A while ago, I posted about an offer I got in the mail that would give me $75.00 if I opened a Bank of America checking account. I planned to do it, and just pocket the $75.00 and go back to my smaller local bank.
I finally got around to doing it today, and I find that bad old Bank of America has a lot to offer, and now I'm thinking about leaving my small local bank and decamping to BoA. I'm ethically conflicted.
My local bank recently went public, so it now answers to shareholders, presumably, more than customers. But, it's still a local bank, with about a dozen local branches. I like to support local businesses! I do! But.... here's what BoA has to offer: a money market savings account giving .85% interest right now (my passbook at the local bank is .025%); that "spare change" thing where they round up your debit purchases to the nearest dollar and put the change into that savings account -- plus they match it 100% for three months, then 50% (or something less) thereafter; and the ability to make transfers between accounts online; no fee for overdraft if it comes from savings (current bank charges $5.00 for that); and my mortgage (which used to be with Countrywide) is now with BoA, when BoA took over the company, so I could see all accounts in one place.
My hesitation.... I really don't like Bank of America. Back when I was a credit card user, I had one with them, and they were awful. I don't like the big bonuses their people got, and I like the idea of a small local bank so much better. But, but, but -- they're offering me serious cash incentives to bank with them.
If my current bank thanked me for being a customer once a year with a nice deposit of even $50.00, I'd stay with them. But I don't see that happening. I'm leaning towards leaving --- anyone have arguments to win me back to the local bank?
