lol, so you are excited they put your money into a savings that gives no return so they can use it to invest? You could just save $5 a month yourself in a piggy bank :) (just having a little fun, I used to have BoA too)
I will post as someone who has had a few different banks, personal checking and savings and a business account. First, I would avoid the largest five banks, especially Bank of America. BoA had the highest customer dissatisfaction of any corporation in 2011. Right behind them was Time Warner Cable. Wells Fargo, BoA, Chase, etc, are all too big and impersonal. Their online features are nice, but their credit hawking of college and high school students is disgusting and their mortgage department is incompetent and overworked. Just don't do it. If you would like a practical example: they can take up to 10 days to clear a check over $1,000. Ridiculous. They also have other ridiculous fees. Chase just started trying to issue 1099s for airline miles and other benefits. Amazing.
If you go with big, you get impersonal and fee-filled banking. If you go tiny you get lack of convenience. However, I usually am happy to sacrifice a little convenience and have to plan a bit for people knowing my name and being happy to sort out any problems should they arise. I do think local credit unions are the way to go. They offer great services and rates while delivering personal service.
I bet there are lots of really great people who work at BoA, Chase and others, but they have lost their soul and dividends and stock share prices have exceeded the importance of competence and customer care. Would you go sit at a bar if the bartender shorted you on liquor in your drinks, was rude and ignored you? Neither should you give your money to bank that just tries to figure out more ways to make money off you with no return.
