Your Bank?

[Tomanyiron]

Very frustrated with BOA. The people talk nice in person and on the phone, but I think they the most incompetent of any bank I have ever used. And the tech guys don't seem very smart about fixing glitches with the online site.
I deposited $1,500 and was told that it would show up online in 3 days. OVER A WEEK LATER NOTHING. I called 3 times, and got 3 different explanations and 3 different dates/times money would be available. I was going to pay a BOA credit card with the money. They give a little perk if you pay your bill with a BOA checking account.

I guess, they use your money to invest as long as they can, before they let you have access to it.

Anyone else have these problems?
I wonder if they changed deposit procedures, and not training employees on what to say. Because of this?
https://finance.yahoo.com/news/bank-ame ... 09530.html

[bamablue]

Yeah... I had similar 'customer service' issues with Bank of America. I hesitate to say that they intentionally 'lie'... I attribute it to incompetence, or the fact that the people answering the phone are so low in the information flow that 'the truth changes.'

I remedied my BOA problem by doing my banking with USAA. So far (5 years later), I'm as happy as a guy could be with someone else holding my money. Free checking, interest and free bill paying keeps me coming back.

This may explain your recent issues with the BOA Call Center...

[nrialto]

I will second your USAA recommendation. Great customer service, they refund ATM fees and my favorite part; you just take a picture of a check from your phone and it automatically deposits.

[fordest]

I left BOA 20 years ago or so when I got charged $2.50 to check my balance on the phone.... idk if they still do that, but that straw broke this camel's back.

[JBD]

I left them 10 years ago after they lost my 10k deposit - poof, gone and a blank stare. They found it a week later and offered some ridiculous explanation, but that was enough for me.

[ArrieS]

I'm happy with them.

The preferred rewards platinum honors are so good I was saving money on my rent from cash back on my credit card.

How did you deposit the money? I have used the mobile checking feature to deposit checks and not had a problem.

What's the perk for paying your credit card with a BOA checking account?

But on the downside their savings account and mortgage rates are garbage, so I go to other banks for those.

[mjedlin66]

I had a bad customer service experience. I haven't banked with them since.

[SnareMV17]

BoA and Wells Fargo both charge insane fees and offer nearly no interest in any sort of account. brick and mortar banks are a thing of the past. Been using Ally Bank almost exclusively for years now and get the best interest rates and ease of use that is unparalleled.

[evilanne]

Navy Federal Credit Union is also a good option...they have better rates on savings/money market accounts

[Billionair]

I am a chase guy! Free ATM stuff, good savings account returns, can photo-deposit checks, great for veterans (like me ), and great customer service. My one complaint is that in DC they don't have an office close to me, but that's because I moved up here.

[Tomanyiron]

Yeah... I had similar 'customer service' issues with Bank of America. I hesitate to say that they intentionally 'lie'... I attribute it to incompetence, or the fact that the people answering the phone are so low in the information flow that 'the truth changes.'

I remedied my BOA problem by doing my banking with USAA. So far (5 years later), I'm as happy as a guy could be with someone else holding my money. Free checking, interest and free bill paying keeps me coming back.

Thanks Bam, I opened a USAA account yesterday. Been out of service over 40 years, but I was still eligible. Points for you.

[Tomanyiron]

Thanks for the responses. Here’s an update and more info on the situation.
In a way, I see it as my punishment for trying to be too greedy with the best credit card rewards program. My wife and I have had a Capitol One card for years. Anyone else had one? They started off with 2% cash back on everything charged. But recently reduced it down to 1 ½ %.
So we get a BOA “invitation” for their Cash Rewards card, see the link.
https://promo.bankofamerica.com/ccsearc ... 1BEALw_wcB

1- Receive $150 cash back reward if you use the card for purchases totaling $500 in first 90 days.
2- 3% cash back on gas.
3- 2% cash back on groceries.
4- 1% cash back everything else.
5- And (answer to your question ArrieS) an additional 10% of the reward amount if deposited in a BOA checking account.

That #5 is why we opened up a banking account with them, and it was a mistake. Turns out, (and they did not tell us that in the beginning at the “brick and mortar” we took the deposit to), after you open a new account, and make deposits, all that money is on hold for 30 days from the date the account was opened. Isn’t that some kind of bull? And not the kind of bull we like to see around here.

Today it has been 30 days. One person yesterday said it would be available after midnight last night. I asked to talk to a supervisor, because that was not what they said before. The supervisor said no, it would not be available until 9am. It is now 9:30, and it’s still not there.

This may look like I’m desperate for the money, I’m not. This is more in the area of FYI to anyone contemplating opening a Bank of America checking/saving account. I think I’m going to closeout the credit cards also. They’re not very competence either.

[nrialto]

Tomanyiron,

USAA is definitely a "jack of all trades." Along with banking, you can open an IRA, trade stocks, etc. They also have some cards with good rewards. Best of all with them, they don't seem to have much "fine print." Me thinks their clientele wouldn't tolerate it.

In regards to closing out your credit cards, I would recommend leaving them open and only using them occasionally. Closing revolving credit accounts can impact your FICO pretty strongly.

On another note, for anyone who has perpetually large grocery bills, I always recommend the American Express Blue Cash Preferred card; it offers 6% cash back on groceries.

[JDD4J4J]

I recommend avoiding banks in father of credit unions. Credit Unions and TSP is the way to go.

[Matavian]

The rates at ALL brick and mortar banks don't even come close to the Online banks rates. And as far as credit cards go, even the Online banks have good deals. That 10% extra that BoA offers on their CC rewards sounds a lot better than it actually is, on a 2% reward that would add 0.2% but if that's a must have then even Ally Bank offers a credit card with the same deal. If anyone can show me a Brick and Mortar Bank or Credit Union that offers free checks, no ATM fees, and 1.65% apy or better on savings accounts (that's for any and all amounts), then I would happily eat my words.