Jan 19, 2024
#2
josephstern , Feb 24, 2011 7:10 pm
FlyerTalk Evangelist
TodayWow. It's almost like they're in cahoots with BankDirect or something (still a rumor over there).
So was there a notice in your statement? Is there a date on which this becomes effective?
So was there a notice in your statement? Is there a date on which this becomes effective?
#3
It was a letter, not an insert in the statement. The date is March 25. I live in Birmingham, so I suspect I got it before the rest of the FTers because I am closer to where it was mailed from, but you should all be expecting it.
#4
EasternTraveler , Feb 25, 2011 7:11 am
They also sent out a letter that unless you have a third party direct deposit to your account of $300.00 or more or a minimum balance of $1500.00 at all times, you will be charged $8.95 for your "Lifetime Totally Free Checking"
#5
josephstern , Feb 25, 2011 7:17 am
FlyerTalk Evangelist
Quote:
Definitely not cool, but if you're in it for the miles, you've very likely got more than $1500 in there, so it probably doesn't affect many on FT.Originally Posted by EasternTraveler
They also sent out a letter that unless you have a third party direct deposit to your account of $300.00 or more or a minimum balance of $1500.00 at all times, you will be charged $8.95 for your "Lifetime Totally Free Checking"
#6
TexasPastor , Feb 25, 2011 7:17 am
No bueno. Was thinking about switching at some point in the future...now I'm not so sure.
#7
josephstern , Feb 25, 2011 7:29 am
FlyerTalk Evangelist
Quote:
If you don't have the account already, you can't switch anyway. They closed this offer to new customers about a year ago.Originally Posted by TexasPastor
No bueno. Was thinking about switching at some point in the future...now I'm not so sure.
#8
TexasPastor , Feb 25, 2011 9:23 am
Quote:
Good to know.Originally Posted by josephstern
If you don't have the account already, you can't switch anyway. They closed this offer to new customers about a year ago.
#9
Gregory Nelson , Feb 26, 2011 11:33 am
Yep, got mine today. I don't even use BBVA as a checking account, so I'll likely walk all my money over to BankDirect, unless they're cutting their rate also. (Anyone have a link to the thread containing rumors on that?)
Anyone else catch that BBVA asserts they can require 7 days' notice for withdrawals from these accounts??
In BBVA's defense, they've probably been losing money on these accounts for a while now. I don't know what they have to pay AA for the miles, but let's say it's $0.01/mile. In that case, they're paying 1.2% per year to keep these accounts. That's far more than the interest rates on most checking accounts these days.
Anyone else catch that BBVA asserts they can require 7 days' notice for withdrawals from these accounts??
In BBVA's defense, they've probably been losing money on these accounts for a while now. I don't know what they have to pay AA for the miles, but let's say it's $0.01/mile. In that case, they're paying 1.2% per year to keep these accounts. That's far more than the interest rates on most checking accounts these days.
#10
josephstern , Feb 26, 2011 11:38 am
FlyerTalk Evangelist
Here's the link:
http://www.flyertalk.com/forum/ameri...-checking.html
I totally agree that BBVA and BD are right to cut these - they can't keep losing money on them. I doubt anyone here disagrees. We just like them.
Most of the deals we talk about here are good for us, and not necessarily good for the sponsoring company.
http://www.flyertalk.com/forum/ameri...-checking.html
I totally agree that BBVA and BD are right to cut these - they can't keep losing money on them. I doubt anyone here disagrees. We just like them.
Most of the deals we talk about here are good for us, and not necessarily good for the sponsoring company.
#11
josephstern , Feb 27, 2011 10:16 am
FlyerTalk Evangelist
Quote:
I got that in the regular brochure, but in my personalized cover letter, I got:Originally Posted by EasternTraveler
They also sent out a letter that unless you have a third party direct deposit to your account of $300.00 or more or a minimum balance of $1500.00 at all times, you will be charged $8.95 for your "Lifetime Totally Free Checking"
Account Pricing
The monthly service charge for Build-to-Order Checking will not apply to your account.
#12
EasternTraveler , Feb 28, 2011 7:50 am
Quote:
Account Pricing
The monthly service charge for Build-to-Order Checking will not apply to your account.
I wish I had read the cover letter now. Any idea as to the criteria for that?Originally Posted by josephstern
I got that in the regular brochure, but in my personalized cover letter, I got:Account Pricing
The monthly service charge for Build-to-Order Checking will not apply to your account.
#13
josephstern , Feb 28, 2011 8:50 am
FlyerTalk Evangelist
Quote:
Do you mean, why I specifically got that term change? I really don't know, but my assumption was that all AA accounts get this, when converted to this new account type.Originally Posted by EasternTraveler
I wish I had read the cover letter now. Any idea as to the criteria for that?
But the devaluation is, for me, a much larger issue.
#14
Quote:
I would think that would be the case for most people really concerned about the new, 45% lesser miles earnings rate. People that are not maintaining the newly-required minimum or average balances in order to avoid fees simply aren't earning that many miles, either under the old or new rules.Originally Posted by josephstern
But the devaluation is, for me, a much larger issue.
#15
Wow..this is really bad news. This mixed with the Bank Direct limitations makes these things more difficult.
Oh well....it was nice while it lasted. I figured they would limit/eliminate this program sooner or later...Bank Direct will probably follow suit soon and devalue the miles as well.
Oh well....it was nice while it lasted. I figured they would limit/eliminate this program sooner or later...Bank Direct will probably follow suit soon and devalue the miles as well.