I just received a phone call from Bank of America asking how one of my businesses is doing. Currently, I have five business accounts and one charitable contribution account with Bank of America. I thanked the gentleman for his phone call and told him that I was not in need of his services because just last week I started the ball rolling in moving all of my business accounts to Navy Federal Credit Union.
He asked me why I was leaving and if there is anything he could do to keep me as a customer. I told him that currently Bank of America requires a minimum $3,000 minimum balance in each business account; meaning that I am tying up $18,000 of capital ($3,000 of which is designated just for charity) at all times, and this is an incredible waste of money. He said he was sorry there was nothing he could do.
I thanked him for his phone call and hung up. It feels pretty good!