Hello everyone.
I wanted to get some advice on possibly switching banks. Right now I am with Bank of America and have been for about a decade (I am 23). I have a credit card with them and I have a Merrill Edge Lynch account.
As of today, my checking account is changing to a 'core checking' account. I had no say in this, the bank just rolled me over to it. There is a $12 monthly fee if I don't keep at least $1500 in my checking account. The way I handle my money is that I keep about $500 in my checking account to take care of monthly expenses and everything else goes to my savings account where I then distribute it as needed for investments. Basically, this change in accounts ties up $1000 that I could be using for other things.
Now, BoA has another checking account that does not require a minimum in the checking account if you have at least $10,000 in a Merril Lynch account (which I do). However, I have been looking at possibly moving my money to Capital One since I have 3 CD accounts with them and they have no fees.
In the end, the transition to the BoA 'core checking' account benefits me in no way and it ties up $1000. Would you guys suggest moving my money to another bank and if so which one? My main concern is that if I do move banks I will have to update my account info for direct deposits from my job and I don't know if BoA will drag their feet or hit me with other fees if I do change banks.
Submitted January 19, 2018 at 10:04AM by iwantoclimbthething http://ift.tt/2DR6zyr
