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Who uses it? What do you think? I'm switching from Chase, and I need a new bank. It obv has to have branches in NYC. kthxbye
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mozzer
(United States)
5,976
Posts.
Joined
08-14-2006.
06-09-2009 10:09 AM
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In reply to
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BoA can s my d....
We have them as our lender (after having our two previous lenders go under) and they suck. We wanted to do an accelerated payment program (2 payments a month to reduce interest) and they said we could only do that if we paid them $4 per payment. For what?!?!?
You'd think the damn bank would be happy that we're trying to pay our mortgage, but instead they want to nickel and dime you for attempting to do the right thing.
Eff them.
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i need some more pictures to help inform my decission.... what was the ? again
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 cizastro: | |
BoA can s my d....
We have them as our lender (after having our two previous lenders go under) and they suck. We wanted to do an accelerated payment program (2 payments a month to reduce interest) and they said we could only do that if we paid them $4 per payment. For what?!?!?
You'd think the damn bank would be happy that we're trying to pay our mortgage, but instead they want to nickel and dime you for attempting to do the right thing.
Eff them.
As I posted earlier I completely can not stand B of A. HOWEVER, this particular issue doesn't surprise me and I can understand their reasonining. Mortgage servicing and payment processing for mortgages can be extremely complex. Anytime you pay ahead on your mortgage someone manually has to go in and roll dates back, monitor this to make sure the amortization stays on track to avoid having and "fix" the loan if it goes off-track.
I have yet to see any sort of software that actually can handle the amortization's clearly when someone starts paying ahead. Note: I doubt you can any sort of interest break as well by paying ahead.
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| Bob Futon: | |
| cizastro: | |
BoA can s my d....
We have them as our lender (after having our two previous lenders go under) and they suck. We wanted to do an accelerated payment program (2 payments a month to reduce interest) and they said we could only do that if we paid them $4 per payment. For what?!?!?
You'd think the damn bank would be happy that we're trying to pay our mortgage, but instead they want to nickel and dime you for attempting to do the right thing.
Eff them.
As I posted earlier I completely can not stand B of A. HOWEVER, this particular issue doesn't surprise me and I can understand their reasonining. Mortgage servicing and payment processing for mortgages can be extremely complex. Anytime you pay ahead on your mortgage someone manually has to go in and roll dates back, monitor this to make sure the amortization stays on track to avoid having and "fix" the loan if it goes off-track. I have yet to see any sort of software that actually can handle the amortization's clearly when someone starts paying ahead. Note: I doubt you can any sort of interest break as well by paying ahead.
Supposedly by joining their accelerated payment program they claim that it's the equivalent of paying one extra payment per year with the interest that you save. Now I have no clue if that's true or not, but it was something that I was interested in cuz I thought I read somewhere that by making 1 extra payment per year takes off about 8 years of the life of the mortgage when sticking with that system. So essentially if you make one extra payment a year on a 30-year fixed rate you'd pay off the mortgage in 22 years.
I dunno, figured it was worth a shot but I'm just not wild about having to pay them to pay my bill.
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I'm with BofA and I generally like them. As others have said, their online banking is very good, but their customer service is oftentimes terrible (not every single time, but regularly). I do the vast majority of my banking online and rarely have to contact customer service, so it works for me.
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Tcf bank is open everyday but Christmas, Sundays too, no ATM fees (I don't use it much anyhow), friendly as hell people working there. (Plus if your credit sucks they don't check it if that matters to some people. Anyone who cashes checks for fees should be there for free instead.).....for online banking I use Fidelity, twice the interest rate almost, write checks off it, use debit off it (if you deposit 25k to open account but doesn't have to be maintained. hidden brag). It's insane tohave a savings account or more than you need monthly in a branch bank. They have offices some places if you need to go in but they aren't banks. Can deposit in person though. Shift money from investments and savings in a click of a button. I use bill paying there also. Basically their regular interest on checking is either the same as a CD or better but its flexible. One year It hit 7% before the Internet bubble popped.
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i read somewhere that boa added some new charges...to what and when they start, i have no idea because haven't used them in 10 years. find some credit union or something if you don't like chase.
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Boa and wells Fargo have the highest fees and ticky tack fees many banks dont charge at all. Ask yourself why you need to pay them over another bank, especially if all they do is hold it or you have a low balance. Regional banks are much better if tcf isn't in your area. Many smaller banks offer free ATM fees to use any banks ATMs. Compass bank comes to mind as one.
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| norcaljeff: | |
This^^
I have never had a problem with BoA. Their online banking and bill pay is awesome.
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dams
(Botswana)
8,126
Posts.
Joined
10-23-2006.
06-09-2009 11:37 AM
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In reply to
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All I know is that they are suppose to owe me 50 bucks for signing up with them at a Red Sox game and they haven't put the money in my account for over a year, I'm canceling my 20 dollar balance with them today.
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| skisteve: | |
Boa and wells Fargo have the highest fees and ticky tack fees many banks dont charge at all
While this is true, almost every fee I've ever had with them, I've been able to call and get removed pretty easily. The only really annoying fee is them charging you an added fee for using another bank's ATM, and b/c of that I ONLY use it at Bofa ATMs.
I have a Bofa account, Citi account, and Chase Account (all signed up for $100+ free with opening an account)...figure i got all the bases covered if i ever need an ATM in the US. Also have an HSBC account for international, never been charged an international ATM fee with them (though they're probably screwing me on the forex).
In my experience, all the banks have been about the same for my purposes, but I like Bofa Bill Pay the best, so they're usually my go-to checking account.
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When it comes to the bigger banks you will always have a generous mix of "great to me" and "they suck, never use them", just pick the one that best suits your personal needs, you will be fine.
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mozzer
(United States)
5,976
Posts.
Joined
08-14-2006.
06-09-2009 1:40 PM
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In reply to
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Yup. Doesn't look like there's much of a consensus here. I think I'll give them a shot. It's my parents bank anyway...easier for them to ship me moneees when I needs it.
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Nice pic even though the face is a little rough looking.
I would not use BoA, had some bad experiences with them in the past making stupid mistakes on my account. I started an account with a local bank and have been happy with them. I still have accounts with big banks too just not BoA anymore.
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