Bank of America: SCREWING Coinbase Crypto buyers sideways with fees
And no I'm not talking credit cards, this was done with my CHECKING ACCOUNT. If you bank with BofA and use your checking account or debit card to buy crypto, they're gonna hit you with a fee of MORE than 10%. And no, the Coinbase purchase fee is not included in that percentage figure from what I've gathered thus far.
See that second tab for my gmail? It has the purchase amount total from Coinbase after the $2.99 fee for buying not on credit and it's $152.67. But my Bank of America transaction history tells a different story of a $170.53 purchase. So they charged me $17.86 to buy a measly 150 something bucks worth of crypto on Coinbase WITH A CHECKING ACCOUNT, not a credit card.
For further proof that I'm not using smoke and mirrors...
here's a side by side comparison of the same transaction record as documented by Coinbase (where you can see their fee was already included) vs the Bank of America charge that was around 12% more than Coinbase charge after their fee.
This is the most egregious account of abuse of the consumer by big banks that I've seen in a long time and I'm not even gonna waste my time calling them to complain because all I would be doing is berating some poor call center worker who had nothing to do with this policy. And I'm not gonna do that.
Sure I can understand there are associated costs of processing a transaction but this is just too much. 12% is too much when I have the money right there in my account to pay for what I'm buying.
So OK Bank of Arrogant schmucks--You got $18 profit from one transaction. You're welcome, Congrats, and screw you too. That account will stay open but I'm gonna bleed you slowly for years to come.
The joke's on BofA, and really it has been from the start. So here comes the second sucker punch to these bunch of crooks...
You see, I opened this checking account a couple of years ago because BofA was offering (if I recall correctly) a $300 cash bonus to open a checking account with them. And I got paid the $300 for it a few months after opening my account and directing a portion of my paycheck to it via direct deposit. That paycheck will no longer go partially to BofA ever again. Bye bye. obligation fulfilled, I'm gonna take that money and run.
I'll leave enough in the account so it can stay open and I can deposit my cashback rewards from my BofA credit card (3% on gas, 2% on groceries, etc.) and get another 10% on top of the already earned rewards. I pay the balance in full every month and have not paid them a dime of interest on the CC in 8 years.
I had been using the account ever since opening it because I felt they were treating me OK, but now my local credit union, who are far more honest and fair than any big bank in the US, will be the bank that gets near 100% of my business from here forward.
If I've gotten something mixed up here with the overcharge or the fees (maybe CB slips an extra charge in somehow but I couldn't find it) someone please tell me how. If you have had a similar experience with BofA or another bank charging a huge fee for a crypto purchase with money in the bank, please please comment and share your experience. This war on cryptos is getting out of hand and I feel obligated to bring it to the attention of as many people as I can.
BoA has always had some really aggressive fees and piss poor customer service. I keep an account open there simply because of longevity but opt to use other financial institutions for day to day and business banking.
Yeah the $300 offer to open a checking account was what got me on the hook with them. But they have all of 3 ATM's / branches in my area within a 20 mile radius of my house and they charge a fee even for ATM's at gas station ATM's that are fee-free. Also charge for ACH transactions and are the slowest in the industry to transfer the money (sometimes they show the withdrawal instantly but the money doesn't show up where you sent it for 5 business days).
I'm keeping the account open just to spite them now lol.
One more reason to open a credit union account. Mine, and I’d imagine most if not all, doesn’t charge fees for anything.
I've just recently added that credit union checking account as a way to fund my coinbase account. I think I made a purchase through them a couple of weeks ago I need to go see if they charged a fee. I doubt it....but I'll be sure to share my findings if there's any underhanded crap like BofA is doing.
Very surprised to see this big numbers in transaction charges for a mere 152 dollar purchase of crypto coin. This is exactly why we say these big corporate thieves in the name of banks are exploiting innocent customers of their hard earn money indirectly through fees and taxes. Every one should embrace the revolution of blockchain transactions in other to cut off corporate banks from our daily business transactions. Great post @cryptokeepr
Thanks my friend. It makes me wonder what the fee would be if I were to buy $1,000 worth in one transaction. I wonder if it's a percentage or how they calculate how much they're going to loot from your account without any notification. I'm sure they added it to some fine print somewhere in an email buried in my inbox...terms and conditions are probably longer than the US tax code so as to hide shady stuff like this. Funny thing is I've used this account to buy before and never noticed it so I wonder how much they've plundered from me.
Glad you posted this experience. I'm in the process of setting up a crypto exchange process through coinbase, Comerica Bank, and software wallet on my system. I'll check fees to make sure I don't get any surprises. BofA wants more in fees than God wants in tithe.
I was going to call them or email them and ask exactly what the fee is but honestly I've not been impressed with much of anything they do so instead of wasting my time with that I'll just use their cashback rewards credit card to take money back from them then deposit into that checking account for years to come. Let it accrue and then maybe send them an email in 5 years and tell them this is how much money I took from your bank and this ridiculous fee is why. Bunch of crooks
But yeah, definitely check what the fees are gonna be...I'm gonna do that from now on. It seems to change every month or so and it started with the CC companies cutting off crypto purchases. Now they're going after people paying with actual money in their accounts. SMH
Thanks again for the reply, upvote, and advice. Maybe I should consider a credit union as you mentioned in the post. Again, sir, thanks!
debit card to buy crypto this is a really good oppurtunity of account checking very easy.your crypto thought story very good.i like your story and to know crypto.your opinion very perfect.thanks to sharing for your good post... @cryptokeepr
Trust but verify with these big banking institutions and crypto purchases nowadays. Always. I don't know why they thought they'd get it past me.
BoA.... Buttlickers of Assdom
Buttrapers of America
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OMG! 😱😱😱
I Don't Believe It
It'll only get worse....this war between the banks / financial establishment and the crypto world that scares them to death. They won't admit they're threatened by it. But they show their fear through their actions.
Is it true
So I went and checked my recent crypto purchases done through my local credit union and it appears they charged no fee whatsoever. They're as good as gold and hooray for supporting small businesses who are honest (and they still make their money, imagine that! earning without trickery).
I've had an account with them for 22 years now and there's a reason why. They DON'T SCREW THEIR CUSTOMERS!
Bank of America...Band of A$$rapers...Bunch of A$$hats on the other hand, I'm gonna get to the bottom of this after all. They'll get a cordial email inquiry about the fee. They got more splainin to do than Lucy. What a Bunch of Animals that lot at Bank of America is.
Enjoy my $17.86 before I take it back from you through your credit card services...Bloodsuckers of America!
Ok I've got the childish name calling out of my system for now. Hope I didn't offend anyone too badly lol. I promise I'm not drunk, even though it is St. Patrick's day. Now I must rest so I can prepare to battle this evil corporation. All in good time. Muahahahahahaha!