Rave – Online Banking / Rant – Online Banking Fees

Online banking…  what a great idea.  All that personal finance information at your fingertips.  Take out the phishing schemes, identity theft, server outages and downtimes and you got yourself one nice service.

I personally use Bank of America, I like the new “My Portfolio” section that they have.  I can input all my other accounts for rewards cards, frequent flier miles, credit cards, mortgage, investment accounts, etc. and see it all in one place.  The big picture so to speak.

This is how I noticed the second part of this post, the fees.  Man they charge you for everything, we have a line of credit.  We have had this for 12 years.  We never use it and it had a balance of $0.00.  This year, they up and decided to charge us a $50.00 service charge just to have this line of credit available.  After a quick call to BoA, they removed the $50.00 fee, but told us we would need to call every year to have it removed again.

Then there is the $14.99 a month fee for being able to hook our bank account up to Micro$oft Money.

Now, this fee can be removed if you have more than $25,000 in your checking accounts.  However, they all have to be in the same state.

My wife swears that it is worth it to keep track of everything, but all I can think of is that $14.99 is what an extra World of Warcraft account would cost.  And I am sure it would be much more fun.

~ by Jason on August 18, 2008.