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View Diary: The bank said 'You'll be back.' (549 comments)

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  •  2%?! Really?! This isn't true. (0+ / 0-)

    I actually have the Cash Maximizer account.  

    First, NO ONE is offering 2% interest rate on savings.  No banks, no credit unions, no one.  The very best I've seen is 1% with Ally Bank and Discover Bank, and in the current climate, that's considered "very, very high". (Sad, ain't it?)

    Second, the "Cash Maximizer"'s fees only apply if you don't have a Prima Tiered Interest Checking Account, but in order to open a "Cash Maximizer" account in the first place, you have to have the Prima account.  It's completely circular.  Unless the Prima account somehow gets closed, that $12/month fee is almost entirely theoretical.  That said, it's also waived if you keep $2,500 in the account.

    It's interest rate, however, is truly pathetic.  I actually checked yesterday, because I was considering moving (for other reasons--BofA has been irritating me in other ways lately).  Right now, they're at 0.08% (standard) or 0.13% (if you transfer $250 per month into the account).  (For comparison's sake, the credit union I'm eligible for, Schools First, is at 0.15% for the same amount of money [$1-$9,999], which is more than BofA, but not by any substantial amount.)

    In any event, I've had the "Cash Maximizer" for years.  I've never been charged a dime on that account.

    •  meant .2 My Bad (0+ / 0-)

      and they were charging despite having a Prima with well over the max.   Basic philospohy of BofA is chare (in error, or otherwise) as many bucks as you can.  With millions of customers only a few will catch and take the time and energy to get it corrected.  End result?  Income for the bank.

      -approaching Curmudgeonry with pleasure

      by Calfacon on Sat Nov 05, 2011 at 07:39:52 AM PDT

      [ Parent ]

      •  "They were charging despite..." (0+ / 0-)

        Really?  Because I have this account, and I've never been charged, and I've never heard of anyone being charged for it.

        Do you have a link or other proof of that claim?

        Otherwise, it just seems like a wild and completely unfounded accusation.

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