Confessions of a Six Figure Professional Blogger

Bank of America is Too Expensive

January 19, 2008 | Business

I have had my business checking account with Bank of America since I established PC Media back in 2000. But, now I am less than happy with the bank. They have increased their bank fees to a level that I think is just ridiculous.

It used to be that I paid $8.00/month (something like that) if the account balance went less than $3,000. That was acceptable, especially since I am hardly every below $3,000. Last month, though, I got charged $29.00 for the monthly maintenance fee even though I had over $3,000 in the account. When I looked in on the situation, it says they are going to charge $35.00 for the monthly fee if the combined balance in the bank is less than $35,000.

This is getting to be ridiculous. BOA is too expensive and I think it is time to switch.

I have been looking into Regions bank and Wachovia. I have yet to go down and talk to the folks at Wachovia. My main criteria is that it is not too expensive (or preferably even free), that I can download transactions into Quickbooks, and that I have online access to my accounts.

If anybody has an recommendations, feel free to contact me. The bank has to have branches here in Tampa, Florida.

Bank of America is, in my view, a big bureaucratic behemoth that simply overcharges it’s customers. There is no reason to charge that kind of money for a basic business checking account.

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  • Brian
    Regions will do the QuickBooks gig with their online banking!
  • Brian
    David,

    I bank at Regions and I am absolutely thrilled with their operation.

    Regions was started back in the 1800s on a street in Alabama. On that same street was another bank that became known as AmSouth. Last year these two banks merged.

    I find competent service by their staff, knowledgeable board of directors on down to the management team about how to operate a bank profitably but not recklessly, FREE checking with no minimum, and savings plans Free for 300.00 minimum ( I think).
  • I had forgotten about this post. :) Actually, I am still with Bank of America. I did some looking around at other banks and ultimately BOA still seemed pretty reasonable. The kicker seems to be Quickbooks download. The other banks, while free or cheaper, charge a real premium for Quickbooks access (which I need) so it ends up balancing out.

    But, this is going out of memory because that was a year ago.
  • Bill Short
    Where did you end up?
    I have a small business and have been using Grow Financial (formerly MacDill Credit Union)for my business account (its free to have with no minimums) but they do not have the ability to download my debit transaction directly into Quickbooks (huge time saver) and have promised for a year now that "it's coming". Well after one year and over 600 transaction I now have to enter into my account before tax time I feel I can't make this mistake again for 2009. I guess you really do get what you pay for. Have you found a solid bank in Tampa Bay that offer free checking for business accounts AND free downloads into quicken?

    I'm on the search for this type of account and feel they get use of the money while its sitting there It should be a free service for checking.

    I also agree with you - all the banks are typically a rip!Thats why the biggest buildings in town have their name on the top.
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