Tuesday, January 18, 2011

Bank of America - Warning!

I know this post is no fun, but I really want to get this out there. This is MY story, and I'm posting it here in the hope that you an help me send this warning along.

DO NOT DO BUSINESS WITH BANK OF AMERICA!

I'm not sure if this is a recent trend in Bank of America's business, but recently my checking account was CLOSED unexpectedly by B of A. I received a letter on Dec 20 stating that my account would be restricted in 20 days and closed in 30 days, at which point I would be sent a check for the remaining balance.

While it is LEGAL for the B of A to close any accounts at any time, they are not required to give any reason for doing so. This is the number they gave me to contact: 1-980-386-8908. Though it says business hours are 8-5 EST, I have tried multiple times with no success. Each time I get a recording that states the closure is a "business decision" and that it is B of A's policy to NOT disclose any reasons for closure.

Although I have no proof to give all of you, I DO have all of my account records available online, evidence that I have never written a bad check and that the account has NEVER reached a zero or negative balance. I have checked my credit score for any possible issues, but have found nothing to hint as to what may have happened with B of A. There is no logical reason for the closure of my checking account.

(**On a side note, B of A left my savings account open - I suppose they couldn't afford to lose a LARGE sum of money, while they are less concerned about losing a few thousand dollars. I moved the savings to a different bank anyway.)

Today, I went into the bank to withdraw all the funds (it is currently in the "restricted" status), and none of the tellers or bankers were able to get any more info on the reason for closure and they were unable to give me ANY of the money in the account! They, too, were directed to the "Account Closures Department" at the number listed above and were unable to reach anybody.

As of now, I have NO ACCESS TO MY MONEY IN MY BANK OF AMERICA ACCOUNT.

Please, please don't let this happen to you and your friends and family! Please pass along this warning to all who do business with B of A. I may just be one customer of the thousands they serve loyally, but the way they have treated me is unacceptable and I do not wish it on anyone else in the world!

33 comments:

  1. I hope you'll get your money back.
    They should be ashamed of themselves! It is inhuman and illegal to take away money from a person that didn't do anything illegal.

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  2. that totally sucks! how do they expect for you to pay for things?! they shouldnt be able to do that, especially they wont even tell you why this happened. im so glad i didnt get an account there.
    also, TD Bank sucks too. and Sovereign. i use a credit union and they are awesome.

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  3. how strange!! I have banked with B of A since 2005 and had no issues...my mother has been with them since the 80's...I hope you get everything figured out and are able to figure out why your account was closed and you were "restricted" from getting your funds from your checking account. Best of luck!

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  4. Although I have no proof to give all of you, I DO have all of my account records available online, evidence that I have never written a bad check and that the account has NEVER reached a zero or negative balance.

    That is the problem. They are not making any money off you, since they don't get to charge you any fees for misuse of the account. Thus they are calling it a "business decision": you are too expensive for them and they are embarrassed to tell you this. They expected that as a college student, you would screw up multiple times, and they would cash in and fleece the goose (pardon the pun :P) in the process.

    Don't worry, BofA's behavior is suicidal in the long run. If they drive off the good customers, they will only be left with customers with no real assets, so they soon won't have any money to meet reserve requirements...

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    Replies
    1. And at the point when they don't have enough money to meet reserve requirements, they will hire lawyers, lobbyists, and creative bankers to steal money from somewhere/someone else, create new loopholes, and exempt themselves from said requirements.

      Sorry, I couldn't read without saying something about this because the entire financial sector (en masse, maybe there are a handful of exceptions) is so corrupt and greedy it infuriates me.

      BoA is among the worst. They bought out my credit card company, took away my ability to make a payment online while I was abroad, changed my account number (which kept me from even calling in to speak to anyone, although the card still worked so I didn't know until it was too late), and then dinged my credit when they failed to send me a statement that month. When I finally got a statement with the account number and spoke to them they said I should have known to pay my bill. Not sure exactly how I would have done that without a bill or account number. So there goes 16 years of responsible credit card use.

      That will show me for being such a low profit "customer" for them! What was I thinking??? (I've paid every bill in full every month for those 16 years.)

      Also, thank you Congress for considering the full ramifications of your well-intentioned (maybe?) but ill formed attempts at curbing credit card and banking abuse.

      Delete
  5. Wow thats really crazy. I hope you get this issue resolved soon.

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  6. That is terrible...I've been with Bank of America for three years, and they treat me excellently. I always tell people that I will have children with them, lol.

    But maybe I won't know...I really hope everything gets resolved, and I'll definitely make sure to pass your story along if anyone asks me about bank of america. People should hear the good with the bad.
    Keep us posted on what happens!

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  7. Wells Fargo or Chase, luv. :( Sorry to hear how moronic BoA's being.

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  8. I personally do not like them either. They sent us a bill and literally the day after we received it, they fined us extra money for not paying on time. We mailed the check in and we ALWAYS paid extra than asked. So the check didn't make it to them in the mail the day after the bill was received? It was long and horrible after that.

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  9. Thank you all for your kind words! I'm afraid that the only "resolving of the issue" will be them sending me a check for the money in the account. They will NOT reopen the account, and they will NOT give a reason, so there's not more that can really come of the situation at all.

    I had been banking with them for about 10 years with very few (if any) issues, and my parents had been with them even longer. But when they decided to let all of us (yes, they closed ALL of my FAMILY'S accounts) go, we are glad to just be rid of B of A at this point.

    If you'd asked me a month ago whether I liked B of A and if I'd recommend them, I would've said "absolutely"! Unfortunately, this whole mess changed that around completely.

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  10. Go over to Consumerist.com and do a search on Bank of America and also "EECB". Consumerist can give you some ideas on how to deal with B of A and some sympathy as well... Good luck!

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  11. Omg! Since I don't live in America I have no idea about which banks are good or bad. But if this would happen in Sweden... I actually don't think they're allowed to do that here. They don't close an account without letting you know or without you initiating it. This sound utterly strange.

    But surely you'll get your money back?

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  12. I just read your story and it was like reading my own. Bank of America closed my husbands account two day ago and mine for no reason. It is the EXACT same story. I have been with B of A for over 20 years and my husband 10 years we have exemplary records and there is no reason for them to do this. We are out of the country now and will be back in a few days, so all we have heard it the same recording from the same phone number. If you have money in this bank, take it out. Something is really going on here.

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  13. This just happened to me as well (found this site while Google'ing to better understand why Bank of America shuts down the accounts of perfectly good customers). I've been a customer of Bank of America for years, and my checking, savings and three credit card accounts were closed. Never paid a bill late, as far as I can tell I have had no issues other than quarreling every now and then with them over odd fees that I am charged here and there. Very confusing but suffice it to say I am filled with vitriolic anger and incredibly upset. I've had to scramble to move all my auto-pays (utilities, mobile phone, gym) etc. I've also lost all my credit card points which strikes me as downright unethical as there was no advance notice before my cards were cancelled. Suffice it to say, I feel like Will Smith in "Enemy of the State". Just totally baffled.

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    Replies
    1. I just put a complaint to Consumer Financial Protection Bureau. They BOA) did not state the reason for closing the accounts just said they are within their right to do so. However they credit back most of my credit card points. You can try to put a complaint in to get your points back.

      Delete
  14. Hi Goose, did u manage to get back all your money ?

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  15. This is exactly my story. My husband has been with them for 35 years and we never had a bounced check, always paid on time, never quarrel with them and over 700 in credit score. The same thing they said business decision and they do not have to disclose the reason. They close all our accounts and credit cards which have over $500 worth of reward points. It was just like a bad dream
    one that you never think would really happen. Please let me know if you were able to get your reward points back. I know that they will not reopen the accounts.

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  16. We just have a problem right now like yours in BofA they just close all accounts of my Husband and I. giving no reasons and trying to call the # 9803868908 during business time but only answering machine.. I understand if they want the customer go... but how can we get back all our money? are they sending check for the rest of the money in account? how long? anyone please? anyone who have experience this "closing all account situation" possible to give me feedback if they return your money? please .. Thank you

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  17. I'm facing right now the exact same situation. I received the letter this week from B of A and in 4 days they will put a restrictin to my checking account and in 12 days they will close my checking account. I called the 1.980.386.8908 and left a message, and after some hours they called me back. They didn't give me a reason, they informed that the bank has decided to end the business relationship with me and the account will be closed. I have this checking account since 2006 and I never had a balance below USD 500. I'm totally dissapointed and it's not fair that this bank has taken this decision without giving you an explanation. Now I'm looking for a quick decision to move the funds out of B of A eventhough I don't live in the States.

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  18. I know this was fer a year ago, but I hope you've found a nice credit union with which to do business!

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  19. Does anyone knows if this situation damage the credit?
    How much time do u waited for the check to arrive?
    Thnks to all hope you can help me out a little bit

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  20. this exact same thing happened to a relative of mine recently. I believe if you maintain a very high balance that triggers something with BOA leading to closings. The branch manager did not even know the account was being closed and when he called upper level management they said nothing. my relative spoke with an attorney and quickly retrieved his money, they can close the acct but they have no right to keep or withhold YOUR money. i personally think anyone with a BOA account needs to have their heads examined cause its plain stupid.

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  21. They just did this to me but NEVER sent me out a letter. so irritated right now!!!!!

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  22. I just received notice today that my checking and money market were being closed by BofA. My sisters accounts are also being closed. They would not give a reason. However I suspect it is because my mom is engaged in a fraud dispute with the bank on her account. She also happens to be a cosigner on our accounts as well. It seems they just don't want our business so I was told to come pick up my funds.

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  23. This just happened to me, no notification, no reason. No money for 10 days? How am I supposed to feed my kids when BoA has my money?!

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  24. Those dirty, rotten f&$(ers just did the same to me. After many years with BofA, and keeping between $50,000 up to $150,000 at times in checking and savings they just arbitrarily closed all my accounts.

    They are 100% within their rights to do this, but here is what they did that pissed me off. I have the BofA Rewards Visa card, which earns cash back, and I had ~$450 in rewards, which I was waiting to get to $500 to cash.

    I called the 980-386-8908 number, and got dick as far as information.

    I called the office of the Chairman and CEO at 704-386-5687 and spoke with a Lauren Keating, Executive Customer Adviser. When I asked if they would be sending me a check for the reward money, she replied that it's in their terms that once a card is closed, the reward $$$ is voided. WTF!!!

    Stay away from this crook bank!!!

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  25. Here's the email I just sent to the BofA CEO, Brian Moynihan:

    Dear Mr. Moynihan,

    Re: Visa 43xx-xxxx-xxxx-xx68

    My name is XXXXXXXX XXXXXXXX (Last 4 digits of SSN: 9999)

    I have been a loyal Bank of America customer since 2007, and maintain 2 checking accounts, a savings account and a Business Rewards Visa Card (referenced above).

    My balance fluctuates between $25,000 up to $130,000 at times (while earning rates of 0.01%). I've never bounced a check, never been overdrawn, rarely had my combined balance below $10,000 (although I do understand I would be a more profitable customer if I did bounce a check now and then).

    I am what BofA calls a "Platinum Privileges" Customer.

    Today, with no warning, my Business Reward Visa card was closed. Upon phoning the Account Closure Department at 980-386-8908, I was told the basic "we can, we did, and we have no further comment" I do understand that BofA can close any account, at any time, without any explanation. I'm sure that there is some algorithm that your company uses that for one reason or another came up with a decision that I am either no longer a profitable customer or a high risk customer.

    This email is to address the following two issues:
    My Reward Visa card had earned approximately $425 in Reward Cash, which I was waiting to reach $500 so I could redeem them. I do understand that in all your legalese you can void these earned rewards if the account is closed, but from an ethical standpoint, I feel that I am due these earned dollars. If I was the one to close the card, then I agree that I should forfeit the points, but since BofA just arbitrarily closed my card, with no notice, and by this action profits by confiscating my Reward Cash. I hope you do the ethical thing and have my reward cash either credited against the balance on my card, or a check mailed to me to the address you have on file.
    I would like to have you reconsider the closure of my accounts or at least review the criteria that was used to close my account. If you are unwilling to reverse this decision, I would greatly appreciate some short explanation on what I did to cause BofA to no longer welcome my business, so I do not repeat this action at my new bank.
    I understand that your time is valuable, but I do hope that you give this email the attention I feel that I deserve.

    I can be reached back via this email or by phone at xxx-xxx-xxxx.

    Thanks in advance,

    XXXXXXXXX XXXXXXXXX

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  26. they did the same exact thing to me on my credit card! and i have had the card for just 3days please tell me what to do

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  27. same thing happened to me today. and i have had my credit card for only 4days smh

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  28. Had the same issue with Bank of America yesterday - Jan 30th, 2013. They closed my account for no reasons. Have very good credit, and I am so upset and scary on why they would do it.

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  29. I had issues with BoA when they held mortgages that I was paying. The first time they tried to increase our monthly minimum payment significantly saying that our taxes went up. When we contacted our local tax office they told us the taxes did not increase. So we dropped them and refinanced. The second time, our mortgage was bought by BoA. We didn't wait to be screwed again, we just refinanced. I will never do business with BoA and I urge anyone else not to do business with them either.

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  30. After calling the office of the CEO, and sending him an email, I told them I would call DAILY (on their 800#, at their expense), until my reward points were paid out. They kept telling me that it's not their policy, but in the end, they ending up crediting my Visa card over $400, which showed up as a "Cash Payment", without ever admitting to doing it. Commonsense won over, because, just the phone bill expense that I planned to put on them would have been in the $1000s with my daily calls!

    Good riddance

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  31. Same thing happened to me today. Received a letter for each of my 3 BofA accounts (2 checking and 1 savings). Been with them since 2003. No bounced check, no late payments ever, always paid total balance on credit cards.

    Now I have to fix all my bill pays and automatic payments to and from my account. We are going to Chase and close all our BofA accounts.

    ReplyDelete

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