Why I'm leaving Bank of America
This is why I am leaving Bank of America, and why I think you might want to do the same.
1. They cater to illegal immigrants. (Pretty bad when even Snopes says it's true).
2. Shady mortgage practices.
3. Shady credit card practices.
4. Shady bank account practices.
I have experienced each of these, and will detail them. I know, I should have left earlier, but I didn't - and I paid the price for that. Now I put these facts out to the public for all to see:
I receive my September Statement on my mortgage. It shows the mortgage payment for August was not received and I am past-due.
Problem is, I paid online in August and had proof.
BOA has done this to others. And sometimes worse.
Sad thing is, I took out the mortgage with Countrywide, and never had any problems from them.
My checking account is hit with $15 fees on several occasions for my balance dipping below $1000.
Problem is, this had happened before (see below) and I made sure it wouldn't happen again.
How did they do it?
I was to be paid Friday, May 1. I had written a check on Tuesday, April 28 for which I would not have funds to cover (and still stay over $1000 minimum balance) until May 1. This was not due until May 20, So I dropped it in the mail on May 1, to be sure.
BOA takes the money out of my account as of April 28 (even though the check couldn't have been cashed until May 3), just so they can collect the fees.
I used the BOA credit card for business expenses. I charged travel, food, and entertainment on the card, and paid it in full each month as I was reimbursed by my employer. Everyone knows that a card paid in full each month warrants no interest charge.
This card had been used in this manner for two full years without hiccup.
Enter BOA and their money-grabbing schemes.
They charge interest on my balance, even though it was paid in full each month (not monthly minimum - full balance).
More funny check posting causes fees for account balance under $1000.
More schemes to find ways to make my checking account balance drop below $1000 to get the fees.
Interest on the credit card, despite being paid in full each month.
This time, it was a small balance I'd paid off. Then they charged interest for the next three months, despite me twice writing checks for more than the balance (which was under $10 each time).
BOA starts their policy (at least on my account) of taking out the largest amount first on each day in 2002. They do not notify us. This is specifically designed to try to make more money from overdraft fees - by making a single overdraft turn into multiple overdrafts.
During a short period of unemployment / financial strain, we overdraft once. Over $200 in fees later, lesson learned. I should have ended this right then and there.
BOA recently decided to end it's $35 overdraft fee and just start declining check card transactions where there is not enough money - like almost every other bank does. They did this in response to overwhelming legal issues and consumer pressure to their backwards ways.
Update. Even more this month!
Just got my credit card statement from BOA. I had accumulated a small debt during my recent unemployment. To maximize my financial standing, I moved this all to the BOA card to take advantage of a 0% interest, $0 fee balance transfer until February 2011.
WRONG: They tacked on a $1.50 "minimum interest rate fee" for this month's statement.
I signed up for a BancorpSouth account. Mrs. Usagi and I had an account with them back when we lived in Jackson, TN and Memphis. We were forced to switch in 2001, when we moved to Nashville - and there was no BancorpSouth in the area at the time.
I'll be moving my checking to them within the next couple of weeks, and will do the same with my credit card account.
My mortgage will be refinanced, and I'll make sure to ge ta document from the lender stating they will not sell it to BOA.
PS - this was written back at the end of last summer. Just wanted to post it.
1. They cater to illegal immigrants. (Pretty bad when even Snopes says it's true).
2. Shady mortgage practices.
3. Shady credit card practices.
4. Shady bank account practices.
I have experienced each of these, and will detail them. I know, I should have left earlier, but I didn't - and I paid the price for that. Now I put these facts out to the public for all to see:
2010
I receive my September Statement on my mortgage. It shows the mortgage payment for August was not received and I am past-due.
Problem is, I paid online in August and had proof.
BOA has done this to others. And sometimes worse.
Sad thing is, I took out the mortgage with Countrywide, and never had any problems from them.
2009
My checking account is hit with $15 fees on several occasions for my balance dipping below $1000.
Problem is, this had happened before (see below) and I made sure it wouldn't happen again.
How did they do it?
I was to be paid Friday, May 1. I had written a check on Tuesday, April 28 for which I would not have funds to cover (and still stay over $1000 minimum balance) until May 1. This was not due until May 20, So I dropped it in the mail on May 1, to be sure.
BOA takes the money out of my account as of April 28 (even though the check couldn't have been cashed until May 3), just so they can collect the fees.
2008
I used the BOA credit card for business expenses. I charged travel, food, and entertainment on the card, and paid it in full each month as I was reimbursed by my employer. Everyone knows that a card paid in full each month warrants no interest charge.
This card had been used in this manner for two full years without hiccup.
Enter BOA and their money-grabbing schemes.
They charge interest on my balance, even though it was paid in full each month (not monthly minimum - full balance).
2007
More funny check posting causes fees for account balance under $1000.
2006
More schemes to find ways to make my checking account balance drop below $1000 to get the fees.
2003
Interest on the credit card, despite being paid in full each month.
This time, it was a small balance I'd paid off. Then they charged interest for the next three months, despite me twice writing checks for more than the balance (which was under $10 each time).
2003
BOA starts their policy (at least on my account) of taking out the largest amount first on each day in 2002. They do not notify us. This is specifically designed to try to make more money from overdraft fees - by making a single overdraft turn into multiple overdrafts.
During a short period of unemployment / financial strain, we overdraft once. Over $200 in fees later, lesson learned. I should have ended this right then and there.
BOA recently decided to end it's $35 overdraft fee and just start declining check card transactions where there is not enough money - like almost every other bank does. They did this in response to overwhelming legal issues and consumer pressure to their backwards ways.
2010
Update. Even more this month!
Just got my credit card statement from BOA. I had accumulated a small debt during my recent unemployment. To maximize my financial standing, I moved this all to the BOA card to take advantage of a 0% interest, $0 fee balance transfer until February 2011.
WRONG: They tacked on a $1.50 "minimum interest rate fee" for this month's statement.
SOLUTION
I signed up for a BancorpSouth account. Mrs. Usagi and I had an account with them back when we lived in Jackson, TN and Memphis. We were forced to switch in 2001, when we moved to Nashville - and there was no BancorpSouth in the area at the time.
I'll be moving my checking to them within the next couple of weeks, and will do the same with my credit card account.
My mortgage will be refinanced, and I'll make sure to ge ta document from the lender stating they will not sell it to BOA.
PS - this was written back at the end of last summer. Just wanted to post it.
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