🏦Bank of America's Unnecessary Fees and Low Savings Rates Push Customer to Bitcoin

👋GM Valued Readers,

On Monday I went into my local Bank of America branch to discuss changing an account status that I no longer needed. It was quite an interesting experience and I want to share it with the readers of this newsletter as it has only reinforced the enormous conviction I already had for Bitcoin!

I have used Bank of America for about 15 years, my paychecks from my day job get deposited into a checking account I have with them, and I had a savings account also linked. The liquid cash that I have chosen to keep for emergencies I no longer keep in Bank of America, I am using an online only bank that I am earning 4.5% yield on those funds. In the past I kept a few thousand in that account, but since I have only kept a little over a thousand to transfer in and out of the checking.

Last month I noticed that a $10 fee was assessed to my account, and I called up the bank to find out why. I was informed that I had a “gold advantage” set up where I had to have a certain account balance limit held or I would be assessed “fees”. I asked to change it over the phone and was informed they could not I would have to go into the branch.

I went into the branch this past Monday and inquired about changing the status back to “minimum settings” in order to avoid any unnecessary fees. I asked for the “free savings”. They informed me that a “free savings” only exists if you keep a minimum balance of $500. This kind of enraged me to be honest. You see this “savings” account yields .01% interest. maintaining a balance of $500 isn’t an issue (unlike for 40%+ of the American population) but this was a principal thing. I told the lady who was assisting me, that this was criminal to the swath of Americans who live paycheck to paycheck and can’t afford to keep $500 in a savings and they have the audacity to spit in their faces with offering .01% where there are options 4%+ out there.

Unfortunately, I couldn’t close the account down Monday, because my online savings, where I was getting an actual real yield, was linked to that account and I had to contact them for a change first. On Tuesday I called bank of America back and completed the closure of this account. I was informed that procedure for closing an account is necessary and they needed me to provide a reason. Initially it kind of perturbed me. However, thankful for the Wim Hoff breathing I have been engaging in for months now, I took a deep breath, relaxed and provided said reason. I stated, “I am closing my account, due to the inevitable takeover of the monetary system by the Apex predator, Bitcoin, and in closing, don’t trust, verify!” ₿

Defion Productions

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