![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
angledgeWhen Bank of America announced that they were going to start charging $5/month to use their debit cards, ![[livejournal.com profile]](https://www.dreamwidth.org/img/external/lj-userinfo.gif)
hotpantsgalore & I decided that was the final straw & that we needed to move our business elsewhere. We researched credit unions & set up an account with Texas Dow Employees Credit Union. So far, they are great.
Throughout the month of November, we slowly disentangled ourselves from BofA. I moved my direct deposit early in the month. Then we started shifting automatic bill payments. We looked for websites where our BofA debit card information was stored, & made the necessary updates. On Tuesday, I thought we were finally finished with the process, so I closed the BofA accounts for good.
Or so I thought.
But it turns out that, like many evil things, our Bank of America account was quite difficult to kill. This morning, I got a text message notifying me that my latest expense check (for $49) had been deposited in my Bank of America account. This was surprising on two fronts: 1) I thought I had switched my URS payments to the credit union; & 2) I didn't think I had a BofA account any more. Some quick questioning at work revealed that URS makes you change your SALARY direct deposit & your EXPENSES direct deposit separately. OK, thanks stupid corporate behemoth! I made the proper updates, & then took off to the bank at lunch. I explained the situation to a BofA representative, who told me that because a deposit came in, BofA just assumed I wanted the account re-activated. I informed her that such an assumption was incorrect & asked her to cash out the account & close it (again) (I had just done that two days prior). She did so, but only gave me $33.
"The expense check that was deposited was for $49. Why did you only give me $33?"
"Well, since the checking account no longer has a direct deposit associated with it, you were charged a monthly maintenance fee of $12."
"But the check that came in was FROM a direct deposit."
"But it did not amount to more than $250/month, which is the minimum to avoid the monthly maintenance fee."
*long staredown*
"You realize," I said in my calmest, most polite voice, "that this sort of thing is exactly why I am trying to leave your bank, right?"
Finally - after checking that I had maintained a sufficient direct deposit for the entire time I had the account open, & realizing that my last SALARY direct deposit had occurred exactly two days before the start of the current billing cycle, she relented & refunded the fee.
"So, $33 plus $12 equals $45. What happened to the other $4?"
"There was an online purchase made from iTunes."
A little investigation revealed that this was a legitimate charge originating fromhotpantsgalore. But then I had a nasty thought.
"What would have happened if that purchase had come into the bank, & my account had NOT just had money deposited? What if the account was zeroed out?"
"We would have assumed that you meant to re-activate the account, & we would have processed the transaction."
"Let me guess... then you would have charged me $35 for insufficient funds, right?"
She looked abashed, but nodded in the affirmative. I worked with her a little bit more, ensuring that both debit cards associated with the account were completely deactivated & that we wouldn't accidently signal to BofA to re-open the account by making a Kindle purchase, or buying a Christmas present off of eBay, or.... I don't know, auto-paying the newspaper subscription. What I don't understand is why cancelling the debit cards didn't happen automatically when I closed the associated checking account!
Anyway, while I was dealing with my situation, I overheard another customer hashing it out with a representative over a bunch of fees she had been charged. When I left the bank, that other customer was getting into her car. I said, "I'm sorry, but I couldn't help overhearing you... would you like me to give you directions to the credit union I just joined? They're right up the street."
She took me up on it. Another new customer at TDECU.
hotpantsgalore & I decided that was the final straw & that we needed to move our business elsewhere. We researched credit unions & set up an account with Texas Dow Employees Credit Union. So far, they are great.Throughout the month of November, we slowly disentangled ourselves from BofA. I moved my direct deposit early in the month. Then we started shifting automatic bill payments. We looked for websites where our BofA debit card information was stored, & made the necessary updates. On Tuesday, I thought we were finally finished with the process, so I closed the BofA accounts for good.
Or so I thought.
But it turns out that, like many evil things, our Bank of America account was quite difficult to kill. This morning, I got a text message notifying me that my latest expense check (for $49) had been deposited in my Bank of America account. This was surprising on two fronts: 1) I thought I had switched my URS payments to the credit union; & 2) I didn't think I had a BofA account any more. Some quick questioning at work revealed that URS makes you change your SALARY direct deposit & your EXPENSES direct deposit separately. OK, thanks stupid corporate behemoth! I made the proper updates, & then took off to the bank at lunch. I explained the situation to a BofA representative, who told me that because a deposit came in, BofA just assumed I wanted the account re-activated. I informed her that such an assumption was incorrect & asked her to cash out the account & close it (again) (I had just done that two days prior). She did so, but only gave me $33.
"The expense check that was deposited was for $49. Why did you only give me $33?"
"Well, since the checking account no longer has a direct deposit associated with it, you were charged a monthly maintenance fee of $12."
"But the check that came in was FROM a direct deposit."
"But it did not amount to more than $250/month, which is the minimum to avoid the monthly maintenance fee."
*long staredown*
"You realize," I said in my calmest, most polite voice, "that this sort of thing is exactly why I am trying to leave your bank, right?"
Finally - after checking that I had maintained a sufficient direct deposit for the entire time I had the account open, & realizing that my last SALARY direct deposit had occurred exactly two days before the start of the current billing cycle, she relented & refunded the fee.
"So, $33 plus $12 equals $45. What happened to the other $4?"
"There was an online purchase made from iTunes."
A little investigation revealed that this was a legitimate charge originating from
hotpantsgalore. But then I had a nasty thought."What would have happened if that purchase had come into the bank, & my account had NOT just had money deposited? What if the account was zeroed out?"
"We would have assumed that you meant to re-activate the account, & we would have processed the transaction."
"Let me guess... then you would have charged me $35 for insufficient funds, right?"
She looked abashed, but nodded in the affirmative. I worked with her a little bit more, ensuring that both debit cards associated with the account were completely deactivated & that we wouldn't accidently signal to BofA to re-open the account by making a Kindle purchase, or buying a Christmas present off of eBay, or.... I don't know, auto-paying the newspaper subscription. What I don't understand is why cancelling the debit cards didn't happen automatically when I closed the associated checking account!
Anyway, while I was dealing with my situation, I overheard another customer hashing it out with a representative over a bunch of fees she had been charged. When I left the bank, that other customer was getting into her car. I said, "I'm sorry, but I couldn't help overhearing you... would you like me to give you directions to the credit union I just joined? They're right up the street."
She took me up on it. Another new customer at TDECU.
![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png){kind=small}
no subject
Date: 2011-12-09 04:21 am (UTC)I hope TDECU treats you a LOT better!
no subject
Date: 2011-12-09 11:59 am (UTC)Nosy Parker that I am, I checked the Houston-area bankruptcy court to see how active your CU is. Answer: very. Over 300 cases in the past decade where they actively participated in a case, seeking permission to evict, foreclose or repossess. Now for an area that size over that period of time, that's probably not that many, but still.
If times ever get tough, let's be careful out there.
no subject
Date: 2011-12-09 12:29 pm (UTC)I don't know how to check that sort of thing. Is that something you recommend doing when researching banks? Is it relevant to me, seeing how I've never owned a home (& at this rate, probably never will)?
no subject
Date: 2011-12-13 06:46 pm (UTC)