Welcome to Thunderdome

I've been using Wells Fargo forever (started out with Wachovia, and they were acquired by WF in the crisis). I used to have the best account that Wachovia offered, but it's just gotten crappier + crapper over time as WF watered it down.

I finally moved to BOA this week, of all places. Mostly due to this: https://www.bankofamerica.com/preferred-rewards/

I had a 401k from prior job to rollover, which gets me the highest level of benefits (no ATM fees, free accounts of whatever types, free trades, and better credit card rewards).

But, damn, I, never having moved accounts before, didn't realize just how damned many thing I had auto-debiting from my old account. The list is about 20 things long. PITA.

Business opportunity: meta-bank-account.

thibodeaux wrote: Business opportunity: meta-bank-account.

Right? I was just thinking the same thing this morning. My bank account just needs a pointer.

So for the first time ever I have an HSA. I found a place that does no fee accounts if you have a balance of $5k.

So I deposit $5k. Then the month ends, and I get a fee for $2.50.

Me: Wtf?

Them: You have to have a daily average balance of $5k.

Me: It's a brand new account.

Them: OK, we'll waive it.

(next day)

I get a fee for $3.00.

Me: Wtf?

Them: You have to have a daily average balance of $5k.

Me: It's a brand new account.

Them: OK, we'll waive it.

Annoying, but hopefully refunded.

I love our HSA.

Leisher wrote: I love our HSA.

So... what makes you love an HSA?

Right now, I'm basically envisioning this as another retirement account.

Are we both talking about Health Savings Accounts?

Ours is through work and our minimum is much lower. I think $2K? When we hit a certain point in spending in one year, per person, everything else for that person is free. I'm about to go over that limit for the first time this year after I have surgery on the 16th. So anything else for the rest of the year won't cost me anything.

Is it money you can also set aside, yes. However, we have three young kids, so it's mostly used for its intended purpose right now.

Leisher wrote: Are we both talking about Health Savings Accounts?

Yes.... kinda.

Leisher wrote: Ours is through work and our minimum is much lower. I think $2K? When we hit a certain point in spending in one year, per person, everything else for that person is free. I'm about to go over that limit for the first time this year after I have surgery on the 16th. So anything else for the rest of the year won't cost me anything.

That's an HDHP (High deductible healthcare plan). The HSA is the savings/investment account that goes along with it, where you can reimburse yourself for expenses with pre-tax money. As family, you can contribute $6,900/year, and they are triple tax advantaged.

Banks have never made more money.

Too bad we don't live in a capitalist society or we could see benefits of that.

But the decision by many banks to funnel tax savings into higher dividends and stock buybacks has been controversial. Such moves have been criticized as helping wealthier investors but not Americans broadly.

cha-ching

I moved my accts to Bank of America, and they ended up giving me: $300 for one CC, $200 for another, $500 for 'business' accounts, and $2,500 for my investment accounts.

Most interesting is that BoA now gives me 2.625% on ALL purchases on my credit card as cash back. Which is insane. We have other cards that do better for other categories (5.25% for gas; 4.5% on travel, 6% on groceries, 6% on Marriott/internet/phone), but 2.625% on all purchases is something I haven't seen anywhere else.

Interesting. Just told the wife we need to do some bank shopping.

Leisher wrote: Interesting. Just told the wife we need to do some bank shopping.

First time I've really done bank shopping since I got my first bank account almost 30 years ago.

Only drawback to BOA is that their savings rates are terrible. But if you just use CIT, or Marcus, etc for your HYSA you'll be fine.

I may finally have to quit churning credit cards. Every year we have some big expense that I get a new credit card to pay for to get the bonuses, and then cancel it.

This year, AmEx rejected me for everything. Then Chase did. I still managed to get a Citi card with ~$500 of benefits, but that was the only one that would approve me. :\ They all rejected me for having had too many credit card bonuses

Tell them to give better long term bonuses.

Seriously, it's like you're being punished for their inability to make their cards worth keeping.

TheCatt wrote: Then Chase did. I still managed to get a Citi card with ~$500 of benefits, but that was the only one that would approve me. :\ They all rejected me for having had too many credit card bonuses

Canceled that card today. No point having a travel credit card right now. We still have 1 fee-based card. They've made adjustments so that we still earn a good amount of points and such, and allowed redemption for some items at increased rates so we were not losing out on the vacation redemption stuff.

For once, I was able to close a card without talking to a human. Wonder if that's a covid change? Like too much demand to customer service, not enough reps, etc.

TheCatt wrote: We still have 1 fee-based card. They've made adjustments so that we still earn a good amount of points and such, and allowed redemption for some items at increased rates so we were not losing out on the vacation redemption stuff.

Redeemed all my points, and canceled it. They offered me $150 to keep it, and if we're not traveling, it aint worth it.

TheCatt wrote: ↑Sat Dec 21, 2019 7:57 am I may finally have to quit churning credit cards. Every year we have some big expense that I get a new credit card to pay for to get the bonuses, and then cancel it.

I spoke too soon.

We got a Chase card for myself and Chase for myself to churn to pay for the girls' camp this summer.

100k Marriot points + 80k Chase pts, worth about $800 and $1000 respectively (not a typo, Marriot = 0.8 cents, Chase = 1.25 cents per point).

I'm still trying to get a permanent "premium" travel card to replace the CSR, but none of them make sense. They're all about $100-150 too expensive.

TheCatt wrote: ↑Thu Apr 22, 2021 1:13 pm 100k Marriot points + 80k Chase pts, worth about $800 and $1000 respectively (not a typo, Marriot = 0.8 cents, Chase = 1.25 cents per point).

One thing that is stupid. I wanted the Marriott card, so I went to the chase site, logged in. And they offered me $75k.

So then I googled and found the 100k offer. Like now you have to give 25k additional points AND give the website I clicked through stuff, too. Dumbasses.

Me: Hey, bank, alert me whenever there's a transaction of $X.

Bank: Yessir!

(I go to the ATM, withdraw $300)

3 hours later...

Bank: Oh, hey, someone made a $300 transaction on your account.

I feel like these alerts should be more timely.