Bank of America $9.95 monthly fee.

snipped-for-privacy@gmail.com (Shorty) wrote in news: snipped-for-privacy@n20g2000hsh.googlegroups.com:

I'd say that Bank of America, or any other bank that charges such outrageous fees, isn't worth the cost.

For two per month I'd suggest you enter them manually (as an automatic transaction?) and not bother downloading them. Intuit MAY be interested in this "favored nation" policy towards MS. As another method, perhaps downloading as CSV file might be free, not sure if that can then be imported into Quicken.

I, too, have BOA accounts - not from original association but, rather, from when they acquired Fleet. Once that happened I also started being charged the nine dollar fee (Fleet was free). At first I just chalked it up to "damn banks..." but I eventually went to the local office and discussed it. I now have a number of linked accounts that summed above some threshold and got the fee waived - good for me. [As an aside, later when BOA picked up the Yankees MBNA Credit Cards they dropped direct connect download for the cards ("damn banks...") so I've curtailed my use of those cards.]

Since you have only one account and such few monthly transaction you're not apt to get the fee waived but you go could just go to their site and download via web-connect and skip Q's direct connect. The "manual" web-connect is quote free.

I've been using B of A for years in conjunction with Quicken. I download transactions, pay bills through it, etc. and have *no* B of A fee at all.

I would call BoA and ask them what the 9.95 is for. I think it is for using their bill pay function through Quicken. It is NOT for downloading into Quicken or paying bills through the BoA website. If you are not using those functions then there should not be any fee. I think they also waive the fee when you have direct deposit. They charged us at first and I was able to get it cancelled. Forget about recovering past charges. I think I managed to squeeze a couple of months of credits out of them but that was about it.

Bert Hyman wrote in news:Xns9A415662A2CC5VeebleFetzer@

Whenever I get charged a fee, I go to the manager of my local branch and ask why I should continue to be a customer if they insist on charging me these idiotic fees. Usually they figure out some way to waive it. If not, there is another bank down the street.

I did call the Bank and they said it was for downloading to Quicken. It annoys me since the balance is over $10K.

That is interesting since I am not being charged for downloading into Quicken anymore. I would go to your local branch and make a stink especially if you have a large balance.

You do not have to pay Bank of America for downloads. I believe you are paying for direct connect which would also allow you to issue payments within Quicken. You don't need this service and you can download (for FREE) from Bank of America web site.

Thanks for the info. I told them I write no checks on that account online and they canceled the charge. I personally deal with a small local bank that charges me no fees, a human answers the telephone and they have nice fresh cookies every Friday.

Shorty

Banks look to make money anyway they can, however, with a charge like that, I would shop around for another bank.

Not shop around because they charge for quicken but shop around because even with your switch to MS Money, they will probably find something else to charge.

Correct. Intuit charges banks a fee to let the bank customers use the one click download feature into Quicken. Some banks pass that charge on (with a suitable markup) to less profitable customers and waive it for more profitable customers. If your bank isn't willing to waive that charge, you can do a direct download from the banks web page. It's not quite as convenient, but still works.

I pay NO service charges for my CIBC chequing account.

Hell, fresh cookies are reason enough to switch. Seriously.

There are a number of banks that are looking at the fees they pay Intuit vs the number and type of customer that uses Quicken. I recently had HSBC cutoff my automatic downloads and when I checked their web site they said it now required a monthly fee. (I couldn't argue as it was a credit card I rarely used.) I suspect a lot more FIs will starting looking at the fees Intuit charges vs the type of customer using automatic downloading.

1. Take the Intuit fees and add the cost of maintaining the automatic download interface plus a markup to cover the ROI that cost would generate if invested elsewhere.
2. Divide by the number of Quicken users.
3. Analyze customer accounts to determine if they generate enough revenue to justify waving the total cost of Quicken automatic downloads. Start charging those that do not.

Banks have lots of fees that are waived for different levels of customers. For example a minimum balance to have a no fee checking account with interest on the balance.

I don't know what Intuit's fee schedule looks like but obviously a number of banks are taking a look at it just as they do other "free" services.

BTW, at some point they will begin to charge small customers for downloading into Quicken from their web sites since Quicken charges the banks a fee for that. Intuit can do that since they stopped supporting QIF downloads which they could not charge the FIs for since it was a public standard. The current download process goes through Intuit's servers and must be licensed.

Microsoft is more c>My wife has a B of A account on which usually has 2 transaction per

Get direct-deposit, the online fees are waived for direct-deposit accounts with B of A :)