Back when I started school at the University of Texas in 1998, I needed wanted a bank that offered online account management, had a wide network of ATMs I could use and would also let me make deposits at those ATMs. Bank of America was everywhere (and I do mean everywhere) on campus, so I walked into the local branch across the street from the student union with $200 and opened an account. It met the requirements I had at the time, so I was happy to do business with them.

Well here it is, twelve years later, and I can still say I'm relatively happy with them. I find their ATM network to be convenient and I avoid any fees by having my paycheck set up as a direct deposit into my checking account. Their interest rates for the savings account is atrocious at 0.10%, however, which is why I prefer to keep our savings with ING (currently 1.10%, but used to be as high as 4.25% back before the economy hit the fan). Sure, there are others offering 1.35% right now, but I'm not going to chase rates unless there is a significant enough difference to make it worthwhile. But back to my thoughts on ditching Bank of America - there are several articles out there touting the end of free checking when it comes to banking behemoths such as Bank of America because of the legislation passed that effectively kills off revenue from overdraft fees. In an effort to offset that loss, they are looking at those of us who enjoy our free checking accounts.



Does this mean I'll be taking my checking account elsewhere? As of right now, no. If Bank of America decides to try and change the rules on me, though, it may be enough to convince me move everything over to ING (we already have an Electric Orange checking account with them) or my credit union.

Your move, Bank of America.