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Merger Between Bank Of America And Fleet.

Tue Oct 28, 2003 7:36 am

Has anyone else heard about this?
What does this mean for the Fleet Center and the Pavilon?
Not to mention the price $46 BILLION.........
How is Bank of America since I'm about to have them as a bank.
Who cares about status?

RE: Merger Between Bank Of America And Fleet.

Tue Oct 28, 2003 7:39 am

My brother works for Bank of America in JAX and loves the company. The bank treats their customers and employees well.
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RE: Merger Between Bank Of America And Fleet.

Tue Oct 28, 2003 7:51 am

I didn't care for them. You got something like three free visits to the teller per month, and then it was something like $2.00 per visit thereafter if it was on the fifth Tuesday of the month after the second Wednesday that precedes the seventh Thursday of the new phase of the moon. Or $3.00 per visit otherwise.  Nuts
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RE: Merger Between Bank Of America And Fleet.

Tue Oct 28, 2003 7:54 am

Bank of America sucks. You have teller fees, crappy monthly usage charges, and a group of employees who jump to sign you up, but treat you like dirt once you have. My first bank account and debit card was with Bank of America, and I would never go back to them after being with Chase Manhattan.
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RE: Merger Between Bank Of America And Fleet.

Tue Oct 28, 2003 7:55 am

I am a BofA customer and am kinda ambilivant to the quality of service they provide. I don't like the fact that with my free checking account I need to have at least one direct deposit transaction a month or be charged 5 bucks. It is little nickel and dime stuff that they do that many other major banks are not charging for. Though I suppose I could switch which bank I use.

I gotta wonder where the FTC is on this mega-bank mergers, like BofA's previous merger with NationsBank 2 or 3 years back. I don't like the idea of 3 or 4 mega banks pretty much being the only game nationwide. It does not seem like it is too far down the road that your only choice will be Bank of America, Wells Fargo, Bank One, or Wachovia for consumer accounts.

A quick edition: I do understand why BofA, and many other banks for that matter, charge teller fees and the like for users of free checking. The fact of the matter is most anything I need a teller for, getting cash, making a deposit, inquiring about a balance, I can do quicker and easier at the ATM, or using the automated phone system (which actually works fairly well), or the website.

Though I still prefered the account that I had with Wells Fargo, no fees no worries. Plus the ATMs also dispensed stamps, which is a nice little touch.

[Edited 2003-10-28 00:00:41]
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RE: Merger Between Bank Of America And Fleet.

Wed Oct 29, 2003 4:48 pm

As a snowbird who has accts with BofA in FL, I will be VERY happy to see this bank in New England and on Cape Cod!
I also worked for them under prior names (NCNB/NationsBank) back in 81-93 so have seen them grow over the years...

My experience with Fleet was limited to accts that I had to deal with as executor of estate...closed them quickly due to poor service!

Some people may say that it will be bad for other banks...not is actually GOOD for local banks as they get more business from customers who don't like big banks...and is also good for tourists/snowbirds who have accts with BofA who now will have local access...

I don't pay any fees for accts and get decent service..and have ability to use bank/fee-FREE ATM's just about most anywhere i go on east coast...and now it will be more convenient...that's why I like the merger!
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RE: Merger Between Bank Of America And Fleet.

Thu Oct 30, 2003 6:06 pm

It is nice to have an option. New England is one area of the country that is completely separate from the rest in the banking world. Our biggest banks are Fleet and Citizens, only Fleet has locations outside of New England (in NYC). I have a small bank and I do like it, but on thing that is compelling about Bank of America is that no matter where I travel to in the US, there is probably going to be a Bank of America ATM somewhere nearby.

I'll have to see what materializes in the future and weigh the pros and the cons. Maybe I'll switch.

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RE: Merger Between Bank Of America And Fleet.

Thu Oct 30, 2003 9:29 pm

The best alternative to banking with a big bank is to bank with a credit union. I love the fact that I don't get nailed with a million different fees each month and that I make a little more in interest on my account. The downside is that small banks and credit unions don't have ATMs everywhere like the big banks do.

By the way, BofA, in particular, sucks big time.
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RE: Merger Between Bank Of America And Fleet.

Fri Oct 31, 2003 1:19 am

One positive side to the megabanks is that smaller banks (or larger ones that have not had branches in some areas) enter the market. In my area alone, we have had one local bank start up, and have seen a few well-known banks enter the area (via expansion or buyout of a local bank). We seem to have Washington Mutual branches popping up everywhere, and RBC Centura took over a large local bank last year. I agree with using a credit union. I used Delta's for a few years, but got tired of trekking up to the branch (it was about a 15-20 minute drive) whenever I needed cash (I've always avoided using another bank's ATM, even if they claim it's free).
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RE: Merger Between Bank Of America And Fleet.

Fri Oct 31, 2003 2:05 pm

I recently returned to BofA when I moved back to California. I used to have a savings account with them, but that was closed before the NationsBank merger. It works for me, no fee as long as I have direct deposit (which I do). I get free online bill pay, whereas Washington Mutual, which advertises that they don't have "fake free checking" (they don't have a teller visit limit or direct deposit requirement) but they still charge for online bill pay. The limits don't bother me, I don't go the bank that often anyway, since my paycheck is direct deposit, I pay for most things with my check card, and I can get cash back when I use the check card at the grocery store. Last time I went to a branch it was to buy a couple of rolls of quarters for the laundry machine.

From what I was told when I opened the account, the teller visit limit only applies to deposit transactions.

BofA's reputation isn't that great, but they seem to meet my needs. Their branch employees (at the Seaside and Sand City, CA branches anyway) have been nice. Their reputation is that of a large bank that doesn't really care.

The other major reason I went with them was that they are everywhere, since I'll be doing some moving around over the next few years so hopefully I won't have to keep opening new accounts.

David / MRY

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