Bank of America, convienient...yes; customer friendly...no. How are you going to tell me I have to pay you to use my own money? That's exactly what their saying with this new $5 monthly debit card fee. Grant it, its only $5, BUT over the course of the year that's $60 just for using my own money. If used correctly, that could buy me 2 new pairs of shoes. As if they do not make enough profit from all the overdraft fees and "institution fees" they take from their millions of customers (including myself), they want to continue to rape people's wallets.
I don't know about you, but that was the last straw. I have paid BofA more than enough of MY hard earned money, and this is where I put my foot down. I have done my research on the whole matter and apparently this new fee could become a industry standard, due to new government regulations capping the amount of money banks can charge merchants for debit card transactions. So to avoid taking by business to another major bank that could very well turn around and do the same thing, I have decided to put my hard earned money into a Federal Credit Union.
I found a good local one that had all the bells and whistles I was looking for with little to no strings attached. Free checking, no minimum monthly balance, online banking, free bill pay, overdraft protection, ATM fee reinbustment, and plenty of reward programs. I couldn't ask for more. After I was done signing up they even had this little petition that I thought was very fitting especially after this announcement from BofA.
I must say, genius marketing strategy on their part. I already I feel much better about my money and being free from constant fees. Plus for me its like one stop shopping. I can refinance my car loan and consolidate all my school loans all at the same place for a better rate.
I'm saving money all over the place with this switch, which is definitely a plus for me. especially as I plan for some major things in the next few months. NYC next month, ATL in December, motorcycle in February, Tropical getaway with a special someone, and then Miami Part 2 again in May.