Good-bye BofA

Over the past month or so I have been moving all of my financial accounts over to Charles Schwab, and the move is finally complete. On March, 30th, I walked into Bank of American and closed my account.

I left Bank of America for two reasons.

  • Minimalism, simplicity
  • Free ATM withdrawals worldwide, and no foreign transaction fee

I opened a Charles Schwab checking account back in 2014 before I moved to Belgium because of the free ATM withdrawals and no fee attached to those withdrawals when done internationally. Bank of America wanted to tack a 3% charge on top of any ATM fee the ATM charged!

When I started closing my accounts with BofA they attempted to keep me as a customer, by saying they would reimburse all ATM fees worldwide, however, they would not waive the 3% foreign transaction fee that they tack on for international withdraws. Because of this, I gladly left.

So far I have greatly enjoyed being at Charles Schwab, the interest earned on my checking and savings account is higher than it was at Bank of America (still extremely minimal, but higher).

I also moved my brokerage account from Merrill Edge to Charles Schwab, and am glad I did, it's nice to be able to do things with your bank accounts and brokerage accounts, without having to log-in to a different site (even if it was owned by BofA).

Some people might see the lack of Charles Schwab branches as a down-side, but I hardly ever went into a BofA branch, or used their ATM. In the past year I can count on one hand how many times I went to a BofA branch, and one of the times was to close out my account for good!

It's only been a month, but I'm glad I've switched!

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