edit on 19-10-2011 by dashen because: (no reason given)
Bank of America begged me to not to close my accounts - want to help?, page 1
privacy
Topic started on 19-10-2011 @ 11:05 AM by Tripnman
Over the past two weeks, I have been closing down and moving money out of my Bank of America accounts. I have done my personal and business (I own a
consulting business) banking there for over ten years but have decided to vote with my wallet and express my displeasure with the system by removing
my money from their clutches. One by one, I have zeroed out the balances on various accounts by transferring and consolidating via their website.
After each transfer I then called to close the accounts over the phone without issue.
Yesterday was different. I visited a branch to make a business deposit and when I arrived, there were signs on the ATMs indicating that the system was down and that customers should come into the branch. Before I got to the business customers' line, I was stopped by a banking associate and asked the purpose of my visit. I told him I was there to make a deposit and he waved me to a desk. When I sat down the banker first asked for my account number. I don't know it, so I handed him my ATM card. That's when he explained that all of their computers were down, and although they would accept the deposit, without the account number they would have to give me a generic receipt. Say what huh? When I told him that my newly opened accounts at a local (small, community) credit union would like the deposit he insisted that their computers were down too. Fifteen minutes after leaving BoA I found that to not be true and the money was happily deposited into a new account at the CU without issue.
Later in the afternoon I hit up a different branch of BoA and found their computers working just fine. I went in, asked to speak with a banker and was seated in an office. When the young associate came in and asked the purpose of my visit, I handed her my ATM card and requested that she tell me the balance. When she did, I then asked for a cashiers check in that amount. That's when things got wonky. She froze, stumbled over her words and asked why I needed that amount (It was not a small sum). This gave me an opportunity to explain that althouth I personally would not be affected by their new fees I know plenty of friends and family that would feel the pain. In solidarity with them, I wished to close the account and move on. She unwittingly suggested that if I just use my debit card once a month then there would be no fee. That was good for a belly laugh from me, then I again requested the balance to be issued to me in the form of a cashier's check. She then told me that there would be a $10 fee for this service. Another laugh. I guess it didn't sink in when I told her that I was fee adverse. There was an easy work-around anyway - I requested the cash. That finished my time with this associate banker as the amount I was requesting was "well past" her daily limit for withdrawals. I asked if there would be an issue with securing the cash and she said "I honestly don't know if we have that here" and walked out to get the branch manager.
The manager was pleasant enough and very direct. After introducing herself she flat out asked "What can we do to change your mind?" "We don't want to see you go" she emphasized. This opened a door for me to further explain my decision to leave the bank and why I was doing it. Amazingly, it did not fall on deaf ears. She indicated that understood where I was coming from and actually showed genuine surprise at some of the facts I provided her about the less than consumer friendly policies and mechanations of her employer. She did make some feeble counter-arguments and repeatedly asked me if I would change my mind (with a hint of desperation!). I stood firm and by the end of our conversation she asked if I would be willing to put it all in writing so she could send it up the chain. She shared that management is nervous, they are seeing money leaking out of the bank and realize that they have made mistakes. She even hinted that there has been high-level discussion on reversing the new fess since there has been so much consumer push-back. They are also aware of the growing momentum behind the November 5th ###snipped### action.
I agreed to arm her with addition information but that I was running short on time and now wanted my money. She picked up the desk phone and asked the original associate to rejoin us. The young lady walked in carrying stacks of cash like you see in the movies - paper bands with the amounts stamped on top. The associate then counted every bill in front of me with the manager over her shoulder, and when I was satisfied I walked out with it in a grocery bag. The money is now in a local credit union, leaving me with just one BoA account - my business checking. Moving business money is a bit more complicated and has to be seamless, so over the next two weeks I will finish putting the pieces in place and on November 5 I will shut that one down and be done with BoA banking for good. Will be interesting to see if they have the cash on hand for that withdrawal.
why do I share all of this with you? For one, I wanted to let people know that it IS still possible to withdraw large sums of cash from BoA and close your accounts - just be ready for them to beg. Two, that management is aware that people are angry (how could they not be!) and have put an ear to the ground.
###snipped###
15e.) Recruitment/Solicitation:
i) You will not use your membership in the Websites for any type of recruitment to any causes whatsoever. You will not Post, use the chat feature, use videos, or use the private message system to disseminate advertisements, chain letters, petitions, pyramid schemes, or any kind of solicitation for political action, social action, letter campaigns, or related online and/or offline coordinated actions of any kind.
Yesterday was different. I visited a branch to make a business deposit and when I arrived, there were signs on the ATMs indicating that the system was down and that customers should come into the branch. Before I got to the business customers' line, I was stopped by a banking associate and asked the purpose of my visit. I told him I was there to make a deposit and he waved me to a desk. When I sat down the banker first asked for my account number. I don't know it, so I handed him my ATM card. That's when he explained that all of their computers were down, and although they would accept the deposit, without the account number they would have to give me a generic receipt. Say what huh? When I told him that my newly opened accounts at a local (small, community) credit union would like the deposit he insisted that their computers were down too. Fifteen minutes after leaving BoA I found that to not be true and the money was happily deposited into a new account at the CU without issue.
Later in the afternoon I hit up a different branch of BoA and found their computers working just fine. I went in, asked to speak with a banker and was seated in an office. When the young associate came in and asked the purpose of my visit, I handed her my ATM card and requested that she tell me the balance. When she did, I then asked for a cashiers check in that amount. That's when things got wonky. She froze, stumbled over her words and asked why I needed that amount (It was not a small sum). This gave me an opportunity to explain that althouth I personally would not be affected by their new fees I know plenty of friends and family that would feel the pain. In solidarity with them, I wished to close the account and move on. She unwittingly suggested that if I just use my debit card once a month then there would be no fee. That was good for a belly laugh from me, then I again requested the balance to be issued to me in the form of a cashier's check. She then told me that there would be a $10 fee for this service. Another laugh. I guess it didn't sink in when I told her that I was fee adverse. There was an easy work-around anyway - I requested the cash. That finished my time with this associate banker as the amount I was requesting was "well past" her daily limit for withdrawals. I asked if there would be an issue with securing the cash and she said "I honestly don't know if we have that here" and walked out to get the branch manager.
The manager was pleasant enough and very direct. After introducing herself she flat out asked "What can we do to change your mind?" "We don't want to see you go" she emphasized. This opened a door for me to further explain my decision to leave the bank and why I was doing it. Amazingly, it did not fall on deaf ears. She indicated that understood where I was coming from and actually showed genuine surprise at some of the facts I provided her about the less than consumer friendly policies and mechanations of her employer. She did make some feeble counter-arguments and repeatedly asked me if I would change my mind (with a hint of desperation!). I stood firm and by the end of our conversation she asked if I would be willing to put it all in writing so she could send it up the chain. She shared that management is nervous, they are seeing money leaking out of the bank and realize that they have made mistakes. She even hinted that there has been high-level discussion on reversing the new fess since there has been so much consumer push-back. They are also aware of the growing momentum behind the November 5th ###snipped### action.
I agreed to arm her with addition information but that I was running short on time and now wanted my money. She picked up the desk phone and asked the original associate to rejoin us. The young lady walked in carrying stacks of cash like you see in the movies - paper bands with the amounts stamped on top. The associate then counted every bill in front of me with the manager over her shoulder, and when I was satisfied I walked out with it in a grocery bag. The money is now in a local credit union, leaving me with just one BoA account - my business checking. Moving business money is a bit more complicated and has to be seamless, so over the next two weeks I will finish putting the pieces in place and on November 5 I will shut that one down and be done with BoA banking for good. Will be interesting to see if they have the cash on hand for that withdrawal.
why do I share all of this with you? For one, I wanted to let people know that it IS still possible to withdraw large sums of cash from BoA and close your accounts - just be ready for them to beg. Two, that management is aware that people are angry (how could they not be!) and have put an ear to the ground.
###snipped###
edit on 19-10-2011 by Tripnman because: Added link to "Bank Transfer Day" FB page
edit on 19-10-2011 by Tripnman because: (no
reason given)
15e.) Recruitment/Solicitation:
i) You will not use your membership in the Websites for any type of recruitment to any causes whatsoever. You will not Post, use the chat feature, use videos, or use the private message system to disseminate advertisements, chain letters, petitions, pyramid schemes, or any kind of solicitation for political action, social action, letter campaigns, or related online and/or offline coordinated actions of any kind.
edit on Wed Oct 19
2011 by DontTreadOnMe because: (no reason given)
reply posted on 19-10-2011 @ 11:17 AM by josh2009s
reply to post by Tripnman
Yayyy! Congratulations on on your bank account closure. Glad to see people finally taking actions against the big banks!. I've kept my money at a small community bank since I was 16. S&F for you. Great thread!
Yayyy! Congratulations on on your bank account closure. Glad to see people finally taking actions against the big banks!. I've kept my money at a small community bank since I was 16. S&F for you. Great thread!
reply posted on 19-10-2011 @ 11:30 AM by Tripnman
reply to post by TreadUpon
Funny you should mention that. When that news broke a few years back I called BoA and told them I did not have a social security number, no ID and was not a citizen. I then asked if I would qualify for a home loan and the operator specifically said that I did not sound Hispanic enough and he thought I was joking with him. Good for some giggles, I wish I had recorded that one.
Funny you should mention that. When that news broke a few years back I called BoA and told them I did not have a social security number, no ID and was not a citizen. I then asked if I would qualify for a home loan and the operator specifically said that I did not sound Hispanic enough and he thought I was joking with him. Good for some giggles, I wish I had recorded that one.
reply posted on 19-10-2011 @ 11:40 AM by TreadUpon
reply to post by Tripnman
The trick is in the "#1 for English" prompt. The #2 for Espaniol had a bunch of different options...disgusting really...
The trick is in the "#1 for English" prompt. The #2 for Espaniol had a bunch of different options...disgusting really...
reply posted on 19-10-2011 @ 11:45 AM by usernameconspiracy
reply to post by Tripnman
And with that, you did more than 1,000 protesters will ever do sitting around in a park, carrying an ambiguous sign to effect change.
And with that, you did more than 1,000 protesters will ever do sitting around in a park, carrying an ambiguous sign to effect change.
reply posted on 19-10-2011 @ 11:47 AM by josh2009s
Originally posted by usernameconspiracy
reply to post by Tripnman
And with that, you did more than 1,000 protesters will ever do sitting around in a park, carrying an ambiguous sign to effect change.
What have you done?(Not trying to be mean lol) I think it's great people are protesting. The word is getting out. And, it seems as though change is on the way!
reply posted on 19-10-2011 @ 11:58 AM by Tripnman
Originally posted by Ben81
The fifth november take your money back interest me
first time i hear about it .. no thread ?
Sorry - I should have included a link to that, will fix the OP. Here is a news article about the action and ##snipped## is a link to the organizer's Facebook page.
edit on Wed Oct 19 2011 by DontTreadOnMe because: (no reason given)
reply posted on 19-10-2011 @ 12:26 PM by usernameconspiracy
reply to post by josh2009s
What do I need to do? I don't have anything to complain about.
I fully support people pulling their money out of the big banks and putting that money into credit unuons. That's where mine is. Let the big banks fail this time.
When one takes real action (such as closing all accounts at a bank due to policy changes) and others take note and do the same thing, that influences change. The couple dozen people down the street from me in Fort Worth are not inducing change by hanging out in a park, yelling at nobody in particular.
What do I need to do? I don't have anything to complain about.
I fully support people pulling their money out of the big banks and putting that money into credit unuons. That's where mine is. Let the big banks fail this time.
When one takes real action (such as closing all accounts at a bank due to policy changes) and others take note and do the same thing, that influences change. The couple dozen people down the street from me in Fort Worth are not inducing change by hanging out in a park, yelling at nobody in particular.
edit on 19-10-2011 by usernameconspiracy because: I lost the ability to spell, apparently.
reply posted on 19-10-2011 @ 12:40 PM by getreadyalready
reply to post by usernameconspiracy
What if those people don't have anything significant to withdraw? I don't think a bank would notice if I moved my $15 or $20 average balance somewhere else. I am already at a Credit Union, I made that move a couple of years ago when BofA was ripping me off. I went from BofA to a local bank called Capital City Bank (which is currently doing a massive "we are local" marketing campaign, LOL), and then I realized that they are not as "local" as they seem. They don't make decisions on site, their fees are even worse than the big banks, and their folks seemed very clueless about customer service, so I then moved to the Envision Credit Union, and I couldn't be happier!!
But back to the point, I deposit about $7000 per month, but it goes immediately back out to bills (I'm over indebted obviously), so moving my account when the average daily balance is so low would not make much difference.
Those folks camping out in solidarity and yelling at no one in particular are at least voicing the concerns we all have. At least they are drawing attention to the issues. At least they are involved and active and doing something instead of just complying or complaining.
So, for those that can take more direct action, GREAT, but for the others, protest is a great tool.
What if those people don't have anything significant to withdraw? I don't think a bank would notice if I moved my $15 or $20 average balance somewhere else. I am already at a Credit Union, I made that move a couple of years ago when BofA was ripping me off. I went from BofA to a local bank called Capital City Bank (which is currently doing a massive "we are local" marketing campaign, LOL), and then I realized that they are not as "local" as they seem. They don't make decisions on site, their fees are even worse than the big banks, and their folks seemed very clueless about customer service, so I then moved to the Envision Credit Union, and I couldn't be happier!!
But back to the point, I deposit about $7000 per month, but it goes immediately back out to bills (I'm over indebted obviously), so moving my account when the average daily balance is so low would not make much difference.
Those folks camping out in solidarity and yelling at no one in particular are at least voicing the concerns we all have. At least they are drawing attention to the issues. At least they are involved and active and doing something instead of just complying or complaining.
So, for those that can take more direct action, GREAT, but for the others, protest is a great tool.
reply posted on 19-10-2011 @ 12:45 PM by Tripnman
reply to post by getreadyalready
Don't forget that with fractional reserve banking, the big banks loan out every dollar on deposit 10:1 and make a majority of their profits from the usury associated with those loans. So, for that $25 balance, you've taken away their ability to loan out $250. Do that across 1,000 accounts and we've pulled $250,000 from their derived capitalization. Sure, still a drop in the bucket considering the 6.5 billion dollar profit BoA posted last quarter, but every drop counts. Enough of them will be a flood.
Don't forget that with fractional reserve banking, the big banks loan out every dollar on deposit 10:1 and make a majority of their profits from the usury associated with those loans. So, for that $25 balance, you've taken away their ability to loan out $250. Do that across 1,000 accounts and we've pulled $250,000 from their derived capitalization. Sure, still a drop in the bucket considering the 6.5 billion dollar profit BoA posted last quarter, but every drop counts. Enough of them will be a flood.
reply posted on 19-10-2011 @ 12:52 PM by getreadyalready
reply to post by Tripnman
Definitely!! If I weren't already moved, I would move now no matter how small the amount. As you say, if nothing else, at least it shows unity!
I think the fractional reserve is up closer to 14:1 last I checked (but maybe that was temporary). Deposits are definitely the place to hit them!
The Bailouts and Ridiculous Fed policy exasperated this problem by paying interest to the banks reserve money. The banks can now take Federal money and then NOT loan it out, and draw interest on it at the same time.
This is the first time in history the banks have been paid to NOT LOAN
money. And it was supposed to stimulate the economy some how?
Definitely!! If I weren't already moved, I would move now no matter how small the amount. As you say, if nothing else, at least it shows unity!
I think the fractional reserve is up closer to 14:1 last I checked (but maybe that was temporary). Deposits are definitely the place to hit them!
The Bailouts and Ridiculous Fed policy exasperated this problem by paying interest to the banks reserve money. The banks can now take Federal money and then NOT loan it out, and draw interest on it at the same time.
This is the first time in history the banks have been paid to NOT LOAN
money. And it was supposed to stimulate the economy some how?
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