January 29, 2013 by myfabfico
I recall opening my first bank account. I was so proud. My mom took me to Wachovia (RIP Wachovia, thanks for the memories) and cashed my first paycheck from my grocery-bagging job a Winn Dixie. I don’t recall frequenting the bank, I don’t even think I had a debit card, but things really got cooking when I went off to college 3 years later. At that time I decided to switch to Bank of America for several reasons.
I give it to BOA, for a moment they were doing me justice with the free student checking account. There were fees I deemed ridiculous here and there but despite hearing about credit unions I remained faithful to BOA. Until a series of unfortunate events occurred that helped me make the ultimate decision of giving BOA the boot.
- They knew about my life before my parents! Once I graduated from college they almost instantly began charging me monthly fees. No idea how they knew because I didn’t graduate on time, but they knew. I called them up and found out that if I had direct deposit, I would receive free checking again. So I registered my new job and received free checking for a bit. Fast-forward another year. The company I was working for declared bankruptcy. The entire staff went from happily employed to unemployed in a matter of 3 days. Within a week, without a courtesy call to find out why, BOA was again charging fees because I no longer had direct deposit.
- The wire transfer policy. Last summer we had a friend staying with us from Europe. She didn’t have the documentation necessary to open a bank account so I allowed her to have the money transferred into my account. Aside from taking 5 days after the European bank deducted the money from the senders account, BOA charged me approximately $35 for receiving the money. Not for withdrawing it, but for simply receiving it. What in THE hell?
- The end of the dividend miles debit program. It really wasn’t until BOA phased out the divided miles debt card program that I decided to make my exit. I only found out because after waiting 3 weeks for my replacement card, I was informed my card hadn’t been ordered because the program was being phased out .Had I not called I would’ve been out of a card until I eventually called. Oh and they also refused to express mail my card. There was absolutely no reason for me to remain with them in a world full of options. Especially since one of my policies issss.. making your money work for you.
Enter USAA. I know some people are anti-bank all together. I’m not there yet.
I had my car insurance through USAA and my mother and sister have been happy USAA customers for years. Sure they don’t have branches, but you can deposit your checks from a UPS location or directly from your phone. I also am reimbursed up to $15.00 in ATM fees every month. It’s been almost 7 months now and not a single fee. I also receive my paychecks a day before my colleagues, because USAA disburses your money to you promptly after they receive it. I recently signed up or my life insurance policy though them and I have my Credit Report monitoring service through them.
I’m rarely ever this happy to let someone else hold my money lets see how this goes.