Bank of America refuses to let customers close accounts

Originally posted by GeorgiaGirl

Originally posted by illuminatislave
reply to post by GeorgiaGirl

 

You do realize that Congress and the Banks work hand in hand?

You do realize that the Congress makes the laws, NOT the banks?

Congress makes them after the banks and mega corps BUY them.

Remember that the money a bank has is "on paper" alot of the money belonging to the customer is actually out being used as it's been lent. If everyone with an account went to close the account there wouldn't be enough money. See this is what happens in a crash when a bank has to close it's doors because they run out of money because the money going out is greater than the money coming in. It's what happened in the great depression.

I'm not really sure when this all started, but I stopped using banks four (4) years ago when I started to smell trouble with the housing markets. I have had a brokerage account with E-Trade for over 10 years now that acts just like a bank account with checks and a debit card and no fees or anything what so ever. I tried to tell my husband to close his account with B of A, but he won't listen. Even using a uninsured source to hold my cash, this will soon be over for me as I think the investment firms and the likes will be next in line to "play around" with my money. I have even tried overseas banks, but try getting your money out of one of those institutions. It's like taking candy from a baby and to top that off, they try to make you feel like a criminal during the process. Not sure about the credit unions and smaller local banks....maybe they're okay to do business with.....at least for now. I know I won't be in line for an account anytime in the near future. There's always sources such as being a E-Boullion account holder that you can use where you buy physical gold and use it as cash anywhere in the world. I have one of these accounts as well. Although I have only used it twice, I had no problems using it out of the country.

After what I witnessed with Indy Mac bank a couple of years back, as I live in Pasadena, CA, I saw hundreds of people lined up on Lake Street trying to get their money out and they couldn't. I think some of those customers ended up with something like 0.50 on the dollar if their accounts were over the FDIC's $150,000.00 insurable amount. That told me something right there...get your money out and just bury it basically. It's better off in your hands or your safe than the banks anyway, IMO. No bank anywhere is safe if you ask me. I don't trust them one bit.

Anytime you make a "cash" deposit and have to "ask" the teller to make your money available immediately, something's not right. The banks will hold your money past midnight until they can "flip it" and make a profit (interest being earned on your dollar) for themselves first. After that, you can then be the proud owner of your hard earned dollars. Why the heck do I have ask permission to use my own cash I just deposited? Remember when you could walk into your bank make a cash deposit and the cash was available immediately and you didn't have to ask? What happened to those days? Corporate Greed...plain and simple!

These banks have been up to some real Fu@kery for a long time now. We may be seeing the beginning of when the SHTF.



ETA
Good Job OP

good news for OWS, this will add fuel to the fire

reply to post by ThePublicEnemyNo1


You're right they do try to hold it.

Way back in 1989 I worked for a phone company owned by the federal government (Australia) back then it was called telecom now it's called telstra and no longer owned by the government. I left to join the army and my holiday pay and other monies owing to me was paid in the form of a reserve bank cheque. I took it to my then bank being the commonwealth bank, again at that time owned by the federal government but no longer, The teller said to me " that will take 3 working days to clear" I said " it's a reserve 'bank cheque, if it bounces the country is bankrupt" She agreed and approved the 'bank cheque strait away. That means that she could have done it anyway but the policy obviously was to hold it and get interest off it. So I had one government bank trying to hang on to the money from "THE" government bank for the interest.

And they can tell right away if there's enough money in the account you're drawing from to cover it.

Originally posted by Myendica
uh..I think I wouldn't have let them in either. Bank has no obligation to allow a protestor into their bank, even if they have an account. So.. perhaps if they showed up like a regular person and asked to close account, they would have.

Stop spreading lies. BOA will definately let you close your account, just not if you yell at them from outside with a bullhorn before you do.

Think people

Okay, yes.

This is what I was thinking.

BoA Members CAN close their accounts; they just wouldn't let the protestors in that day.

I don't blame them.

The banks employees had no way of knowing what would transpire, once they came in.

AND, they were well within their rights to keep the doors shut.

Can't you close your account on-line these days?

No?

I guarantee, they'll close it for you, if you take out all the money.

Write a check.

From my experience of working in a bank we have had customets leave their accounts with nothing in, so my advice to people whose banks wont allow them to cancel their accounts is simply take all your money out, leave the account empty with no bills or direct debits coming out until it goes dormant. The bank will be paying to keep it open until they realise theres no funds debiting or crediting it.

reply to post by KySc5


Maybe if they would have gone in quietly one at a time throughout the day they would have had more success. The bank managers looked like they were #$@&#ing in their pants. Oh and why could'nt the protesters have gotten someone who was a bit more literate and better at public speaking. I know this is a grassroots issue and everyone needs to have a voice but really........ Stuttering and stumbling over horribly pronunciated language is no way to convice anyone sitting on the fence that this is the right side to be on.

reply to post by KySc5


This thread is stupid. That is a bank of America corporate office, there are no bankers inside, just customer service reps, loan officers, underwriters, processors, security guards, etc. none of which handle closing bank accounts. How do I know? Because I worked at Bank of America corporate headquarters in Plano, Texas for two years, customers weren't allowed inside, period. That's not a retail branch. Maybe if those idiots went to a retail branch they would be allowed inside...that is if they leave the microphones at home and act like civilized human beings without the support of a mob.

reply to post by kootsroots


Agreed, I doubt they really care about his checking acct that contains $4.36.

Originally posted by Cosmic911

Originally posted by UniverSoul
i was under the impression they had no legal right to do this?
greedy banks make me sick

This is why I laugh when banks get robbed. I never feel bad when the greedy bankers lose ten or twenty thousand!

They dont lose it...have you ever heard of the FDIC??? It is kind of like money insurance from the govt. Also what BOA recently did with the debit fees is a result of the Dodd,Frank, Durbin crowd....BAWNEY FWANK should be in prison....he is one of the chief engineers of the economy crash. Oh yeah...they are all democrats too. Now be mad at the banks for complying to laws passed by our govt that make the banks seek funding in new ways. This is a classic example of unintended consequences to govt meddling in the private sector.

Govt: Hey you bank you cant do that anymore!
+
Bank: ok govt...we will do something else to make up the loss your regs create then!
=
consumer being screwed

the head of the snake is the govt....they tell the banks what to do...but everyone be mad at the banks and protest them....and re elect the smiling cheshire cat while your at it....cuz he is on YOUR side right???? NO HE IS NOT!!!!!

reply to post by DarthMuerte


Wells Fargo has my mortgage but there's really not much you can do about that. You might set up a mortgage with a small bank but they can sell it after a few months to one of the Wall Street groups.
I have had not had dealings outside of that with the Wall Street banks for over 20 years. USAA Credit Union all the way!

Originally posted by steveknows
reply to post by ThePublicEnemyNo1

 

You're right they do try to hold it.

Way back in 1989 I worked for a phone company owned by the federal government (Australia) back then it was called telecom now it's called telstra and no longer owned by the government. I left to join the army and my holiday pay and other monies owing to me was paid in the form of a reserve bank cheque. I took it to my then bank being the commonwealth bank, again at that time owned by the federal government but no longer, The teller said to me " that will take 3 working days to clear" I said " it's a reserve 'bank cheque, if it bounces the country is bankrupt" She agreed and approved the 'bank cheque strait away. That means that she could have done it anyway but the policy obviously was to hold it and get interest off it. So I had one government bank trying to hang on to the money from "THE" government bank for the interest.

And they can tell right away if there's enough money in the account you're drawing from to cover it.

You're absolutely right. I'm shocked to hear that back in the late 80's it was happening over there where you are...that's a shame These damed banks are so greedy that they make stupid comments like the one the CEO of Bank of America made recently:

“I have an inherent duty as a CEO of a publicly owned company to get a return for my shareholders,” Moynihan said in an interview with CNBC’s Larry Kudlow at the Washington Ideas Forum, Customers and shareholders will “understand what we’re doing,”

Link

All this man talked about was his "investors" and pleasing them. I was appauled. I own pieces of several companies, but I'll tell you what "if asked", I would vote against doing what this CEO is ultimately going to do. Even the shareholder understands that they have to tread lightly now a days. Doesn't this man understand that without his customers, he will find himself shipwrecked on a desserted island I'd like to see in Q1 of 2012, if in fact Mr. CEO of B of A asked his shareholders to vote and review the proof if he says the shareholders voted yes. I'd also like to see how many voted yes vs. no. The customers will understand....lmao he's insane!

I'm not fooling around with these silly crooks, they're all nothing but a bunch of greedy bastards! To top that off, we got a bunch of selfish, lame, ignorant, cry baby politicians including the POTUS, allowing the banks to run wild as if they were in the Serengeti.

Originally posted by wrkn4livn
reply to post by DarthMuerte

 

Wells Fargo has my mortgage but there's really not much you can do about that. You might set up a mortgage with a small bank but they can sell it after a few months to one of the Wall Street groups.
I have had not had dealings outside of that with the Wall Street banks for over 20 years. USAA Credit Union all the way!

May I ask why you took out a mortgage on a piece of property you will never own? All you have done is tie yourself down and committed to 30 years of wage slavery. Remember, the government "owns" the land. You just rent it from them for an annual fee. Skip paying that annual fee, even after paying off your mortgage, and they will repossess their land lickety split.

reply to post by illuminatislave


I was just going to post the same thing..................While I am certainly no fan of BofA, I have to think that any one of these people COULD have closed their accounts under different circumstances...............they could have had their demonstration/protest one day.....and then walk into any branch the next day and ask to close their acccount. The mob scene IS, in my opinion and from a SAFETY standpoint, a legitimate reason not to let them inside.

Originally posted by Thunderheart
I tried using my Bof A debit card last night and it would not work, I figured it may have been blocked for some security reason like using it too often in different states since I travel for work this has happened a couple of times before. I called them to straighten it out as I have done before without any problems. This time, for some unknown reason, my personal security answers to their questions were "not matching what they had on file", I argued with them that I know I have my driver's license number correct since I am staring at the dang card and I know I haven't forgot my SS# WTH?
Long story short, I still can't use my debit card and I am out of state without money and there are no Bof A's here
So until they get their s**t squared away I'm screwed!

Buddy that sounds like they may be liable for damages. Whatever you do don’t spend the night on the street or sleep in a field somewhere that could cause personal anguish.

reply to post by DarthMuerte


So, you're saying pay rent, probably at close to what a mortgage payment is at right now.....EVERY month for life, completely eliminating even the POSSIBILITY of someday owning what you are paying for....and having to move over and over......while at the same time, having to completely live by a landlord's rules, instead of your own?

Don't get me wrong......I rented for 20 years before I bought........and there are certainly times I wish I still did (like when something needs to be fixed).......but......overall, I'm glad I bought......perfect example of "to each his own", I guess.......

what about paypal??? i own a paypal and its the only bank acct i have to my name.

would you guys see paypal as a big bank?? should i close that too?? i kinda like it for using online transactions. but if closing my paypal acct is my way of helping our fight then i probably will close it.

Govt: Hey you bank you cant do that anymore!
+
Bank: ok govt...we will do something else to make up the loss your regs create then!
=
consumer being screwed

Why are there NO interchange fees on checks? I.e. why doesn't somebody get charged when the check/cheque is drawn on a bank different from the depositors?

This is exactly the same thing as debit cards. Really.

Why? Because of government regulation. That's the only reason. And somehow back in the day when that transpired you didn't have bankers squealing here and there about how they can't annoy the public with junk fees and their political apologists licking their expensive Italian shoes. Once upon a time, banking was seen as honorable, though boring.


So, debit card interchanged is lowered---not eliminated---and now they go nuts. What's up with that?

Yes, there are fraud expenses and fraud mitigation expenses and these are legitimate, but their basis points are substantially lower than what they were charging.

Remember, debit card interchange used to be much less than credit card interchange, but the fees have been skyrocketing over years. It was a totally broken market, where competition literally led to higher fees (because these were earnings split by banks and the Visa/MasterCard oligopoly).

Perhaps a more freemarket solution would be to invalidate all the contractual requirements imposed unwillingly on merchants, so that every merchant can freely charge explicit additional fees for credit/debit, including differentiating between different types, networks, and even different cards.

reply to post by jlmaeder

No, that is not what I am saying. I am saying you will NEVER OWN that property anyway. So why tie yourself to it? BTW, I don't pay much rent. $100/wk. Less if the landlord needs something fixed. I sometimes go for months paying no rent at all. Drop out man. The system is rigged against us. Why play against a stacked deck? It would be different IF we could actually OWN the property for which we pay this mortgage. So you mortgage = rent? Did you add in repair costs? Taxes? assessments? yard maintenance? the aggravation of having "lost value" of your investment? Yeah, no thanks. Not unless the rules change.