assuming that if you are against being nickled and dimed to death (i.e. more nitpicky fees) that makes you a deadbeat who can’t manage money and is trying to “game the system”???? Let’s be reasonable here. This new set of fees is BofA’s way of saying to us “we’re going to provide you less service than we have before unless you pay us more money”. A bank is required by law to provide you with a monthly statement. They are trying to charge you for something that they are required to do by law. And you people that think it’s wasteful are letting them get away with skirting their legal requirement! So let’s say I opt for electronic statements, the burden is now on me to go to their website and download the pdf. And to get a hard copy of it, I have to pay the costs of having internet, printing ink, and electricity used to do all this. All of this for something they are legally required to send me! That’s what this is about, I refuse to pay for something that they are required to do!
Road Warrior
February 22nd, 2011
9:03 am
Conservative – “I have to pay the costs of having internet, printing ink, and electricity used to do all this.”
If you don’t have these things already 11 years into the 21st century, then I think your choice of banks is the least of your worries.
mike
February 22nd, 2011
9:04 am
Roadwarrior- I have always believed that the interest is rolled into the cost of that new furniture, car, or whatever else people buy like that. Also, all it takes it one late payment and every bit of that interest will be hit on your card at one time. I just have one card that I rarely use, and when I do I pay it off as soon as the bill comes. Credit card companies are snakes waiting in the grass to bite you when they get their chance. I too often hear people all concerned with their FICO score. The FICO is not the answer, paying with cash and living on less than you make is.
David W
February 22nd, 2011
9:04 am
I’m baffled by the people that say they are fed up with BofA. I’ve been with them for 15 years (since Nationsbank) and never had one complaint. Then again, I only write a few checks per year, submit my bill payments online, never come close to overdrafting my account, have a nice cushion in savings and always, always pay off my credit card balance or make the payment on time. Any bank will get you with fees if you aren’t responsible.
GAtor
February 22nd, 2011
9:05 am
I think the bigger issue here is why are people still using checks?
Conservative
February 22nd, 2011
9:05 am
I OBVIOUSLY do you jack ass, or how would I be responding to you? The point is, why should the cost burden for this be put on me? You may be fine with that but I am not.
Road Warrior
February 22nd, 2011
9:06 am
@mike and David W
Absolutely!
Richard
February 22nd, 2011
9:09 am
It may be “in line” with the industry, but it is just another example of the greed of banks. Bank of America is geared more toward larger customers than the average customer, and their customer service is lousy!
Danny
February 22nd, 2011
9:09 am
They charged me their stupid fee even though i made sure to opt out of check images, less than honest, it seems to me…
Conservative
February 22nd, 2011
9:10 am
And btw, my frustration with BofA stems from when I had my first savings account with them as a kid. They have some wacky fees. I had about $50 in it and let it sit for about a year without any deposits or withdrawals. And they charged me an inactivity fee each month until the balance went negative and then closed the account. Keep in mind I was a 14 year old kid and they just stole my money!!! That’ll make people mad at you for life!
Road Warrior
February 22nd, 2011
9:11 am
Gator – “I think the bigger issue here is why are people still using checks?”
LOL, I gotta defend that. I write one check a month to my houscleaner since she obviously doesn’t take credit cards. The bigger question, is why are people using checks at the grocery store. If you have the money, a debit card is much quicker and easier, and won’t piss off the people in the line behind you.
Conservative – “I OBVIOUSLY do you jack ass, or how would I be responding to you?”
Oh no, next thing you’ll be calling me a “libtard”. Just FYI, I’m neither.
Conservative
February 22nd, 2011
9:12 am
Why don’t you answer the real question Road Warrior (aka troll)….why should the cost burden for receiving a monthly statement be put on the consumer and not the bank?
coachx
February 22nd, 2011
9:15 am
I’m fine with it……………..even insurance companies are starting to go paperless and send policy copies out in emails.
Its called progress.
Road Warrior
February 22nd, 2011
9:15 am
Conservative – “Why don’t you answer the real question Road Warrior (aka troll)….why should the cost burden for receiving a monthly statement be put on the consumer and not the bank?”
It’s not, I have an electronic record of all my account activity. On the rare occasion that I needed to get a hard copy, I called BOA Customer Service and they faxed a copy fo my office free of charge. So unfortunately your argument doesn’t hold much water in this case.
BTW, who’s Troll?
KB
February 22nd, 2011
9:15 am
Who cares? Are people really still printing and filing paper statements and check images? BOA makes statements available online for the past year. If you must, print it yourself…save the money. Move on…could be worse.
Tillie the Alltime Teller
February 22nd, 2011
9:16 am
Wachovia threw a new charge at me and when I called to discuss it with them the lady suggested I just close the account if I didn’t want to pay the new fee. Well, the account was one I’d had for a long time and I told her I’d give it some thought. I did just that, and the next banking day I closed 12 deposit accounts. 3 more I left open until they mature. Net result for me . . . a new banking relationship. Net for Wachovia/WF . . . loss of a customer of 40 years. By the way, the branch where I did business had a new “manager” every 60 days. Leaving a bank that was tarnished with scandal, money laundering, and mortgage fraud was not so hard after all. Sad to think about what First Union did to FNBAtlanta/Wachovia. Sad.
Skozoze
February 22nd, 2011
9:16 am
Road Warrior – I’m with you. I’ve banked with Bank of America for 14 years, since we moved to Georgia. I wouldn’t know about poor service since I’ve never had occasion to use it. I use their online banking and bill pay and it is the best in the business (I’ve tried others just to compare). You can get an image of your check by clicking on the check #. It’s not too complicated. I don’t pay them any fees, and I don’t keep $10,000 in my account. Why would I want paper statements and check images cluttering up my house? I haven’t had to use a check image in . . . well, I don’t remember ever using one. By the way, Conservative, if you don’t want to pay the costs of internet and electricity to look at your electronic statement, then go to the library. It’s your bank statement – why wouldn’t you pay for the ink and paper? They’re not charging you for that, though; they’re simply trying to reduce the size of the mailings by eliminating the check images. Big deal. I guess we have to have something to be outraged by these days. A business making a profit? Shameful.
David W
February 22nd, 2011
9:16 am
@Road Warrior & Gator – I ask the same question… Why do people STILL use checks??? Unless you are paying your cleaning lady or a handyman they should be obsolete. Using a bank like BofA you can send that all electronically to your payees, for free. Otherwise, you also have to pay the 44 cents for a stamp to send it off too!
Bill Skipper
February 22nd, 2011
9:18 am
I can count on 2 fingers the number of checks I write in a year. BofA’s electronic bill payment is the way to go.
Road Warrior
February 22nd, 2011
9:21 am
@David W and Bill Skipper
I’m with you. Apparently Conservative is outraged at the .10 that it will cost him in paper, electricity and ink to print obsolete statements. BTW, .10 is still a bargain compared to the fees that most every bank charges.
Conservative
February 22nd, 2011
9:22 am
Fine Road Warrior, go ahead and trust your method and mega banks, but if your computer crashes and all your statements are gone or if you ever get burned good, luck dealing with it. I’ll keep fighting this crap from banks!
Road Warrior
February 22nd, 2011
9:25 am
Conservative – “but if your computer crashes and all your statements are gone or if you ever get burned good, luck dealing with it.”
Think I addressed that already. If my computer crashes, I can retrieve my electronic statements from my office computer. If I need a hard copy, I can get one from BOA for free. BTW, my computer crashing would not affect my ability to retrieve electronic records from BOA servers. It’s not like my system and theirs rely on each other to keep in contact.
Conservative
February 22nd, 2011
9:26 am
Skozoze, why should I have to do anything more than what I’ve done in the past, which is merely retrieve the statement from my mailbox? What the banks are doing is pushing the cost and burden onto the consumer. You may be fine being told what to do, but I refuse to let this happen to me.
Conservative
February 22nd, 2011
9:27 am
They only keep so many available for you Road Warrior. But I’m done arguing with you, good luck and hopefully you don’t get burned by this practice. (I genuinely mean that)
Former Banker
February 22nd, 2011
9:28 am
Have worked for a giant mega-bank, and a small community bank, and I do all of my personal banking at Navy Federal Credit Union. Ask around…. even though they give us “employee rates” the vast majority of bankers I have worked with all use credit unions for their personal finances. I will NEVER understand why anyone would willingly choose to keep their money at a big bank when there are better options all over the place. BofA (and all the other big nationals) are SALES-driven companies. The job title is Financial SALES Representative (NOT service, which most people assume). I’m not sure why anyone is surprised that they are charging for everything they can. Just wait till Wells rolls out Teller Fees like they have in their western markets….and “Free” checking accounts are soon to be a thing of the past. I’m guessing community banks like Bank of North Ga. and Fidelity, etc. will be the only ones to offer it anymore. Regardless, I agree with Conservative on this one. You can’t charge consumers for something you are legally required to do by law. My grandmother doesn’t have the internet, or the ability to drive. She pays her bills with checks, and likes to keep the copies of them as proof she has paid. On her social security income, that $3.00 fee is a lot to her. I’ve since moved her finances to a credit union, but how many other elderly people is this affecting? oh wait…. i know the bank answer…. “Do they have at least an average balance of $100k in checking? No? Then we don’t care”
Conservative
February 22nd, 2011
9:31 am
The problem is Former Banker, some people get absorbed into these big banks. I unfortunately had a mortgage with Countrywide which got bought by BofA so now the only way for me to get out of it is by refinancing and paying all the costs associated with that.
Former Banker
February 22nd, 2011
9:32 am
getting that hard copy of your statement will cost you $5/page, btw
Former Banker
February 22nd, 2011
9:35 am
i had the Countrywide to BofA mortgage switch too. Refi here as well. We are lucky my hubby is in the Army and have access to awesome Credit Unions with awesome rates.
The Real Georgia Peach
February 22nd, 2011
9:38 am
I have to agree with the folks who recommend credit unions. I bank at Chase, though, and am very happy. I don’t get charged any fees and now I can make my deposits at home in my underwear.
Road Warrior
February 22nd, 2011
9:39 am
Former Banker – “getting that hard copy of your statement will cost you $5/page, btw”
I guess I better hurry and write a check to BOA. I got that hard copy 2 years ago, and have never been charged. Do you know what the interest and penalties will be?
Former Banker
February 22nd, 2011
9:41 am
that meant the fsr who printed them for you waived the fee, and put his/her neck on the line do it for you. as of last year, the “rule” from corporate was $5/page, no exceptions, not even with BoM approval.
Former Banker
February 22nd, 2011
9:47 am
depending on your checking account, that is. if you’re premium, it might be down to $2 these days…
Dirty Bird
February 22nd, 2011
9:48 am
All Big Banks including BofA suck big time. Consumers and Small Businesses should boycott them.
OedipusTax
February 22nd, 2011
9:53 am
If you don’t like BOA’s services, you’re free to choose another bank. Go for it.
Yet, you’re not free to choose another Social Security provider. The same people complaining here about BOA are often the same people that want MORE government, regardless of how poor it does its job.
Nothing has gone up in price as much as Social Security has. If the bank fees went up like Social Security taxes have, then the bank fee might be $300. And as long as somebody else paid it, the whiners here would want it to be $3,000, because the rich don’t pay enough taxes.
Nevertheless, nobody does poor a job of satisfying customers than government.
Why?
Because no matter how lousy they do their job, they can’t go out of business.
GApeach
February 22nd, 2011
9:54 am
Looks like I’m going to switch over to Georgias Own Credit Union! I know they will treat me right! I’ve used them for two car loans and would never go else where!
DC
February 22nd, 2011
9:56 am
bunch of old people upset b/c they have to use the computer…call me a liar if this isnt true…
hater of bank of america
February 22nd, 2011
9:58 am
Enter your comments here
na
February 22nd, 2011
9:58 am
Bank of UnAmerica
worst on customer service
worst treatment of customers in general
they seem to have a policy that customers are only a necessary evil and make sure they are treated with disdain.
But what I can tell it is not the people working in these banks,it is the higher up persons making the rules, decsions etc that are out of touch with what a bank should do.
James
February 22nd, 2011
9:59 am
Seriously? People get bent out of shape over this minor issue?
I’ve never had checks or check images returned to me, why would I want them? As long as the account balances, I do not need to see the checks or check images.
If you do online bill pay, it’s even more of a none issue.
Why waste the paper for the statements and checks/images, if you need to see the statement, go online and open the PDF. If you need a paper copy, print it out on your own freaking paper.
Grow up people, banks are in business to make money… accept it or put your money under the mattress.
Clydesmom
February 22nd, 2011
10:00 am
WHO even writes checks anymore? I have a checking account but keep no paper checks to write. EVERYTHING is paid via online bill pay or debit card. No images to worry about, no statements, and no bounced checks either! FYI: I left BofA years ago because of their idiotic policies and didn’t have NSF issues with them. Customer service is non-existent.
SMH
February 22nd, 2011
10:01 am
Well, until my CHURCH and child’s daycare install a debit card machine, I’ll continue writing checks. Ha!
On topic, I agree that financial responsibility would help people to avoid most fees. I think that overdraft protection is one of the stupidest fees to pay, and banks count on stupidity to make their money. Think about it. They pay you very little (or no) interest to use your money, but they charge outlandish fees and interest rates to use their services. We fall for the okie-doke every time. Nobody could pay me to get overdraft protection because I can tranfer my money between accounts myself. Wisen up, people (and that includes me)!!!
The Real Georgia Peach
February 22nd, 2011
10:04 am
SMH, if your church doesn’t let you use a debit card now, it will soon. My church lets me tithe online with a debit or credit card or PayPal. You can even print a receipt for the envelope so Sister Bertha Better-Than-You doesn’t think you don’t give to the church.
SMH
February 22nd, 2011
10:14 am
Real Georgia Peach, I doubt that my church will have a debit card machine in the near future. It’s a very small church. My dad is the only deacon and the church administrator, and he doesn’t even have an e-mail address. He still has the cellphone that my mom bought him 10 years ago. Yes, it’s a can with an attached string, and we can’t convince him to upgrade. As for the church, it has no debts at all, and the pastor preaches salvation–not just prosperity. No bank fees for my church!
Conservative
February 22nd, 2011
10:15 am
OedipusTax, it’s not free if you have to refi a mortgage to get away from BofA. DC you are a liar, it’s not about old people using a computer, it’s about being forced to use a computer for something a bank is legally obligated to provide! James says “as long as the account balances…”, exactly, so what if the account doesn’t balance and you can’t find your statement online? What proof do you have to claim money that is rightfully yours? Don’t think that banks never make mistakes?
Rick
February 22nd, 2011
10:17 am
Glad I moved all my accounts to a credit union right before Wells Fargo took over Wachovia. I have saved over $240 in account fees as well as have made more in interest in less than 1 year than I made in 2 years with the “big banks.” Goodbye mainstream banking!
TnGelding
February 22nd, 2011
10:19 am
I think they should charge fees for services. We need to get to a paperless society sooner rather than later and this should provoke some to cooperate.
arlene
February 22nd, 2011
10:29 am
Does this mean we have to pay for our monthly ststements from the bank? If so, that’s a pretty cheap move, and not good for customer service.
Marlboro Man
February 22nd, 2011
10:45 am
BOA is a two bit operation, only fools do business with those chumps.
Conservative
February 22nd, 2011
10:50 am
Fools or people that get absorbed into it….buyer beware!
GAtor
February 22nd, 2011
10:51 am
@Conservative: You keep saying legally required to “provide” a statement. Just b/c they have to “provide” it doesn’t mean they have to put it in an envelope and send it directly to your mailbox. Think of the expense and waste of resources to print and send this to every banking client in the country. I think every bank should do this, theres no need to get a paper statement every single month.
Not to mention, everyone thats commenting on this is online at the moment. If you have a problem with email and internet access then send your written response to the editor of the AJC and have them update your response for you.
What ever!!!!!!!!!!!!!!!
February 22nd, 2011
11:06 am
I left BOA several years ago when they held mine and my husbands paychecks for a week. One was written on a BOA account and the other was a wire transfer. They could not tell me why they needed to hold the money but after that I moved on to First Union. First Union then got bought out by Wachovia which is now the Mega Bank of fees Wells Fargo so I just moved again. When will it end?
Lindsey
February 22nd, 2011
11:09 am
I was a customer and an employee of Bank of America…THEY STINK!!!
GApeach
February 22nd, 2011
11:11 am
So where is everyone banking now?! I’m looking into Georgias Own Credit Union, but I’d like to know where everyone else is going as well?
Road Warrior
February 22nd, 2011
11:14 am
What ever!!!!! “When will it end?”
Who cares, just keeep an amount equal to 4 pay checks in your available balance and it won’t matter how long they hold them. Case in point, over the weekend I deposited 3 different checks totalling around $5,000.00. Each deposit released $300.00 immediately with the balance to be credited upon clearing. Granted, these were not paychecks, but even so, I didn’t feel the need to panic because I didn’t have access to ALL my deposits that day. Reminds me of the people that got the tax refund and HAD to spend it within 24 hours only to have the funds withdrawn due to a computer error which triggered the NSF charges at their respective banks. is it frustrating when that happens? Yes, is it the end of the world? No. If you manage your money correctly, there should never be a reason for you to constantly overdraw or be charged NSF. If you do have that problem, then I agree with several other posters in that banking is probably not for you. poster
woodie
February 22nd, 2011
11:18 am
Everything costs money. Billing statements cost a lot of money and is a waste of paper. And banks are tightening the same as every business. So it’s no surprise to me. I would remind people that if those around you suffer, you will suffer with them. So hope that everyone is doing well. It is in your best interest.
Ragnar
February 22nd, 2011
11:20 am
Our 17-year old son had his savings in his sock drawer, so we took him to Bank of America to open a student account. We wanted him to learn how to use a bank before he leaves for college next fall.
Guess what? BOA mis-characterized his account as a regular account and began charging him $9 a month. He kept trying to fix it on-line without success.
Even though BOA caused the problem, they would not refund the fees charged in error.
As a former employee of BOA, I suggest you reconsider your relationship with this company. We are.
BOA Account Holders since 1974 (but not much longer)
Robert Heinlein's son
February 22nd, 2011
11:22 am
They only keep the electronic copies of your checks for 18 months. Several years ago I discovered this when the IRS misallocated a tax payment, and I got hit 17 months later with a whopping charge for the tax itself, fines, and fees.. To prove I had written the proper information on the check I had to produce the check.
I had discontinued getting the paper checks returned some time before, so I had no proof. BOA still had the electronic copy, and I was able to get them to print that, and it solved the problem. But if it had occurred a month later it would have cost me thousands. And the BOA employee who helped me get the check said they only keep the electronic copies for 18 months.
So now I get paper statements with the checks, plus I copy any major payment slips & checks prior to mailing them. Much cheaper than thousands of dollars because the IRS or mortgage company or such screws up.
It's OK
February 22nd, 2011
11:28 am
I love BofA and have been with them for 15 years without problems. The online banking is great and I rarely have to go in a branch for anything. ATM’s on every corner. With proper financial management (Road Warrior is right), you can bank for a very nominal fee, which is fair. Did you expect free banking? You can also get discounted rates on loans if you have multiple account relationships. Grass is always greener.
fulldawg
February 22nd, 2011
11:43 am
All I hear are horror stories about the former “Bank of Italy”. Would never do business with a firm like that!
Lynn
February 22nd, 2011
11:54 am
I certainly wouldn’t listen to Road Warrior’s advise…….if he’s keeping 10,000 balance in a checking account each month–he’s an idiot!…along with his investment advisors that told him to do it!
ANGRY AS HELL
February 22nd, 2011
12:00 pm
This is just another example of the greedy nature of the American banking industry. They get jammed up buying and selling bad home mortgages and we, the suckers, use our tax dollars to bail them out. I don’t want to hear one so-called conservative out there trying to call this something other than what it is: corporate welfare/corporate socialism. We put people in prison for stealing much less than what these thieves take, but they get away with it because of their political connections and the power they exert to prevent government from regulating their miserable butts. God forbid that the megabanks in this country should be expected to quit robbing their customers and have many more of their buisness dealings regulated.
I’ve had it. As of tomorrow, I’m pulling my money out of Bank of America and going to a credit union. To hell with these crooks !!!! B of A can go to hell!!!
Eric
February 22nd, 2011
12:13 pm
I have banked with BofA, under various names, since 1990. I have never paid a fee to them for a checking/savings/credit card account. I also have my mortgage with them. I do 100% of my banking online, have direct deposit, and never walk into an actual branch. If I need to make a manual deposit, the ATM is amazingly easy, doesn’t require a deposit slip or envelope, and you can get an image of the check on your receipt. I have written probably 5 checks in the last three years, and I can pull the image, front and back, from the website. I don’t receive paper statements, and keep a budget that I can balance to my account down to the penny at any given time.
It’s absolutely amazing that people complain about fees when they are so easy to avoid. Due to direct deposit and no paper statements, my checking account is free with no minimum balance. My savings account is free because I set up an automatic transfer of $10 from checking into savings for the expressed purpose of avoiding a fee, although I make regular transfers above that amount, this minimum transfer allows you to avoid the fee. My credit card account has no annual fee and I pay it off every month to avoid any finance charges.
The bottom line is that banks are businesses and they have to cover their costs just like any other business. They offer many ways to avoid a fee completely with a little planning. If you’re a high maintenance customer who requires paper statements, copies of checks, no direct deposit and constant customer service at a branch, then you have to understand those things come with a price. Nobody expects to walk into a grocery store and get something for free, so why do you think you should get something for nothing at a bank? It’s a business, and businesses are there to make a profit, not go broke paying overhead costs for services that entitled people think should be free.
The problem is that years ago banks offered so much for free, due to the fact that people saved more money. The bank could utilize those funds to invest and make money from, while still paying you an interest rate. Now most people don’t save a dime, so the bank has less money on hand to turn a profit. So now they have to charge you a fee to cover their costs. It’s just another sign of the American times. So many people are living right at their means or above their means and not putting money away for the future. Because of this national trend, banks are suffering and have to find ways to recoup their costs. So they are going to charge the people that cost them, simple as that.
Want to avoid fees? Read the disclosure statements and plan accordingly. I love it when people bitch about a service fee that was disclosed to them, but they claim ignorance because they didn’t read it. Who’s fault is that? The banks? Educate yourself and take personal responsibility in all areas of your life, you’d be amazed how different your life would be.
Road Warrior
February 22nd, 2011
12:28 pm
Lynn – “I certainly wouldn’t listen to Road Warrior’s advise…….if he’s keeping 10,000 balance in a checking account each month–he’s an idiot!…along with his investment advisors that told him to do it!”
What investment advisor would reccomend keeping $10,000 in checking as an investment? And when did I say that’s why I had it there? I keep it in there so that I can easily transfer balances to my CC accounts each month in addition to bills and mortgage. As as I regularly spend between $5,000 and $6,000 a month, it makes sense. As to my investment portfolio, I certainly wouldn’t trust my entire fiancial future to BOA. I’m sure you’ll be glad to know that I am well diversified in my holdings and continue to invest wisely.
Why don’t you get your facts straight before you start hurling insults?
Road Warrior
February 22nd, 2011
12:30 pm
@Eric
I agree completely, but what do I know? Maybe you should talk to Lynn about getting your finances on more solid footing.
me
February 22nd, 2011
12:41 pm
Seems like a reasonable charge and easily avoided. It’s not 1965 anymore. Anybody who can’t get with the times needs to pay for it.
shaggy
February 22nd, 2011
12:41 pm
Most people that “hate” any banks are just too stupid to know anything about banks. They think they are entitled to something or other, and because banks have money, they must be evil.
If you don’t like one, go to another, but understand that banks are businesses, set up to make money, not give it away. We have the government to take care of the giving it away part, mostly to these same “entitled” bank hater morons.
me
February 22nd, 2011
12:45 pm
Well said Shaggy!
shaggy
February 22nd, 2011
12:45 pm
ANGRY AS HELL
I am sure that BOA is cringing at the thought of you pulling your entire fortune of $156.21 from you checking account. I can hear the stock market quake at the thought.
Road Warrior
February 22nd, 2011
12:51 pm
@shaggy
LOL!
Look out, Lynn might call you an idiot!
Credit union for life
February 22nd, 2011
1:05 pm
BankRobbers of America is more like it.
moved to Delta Community, never looked back.
Credit union for life
February 22nd, 2011
1:08 pm
Shaggy,
what are your sales quotas at the bank you work for?
credit unions are .75 to 6 percent cheaper on auto loans for the exact same credit score. oh, and disrespecting any customer, no matter the amount of their account is why the big banks are a dying breed. unless the governent keeps propping them up.
Road Warrior
February 22nd, 2011
1:08 pm
Okay, I’m willing to learn. Having NEVER had a fee charged to me by the BOA, exactly what is it that everyone seems to be getting charged that I’m not?
JustMe
February 22nd, 2011
1:24 pm
“…better known as Bank of Theives”
Aren’t they all?
So many people here talk about B of A like it is the devil or something, and no they’re not perfect, but neither are any other banks. They’re all the equivalent of the devil IMO, but what are you going to do? You have to have a checking account, so you just make the best of it and deal with it.
OedipusTax
February 22nd, 2011
1:26 pm
@ANGRY AS HELL – with a name like that, nothing you offer is healthy. Your anger is poison, and anybody that agrees with you swallows your poison. One reaps what one sows. That anger will kill you. So don’t be surprised if I just look the other way and let you kill yourself. Change your mind before it’s too late.
DC
February 22nd, 2011
1:36 pm
I have a BOA account..I also plan on opening up a DCCU acount as well…mainly for their auto loans and home loan advantages..i agree they do have better rates…
shaggy
February 22nd, 2011
1:49 pm
Credit union for life
OK put words into my mouth if you feel it necessary, however I am just a person who takes my finances seriously enough to actually understand how it all works. I don’t need anyone to hold my hand to do that. I pay attention. Also, I take the time to actually read….before I sign.
Congrats on your credit union savings. Maybe you aren’t entirely a knucklehead.
Judge Dawg
February 22nd, 2011
2:21 pm
Big business .. the Republicans best friends
Steve
February 22nd, 2011
2:32 pm
I also like BoA. Been with them for about 8 years now. Never had a problem.
Mitzymy
February 22nd, 2011
3:06 pm
I still use checks because I need a record of payments where I can get to them right away, but if I need a copy of my checks, I get that online. Recently the gas company charged me for not making a payment that I had mailed. I just looked in my checkbook and saw that I had made the payment, and printed the check off the computer and took it to them. I have direct deposit for all my checks, and I check my account everyday online. I haven’t paid any fees in 10 years, and they had to give them all back to me. I had deposited a 3k 401-k check, and they said I had to wait 10 days for it to clear, but they had cashed them many times before and made the cash available right away. After I proved that fact, they erased the fees which had added up to over 600 dollars. I don’t play with my bank account, because the bank checks it everyday all day. They can only get the fees if you are lazy about your accounting. If you are 62 or older, they offer free checking if you have direct deposit. But Credit Unions are the best.
curt
February 22nd, 2011
3:14 pm
Seems like every time I hear of consumer ripoffs and corporate sleaze in the banking industry BofA comes up. I understand that it is a free market and we have alternatives but thank goodness I’m not with them nor will I ever be.
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February 22nd, 2011
3:22 pm
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PTC Bernie
February 22nd, 2011
3:27 pm
As long as I receive a paper statement and have access to the images on line, I don’t have a problem with this.
If they make the mistake of charging me a monthly fee for my checking account, when I have a 5 digit balance with them in multiple accounts, I’ll be out the door in a heartbeat. Cost of business is one thing, gouging is quite another.
B
MrsPratch
February 22nd, 2011
3:39 pm
Reading all of these comments gave me a migraine!! You want a community bank that will still be here for the next 50 years?? Bank with SunTrust. They’re the total package. And yes, there are bowls of candy by the tellers. Coffee too.
Lt Col Razor back
February 22nd, 2011
3:48 pm
I have been using Bank of America’s On-line account service for more than five years without problems. I opted out of mailed check statements and images about four years ago. If I need a statement for a given period, I simply print it out from the on-line statements and if I need the image of a specific check, I can print it out showing only the front side, only the back side, or both the front and back sides together. On-line banking provides me with the capability to monitor my checking and/or savings accounts daily or five-to-ten times per day, if I SO wish. Therefore, it is both easy and more efficient to rely on on-line banking services than it is to rely on paper statements.
I can’t imagine going back to the old paper statements and statement reconciliation method that I used before I began on-line banking.
So, GET WITH THE PRESENT, GIVE UP PAPER STSATEMENTS,AVOID THE NEW FEE, AND MOVE INTO THE MODERN WAY TO DO YOUR BANKING!!
SpotBanks.com
February 22nd, 2011
4:36 pm
There have been many complaints filed against B of A on social sites; such as Twitter @Help_BofA. Seems this check imaging fee issue broke via Twitter
mo money
February 22nd, 2011
5:45 pm
I dumped BOA 8 months ago when they started charging excessive fees for routine stuff. I joined a credit union–free checking, free ATMs nationwide, free checks!!! Best deal I’ve made in awhile.
I do what ever the tv tells me
February 23rd, 2011
9:14 am
I like that most of the comments contained tainted information that every one gets from the idiot box. Did you buy that product on late night tv too because it told you too??? Listen, look after your own money. A bank is a service, people charge for thier services… you pay for coffe dont you? the gym? cable? It’s just another service..besides how many of you really need copies of your checks??? Did you notice you can print them yourself online??? Or are you scared of the computer too? Your upset about fees? Dont over spend.. oh and have fun with your credit unions.. they give you such great deals because they are desperate for capital.. we’ll see how many of them actually survuve…
checkfree
February 23rd, 2011
1:44 pm
I haven’t written a check in 3 years—-I’m surprised banks even process them anymore. Just do everything online.