Bank of America: Rediculous Fees
April 29th, 2007 by Grant in: Banking, SavingI got a statement in the mail today from Bank of America indicating I have made too many withdrawals from a money market account.
I am allowed 6 transfers out of the account, of which only three may be made by check, draft, or CheckCard. Evidently, when I set up my Emigrant Direct account, the account verification process made two individual withdrawals to remove the verification deposits from the account.
So now I will get dinged $10 for each additional withdrawal I make from the account.
The way I see it, Bank of America doesn’t pay enough interest to keep money with them, let alone let them charge me for removing my money from their accounts.
So the plan is to convert the money market account to a regular checking account, their 0.5% interest be damned!
My money will work harder for me in the Emigrant Direct account anyway.
Bank of America is good for their online bill payment feature, but little else. After looking through the Sunday financial section of the newspaper, I found that Bank of America had the lowest money market interest rates in the area, and the highest loan and mortgage rates in the area as well.
I guess they don’t need my money that bad!
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