Here Is Why Everyone Hates Bank of America

If you guys noticed a lot of people online talk about how they don’t like Bank of America. Graham Stephan made a video on it, Ramit Sethi made a video on it, and a few other creators too. Btw people that publicality talk about BOA, get put on this Influencer Hit List according to Ramit.

And the Truth is that bank of America has over 36Million customers, so that’s a lot. But more people are starting to realize that Big Banks Overall are just Trash. They don’t work for you, they take your money make money and then treat you like number. ( I Like Big Banks convenience and I love Credit Unions Customer Service ) – and I found a Bank that has both

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1. Trash: Saving Account Rates
Chase: .01% – .02%
BOA: .01%
HSBC: 0.15%
US BANK: 0.01%
CITIBANK: 0.06%

2. Trash Fees: overdraft fees, require minimum balance, maintenance fees
– Overdraft Fees: usually cost around $35
– And I have heard stories of people being charged $35 per day that they don’t pay the overdraft fee

Required Minimum Balance
– This is not really to keep the account open but instead to waive the maintenance fee

However:
– Big Banks have gotten smart, with all the competition now, they’ve made direct deposit one of the most important things

3. The Blind Loyalty problem and Conveniece
– I’ve had them since forever and so did my parents ( it’s a generation of being used – and I had a nokia for my first phone but you don’t see with a Nokia today )
– Their a branch next to my house ( That use to be cool, but 90% of everything is digital now, you can deposit a check from your house by taking a picture, online banks have 30k atms, and counting, and their customer service is amazing )

4. The Alternatives ( Both and this is a very unpopular opinion )

Here is Why:
– Big banks are great for Mortgages and Loans
– Online banks are great for checkings and savings
– And credit unions are amazing but their technology is trash

So here is My set Up
Acccount I recommend:
– Sofi
– Wealthfront
– Capital one 360 savings account

What to do with the old Bank
– Keep them if they free and cancel if its not

Last Tip:
– Remember if you wanna make money invest it don’t save It

Article on closing an account by BOA:
https://www.chime.com/blog/how-to-close-a-bank-account-at-the-top-5-big-banks/

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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