Why I divorced Bank of America


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.

  1. 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.
  2. 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?
  3. 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.


2 thoughts on “Why I divorced Bank of America

  1. Megan Lottie says:

    Love me some USAA!!! We started our account a year ago and we have not looked back ever since. At first, we had the same worries as you did about them but those worries quickly went away.

    I am going to have to look through all their services again because I did not know they had a credit reporting service.

    • myfabfico says:

      I love USAA too. They’re also very responsive on social media.

      And yes look into that Credit monitoring service. I was able to get it upgraded to all three for $6.95 a month after threatening to cancel.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Enter your email address to follow this blog and receive notifications of new posts by email.

%d bloggers like this: