Subscribe Am I Getting Nickeled and Dimed at Bank of America Online Banking?
posted by MR WAVETHEORY at 8/22/2007 05:20:00 PMEverytime I use Bank of America Corporation (NYSE BAC), I feel like I am getting nickeled and dimed. The latest annoyance is the incoming wire transfer fee that they charged me on my savings account and my checking account. I got an incoming wire the other day and they charged me $10 bucks for it - on a $100 transfer. It's annoying. Everytime I get an incoming wire transfer into my savings account, they charge me $10. Sometimes, the wires are small amounts like a few hundred dollars and $10 is hell of a lot of money. On a $100 transaction, that's 10%!
Bank of America is operating on the nickel and dime principle of earning its keep and it is complete madness. I don't see why incoming wire transfers should cost me any money. After all, I'm bringing assets into Bank of America Online Banking which they're going to be investing at an interest rate spread above what they are paying me. The worst part is that I'm supposed to be fee free because of the type of savings account I have. But apparently, their computer system is so greedy it can't tell the difference. Everytime I get a wire, I have to email them that my account is fee free. Of course, the pesky customer service reps who respond to these requets are all in India and couldn't care less about my account and more than once have dashed off stupid responses, like "ohh we're sorry." I wish Bank of America would just reduce these fees and stop driving me crazy!
Bank of America is operating on the nickel and dime principle of earning its keep and it is complete madness. I don't see why incoming wire transfers should cost me any money. After all, I'm bringing assets into Bank of America Online Banking which they're going to be investing at an interest rate spread above what they are paying me. The worst part is that I'm supposed to be fee free because of the type of savings account I have. But apparently, their computer system is so greedy it can't tell the difference. Everytime I get a wire, I have to email them that my account is fee free. Of course, the pesky customer service reps who respond to these requets are all in India and couldn't care less about my account and more than once have dashed off stupid responses, like "ohh we're sorry." I wish Bank of America would just reduce these fees and stop driving me crazy!
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