When I went into the Bank of America branch to close the accounts, I asked if I could receive cashiers checks. The branch manager had the audacity to tell me that there would be a $20 charge PER ACCOUNT to receive my own money. She told me I was more than welcome to write myself a check, however for three of the five accounts, I didn’t have any blank checks. No thanks, Bank of America – I did an ACH instead; and unlike Bank of America, if I initiate the ACH from the receiving bank’s system, there is no charge at all.
This was a good week. I closed five of my nine Bank of America accounts this week. First of all, these were all business checking accounts which required a $3,000 minimum balance in each of them. I moved them over to Navy Federal Credit Union, which has a $5 minimum balance per account. As a result, I just freed up $17,975 in capital for the five businesses.