Bank of America

[TPoptarts]

My parents say Bank of America is in trouble and might close... well I'm kinda news-challenged so I don't really know, I saw a piece about them getting a chunk of bailout but that was a while ago so I'm really not sure what's going on. Anyone else knows if I should be worried about my account? I mean like I know the money's supposed to be insured by the FDIC or whatever so that's not really my biggest concern, but like I have like medical expenses and stuff that I usually use my debit card, what if it closes and then I won't have access to my money until the FDIC gives it back or however it works, and I won't be able to get my treatments?? So that's why I'm worried... anyone knows better what's going on

[Alelou]

BAC is so big it won't be allowed to fail. Worst case scenario, it might be temporarily nationalized. Unless you have over $250,000 on deposit there or own stock in it, I wouldn't worry.

[TPoptarts]

What happens if it's like "temporarily nationalized"

$250,000 yeah right I wish cut a few zeroes maybe

[Alelou]

It means the bank will have the full force and credit of the U.S. Treasury Department behind it, which, God willing, will still mean something for the foreseeable future. So your debit card should work fine. At any rate, your money will be much safer in any FDIC-insured bank account than under your pillow.

[TPoptarts]

Am I gonna have to pay like fees and stuff like that? Cuz like my account doesn't have fees now

[Alelou]

If they decide to start imposing fees, they have to notify you. That can happen with any bank, including Bank of America. You can always just take it out and put it in another bank. Just make sure it's an FDIC-insured account.

I doubt very much that any bank at this moment is going to do anything that will drive away good deposits.

[Lady Rainbow]

BOA's got a lot of problems, but I don't think it'll close anytime soon. There are a lot of people who are being laid off here in Charlotte (BOA's headquarters), some of it's because of the merger w/Merrill Lynch.

Watch your balance statement carefully, T'Poptarts. Alelou's right in that the bank has to notify you if they start doing fees, but as my husband and I found out...they don't always do it. We've had some issues w/bank fees from BOA.

[Alelou]

Most banks sneak this sort of thing into one of those tiny little brochures that says "Notice of Change of Terms" that almost nobody ever reads, and can never easily refer to again because they craftily leave off the identifying info.

Of course, the fine print in the terms you already have may if you have a credit card with them may entitle them to raise your rates at any time because you're late paying SOMEONE ELSE.

We need usury laws in this country. We used to have them. We need them back.

[TPoptarts]

I don't have a credit card

[Alelou]

Good for you. They get people into big, big trouble.