First, please note that this article is by Heather's bill-paying husband, and not by Heather herself. She'd never get this angry. Me, on the other hand, does. Dear Bank of America,
Okay, that's the final straw.
We've put up with your $13 monthly service fee, your $3 ATM Fees, your Online Banking Fees, but now you want to charge us $5 a month to use our ATM Debit card to access the money we have paid to have in your bank. You've denied us reasonable interest rates. Your executives made millions of dollars in bonuses, received Federal bailout money, and now you have audacity to strong-arm your customers and fleece them individually to circumvent attempts at controlling how much you fleeced individual businesses. All of these fees are for automated, paperless transactions that cost you next to nothing yet you reaped more than 1.5 percent on every single purchase made. Now, you want to charge us $5 per month just to spend our money? That's the final straw. Goodbye and good riddance.
It is with great pride and joy that I have now found a solution that effectively removes you from my life. That solution has a name. That name is Schwab.
The Moving Bank Accounts Dilemma
So, a lot of people who want to transfer banks run into two (2) problems:
1. The logistics of moving their accounts, online bill pay, direct deposits, and automated monthly withdrawals (like Netflix, etc).
2. The concept to moving to another bank, or even a Credit Union, doesn't guarantee that you're still not going to get fleeced when you move.
The "Credit Union" Solution?
Two problems are presented to the consumer when considering moving to a Credit Union. Despite rave suggestions from people screaming, "Just move to a Credit Union," this solution comes with another caveat: Who says they aren't going to do the same thing in the future?
Facts:
1. Credit Unions, while better than banks, still charge huge fees for overdrafts and other services (like ATM fees). While more attractive than banks, banks have set the standard. A Credit Union is better than a bank, but it's still not ideal.
2. Qualifying for a credit union might be a challenge where you live. Usually, these days, it only takes being a resident of that city. Some cities require you to be a member of an organization.
The Schwab Solution
Imagine this: Depositing checks just by taking a picture of them on your iPhone or Droid.
Imagine this: Any ATM fee you may encounter, anywhere, for any amount, reimbursed to you at the end of the month.
Imagine this: No account minimums.
Imagine this: No monthly service charges.
Imagine this: Free online bill pay and standard checks.
Imagine this: Competitive interest rates on your deposited money.
Imagine this: FDIC Insured up to $250,000.
Sound crazy? Sound too good to be true?
Welcome to Schwab Country.
Yes, there are local branches as well for those rare times when you need to talk to someone in person (like having Cashier's Checks drawn up, etc).
You'll also get your accounts linked with their brokerage service, and have access to their professional money planners (again, free), so you can invest your funds and plan for retirement.
Bank Transfer Checklist
While moving banks can seem overwhelming, there is a methodical approach to this which makes the process easy and efficient.
Basically, you're going to run 2 banks for a small amount of time, and transition over to your new bank account when everything seems in order. Here's what you're going to do:
1. PRINT out your bank statement from your current bank. Highlight the following types of transactions:
a) Direct Deposits
b) Online Bill Pay Payments
c) Automated Monthly Withdrawals (gym memberships, Netflix, etc)
2. OPEN your new account at your new bank (As stated above, I highly suggest SCHWAB over any bank, or even any Credit Union.) FUND this account with as much money as you can comfortably spare. You'll need a few weeks to ensure everything's transferred over and you'll be paying bills out of that account slowly as each transaction is moved over from your current bank to your new bank.
3. NOTE your new ROUTING NUMBER and ACCOUNT NUMBER from your new SCHWAB account. You'll need that for changing over your Direct Deposit information. You might have to wait for your checks to arrive from SCHWAB to have a voided-out check ready for the new Direct Deposit setup.
4. WAIT for your new ATM Debit Card to arrive from SCHWAB. You'll need this for transferring over your automated monthly withdrawals. Start using that new card for daily ATM Debit Card purchases. The transition starts here and now.
6. SET UP your new ONLINE BILL BAY at SCHWAB and, using your CURRENT BANK's Online Billpay Account information (account name, account number, mailing address), transfer over each Bill Pay item to your new account. It's easier to move your Online Billpay when you have access to it already set up. You don't want to miss anything.
7. MONITOR your current bank for transactions that you might have overlooked. The whole idea is to get your current bank account "quiet". You should start seeing your current bank's activity dwindle down day to day, week to week, until there is no more activity. Keep your current bank account funded until you're ready to shut it down.
8. SHUT YOUR CURRENT BANK ACCOUNT DOWN. TELL BANK OF AMERICA TO EFF OFF. So, when you've transferred your Online Bill Pay over, your Direct Deposits, your Automated Monthly withdrawals, and started using your new ATM Debit Card, your current bank's activity should go to zero. It's now time to shut it down.
Oh, did I mention telling Bank of America to take a hike?
GO TO SCHWAB.COM HIGH-YIELD CHECKING PAGE
appreciated
