I Hate Bank of America

[toef]

I was checking my checking account a couple days ago, and I noticed my credit card payment was kicked back to my account. I thought it was weird, so I called them up to find out why.

Turns out, it was because I used my friend's cell phone to call in the payment.

Nevermind the fact that I had to type in my account number and SSN to verify my identity. Simply because the phone number I called in from was not on their file as being my phone number, they rejected the payment for being "suspicious".

So now that payment is being counted as late, and I decided to give them a call to dispute it. They've been treating me like a ball all day, and kept tossing me back and forth. The credit department said I had to dispute it with the checking account department, and vice versa. Neither one is willing to do anything, and now I'm stuck with my interest rate being jacked up over 18 points (it used to be 8%, now it's over 26%).

Out of protest, I'm closing the account, and rolling it into the equivalent of a loan, simply so I can bring the interest rate back down. Not a big deal, because I never make purchases with my credit card anymore anyway. I just used it when finishing up school, so it's more like school-debt in the first place, just on a credit card.

Since it's not too much, I'll have it paid off in a couple months, and at that point I'm never dealing with Bank of America again. I'm emptying out my BoA checking account, and moving it to my local bank.

Instead of actually being a bank and making money through legit banking, it seems BoA has decided to rely on late fees, overdraft fees, and jacked up interest rates to make all their money.

Shame on them.

I hate them.

If you hate your bank, vent here!

[BruceWayne]

I like my bank... I work there, so that helps, don't pay any fees really.

[BStecke]

I canned BoA about seven years ago after I deposited a check at one of their branches and, when going to buy something a few days later, discovered that they had reversed the deposit, which left me with no money and put me into overdraft. They claimed they never received the check and deducted the deposit from my account. They then took about three weeks or so to research it and find out that they in fact screwed up. As soon as that was cleared up I cancelled the account. I was with a credit union for awhile and have since switched to USAA and so far am very happy with them.

[mikejet]

That's ludicrous. They shouldn't have any issues because you are actually one of the PAYING customers. Glad you took initiative and closed it.

[toef]

Originally Posted by mikejet

That's ludicrous. They shouldn't have any issues because you are actually one of the PAYING customers. Glad you took initiative and closed it.

Yeah, it makes no sense. I actually got hung up on twice, because every time the person would say "Sorry, I can't do anything about it. Is there anything else I can help you with?" I asked them to transfer me to someone who could do something. Instead they just hung up.

I hope being forced to acquire Merrill Lynch all those months ago ends up bankrupting BoA. No offense to anyone who works for them.

[jbig31]

This is why I bank at our local bank-NEVER a big bank. I like the fact that they know me and my wife when we go in and treat us like a person not a $$$ sign.

[Elandyll]

I do not personally know Bank of America (I am at Wells Fargo, which so far is ok).

But there is one thing I like about them...


The voice of Keither Sutherland in their TV adds

[skatalite]

Originally Posted by jbig31

This is why I bank at our local bank-NEVER a big bank. I like the fact that they know me and my wife when we go in and treat us like a person not a $$$ sign.

Local for me, too.

[Dr.Zoidberg]

I love my credit union. Dropped BOA some yrs ago and have been much happier for it.

[Teufel Hunden]

BA started by crazy loan rates. (San Francisco 1906 it was the only vault that was not destroyed).

I never trusted them.

[MaCruz]

I like BOA, and my Credit Union. Never had problems with any. Sorry to hear your frustrations.

On a side a note, shouldn't you have payed a little earlier, or even online to avoid all this hassle?

[Lord_Stewie]

Never really used Bank of America that much. yes I do have an account with them, and continue to deposit there. I also use Wachovia which by far they have been excellent with me. I hate BB&T the most. They are the rip-off down to the point. for every late fee, they charge you on a weekly basis without you knowing. even better when you find out and try to settle the issue, they tell you to call back to speak to someone who can do this for you, and yes you will be fined until then.

Banks in general are thieves. You can't live with them, and can't live without them.

Sorry this happened to you Toef.

[toef]

Originally Posted by macruz19

I like BOA, and my Credit Union. Never had problems with any. Sorry to hear your frustrations.

On a side a note, shouldn't you have payed a little earlier, or even online to avoid all this hassle?

Yeah, I usually pay online, but I wasn't home that week of that month, so I called and did it on the phone.

Due to basic time value of money, I'm always a stickler about not paying stuff until its actually due (or maybe a day before). Even if over the course of my entire life that only save me $2, it's more out of principle than anything else.

Even if I paid it a day early, it's doubtful I would've noticed it getting kicked back soon enough to repay it by the due date.

What I find ridiculous is that I had to give them my account number, my social security number, date/city of birth, and current address/phone. After all that, they put the payment through, and then days later decided to cancel the payment because I called in on a phone number that wasn't listed on my account? Why does it matter what phone I'm calling from? Are there reverse-identify thieves out there, who instead of hacking into accounts to steal money, instead hack into accounts to pay off bills?

[Sylin]

When I first started listening to Dave Ramsey's radio show, and he'd talk about how big, well-known banks like Bank of America or Chase would treat their customers like crap and jack up fees for really stupid, illogical reasons, I thought, "There's no way they could get away with that."

But here we are.

It's so hard to find a good financial institution, even among credit unions. But IMO there is no such thing as a good credit card company. They're all snakes just waiting to bite.

[Bodyslide]

Toefer, I have had alot of friends over ther past year, have very similar issues. My advice is to skip going to a Bank, check and see if you have any Credit Unions you can join and you will get Better service from them. Good Luck

[phlydude]

Watch for the mail in the next few weeks...all the CC companies are jacking their fees to beat the Feb. 2010 laws that require notice and opt outs required by law when that goes into effect

These scumbags are raping the people that bailed them out from their near demise early this year...

Horrible industry that unfortunately, I am somewhat associated with (telemarketing to CC holders)

[Chordata]

I've used and loved Bank of America for several years in several different cities.

Don't see any change in my future.

[Psychonaut]

USAA for the last 10 years and am extremely happy with them.

[Hi-Def Steve]

Originally Posted by toefer

Neither one is willing to do anything, and now I'm stuck with my interest rate being jacked up over 18 points (it used to be 8%, now it's over 26%).

26%?? That's so messed up. They're like the fckin mob.