I've been with Bank of America for about 7 years now.
I have the following:
-Checking account
-Savings account
-Debit card
-Plain Visa (a carry over old card from previous bank. No points/benefits/etc.)I never use this anymore.
-Bank of America Rewards Visa card. I use this for almost all purchases and pay it off monthly.
I just received notice that my account has been sold to a local bank. I'm not thrilled about this, as I went with BOA to have a nationwide bank for ATM usage whenever I'm traveling.
What are my best options here? I don't want to do anything which will negatively affect my credit score (although I think breathing, thinking interest rates are too bloody high, and eating pizza on a day ending in Y all likely damage my score somehow, as much sense as financial markets make to me).
Need banking advice.
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Go to the local bOfA and ask about it and understand why, or if you're getting scammed.
A bank account shouldn't affect your credit score, because you have funds in the bank, it's not "credit".
If they don't want your business, just go open a bank account with another national bank (chase, citi, wellsfargo, etc).
If you're concerned about your credit score, talk first with the rep to understand what credit pulls they do and how it affects your score..
Most technically do not need to affect your score, or will be minimal like 5 points, and usually for the side issues such as for overdraft, loans or other stuff like the credit card which you may or may not need.
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I'm so confused, BOA sold your account to a local bank? I have no idea how that even works.
they sold what account? your loan? or are you talking about your banking account?
I have had BOA since 7 years as well, no issues at all...
I have 2 credit cards with them and also a student checking account, no issues at all...
so please do explain what is going on with BOA?
I have no loans through BOA.
Email I received from BOA. I edited out the new bank name.
Quote:
(Local bank) has agreed to buy several Bank of America banking centers. We want to let you know, as part of this sale, your accounts listed below will become (Local bank) accounts.
While we know change isn't easy, we'll work closely with you to ensure a smooth transition, and (Local bank) will send you additional details in the weeks ahead.
Your accounts that will move to (Local bank)
On October 17, 2014, your accounts below will become (Local bank) accounts:
Checking, ending in XXXX
Savings, ending in XXXX
Here are a few other changes to your account(s):
If you receive relationship benefits such as rate reductions, bonuses, rewards or fee waivers from linking any of the accounts listed above, some of them may no longer be available to you. To learn more, please call our Transition Customer Care team at 1.866.251.0233.
After October 17, 2014, you won't be able to use certain features like BankAmeriDeals®1 and Keep the Change®2.
Your checking account will no longer be associated with Pink Ribbon Banking, and Susan G. Komen will no longer benefit from the account. To continue supporting this organization, visit www.komen.org.
If one or more of the accounts listed above is an Individual Retirement Account, starting October 18, 2014, Bank of America will no longer be the Custodian of your IRA. Effective as of that date, the Individual Retirement Custodial Account and Disclosure Statement is amended to state that (Local bank) will serve as the Custodian.
It appears that the message from BofA is don't let the door hit you in the behind as you leave but make sure you leave.
I had a commercial account with BofA a long time ago. I was involved in racing and one of my sponsors dealt with me thru BofA so I had an account there as well. One day they make a small error in a monthly statement, just a couple of hundred dollars. I went to the manager with my sponsor and we ironed out the problem, a bank error. I asked for a new statement and they charged me for that statement. My sponsor demanded that the bank remove the charge for the statement correcting their mistake or we'd close the account, an account with a $250K plus average daily balance with lots of activity both nation wide and into Europe, South America and Asia. This was an account that was never over drawn and no checks ever bounced. The manager's immediate response was to call over an account manager to facilitate closing the account right then, which we did. I've never done business with BofA again.
Find a local community bank. They'll solve all your problems of going nation wide and they will earn your business and your trust.
The part that thrills me the most is apparently after Oct 17, I am several hundred miles from the nearest ATM I can use without paying fees for using a "Not Our ATM", as BOA sold accounts to local banks where you opened the account. Not where I currently live. Not where I am moving. But the area where I opened the account 7 years ago.
BOA therefore sucks. DO NOT DO BUSINESS WITH BANK OF AMERICA.
Many smaller banks (here) waive ATM fees, and will even pay "foreign" ATM fees up to a point. You could and maybe should hang around with the new owners to see what their terms are. You could get grandfathered in, etc.
It is weird that BofA is divesting. They gobbled up my local bank.
I had another local bank that kept locking me out of online banking. Switched to BofA and have been happy with their simple competence.
Look into credit unions, I'd join one if BofA ever ticked me off.
Local credit union in your city is better.
Originally Posted By: OneEyeJack
This was an account that was never over drawn and no checks ever bounced.
Originally Posted By: pb
they were not making any money off you besides the small interest accrued. this is how it's been since "free checking" accounts first came about. the banks hedge that you'll overdraft and NSF collect revenue for the bank.
We bank with a local bank that waives foreign ATM fees.
Don't really need to use an ATM that often. With credit and debit cards, using a nationwide bank really isn't a big deal these days.
I'll second or third the local credit union idea. Ours will reimburse (up to $6/mo I think) ATM fees and they have a network of other credit unions you can use for free too.
Getting cash without paying a fee is easy. Just get $$ out when you use your debit card at the checkout line. Tell them you want $$ back and they will give it to you. Fee free. I've even (shamelessly) bought a soda, used the debit and gotten $40 back.
#1 Call up BAC or visit your local branch to get confirmation.
#2 Weigh your options, credit unions(these are non-profit btw) and certain banks with limited branch networks may give you a break on ATM fees. Or consider dumping the ATM/Debit card. Just use a credit card for everything that you'd normally use cash for.
BAC is a business, if they're loosing money in a particular area then they sell the branch network. This stuff happens all the time.
It's not personal, but it is inconvenient.
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This happened to me when my bank decided to reduce operation in my area.
They kept a few branches, but sold most of them. My account's 'home branch' (where the account was opened initially) was one of the ones sold, so I automatically got transferred to the new bank.
It's not uncommon and I wouldn't worry about it. If there's still BoA in your area just go in, see what's up, and see if you can open an account at another branch or something.
But take a look at what the new bank offers - maybe it's an improvement. I was upset when my account got moved but my new bank has much better bill pay and I get reimbursed for out-of-network ATM fees, so I'm happy now
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