Bank of America Withdrawal and Investment Simplification
Yesterday and today I continued the process of disengaging from our relationship with Bank of America.
Yesterday I sent instructions to Bank of America to close our home equity line of credit (which we had never used). Our new bank will open one for us with no fees or costs involved. Today I stopped by the Bank of America branch and closed one of our two remaining accounts. This is the account for which BOA started charging account fees after years of providing the account for free.
We will keep the one remaining BOA account for now because it is linked to our brokerage account, where for the time being we get to trade without paying commissions. That will change soon and then we will move our IRAs and other assets in the BOA brokerage account to our Vanguard account. Vanguard is now allowing its brokerage customers to trade Vanguard ETFs commission-free which is an excellent feature.
I am still in the process of simplifying and re-balancing the investment classes in our retirement accounts. This has involved a series of transactions in our 401(k) self-managed brokerage account. My job in managing risk will be much easier after everything is complete, such as by effectively using stop-loss orders.
What changes are you making in your financial life?