• Report: #1123153

Complaint Review: Bank of America

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  • Submitted: Wed, February 12, 2014
  • Updated: Thu, February 13, 2014

  • Reported By: exavior75 — Reno Nevada
Bank of America
2597 Mill St. Reno, Nevada USA
  • Phone:
  • Web:
  • Category: Banks

Bank of America Money Market, Savings, etc. DO NOT OPEN THESE ACCOUNTS. Reno Nevada

*General Comment: A few things for consideration...

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 Do not under any circumstances open BofA's savings or money market accounts. They will target you for this if you deposit large sums. In our case, we deposited a large inheritance and they convinced us these accounts were a "good investment". The problem is this. Average working citizens have busy lives, and when you bifurcate your funds between accounts like this it makes it statically four times as likely to overdraft. This would be okay, if the interest earned on the accounts offset the risk of overdraft. But the banks know that everyone overdrafts, its simply the case that some people overdraft a lot and others, who are more responsible, might only overdraft once a year or two. As I mentioned, the interest earned on the accounts does not offset the risk. In fact, the interest is microscopic. Its something like a tenth of a percent per month on savings, and an eighth of a percent per month on their "money market" account. The fact of the matter is, if you have jobs, a busy life, you don't need the head ache. If you really want to invest, put it somewhere you'll actually make some real interest. Go local. Go credit union. Don't go with BofA because they'll drop a few pennies in your account and wrench $35 out of the other.

This report was posted on Ripoff Report on 02/12/2014 03:25 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-of-America/Reno-Nevada-89506/Bank-of-America-Money-Market-Savings-etc-DO-NOT-OPEN-THESE-ACCOUNTS-Reno-Nevada-1123153. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 General Comment

A few things for consideration...

AUTHOR: Striderq - ()

1) Where do you get your "fact" that someone with multiple account is "four times as likely to overdraft"?

2) It doesn't matter how many accounts you have as long as you keep an accurate register of your transactions as you authorize them.This is the ONLY way to avoid overdraft fees.

3) Your money market/savings account can be set uo as overdraft protection for your checking account.

4)Your local bank/credit union is paying about the same amount of interest on money market/savings accounts as BOA or other major banks.

5) Very few if any banks are paying interest on checking accounts, so any interest on money market/svings accounts is better than none.

6) The interest rate is NOT and never has been/will be intended to offset overdraft fees.

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