Ok dumb question time, my bank was recently taken over by BoA

[mrcheerful]

I had been with my bank since 1984 so the dumb question is how hard will it be to transfer my account over to a credit union? I have never done this before and the major reason I am doing it is because BoA sent me a letter saying that free checking accounts with direct deposits are now going to be charged $8.95 maintenance fee's a month unless I keep $750 in checking plus my savings account will also get charged the same fee if I don't keep $1,500 in it a month. I can not afford to pay $17.90 a month to BoA.

[elleng]

1. Cinchy; transferring anywhere should not be a problem.

Just find one for which you're eligible.

[rucky]

2. You'll have to pay a small membership fee upfront.

sounds like it would pay for itself in a month, if your balances are anything like mine.

[sarcasmo]

3. Find a Credit Union.

[mzmolly]

4. You'll have to open an account at a Credit Union

and close your existing account with BOA.

[Another Bill C.]

5. It doesn't take much

Just go to your local Credit Union and sign up for an account. Once the account is opened, deposit a check from your bank and you're in business. It only takes a small deposit to open your account. It will take time to get your CR checks and check card so leave money in your bank account to cover expenses for a couple of weeks.

I'd look for a local Credit Union because, if you wish, you can have a voice in the running of it.

I've been a credit union member for 51 years and have never regretted it.

[recoveringrepublican]

6. Last time I did it (10 years or so ago) it was a major PITA because I

had voided a check, but lost it and the stupid bank wouldn't close the account until it had "cashed". My hubby had the account at the credit union, so I just added my name. Not sure what it took to get started, but we love it, even after they were taken over by another credit union.

[mrcheerful]

7. LOL I wrote one check 8 years ago that was 15 cents over what was in my

account, got charged $35 dollars went home and burned all my checks and haven't written a check since. Same with the debit card, I only used it a hand full of times as I dislike them.

[recoveringrepublican]

21. I wish I could do that, but after 3 kids I've become so absentminded

I would lose the cash! I know I would. Twice I've almost walked out of a grocery store without $200+ in groceries! We don't really use checks any more, except to pay bills, and with my debit card I can cancel it right away when I lose it.

[marmar]

8. Yep. I'm dropping Stank of America this week.

n/t

[MilesColtrane]

20. I'll be phasing them out over the next month or so.

Just cancelled my credit card with them.

Savings account gets pulled in a week, then checking after I've used most of the checks I have left.

[JerseygirlCT]

9. Shouldn't be hard at all, I don't think. nt

[doc03]

10. They probably took it over with our

TARP money now they raise fees just to screw you again. A local bank with 114 branches in 3 states purchased 6 more in Columbus a couple weeks ago with the $75m TARP they got.

[ima_sinnic]

11. nothing to it, just open a CU acct with a check from your BoA acct for virtually everything in it

--but make SURE you don't overlook any outstanding checks or debit card purchases that might come in later and bounce. You can transfer everything in your savings into checking and include that, too. Then go into BoA and tell them you are closing and ask for the small amount remaining. They might go through some rigamarole of making you wait for a week or two while they make sure everything has cleared that is going to clear.

Those fees you mention are a crock. I used to get killed w fees by BoA, and joining a credit union was one of the best things I ever did for myself. Fee-free and lovin' it! In fact, I now belong to 2 credit unions in 2 different states. Once you're a member of one, you are apparently a member for life, even if you move away. That is kind of neat, really, because I use one for long-term savings--out of sight, out of mind.

[ima_sinnic]

16. I just noticed you said upthread that you don't write checks--still not a problem

(if you don't want to make this one exception by writing a check for almost your full balance)--just ask for the cash and take it over to the CU. The fee for the CU should be no more than about $20--could be as little as $5. That is an amount that you have to keep in there all the time.

on edit: actually, post #12, below this one, is better advice. I'd forgotten about things like waiting for ATM cards and stuff, and of course getting a cashier's check instead of cash.

[murphymom]

12. I would start out

with finding a credit union that has fees that you can live with, then opening an account with a minimum balance. Once everything is set up (new checks, ATM card, etc. received), go in and formally close the old accounts and get a cashier's check for your balance, which you can deposit into the new accounts. Double check to make sure you have any automatic deposits or payments transferred to the new accounts. Also, be sure you understand your new financial institution's fees on overdrafts, holds on uncollected funds, and so forth.

When you close your old account you might want to make a point of telling them (politely, it's not the poor clerk's fault who'll be waiting on you) that you're doing it because of their policy change.

[mrcheerful]

13. Thanks everyone for the information.

[Hobarticus]

15. I think you'll be much, much happier with a CU....eom

[northzax]

14. no time at all

find a credit union you are eligible for (most are now open to anyone who 'lives, wprks, worships or plays" in the county the bank does business in. Mine was originally for teachers, but is now open to anyone in seven counties. (I got in from my mom way back in the day) they can take care of it all for you.

[MGB67]

17. "Bank of Assholes" sucks...

They now own my mortgage after the original lender sold it to Countrywide and then.... etc. I was also surprised to learn that the VFW credit card I applied for (cuz I thought that it would help my local post) was with BofA. As soon as I made a payment on a Monday (was due on a Sunday) they raised the rate to 23% (.... and "thank you for your service").

My wife and I gathered with our circle of drinkers two Fridays ago..... seven of us talked about BofA and all seven had very negative tales to tell (often the same ones).

They got fifty BILLION dollars in federal aid afdter going bankrupt and they have the fracking nerve to punish ME about fiscal responsibility cuz I could not make a payment on a Sunday.

Sorry for the rant. I am pissed!

KR and remember Isleton.

[jtrockville]

18. I'm in the process of leaving BoA right now.

I have a savings account with a credit union, but their interest rates aren't so good. So rather than switch my checking account to the credit union, I opened a new account with a local bank.

My local bank is SO VERY NICE to deal with. No "phone tree" nonsense. They don't "fee-you-to-death" BoA-style.

I'm just waiting for my employer to change my direct deposit. My paycheck comes in on Friday, so I should know by then. I can't wait to walk away from BoA.

[MGB67]

19. Not Isleton....

.... was Isla Vista.

I am NOT advocating violence.... just considering some history.

[K Gardner]

22. Good grief.. what kind of monopoly is BoA aiming for? They're taking over

my mortgage from Countrywide and the thought nearly makes me ill.

A good credit union is a much better option. Just transfer your funds and notify any creditors of the switch if you have automated payments or deposits on anything. Good luck !