Comments on: Banks and Budgeting: Polar Opposites

By: Mike

Mike — Fri, 12 Mar 2010 04:15:09 +0000

Haha!

I love Mint’s weekly update. That’s what I use to make sure that I’m not a victim of any additional service charges or fraudulent purchases.
.-= MikeÂ´s last blog ..You Be The Expert!: When Numbers Lie – What’s Wrong With This Ad? =-.

By: Little House

Little House — Fri, 12 Mar 2010 01:46:56 +0000

That whole transferring money from the checking to the savings account is ridiculous. Wells Fargo is doing the same thing with a personal checking account I had to open, according to them (they won't deposit or cash checks made out to me or my husband through our business acct. anymore - don't know why.) But in my case it's $75. I don't remember them telling me it was a limited option on the account. Maybe I should look into this! Thanks for this info. .-= Little HouseÂ´s last blog ..Amazing Home Makeovers =-.

By: Budgeting in the Fun Stuff

Budgeting in the Fun Stuff — Thu, 11 Mar 2010 16:32:11 +0000

Sadly, we are stuck with Chase for much the same reasons (loved WAMU, hate Chase). My husband gets real checks with his hobby job and ING just can’t handle that.

Our main money is also with Smarty Pig, our shorter-term money is mainly with ING, and our checks are deposited to Chase and moved to ING.

Chase requires a minimum balance of $500 and I like to pad checking accounts with $1000, so Chase only has $1500-$2000 of our money at any given time. I’m seriously considering opening up an account with First Community Credit Union for their 4% interest checking (with 12 debits a month; I hate debit cards, but this would be worth it), but I’d have to park and go in everytime I want to make a deposit…hmmm…how lazy am I…
.-= Budgeting in the Fun StuffÂ´s last blog ..Determining Our "Allowances" =-.

By: FinEngr

FinEngr — Thu, 11 Mar 2010 16:16:03 +0000

AHHHHHH. Daniel – Close that account NOWWWWWWWWWWWWWW *sound like Aziz? ;)

I am going to comment on BAC until I am blue in the face!

Did a quick search, and according their website they serve approx. 59 MILLION people (http://newsroom.bankofamerica.com/index.php?s=40). At $5 a pop per month…do the math. Even if only half pay that fee, it’s no longer latte money.

Like My Financial Objectives commented on, they’re going to find other sneaky ways to steal your money since the new CC act limits that profit.

People complain about bank bonuses…bonuses are based on profits…profits come from stealing your money…

So the logical solution would be to MOVE YOUR MONEY ELSEWHERE.
.-= FinEngrÂ´s last blog ..The Best Defense is a Calculated Defense =-.

By: myfinancialobjectives

myfinancialobjectives — Thu, 11 Mar 2010 14:29:24 +0000

@Daniel, Agreed. That in addition to the previously mentioned Way2Save program is why I stick with them. .-= myfinancialobjectivesÂ´s last blog ..The Ultimate Motivator: Compounding Interest =-.

By: myfinancialobjectives

myfinancialobjectives — Thu, 11 Mar 2010 14:19:28 +0000

@Daniel,

Ahh gotcha! Wow that sounds like a great deal, espiceially for the first three months. I’d buy my groceries 1 item at a time haha.

That sounds comparable to Wachovia’s Way2Save program, though looks like you will be getting a much bigger bonus than my $96!

I had a similar plan, though through Wachovia’s Way2Save program. You might like the read: http://myfinancialobjectives.com/?p=219
.-= myfinancialobjectivesÂ´s last blog ..The Ultimate Motivator: Compounding Interest =-.

By: Daniel

Daniel — Thu, 11 Mar 2010 14:13:05 +0000

@myfinancialobjectives, With the keep the change, every purchases is rounded to the next dollar and those extra cents are sent to your savings account. Plus they match for the first 3 months. So when I made a lot of small purchases, I used the debit card and suddenly I had a ton of money in there. I transferred the money out, and in September, I'll get the bonus.

By: Daniel

Daniel — Thu, 11 Mar 2010 14:10:32 +0000

@Keith Morris, I wish they weren't so convenient. IF ING had better ATMS where I could deposit checks, I think I'd drop Bank of America completely.

By: myfinancialobjectives

myfinancialobjectives — Thu, 11 Mar 2010 14:10:09 +0000

@Daniel, Nice! Now that's wise financial planning! I may have to look into that. Do you have a previous post about the details of the $250 bonus? Seems like a pretty good investment for only $1.24 :) .-= myfinancialobjectivesÂ´s last blog ..The Ultimate Motivator: Compounding Interest =-.

By: Daniel

Daniel — Thu, 11 Mar 2010 14:09:28 +0000

@Lakita (PFJourney), Don't worry, I have my savings with SmartyPig, which gives 2.01 right now. And I love ING, I do most of my banking with them.

By: Keith Morris

Keith Morris — Thu, 11 Mar 2010 14:05:03 +0000

I have a Bank of America checking account because there’s a branch walking distance from my apartment. I am just about ready to drop them. Most of my money is in ING, but I need a local bank in order to deposit cash and checks from time to time, and in order to write checks occasionally. I’m thinking about switching to a local credit union or USAA (qualifying customers can deposit checks remotely).

By: Lakita (PFJourney)

Lakita (PFJourney) — Thu, 11 Mar 2010 13:30:14 +0000

Agree with @myfinancialobjectives….put your savings somewhere else! I have a BOA checking account, but I do savings in an account that will produce a higher yield.

I wonder how things will change with BOAs new overdraft policy?

By: Daniel

Daniel — Thu, 11 Mar 2010 13:20:56 +0000

@myfinancialobjectives, I don't use it for anything but getting that fat $250 bonus. Right now there's only $1.24 in there! .-= DanielÂ´s last blog ..Life in the Cheap Lane =-.

By: myfinancialobjectives

myfinancialobjectives — Thu, 11 Mar 2010 12:55:18 +0000

Savings with BAC? Haven’t you heard all the Buzz? An ING savings account is all the rave.

Also I’m not surprised by your story. Banks like BAC will find anyway to charge their customers. I’ve been pretty happy with Wachovia though.
.-= myfinancialobjectivesÂ´s last blog ..The Ultimate Motivator: Compounding Interest =-.