Just wanted to complain about Bank of America

dwsscs

dwsscs

CAGiversary!
I just got some service charges on some of my IRA's so I actually lost money on them. They just started this new policy of charging $30 per IRA account under $10000. They did this in the middle of my opening these IRA's so I am out $25 or so bucks which put me in the hole on these accounts.

I need a new bank as I got no customer service from them. My arguement was this policy was not in place when I opened the accounts so I shouldn't be charged the service charges. They said the terms can change at any time so shaq fu you customer.

I say come October (I can withdraw from accounts without penalties) all my accounts will be gone from there! So shaq fu you Bank of America!

What bank has the best customer service?
 
Pretty much every bank has fine print that says terms can be changed at any time. The only time you'll get any satisfaction is if they make outrageous changes and someone files a class action lawsuit (happened to Citibank a while back). The only way to avoid situations like this is to stuff your money in an old mattress.
 
Always go local with banks, they are much better with customer service, and they will treat you much better, along with faster transfers without taking an enormo dump on you chest like Soverign or BOA. If your at a lack for a local bank, take you buisness to citizens, they are more "people friendly" as Soverign is more "Buisness Friendly"
 
I worked at banks for years (including BofA) All the big banks pretty much suck. I suggest going with a smaller bank if you need decent customer service, and having IRAs and such with an investment house that does this sort of thing tons so dont need to nickle and dime you.
 
[quote name='JimmieMac']Put your IRA with Fidelity.[/quote]

Completely agree, Fidelity is the only way to go. I've had my mutual funds as well as my IRA with Fidelity for 8 years and have yet to have a problem.
 
I should of went with a local bank, but I wanted a bank with more national atms because I travel a lot.
 
[quote name='dwsscs']I should of went with a local bank, but I wanted a bank with more national atms because I travel a lot.[/quote]

ira's can be with any bank...i don't think you have to be a member, nor do i think you can withdraw from your ira via atm machine. :wink:
 
I'd recommend you take a look at Vanguard. Ultra-low fees on their funds and good funds, especially if you are looking for index tracking funds. But I'm sure Fidelity is a great option, too. I had an account with them for several years.

If you want your IRA to have individual stocks I'd go with a discount brokerage like BuyandHold.com

And yeah a bank changing fees on you sucks. They generally send you a written notice, but it's easy to overlook. My bank was going to start charging a $0.25 per ACH transaction fee on my checking account (and I do 10+ of those a month to fund various things). I was all set to ask them to waive that fee for me or close the account, when they sent an update that they were not going to start that fee after all. I imagine they had a wave of complaints.
 
[quote name='gaelan'][quote name='dwsscs']I should of went with a local bank, but I wanted a bank with more national atms because I travel a lot.[/quote]

ira's can be with any bank...i don't think you have to be a member, nor do i think you can withdraw from your ira via atm machine. :wink:[/quote]

I withdraw $ from my other accounts, I was hoping to have everything together. It looks like my best bet is to move stuff to fidelity or vanguard (heard great things about them at clarkhoward.com).
 
make sure its a roth IRA too, the only way to go in my opinion. I agree with Fidelity as well, but I hear ING is good for IRAs, but I dont know 1st hand
 
Commerce Bank has consistently rated quite high on customer service. I would check out a few places to see which one you like best and compare fee structures.

Also, it is worth telling Bank of America why they are losing your business, often is the case where they will waive a fee to keep a customer.
 
The roth is the best option in most cases, but in some cases traditional iras are better in some tax circumstances for the short term gain.
 
Once upon a time, I used to bank with Citizens. Of course, they got bought out by Crestar who promptly raised my minimum balance by $1,500 if I wanted to keep my account without service fees. Crestar was since bought out by Bank of America, and the suffering of innocent consumers continues.
 
[quote name='vherub']Commerce Bank has consistently rated quite high on customer service. I would check out a few places to see which one you like best and compare fee structures.

Also, it is worth telling Bank of America why they are losing your business, often is the case where they will waive a fee to keep a customer.[/quote]

I tried that and they were not concerned at all. Granted my accounts are small, but I am somewhat young so they will grow.
 
You might also want to look at LeggMason for your IRA. I've been using them for 4 years now and have always had very personalized service and been very pleased.
 
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