Need banking advice.

[99Saturn]

I've never had an account sold, so I'd be a little leery of that, visit a local branch and check it out. Once at the local branch, I'd start asking what the branch can do for you if you want to stay with BofA. Ex.: transfer account ownership to the local location - may be too late as the account has been marked as "sold", close and reopen a new account(s). Ask them to eat your fees for new checks, anything else you would need to "re-order" for a new account.

As others have touched on, the location you opened the account at sounds like it is getting closed / sold, so accounts associated with that branch are sold off. I know one bank at least I'm associated with ownership (and all the fees that the bank collects) benefit the branch that opened it. I asked for the owning location of the account to be released by the branch that the account was opened at, and transferred to where I was moving, and the opening location was not very happy.

Local credit union is good advice, though I just had my local credit union guarantee me a specific loan terms being available to me at the point of application, and then when the loan was approved and ready to finalize, they balked on the terms even though they admitted it was their mistake, and refused to make it right, so they are certainly not always the best.

Re your credit score. Only the credit cards (sounds like you have 2) would have an impact. If you don't want to use BofA and move on, just stop using the cards (rather than closing them) and get a new card. Toss them in a desk drawer and forget them. That will keep your available credit and credit history high(er) than closing them and should be the lowest impact to your score. New CC will ping you some points off your score for now but not the end of the world.

 

[Sayjac]

Had the same happen years ago when then First Union (my bank) merged with Wachovia, sold off my branch and account to another small local bank. I only had a checking acct. and ATM/debit card but also had monthly draft of some utilities. But, wanted to keep FU/Wachovia for the atm network.

Had to open all new accounts while keeping the local bank open until monthly drafts were set up, then closed account at local bank.

I'd be surprised if you had to give up your BofA Rewards CC as even non bank customers can obtain those. Imo, you should be able to keep that card with no issue. Will need new BofA atm/debit card with new BofA bank accounts.

I wasn't thrilled either, and just felt unlucky that branch happened to be listed as my home branch. But honestly only reason I wanted to stay with First Union/Wachovia now Wells was for the atm network. Otherwise they were and are still nothing special. Something for me to use and not let them use me for fees. When they sold my account they proved to me how much they cared about me as a customer.