Bank Of America – Nah Nah Nah Nah, Hey Hey Hey, Goodbye!

Note that I am self employed and have no option of Direct Deposit of a paycheck. I do, however, carry an average daily balance in my savings account of several thousands of dollars. But after doing my personal banking with Bank Of America since the days of their being Nations Bank (10+ years), I have finally gotten fed up enough to jump ship.

The reason? I never had issues with my account in the days of Naitons Bank. However, not long after Nations Bank "merged" with Bank Of America I began to see a lot of FEES springing up on my Savings and/or checking account. This seems to have occured around the same time that punitive ATM fees and offshore Information Technology and Customer Service useage became the vogue for big banks. This ALSO coincides with Bank Of America reporting some of their BIGGEST PROFITS EVER!!

Compound that with an absolutely abhorrent customer service call regarding one of the aforementioned fees where the representative simply couldn’t hear the proper date and amount I was quoting for the third tiime, and I’ve had enough.

Enter one of my favourite web sites – http://BankRate.Com. It was here that I saw how Bank Of America does not rate very well amongst their competitors. I opted to go with either Wachovia or First Charter Bank as they don’t make you jump through insane hoops to avoid being pilfered with stupid fees. Additionally, if you can live with the ATM restrictions, the totally online banks offer some great rewards!

Moral of the story? Those of you still banking with Bank Of America – DON’T! Switch to one of the better rated banks listed on http://BankRate.Com!!

UPDATE – I went with a TOALLY FREE personal checking account with First Charter Bank. They gave me $25 for the switch, a free gift (nice rolling cooler!) and will give me another $25 when I do my first FREE Online Bill Pay! Compare THAT to Bank Of America hocking $12 from me because I dropped below $300 in my savings right after paying Uncle Sam the $10,000 that sat in Bank Of America’s coffers via my Savings account for nearly 3 months.

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