When Free Checking is no more... after 66 years...

[ultrarunner]

My folks have had a checking with Bank of America since 1948... they also had B of A home loans, a HELOC and Bank Americards that were the precursor to VISA.

The Loans have be paid off, B of A unilaterally closed the HELOC about 5 years ago when they did mass closings and without a word to my folks...

This morning I went statement in hand to find out how a Grandfathered free checking account going back to 1948 now comes with a $25 monthly service fee.

The short answer is nothing lasts forever and their Free Checking product is no longer offered...

My advice to the folks tonight is to simply let their 66 year banking relationship end and leave it at that.

The senior customer service person said the folks could open a HELOC or charge $250 in gas on a B or A Visa Card and the fees would be waived... my response was for how long and he could not answer.

Probably should have seen it coming... first they had to stop getting their canceled checks returned and then they had to stop getting even the images of their checks returned just to keep their checking Free of monthly fees...

 

[murphy1244]

Get a account with a credit union.

 

[texasjohn]

I had an account with BOA but terminated it a couple of years ago for service fee reasons.

 

[mjarrels]

Credit Unions... I gave banks the boot decades ago.

mark

 

[ultrarunner]

I moved to a credit union and the first experience was not good.

I moved a second time and it has been most satisfactory... even did a home loan at a very attractive rate with no fees.

The folks are very set in their ways even though the Bank of America they knew 65 years ago does not exist... all the local branches they patronized in Oakland have been gone for decades...

Just seems $300 a year for seniors to keep open their checking of 66 years is excessive...

Funny that one of the alternatives offered is to open a HELOC and that is just what we had until the bank cancelled it and we only found out because Dad was going to use it for some home repairs and learned it had been closed and the bank said HE CLOSED it...

 

[Bird]

I don't even remember how long it's been since I had a "bank" account. I've been using the same credit union for 50 years, although the first years it was more like a savings and loan. I don't remember when they started having checking accounts, but that was when I dropped my bank checking account.

 

[Clint S]

I have actually been thinking of dropping my checking account. I am in a credit union and it is free. The reason is that I do not use it anymore. I might write 5 checks a year tops. Everything is paid online automatically or I use a debit card or credit card. The only folks I see writing checks anymore are older folks or a select few who just have not grasped the computer.

 

[MoKelly]

I have a Bank Of America checking account. They have always given photocopies of checks and its supposed to be fee free.

Now I need to go look to make sure it really is still fee free.

Thanks for the reminder.

Changing checking accounts given all the electronic bill paying is a real big pain in the you know what!

MoKelly

 

[Gary Fowler]

I hardly ever use a check, except to pay my property taxes & driver's license fees. They charge extra to use my debit card so I just use my free checking.
I think most banks charge fees if you don't keep a minimum balance in the account. Min. balance might vary by bank but I think mine is $5000.

 

[JBourquin]

My BOA checking account is still free. But, as soon as my CC is paid off they're both gone. Stick with the Credit Unions.