Bank of America

[roci28]

Within the last 4-6 weeks BoA has closed two OKC locations.. 50th and Portland and 50th and May. Signage down, ATM gone. For sale sign on May. Does anyone know the scoop on this? Are they planning new locations. I've heard the existing locations are now even busier with, of course less staff.

[Pete]

BofA is my bank, a holdover from my California days. I've been a customer for 25 years.

However, even before the closures they had far too few locations which are always slammed. Now, it's worse.

No idea what is going on other than they clearly don't care much about growing their business in Oklahoma.

I am going to have to make a change soon, as I don't need a branch or ATM often but things with BofA have become pretty unbearable.

[Jim Kyle]

I've been pretty happy with Bank of Oklahoma, though I became a customer via a quite circuitous route. During the multiple bank failures of the 80s, my longtime institution was one of those that went under. I moved my patronage to Continental Federal Savings and Loan when they provided NOW (free checking) services. Then they, too, were closed by the regulators and my accounts arbitrarily assigned elsewhere. The dominoes continued to fall until I wound up at BOK -- and have stayed with them ever since.

As they've grown over the years, they've acquired some of the abrasive attitudes common to most large corporations, but their service continues to excel and their people remain friendly. They're definitely worth investigating.

[Teo9969]

I feel like Chase so outclasses Bank of America it's not even funny. I have one card with BoA and their online portal his horrendous. They are entirely uncompetitive in the rewards department. I've never heard anybody say they actually like the bank. Their customer service the few times I've interacted with BoA was not at all bad, but neither was it captivating.

I just don't understand how they garner so much consumer business. I imagine they are much more competitive in their corporate business.

[mugofbeer]

Shop locally! Bank locally if you can! Its good for our economy!

[stile99]

It's interesting that Bank of Oklahoma was mentioned, they're the ones that turned me off banks, and this was years ago. At the time, I had an account there, as well as an account at a credit union (I forget which one at the time, but it was probably Tinker). I had direct deposit with my employer set up, with some going here and some going there, and I noticed something funny. Payday on Friday, but the funds that went to the credit union showed up on Thursday. The funds that went to Bank of Oklahoma showed up sometimes Monday, sometimes Tuesday. No, not related to any holidays, this was normal. It was either Monday or Tuesday. My inquiries were answered with "that's just the way we do it", to which I replied "well it isn't the way I do it".

Now, turning the topic back to Bank of America, you couldn't pay me to have an account there. Thanks to their part in the big financial meltdown almost ten years ago and then holding their hands out for the lion's share of the government bailouts, I honestly can't decide who wins the award for bigger bastard, them or Wells Fargo. The last time I felt this way about two companies it was SWB vs AT&T, and SWB settled the matter by buying the AT&T name.

[Urbanized]

I don't have a bank account with BoA, but I have a credit card and a car loan. Worst card I have, online experience terrible. I only have the car loan there because the dealership found the best rate there while I was signing up. Completely regret it. My other vehicle loan is through my own local community bank, and I can communicate anytime I want with them, get info, whatever.

The BoA loan is for a car I bought for my mother to drive. It had to be titled out of state because she lived in Kansas. Kansas, by the way, is a title-holding state, so I didn't have a title to hold in my hand. I moved the car back here, and to transfer the title/registration to OK I needed BoA to sign/notarize an official Kansas document to be faxed to Kansas Dept of revenue. I had to go to a branch, where I mostly just got arguments from the counter that they wouldn't do it. Finally a manager overheard the discussion, and agreed to look at the document, but only if I set an appointment with her for later in the day, which I did.

When I came back, she called an 800 number and tried to explain the form, which she herself did not understand. I sat there in frustration as she stammered through the explanation instead of letting me talk or putting it on speaker.

Eventually she KINDOF understood what I was asking for. The person on the other end (apparently in Florida) told her to fax the document and they would review it for up to ten days and - if they chose to sign it - mail it to me, which could take ANOTHER ten days. Then I could fax to KS, so that they could send title to OK and OK could issue title with BoA lien entered. The whole process took over a month, mostly because BoA can't sign something locally. My own bank would have signed it day-of.

[catch22]

I use Bank of America for some of my banking. Never had any problems.

[ctchandler]

I was a very happy customer with BOK until there was fraud. There was a $2,500 check written at Walmart and a $200 check that when I looked at it online, it wasn't my name but BOK still accepted it. BOK recommended that I close the account and open a new one. Unfortunately, my account went from a $2,500 minimum balance to a $5,000 minimum to keep my free checking et al. I said that they were penalizing me for their mistake and they treated me like a criminal. Asking me if I had given anybody my account number (which is on every check I write). So I questioned them on the $200 check which didn't have my name and address and they still blamed it on me. It took two months to reimburse me for the $2,700 and I immediately withdrew all of my funds and opened an account at another institution.
C. T.

[Celebrator]

Not that Pete was asking for recs, but my BofA experience was terrible years ago when moving from Oregon to Florida--you would think that would be easy, right? Same company! Nope. A train wreck. So we left them and had a great experience at the Disney company credit union in Orlando and then picked Mid First when we moved here. Mid First has been awesome.

[Bits_Of_Real_Panther]

Been with BofA for 15+ years, no good reason, just happened I guess.. I've been receiving incentives to move to BofOkla, Midfirst, Chase for awhile, just need some locals to give recommendations on any or none of these.

My gut says to look for a local credit union...

[Urbanized]

I love RCB.

[brianinok]

I've had a little experience with BofA and Chase. Chase has been okay. BofA is nothing short of terrible. We mainly bank at BancFirst. But I used to work there so I might be biased. I think they are a fantastic bank. Great products and great customer service. And local to Oklahoma City (not Tulsa).

[Roger S]

Left BoA about 10 years ago because of issues I had with them. Bank at a local credit union now and couldn't be happier.

[Richard at Remax]

Every time a buyer says they are thinking about doing a mortgage with BoA I die a little inside. They are really tough to deal with, and are almost always late delivering the loan.

[chuck5815]

Seems like more and more of the banks are continuing to minimize their physical presence. Some banks have, for awhile now, had almost no physical presence, but they do a great job of reimbursing ATM fees incurred by their depositors (see e.g. USAA). As long as interest rates remain fairly low and Dodd Frank continues to punish the sector, this is a trend that could accelerate for some time.

[brianinok]

Warning about credit unions: they don't abide by the same availability of funds rules as banks. It often takes longer for funds to be available from deposits than at a bank. Also, if you have a trust involved in owning your accounts don't expect anyone at a credit union to have a clue.

[Stew]

I have checking accounts with chase and BoA and I have never stepped foot in a physical location for either place (same with USAA).

[stile99]

Warning about credit unions: they don't abide by the same availability of funds rules as banks. It often takes longer for funds to be available from deposits than at a bank. Also, if you have a trust involved in owning your accounts don't expect anyone at a credit union to have a clue.

Got a cite for those 'facts'?

I'm doubly curious about the supposed delay in hold rules, especially considering https://wallethub.com/edu/available-funds/11314/

"The good news is federal regulation limits the time your financial institution can hold your funds. And even though all national banks and federally chartered credit unions are subject to the same hold rules, each institution can release your funds sooner at its discretion."

Your move.

[Roger S]

Warning about credit unions: they don't abide by the same availability of funds rules as banks. It often takes longer for funds to be available from deposits than at a bank. Also, if you have a trust involved in owning your accounts don't expect anyone at a credit union to have a clue.

One of the reasons I hated BoA was their availability of funds rules when I first signed up with them.

The only availability rule I'm aware of at my CU is on deposits made with my mobile phone app.

[ctchandler]

I love RCB.

So, you are a Rogers County Bank bank fan. I have no comment one way or the other, but why put the "B" in your initials when bank is what it is?

[ctchandler]

I have talked about BOK and RCB but have avoided my feelings about BOA. Mainly because it was my mother's bank, not mine. But she got sick and temporarily moved into my home and since I was going to pay her bills, I wanted to move her money to BOK where I banked. I learned that she had $36,000 in a non interest bearing checking account. Now, she wasn't senile and the reason she banked with them is because she was a First National Bank customer from the late 30's and whenever somebody bought FNB, she just stayed with them. I think BOA was the last owner of what was originally FNB. When I discussed it with an account manager, she just shrugged it off, as if they had no responsibility. Well, legally she was correct, but morally that was no way to treat an elderly lady. BOK always tried to set me up in the accounts that were an advantage for me. Yes, I had problems after the fraud but overall they were very good. Of course I moved her money to BOK and she started drawing fair interest until she died a little later. I wouldn't do business with BOA.
C. T.

[Jim Kyle]

C.T., you reminded me of my one negative experience with them, It happened several years ago. I used my check card at "their" ATM, which was located at the time in Crest but their branch was still at the Homeland a mile to the north. The machine shortchanged me by $10; it printed the receipt for the full amount but was one bill shy.

I took my complaint directly to the branch. The teller, with whom I was well acquainted, listened to the story and told me he would have to talk with his manager to do anything about it. Soon the manager emerged from the back room; he seemed skeptical and explained to me that the machine was operated by Transfund, not by the bank, and that the bank was not responsible for the other firm's problems.

However, he did give me the missing $10 -- though he was quite explicit that it was a gift, not an admission of error.

I had forgotten the incident entirely until I saw your message above! I did quit using ATMs that are not directly on BOK property, though. In fact I seldom carry cash any more, except for dollar bills to use when tipping! The check card does most everything, even the $2.06 jar of sour cream I went back to buy earlier today!

[jompster]

I noticed this as well, and it's irritating because I use their ATMs, but rarely step foot inside the bank. I went to 50/Portland first because it's closest to my house, and it was closed. I went to United Founders/May, and closed. It was at that point that I began to ponder switching banks. But their ATMs make it so easy to deposit any medium.

[brianinok]

Got a cite for those 'facts'?

I'm doubly curious about the supposed delay in hold rules, especially considering https://wallethub.com/edu/available-funds/11314/

"The good news is federal regulation limits the time your financial institution can hold your funds. And even though all national banks and federally chartered credit unions are subject to the same hold rules, each institution can release your funds sooner at its discretion."

Your move.

Apparently you're right. My experience is, however, credit unions do not budge off availability of funds rules, while banks understand (at least local ones) checks clear much faster so they make funds available as quickly as possible, even making their internal rules as such.

For example, a local bank deposits a local check knows that check will clear in a day, so makes the funds available next day. Or won't even put a hold at all if it's small and the check account balance is healthy. A credit union will hold the funds for 7 days.

Another example, a local bank deposits a cashiers check of a different local bank and does not put a hold on it, but a credit union puts a hold of 7 days on it because they "can't verify that it's authentic until it goes through the system." When it is suggested that they could call the local bank and verify they say it's their legal right to hold funds for 30 days if they want. I don't think even BOA would do that.

8 days later was the last time we were a credit union "member". :)