I have accounts with both Bank of America and Credit Union and how different they work:

[Bryn]

Bank of America takes loooooong time to post credit to your account, but lightning FAST to debit your account.

I moved from Miami, but still have an account with Credit Union down there where my pension goes monthly

Moved to Arkansas, opened an account with Bank of America two years ago

Credit Union treats money orders you deposit as cash and gives you immediate credit

Bank of America processes money orders even if they're Postal Office money order like a regular check for looong time

I sold some stuff on eBay and money went into my PayPal account. So I tested our of curiosity. I transferred half money from Paypal account to Bank of America and another half to Credit Union. Money showed up in Credit Union quickly, and nothing in Bank of America (I use online banking for both of them) until next day, but it showed "pending", not making this "available".

One day I found that I was short on rent money. I had written a check for it that would come out Bank of America so I quickly deposited money to cover it. Bank of America online showed I had deposited money, but still "pending". Check for the rent still hadn't come through so I thought I was safe. No, I was wrong. Next day Bank of America posted overdraft fee of 35.00 even though I had deposited that check drawn in same town, not out of town one day earlier. Just that they were slow to credit.

Another test I did: I returned an item to Walgreen for refund yesterday so they credited it back to my Bank of America debit card. It still isn't showing up today yet. Wow, whenever I use Bank of America debit card to purchase items from Walgreen, they're quick to debit amounts from balance within seconds! While back I used Credit Union debit card to purchase an item from same store, Walgreen, returned item back, they gave me credit back to my CU debit card. It quickly showed up on my CU online banking!

Just to show you an example how so bad Bank of America is. I am going to close my account with BoA next week to open an account at Credit Union that we have in this Village I live on.

Don't bank with Bank of America unless you're filthy rich. :hi: What Bank of America does is to rake in overdraft fees. That's why they're slow to post and quick to debit. Please use Credit Union. They're not in for profits. Bank of America is in for a huge profit by robbing you. Hope this helps.

[ThomWV]

1. I'm glad another person has seen the light. Trust in your local Credit Union

See if you can get a seat on the board.

[SharonAnn]

2. Of course. All big banks, and many medium and small ones do this.

Credit Unions are absolutely the way to go.

I've never found a financial service i needed that my Credit Union(s) couldn't provide.

When we retired and moved, I checked around for a Credit Union here that I could join and found several large ones.

That's why the banks want more and more limitations on what Credit Unions can do.

[Sarah Ibarruri]

3. K&R Thank you for this. Question - are credit unions protected by the FDIC too?

I might do the same thing as you

[SoCalNative]

6. Credit Unions have their own insurance company

called the National Credit Union Association. They are not covered by the FDIC.

[Sarah Ibarruri]

22. Thank you. I had no idea! Now I have to go search for one to join nt

[Bryn]

9. Not FDIC but by NCUA

Many Credit Unions are insured by NCUA (National Credit Union Administration) that doesn't cost a penny to taxpayers for up to $250,000 (standard is $100,000). They are different in many places so check with them. Still just as good.

:hi:

[Sarah Ibarruri]

24. Awesome nt

[Bryn]

4. Oh, My

Thank you so much for my heart

:loveya: Happy Valentine Day!

[Bryn]

13. And another heart given to me in this thread

Thank you so much whoever you are. :loveya:

[NC_Nurse]

5. I have had the exact same experience. We moved and I have kept my old

NC State Employees Credit Union accounts, but I opened BOA accts here in ATL.

All I can say is: They suck. They hold deposited checks FOREVER it seems. They sent out a bill pay to early, then charged ME when
the funds weren't covered because THEY were still holding my money. Complete assholes.

I am looking into credit unions here so I can dump them ASAP. :hi:

[conscious evolution]

33. Bond Federal CU in L5P.

They rock.

[mountainvue]

7. Credit unions are the way to go.

I gave up my regular bank account a couple of years ago.

[Tashca]

8. Thank you for your personal story.

My wife has been trying to get me to switch to her credit union. I am at the same small bank I have been using for several years. They do some on the things that it sounds like BOA does. I have never had a credit card, but use my debit card for many things. I get so frustrated when they delay crediting my account. There really is no reason to take that long.......but I suppose one day of interest on all those accounts.
I read many good things on this site about Credit Unions....:hi:

[Blue_In_AK]

10. Credit unions are the ONLY way to go, IMO.

I've been a member of my credit union forever, and they've been wonderful. There was a time when I was in dire financial straits and they worked with me over several months until I was able to bring my VISA account current, never reporting me to any credit agency or raising my rate. I'll never put my money in a bank again.

[tammywammy]

11. I've used a credit union since I was 16

After I got a job, my mom took me down to the credit union where they banked and I opened up my account. I've always really liked them and have never had a problem.

[notadmblnd]

12. I found a way around the hold placed on deposits of checks.

Want to know? You deposit via the ATM. If you go to the teller, they place a 7-10 day hold on checks of large amounts. However, if you deposit them via ATM, depending on the time of day they are deposited (they have to be in before the people who maintain the cash machines do their pick up), then they're available for withdrawal the next day. It will also make part of the funds available immediately. I have a feeling it is this way at most banks. So give it a try and let me know if it works for ya.

Keep it on the down low though, we don't want the banks finding out.

[Control-Z]

49. My BofA does not do that.

They even hold cash ATM deposits in pending. They are crooks, plain and simple. I've pretty much had it with being raped by all big business - sick to death of them taking advantage of me, their customer.

[geckosfeet]

14. I dumped BOA last year. Fees everytime you turn around. They were

charging me a monthly service fee on my checking account - and weren't supposed. I complained several times and finally just closed the stinking account.

In addition to being corrupt they are incompetent.

Good riddance to them.

Sadly, someone saw fit to give my taxes. They are laughing at all of us.

[truedelphi]

40. You say: Sadly, someone saw fit to give my taxes.

We ar ea nationof chumps, aren't we?

[geckosfeet]

41. Yes - the bushies gave BOA some of the TARP $$$. So I guess that

we don't have a choice. They get our $$$'s whether we want to give it to them or not.

[Uben]

15. I've been using a credit union for 25 yrs

I have been a member since I was a child (my mom opened me an account). Every loan I have had my entire life has been through this credit union. I once went to buy a car in a town 80 miles away. I decided to buy it and called my credit union to wire the money to the guys bank. It was done, $14,000....over the phone! I know of no bank that will do that...do you? They are very stable and keep more than required in reserve. They don't do home loans. That is why I am not worried about my money there. They are FDIC insured, also.

[justabob]

16. They are the worst... another example

In my old job I had to handle charge-backs and disputes on debit and credit cards. Every time you swipe a debit card, whether the sale is valid and goes through or not, it shows up in your pending file. Often, working in a restaurant, a card gets swiped twice and the charges show up in the pending file prompting customers to call and ask why there are multiple charges. Customers would call day after day to tell me that the errant charge hadn't "fallen off" their bank statement as I assured them it wouldafter a day or so. After a very short time I learned to ask if the customer was using a BoA debit card because they keep their transactions in pending far longer than any other bank I have dealt with. More than once I had to deal with irate customers who were facing overdrafts because of the policy/law of every swipe "counting". I couldn't ever do anything for them, but commiserate... granted the restaurant swiped the card twice, but we have no control over what the bank does with it. We tried to be careful, but things happen during a busy shift.... like a four top wanting separate checks and each customer handing over an identical card.

This isn't just about BoA, but they do take the most advantage of this law/policy, whatever rule that says all swipes count. I guarantee you that 4 out of 5 disputes that I handled were due to BoA timing everything they do to fuck over their customers in this way.

[Tandalayo_Scheisskopf]

17. A check clears electronically.

And in no more than 24 hours. What BOA is doing is witholding those funds from you so they can use YOUR money to play "The Float" and make money on money that is yours.

I have never heard of a happy BOA customer. Recently, a friend of mine closed out his account with them, just because of these tactics, plus their fees. BY LAW, they are supposed to make these funds available to you much, much quicker, but as we know, the laws have not been enforced in the financial sector for the last eight years. It is gonna take some time and a lot of catching up before they do.

Feel free to complain to your congresscritter and your state banking commissioner.

[suston96]

18. BOA took $300 from my BOA checking account and paid it to a BOA credit card.....

....I had closed a year earlier. Took almost 2 weeks to straighten out.

Credit unions? Tough times in Arizona.

http://www.azcentral.com/business/articles/2009/02/13/20090213biz-AZFederal0215.html

Probably an exception. I have not heard many bad stories about federal credit unions.

[Lost-in-FL]

19. There is a reason to that, I suspect.

I used to have the same bank and dumped them long time ago. I could not keep my account properly balanced because they took a long time crediting my checks. One day I had 5 different overdraft notices ($25) each because I though they had already deposited my money in the bank and I had sent my bills to pay (a transaction that normally took 3 days took 1 wk and a half, my fault cause I trusted them to do their job efficiently). After that I felt they did this on purpose to charge you fees. I had a loan with them, would send my checks early to save on interests and they would cash them on the day that interests accrued. I found out because I called them, the lady told me that even when you make a payment early, they would credit it to your account of the date the bill is due! Another time I received a letter telling me they made a mistake in my account and that I owned them $125 (for their mistake). I moved my account to a credit union (for veterans) that same day.

My credit union pay me fees just for having money in their account! Best of all, I have NO monthly fees for checking or savings. Every time I use my check card, I get money (much more than what I would get with the "bank"). They now credit all my ATM transactions from done on non-credit union ATM's (up to $20 a months!) so my ATM transactions are unlimited and free. I always tell my coworkers to use their credit union instead of banks. Did I said i can scan my checks at home to make a deposit and use the money immediately?

[checks-n-balances]

20. K & R!

Satisfied Credit Union customer for over one year now, with no regrets. Long live the CU (and the DU)!

[ima_sinnic]

21. I have credit union accounts in two states and love both of them

When I moved back to Maine, I started again using a CU acct I'd had years before that had been lying dormant. I live out in the boonies and do copy editing for an online service that mails me a check from California twice a month. I explained to the CU that these were essentially payroll checks. After the first one cleared, they have never put a hold on any of them. I often mail the checks to the CU, about 20 miles away, and they are in my account and available usually the next day--i.e., the minute the CU receives them. When a family member sent a large check for a gift, they did not put a hold on that either.

I also have a CU acct in Florida--actually, a checking acct and 2 savings accts. I use the savings accts for taxes (as a self-employed person, I have to make myself set aside some for taxes) and for my dream of saving up for a down payment on a house. That CU also makes the money available the minute they receive my checks transferring money from my Maine CU.

Both accounts are completely accessible online and at ATMs. Neither one charges any kind of fees except for overdrafts and that kind of thing. No monthly fee just to maintain the account. Years ago I had a BoA acct and got clobbered with monthly fees, even though my paychecks were direct deposited. I don't remember having to wait for checks to clear, but I do remember being freaked out by the fees and opening one of the CU accounts and then telling BoA to kiss my butt.

[buzzycrumbhunger]

23. I would contest those charges

It's been a long time since that happened to me, but there's been more than one occasion I had to go to the bank with a chip on my shoulder. If you show them you deposited money before you spent it and are pissed enough to take your business to a bank that won't screw you with OD charges on a technicality, they will undo every one. Of course, these days I'm not sure if banks are going to lean more toward kissing our arses or being glad to jettison every client who isn't making them a fortune, so YMMV.

[varelse]

25. Don't bank with Bank of America

You've got that right - no need to qualify it :evilgrin:

Both of the credit unions I've had accounts with have been rock-solid, reliable, and fair. The community credit union here makes a point of providing loans to local businesses, and it sponsors community-oriented volunteer programs, from helping low income families fill out tax forms (and take advantage of earned income tax credits) to providing free seminars to help working people make the most of the money they have.

They loan money responsibly, using none of the "creative financing" tools that have contributed to our current global meltdown. But then, the credit union is a non-profit bank - its shareholders are its customers.

[napi21]

26. Not all banks are the same, nor are all credit unions!

My husband joined a co. 7 years ago, and the only way they would do direct deposit of your paycheck was if you had your account at THEIR credit union, so he opened one. Since the closest branch was about 45 minutes away, I kept our regular free checking acct. at our local bank.

The credit union had terrible rates on everything. I could get a better rate on a car from our bank, and a better rate on savings too. When the co. changed their policy and would do direct deposit to any institution, we changed to our local bank and closed the cu acct.

I've nevr had any problems with our local bank. They bend over backward for their customers, and we get free checking, free checks/deposit slips, and free bill pay.

My suggestion has always been stay away from the BIG BANKS! They haven't been interested in the average individual accounts since they did away with limiting banks to intra-state banking and let them go national. If you aren't a big business or wealthy individual, they really don't want you.

[scarletwoman]

27. Credit Unions are the ONLY way to go! I've never banked anywhere but a CU for 41 yrs.

You know, if people really want to wrest control of our country out of the hands of the megacorporations and the corrupt financial elites, it starts with not doing business with them. Don't give them the use of your money!

sw

[Lugnut]

28. B of A sucks.

We switched our accounts to the local credit union and haven't looked back.

[pansypoo53219]

29. i never ever

would bank at a big bank. and my ALL credit union changed into a bank. oh well.

[Tumbulu]

30. Have you noticed that B of A went "Red" instead of "Blue" last year sometime?

I find it to be a symbolic subliminal thing. Red = money, good republican values, etc. I am referring to the signs and corporate identity stuff on the buildings. I found a credit union and joined it last year. It is great.

[Bryn]

48. This is something!

I don't think they have a right to call it "Bank of America". It's not. It should be called Bank of Republicans or Bank of GOP or Bank of Freepers! Better yet, call it Bank of Thieves!

[Bryn]

31. Bank of America's treatment of Postal Office Money Orders

Too late to edit since 45 min. expired so I am "editing" to add to this:

'Credit Union treats money orders you deposit as cash and gives you immediate credit'

'Bank of America processes money orders even if they're Postal Office money order like a regular check for looong time'

I learned the hard way about BoA's method of handing your Postal Office money order deposits. I sold my beloved collectible Seaboard Locomotive Train (toy train) on eBay for $147.00. Got Postal Office money order for this from buyer, went to BoA to deposit it via teller. I was assuming that they credited this quickly since my Credit Union in Miami treats this like cash, gives immediate credit. Next day I took Mom to voting poll on Election Day last November 4th then out to dinner and shopping for some stuff we needed, using BoA debit card. Then next day I was shocked to learn that BoA had charged me $155.00 in overdraft fees. I went to BoA branch manager to complain. She wasn't able to reverse the charges, could only give me back $50.00 because she said that higher up at BoA wouldn't let her. She said that money wasn't ready to use! So I lost $105.00 and I am still pissed about this one, lost my beloved Seaboard Locomotive train nearly for nothing!

Imagine that Bank of America got the bailout money while they screw us!

[FunkyLeprechaun]

32. I used to be with Fleet Bank

Which was taken over by Bank of America. I would leave my account in Boston and go home to Minnesota for my summer holiday. Fleet Bank called my parents (as I had their number on the account) telling them that I had overdrawn on my account!

I was like huh? I never use my card here in MN! I had used USBank in MN and used it for a long time and didn't use my Fleet card at all. I went back and checked my statements and realised they charged me for having an account (I had like 5 bucks left on the account when I left Boston and they charged me monthly until it ran out, and it was then they called my parents).

I went back and kept it open until I found another bank, Century. I actually asked them if they charged fees for having an account with them like Fleet did and they said, NO! Fleet charges you? What a rip-off! (they abided to that promise very well, even giving me a t-shirt after I closed my account due to me graduating university). I closed my Fleet account, knowing I had 10 dollars left on it. I waited for them to give me the rest of my money and no one made that motion. I said excuse me, I had 10 dollars left on my account. "You didn't have any money left in your account."

I was really glad that I left Fleet when I did! I told people to bank at Century instead.

[TBF]

34. I still have the household BOA checking that we've had for years -

but we moved savings to a credit union. Feel a little safer that way. BOA tried to charge me an overdraft the same way - by not crediting right away. I called their customer service and they reversed it. Crazy.

[gristy]

35. I closed my accounts at BofA 10 years ago and told the manager why

They really, really, really suck.

[jasmeel]

36. B of A is awful! They should be investigated! I just shut down

my credit card with them because you couldn't pay your bill after 5PM on the day it's due online or by phone. Every other credit card I have allows it. It's bullshit to collect fees. I wish someone would investigate this shit- it's definitely criminal!

[Raster]

37. Wells Fargo is just as bad, and in fact, is now the subject of a class action suit.

Wells Fargo's cute little trick was to structure debits to your account in such a fashion to maximize penalties and fees. For example: Let's say I have $100 in my checking account. A debit card charge hits for $15.00 and is shown as paid during the day. Another charge hits for $35 and is shown paid during the day. A check "clears" for $50 during the day. And then that night while WF updates their accounts, another check hits for $75. Instead of just bouncing the check for $75, WF goes back and processes the $75 check first, pays it, re-processes the $50 charge, bounces it, adds $35 in NSF charges, reprocesses the $35, assesses another $35 NSF fee and then reprocesses the original $15, bounces it and then assesses another $35 NSF fee. So instead of one overdraft item and one NSF fee, now you have THREE NSF items and THREE NSF fees.

Like I said, Wells Fargo is now the subject of a class action suit. I hope the bastards get nailed.

[file83]

44. That's just low. It reminds me of Blockbuster's late fees before the got sued...

You would pay $3.00 to rent a video for 5 days. If you returned it 2 days late, they would charge you $3.00 TWO TIMES. and so on until 30 days would go by. Instead of charging you $3.00 and then giving you 5 more days, they'd charge you EVERY DAY YOU WERE LATE.

This would go on for 2 weeks or so, and you would owe something like $50 in late fees. THEN, then if you didn't return the video, they'd just write it off as "LOST" and charge you $59.00 on top of your late fees. It wasn't unusual to have people ending up owing us $110 for 1 Video!!! It was a total racket, and the store manager knew it (and would laugh about it).

I worked there in 1999, and my store manager showed me the $ numbers: 50% of our revenue was coming from late fees. It was part of the business model. We used to charge people's credit cards we had on file if they were late paying for more than 90 days. I hated that job and doing that to people.

Well, they got sued in the early 2000's and now if you return a video 4 days or whatever late, they don't charge you anything. I used to be a customer until I joined Netflix ;-P

[Stevepol]

38. I too have switched from BOA to a credit union and found similar differences.

Here's a letter from an 86-year-old woman who has faced a similar system and had a unique reaction. I posted this earlier separately.

86-year Old Lady's Letter to Bank


Shown below, is an actual letter that was sent to a bank by an 86 year old woman. The bank manager thought it amusing enough to have it published in the New York Times.



Dear Sir:

I am writing to thank you for bouncing my check with which I endeavored to pay my plumber last month.
By my calculations, three nanoseconds must have elapsed between his presenting the check and the arrival in my account of the funds needed to honor it. I refer, of course, to the automatic monthly deposit of my entire pension, an arrangement which, I admit, has been in place for only eight years. You are to be commended for seizing that brief window of opportunity, and also for debiting my account $30 by way of penalty for the inconvenience caused to your bank. My thankfulness springs from the manner in which this incident has caused me to rethink my errant financial ways.
I noticed that whereas I personally answer your telephone calls and letters, --- when I try to contact you, I am confronted by the impersonal, overcharging, pre-recorded, faceless entity which your bank has become.

From now on, I, like you, choose only to deal with a flesh-and-blood person. My mortgage and loan repayments will therefore and hereafter no longer be automatic, but will arrive at your bank, by check,addressed personally and confidentially to an employee at your bank whom you must nominate.

Be aware that it is an offense under the Postal Act for any other person to open such an envelope. Please find attached an Application Contact which I require your chosen employee to complete. I am sorry it runs to eight pages, but in order that I know as much about him or her as your bank knows about me, there is no alternative. Please note that all copies of his or her medical history must be countersigned by a Notary Public, and the mandatory details of his/her financial situation (income, debts, assets and liabilities) must be accompanied by documented proof. In due course, at MY convenience, I will issue your employee with a PIN number which he/she must quote in dealings with me. I regret that it cannot be shorter than 28 digits but, again, I have modeled it on the number of button presses required of me to access my account balance on your phone bank service. As they say, imitation is the sincerest form of flattery.
Let me level the playing field even further.
When you call me, press buttons as follows:

IMMEDIATELY AFTER DIALING, PRESS THE STAR (*) BUTTON FOR ENGLISH

#1. To make an appointment to see me

#2. To query a missing payment.

#3. To transfer the call to my living room in case I am there.

#4 To transfer the call to my bedroom in case I am sleeping

#5. To transfer the call to my toilet in case I am attending to nature.


#6. To transfer the call to my mobile phone if I am not at home



#7. To leave a message on my computer, a password to access my computer is required. Password will be communicated to you at a later date to that Authorized Contact mentioned earlier.

#8. To return to the main menu and to listen to options 1 through 7.

#9. To make a general complaint or inquiry. The contact will then be put on hold, pending the attention of my automated answering service.

#10. This is a second reminder to press* for English. While this may, on occasion, involve a lengthy wait, uplifting music will play for the duration of the call.

Regrettably, but again following your example, I must also levy an establishment fee to cover the setting up of this new arrangement. May I wish you a happy, if ever so slightly less prosperous New Year?
Your Humble Client



(Remember: This was written by an 86 year old woman -'YA JUST GOTTA LOVE " US SENIORS" !!!!! )


And remember: Don't make old People mad. We don't like being old in the first place, so it doesn't take much to set us off.

[Bryn]

46. This is great! Very funny!

I honestly think it had to be a male who wrote this for her ... her son or grandson probably because I am a very heavy book reader. This kind of language is male! I wonder why a bank manager would allow it published in a newspaper for all to see how bad BoA is. My guess is this: branch manager of BoA that I have an account with is a family friend. Even she is appalled about the way BoA works.

But I love it. Thank you for posting this.

[MadMaddie]

39. And this is why BOA and other banks will go under

they are worried only about the stock holders.

[BlooInBloo]

42. You don't hear things like this from BoA types of places....

"BECU Remains Financially Strong
posted Jul 15, 2008
A message from Joe Brancucci, BECU Executive Vice President and Chief Lending Officer.

As a result of the news about the failure of IndyMac Bank and the government's support and regulation of Fannie Mae and Freddie Mac, I've have received questions from members regarding the financial health of BECU. I am very pleased to be able to share with you what I told them: BECU has been and continues to be prosperous and financially sound.

Many financial institutions are experiencing very high credit losses from making subprime or "exotic" mortgages (often referred to as "negative amortization" or "Alt A" mortgages). BECU has never offered those products, which we believe aren't the right solutions for our members and have contributed to high losses at other institutions. Additionally, BECU, like all credit unions, is significantly restricted to the types of investments that can be purchased and the financial transactions we can enter. We know it is our members' money we are investing—and we proceed with the utmost caution in every case.

Over 90% of the deposits that are held at BECU are dispersed as loans to members—the true purpose of a credit union. BECU's responsible and sound lending guidelines allow us to remain in a healthy position and continue to offer highly competitive deposit and loan rates. In addition, our members' deposits are fully insured by the NCUA, a federal agency backed the full faith and credit of the United States government. For more information on NCUA insurance visit www.ncua.gov/Publications/brochures/insured_funds/funds... or http://webapps.ncua.gov/ins ."

or

"In response to the International Association of Machinists Workers strike, BECU has activated its Member assistance Program. Designed to provide assistance to members adversely affected by an economic event such as a strike, flood, or hurricane, the Member Assistance Program is intended to provide you with the temporary assistance you may need for food, shelter and medical expenses. For the duration of the strike, BECU will offer you the ability to apply for payment deferrals on existing BECU loans, as well as new personal loans to cover your "basic need" expenses. In addition, financial counseling through the Balance™ Financial Fitness Program and educational seminars are also available free of charge to BECU members. The following are the details of the program:

Existing BECU Loan Payment Deferrals:
Deferrals can be made by calling the Member Assistance Hotline at 206-439-5003 or 800-377-2399. Please have your loan account number available when calling the deferment line.

* Deferrals are available for auto, boat, personal loans, Line of Credit, Home Equity, and Equity Advantage Loans. (Deferrals are not available for home Mortgages)
* Loan payment deferrals may be available for the duration of the strike to members who are unable to make the regular payment (s)."

[snot]

43. To add another personal experience:

When I mailed a deposit to them, from one of the top 20 metro cities to another address in the SAME metro area, they claimed it took over 10 days to get it, and charged me a big overdraft fee. I know most mailings in my metro area take one day.

[pipi_k]

52. I have such little trust

in people that if there's anything really important I'm mailing out, I always do it by Certified mail. That way I have an actual record of when it was sent by me, and received by them.

Admittedly, it does cost to do it, but it's not that often, and the price is way worth it for the peace of mind and not having to deal with lying assholes on the other end...

[Liberal In Texas]

45. The only reason to use a bank is if you need a safe deposit box.

I love my CU and will never go back to a regular bank. The staff knows me on sight and they even have dog biscuits for my pooch. I've never caught them in a mistake.

Can anyone honestly remember anyone saying they love their bank?!

[strategery blunder]

47. I received a notice of class-action lawsuit over this.

It came in my bank statement a couple of months back. I don't know if I'm eligible to be a member of the Class, because the terms of my account allowed me to have one fee waived, which I did (overdraft). So technically I didn't get hit by overdraft, but it did burn my "freebie" when a year later I got hit with something else.

An excerpt from the notice of the Class Action Proposed Settlement (bolding is mine):

"What is this lawsuit about?

The lawsuit was filed in 2004 in the California Superior Court for the County of San Fransisco by the Class Representative, who requested that the lawsuit be treated as a class action. The lawsuit claims Bank of America made statements in its advertising, website, and customer agreements to encourage its customers to use Bank of America debit cards and to increase the number of insufficient funds fees, overdraft fees, returned check fees, and similar fees charged to customers using Bank of America debit cards. The lawsuit also claims that Bank of America authorizes debit card transactions that will result in overdraft fees; fails to warn customers that specific debit card transactions may result in overdrawn accounts; posts debit card and other transactions in high-to-low order; and provides account balance information to customers that is not current, accurate, or as advertised. In addition, the lawsuit claims that Bank of America's customer agreements are unconscionable, and that Bank of America does not provide customers with copies of account agreements until they open their accounts."

Hmm...

[Pooka Fey]

50. K&R

[pipi_k]

51. Credit unions and small local banks

definitely!


I do online banking with my credit unions and local bank. Whenever I transfer money from savings to checking at my local bank, it's available immediately.

The only real issue I have with them is that whenever I make online payments (for my own bills), the date when it will likely show up in those places isn't the same. Some take three days to arrive, some take five days. I've designated Mr Pip as a "payee" because he pays all the household bills from our joint account and I contribute, but even though it's a joint account at the same bank, it still takes three days for the money I transfer to him to show up in that account.

Otherwise, my local bank and my credit unions (got two) are way easier to deal with than the big banks. And when you call them, you get an actual person, too.

[fortyfeetunder]

53. 45 minutes to cash an AMEX Traveler's Check?

I've been a BoA by takeover of the bank I had an account with. And I mistakenly thought as a customer, it would be fairly simple to conduct transactions anywhere there was a BoA branch in the good ol' USA!

I was visiting family with the kid and needed some cash, and I had carried a stash of AMEX traveler's checks. Since I had not found a credit union co-op ATM (fee-free) I knew within a few blocks where I was staying was a BoA branch.

So I take my BoA check card -- containing photo ID, my (out of town) driver's license and travelers checks and requested to cash the checks. Think that was enough? The teller took my ID and made 45 minutes worth of calls while I was wondering, dayum, I am a bank CUSTOMER...this shouldn't take THAT long?

I finally got the money and that was the last time I would ever use BoA in another city. I'll be looking up the co-op ATM's before I head off to the next destination.

[TheFarseer]

54. I suspect the same of Wells Fargo

I usually have a buffer in my checking account though so it's never caused me an overdraft. I might have to conduct my own experiments to confirm that this is true.

[WHAT]

55. question, question...You have to wonder if DU resembles NPR...

all that exquisite education (at least three generations) in a velvet glove...focusing on the final agenda...product placement? If there is an over-arching architecture of survival, I would not think it would be a fool's game of children in a play yard.

If communication and architecture can not be controlled, if the trained poodles are lacking a feed-back system, the advantage will shrug its shoulders, turn its back,and move past the ineffectual.

There will be an eventual redesign of finance, the rapacious will fail.

thoughts of a cynic...

[Bryn]

56. B o A still hasn't credited back to my account

that Walgreen credited to my BoA debit card for a returned item last Friday at noon. Today is Sunday, still nothing there when I went to BoA online banking. I suppose they will claim not to process on weekends...yeah, right! They have no problem to debit your accounts at anytime, all hours within seconds when you use their debit card for purchase ...on weekends, holidays. They have high tech computer to do that.

There's one more thing I forgot to mention:

One day I wrote my Credit Union check to deposit into my BoA checking account. I waited and waited for them to make this available..for 3 days, I checked my Credit Union online banking and that check had already cleared within two days (between Arkansas and South Florida) so I printed it out and took to my BoA branch manager and demanded her to make it available to me right away as my pets and I needed food! She did, gave me cash since I wasn't able to use BoA debit card or they would have charged me overdraft fees because they won't make it available for me even though check had cleared.

I know Bank of America isn't the only one, there are big banks that are in for big profits that also do the same thing.

Credit Unions and Small Community Banks do better for their customers.

Government should do something about big banks' bad practice of stealing from people who are struggling. Every penny counts.