vs.
Just got a rate increase from Wells Fargo Bank where they want to raise my rates to 3% for US transactions and 6% for outside the US… and there are other fees that could add another 1% on nickle and dime stuff.
So I went to Bank of America and they are quoting me 2.13% on US and 2.47% on foreign and no other percentage charges. So I’m wondering – what’s up with that? Wells is almost twice the BofA rate.
I’ve been with Wells for a decade. My account is golden. No charge backs. Extremely low risk. Yet Wells is screwing me. However, not sure I can trust Bank of America. Am I missing something?
I used BOA credit card for years. Never much left a balance. But when I did they immediately raised my rates. We would complain and they would lower them again. Last year they raised our rates when the interest rates were the lowest on record and we had no balance. So we dumped them and went with a credit union card. Not sure about Wells Fargo but certain it would be the same. If these unscrupulous credit card companies don’t want to do business with honest good customers, DON’T GIVE IT TO THEM!
For business banking, try BBVA Compass Bank if they have branches in your area.
Do not deal with Bank of America in any way.
For your home account, join a credit union.
‘Nuff said.
1% won’t last long and then it goes up a lot.
I’m with BoFA and I wouldn’t suggest you trusting them. Currently looking to transfer to credit union. BoFA is shady, almsot every branch…sigh.
You might try Sam’s Club too. They work through First Data and have a relationship with Wells for next day deposits.
Of course your rate depends on your situation, There are ~38 pages of rates Visa & Mastercard uses.
My advice, shop around. The telephone is your friend. Start with Credit Unions and Community Banks. They are most likely to care about their customers. State banks would be next.
Federal banks are the least desirable as they care far more about financing a multi-billion dollar takeover than a business doing less than $100K.
If you use banks (rather than your local, friendly, and trustworthy credit union) and you actually end up paying them interest on your card balances – rather than paying them off each month – well …WTF do you expect?
From what I’m reading here there are people who are happy with both BofA and Wells and people who have been screwed by BofA and Wells.
My conclusion is that most people are happy with their bank till they get screwed. Most people have yet to get screwed by their bank but all these banks are shady. I have no illusions that BofA would screw me as well.
As to credit unions – I’m going to look into that. I’m in Gilroy – San Mateo County – 25 miles south of San Jose. Does anyone have a credit union they can recommend?
Also – Wells likes to charge me $5 to deposit a Canadian check. Does BofA do that?
Costco rates:
Here are the 4 internet rates :(Internet):
1.99%+.27 per transaction? QUALIFIED: Regular, Check Cards, and Rewards cards with (Visa MasterCard logo)Visa MasterCard & DISCOVER.
2.96%+.32 per transaction? COMMERCIAL QUALIFIED: Corporate Visa, MasterCard, & DISCOVER
3.80%+.32 per transaction? NON QUALIFIED: International Visa, MasterCard, & DISCOVER
American Express 3.50 % Qualified
When did Gilroy get moved to San Mateo County?
But you’re right, Marc, everyone likes their bank until they get screwed. I was like that with BOFA. I never really used Wells, because, back when I was actually in banking and had to deal with them on a bank to bank level, they were completely clueless. Neither is on my good list these days.
I don’t think credit unions can do merchant accounts. Many posters seem to be confused thinking that you are talking about a credit card rather than a merchant account which is used to ACCEPT credit cards for purchases and process the charges so you, as the merchant get paid.
You might try US Bank if they have local offices. Or Costco as some have suggested.
Not one mention of Paypal.
Has everyone had lousy experiences with them?
#42 – Yes – I mean Santa Clara county. I used to live in San Bruno. Still getting to mixed up. As to PayPal – NO WAY! I really got screwed by them Here’s a recording of ME talking to paypla.
http://uservideos.smashits.com/video/laXiC8Aj_hI/PayPal-Nightmare-phone-call-remix-.html
Ha.. the ol which bank can I trust dilemma! The truth is they’ll both screw you as soon as you least suspect it. Go to your local credit union, they tend to care more about individuals.
OH, I didn’t realize it was a merchant account you were seeking..
Let’s see.. You already knocked PayPal, but PP is ideal for businesses with a small amount of transactions.
Another good merchant service company is RBSLynk they’re the merchant service arm of the Royal Bank of Scotland (AKA Citigroup).
Good luck!
Ah, Mark, perhaps you may wish to enquirer if your “next bank” will be pulling this BS on you soon (before you switch)
–snip–
Citibank needs seven days?
Effective April 1, 2010, we reserve the right to require seven (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change….”
–snip–
http://canadafreepress.com/index.php/article/20556
—-
Call me crazy…but me thinks that between now and April 1st, there will be good reason to for banks to institute policies that will prevent bank runs… anyway…something to check into nonetheless
(march 2010 is supposed to be the month TPTB start turning up the heat big time on the U.S kettle of water all us frogs are blindly basking in..)
*ribit*
anyone take a look at wheat futures lately? -hope your food pantry is stocked up..
-s
Doesn’t matter if you use BofA, WF, or Citi they all farm the business out to First Data. First Data sets the fees. They are all setup on “tiered” pricing Costco included, which has nothing to do with interchange which is set by Visa, MasterCard and Discover. Not going to bash the competition here. Please read my blog at http://www.saveyouamint.com YES you can process just like the mega merchants at true interchange, without the inflated rates and junk fees.
First I would like to say that Well Fargo is very strict. They charge TOO MUCH to EVER go bankrupted!
Well I work for a company that gives far less interest rates than B of A, Wells Fargo, Costco and any other bank. If you want to know more and are serious about getting a merchant service account started then call me at KWfinancials@gmail.com Not only are our rates far lower, but our devices you don’t rent and there’s no monthly for not making enough sales with the service. b of A charges I believe 25-50 and you must make over 1400.00. And all of them charge around 500 for their devices. Contact me and we’ll talk, If you’re serious then I can come to you and we can do business.
What about security features? B of A has no security features on their merchant account. I know this from experience as an ex employee stole thousands through the terminal.
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