Bank of America begged me to not to close my accounts - want to help?

reply to post by Tripnman


I would recommend you watch your accounts to make sure they actually close them. I walked into a branch last year and closed my accounts. They only just last month actually closed the accounts. I know because they sent a couple of statements (I think by accident) showing I had a fee for no balance, then those fees zeroed out. I think they are falsifying their books and not reporting their true # of account holders.

Wow, the response to my OP has been more than I expected. Honestly I thought my story would get buried with all of the other personal stories (pics or it didn't happen!) in favor of the quality hot-topic discussions of other, larger, events occurring all around us right now. Thank you all for the comments, U2s, criticisms, suggestions and anecdotes. I have some reading to do to get caught up.

I'd really like to not feed the haters, but there are a few posters that are questioning details of my story and suggesting that I am something I am not. I don't need to name names or reply directly to specific posts. My father taught me to always go after the problem, not the person. Valuable advice. In this case the problem lies with some misconceptions and I'd like to offer some insights:

- I have no impressions of grandeur, no bubble to be burst. I am an honest, hardworking guy that has a small business and a family to support. I know that I'm not a big fish, and never claimed to be. Quite the opposite if you read through my responses. I know I'm a drop. Then again - enough drops and you have a flood.

- When you own a business as a sole proprietor, there are no legal requirements or documentation necessary to withdraw any amount you have available from any account you hold with the bank. Yes, corporate rules are different, but that's not me. The full weight of all assets and liabilities are tied directly to me with no corporate shell for insulation. Besides, I was emptying a dedicated personal account. The business accounts will close on November 5th.

- Never did I say that the grocery bag was full, I simply wrote that the money was in a grocery bag. Perhaps that bag then fit in my jacket pocket?

- No worries on being robbed, but thank you for the concern. In the OP, I mention that I have been transferring and consolidating accounts electronically. I chose to remove the balance in person as a statement. It's true that BoA would have never noticed my 1's and 0's disappearing - but now I have a way to send my message to the top of the bank. Or a least a floor higher than I usually go.

- Throughout my replies in this thread, I have stated my reasons for doing what I did. Yes, I asked for help putting together some additional sources of information I could use in my intended reply to the bank, but that's just wallpaper. The structure of my decision remains with or without that input from others.

- No, it may not be significant in the big picture, but my action was important to me. It really isn't a business decision at that point - it's personal. If that makes me a bad business person, so be it. I go to sleep each night knowing that I did right by my family and my clients, and I'm happy and comfortable. Works for me.

Now I need to catch up on all the positive in this thread before I get back to my letter writing. Stay strong, stay united, and we can all make the world a better place.

reply to post by inbound


Is this after today's announcement of transferring about 75Trillion of it to the Fed so we the American Tax Payer now own their Toxic investment vehicle?

reply to post by Common Scarecrow


Everyone needs to do this as soon as ObamaCare goes into effect because a provision of that bill is the US Govt gets access to your bank account. I am sure most people do not realize this. I keep only a small amount of money in the bank now.

reply to post by Tripnman


Well done my friend!! There's nothing American about B of A..I use a local credit union and a real American bank also but not to the level of your deposits. Now your supporting your community i'm sure.

On a side note...I bought a truck last year and used an online creditor...turned out the lender was some spanish bank??!! I refied of course as soon as I could.

Thanks for the story, OP. I'll share mine too:

Many yearsao, I was treated rather poorly by a BofA teller and her supervisor.

I went home and write a nice polt letter to BofA's Chairman of the Board. I explained that if that was all my 20 years of loyalty to BofA was worth, I would be moving my accounts the very next time a competitor offered me a better deal.

The branch manager came to my house to apologize.

Originally posted by type0civ
reply to post by Tripnman

 

Well done my friend!! There's nothing American about B of A..I use a local credit union and a real American bank also but not to the level of your deposits. Now your supporting your community i'm sure.

On a side note...I bought a truck last year and used an online creditor...turned out the lender was some spanish bank??!! I refied of course as soon as I could.

Bank of America needs to freaking DIE. Those people running it are traitors. They should be arrested and put in jail for the rest of their lives for all they have done.

Banks trying to buy the legal system for $5 billion

Bank of America is going down, starting tomorrow.

Bank Of America Forces Depositors To Backstop Its $53 Trillion Derivative Book To Prevent A Few Clients From Departing The Bank

Bank of America, which today reported a big bottom line loss net of one-time beneficial items, did something quite tricky and extremely devious last month: it shifted anywhere up to the total of $53 trillion of the total derivatives it held as of June 30 (as Zero Hedge previously reported) on its books at Q2 from the Holding Company, which was downgraded last by Moody's from A2 to Baa1 (the third-lowest investment grade rating) to its retail bank, which was downgraded to the far more palatable A2 (from Aa3). The reason for the transfer? Bank customers who were uneasy with the fact that suddenly the collateral backstoping the operating entity handling their counterparty risk was downgraded to just above junk, demanded that said counterparty risk be mitigated by the bank's $1 trillon in deposits. In other words, as Bloomberg first reported when it broke this story, anywhere up to the full $53 trillion (we don't know for sure how much so we assume the worst case) is now fully and effectively backstopped explicitly by the bank's $1,041 trillion (as of September 30) deposits.

And who is exposed to this latest idiocy? Why you. But that's not all: the FDIC, which is the entity backstopping the deposits in a worst-case scenario, is not happy with this move for obvious reasons.

Freaking crooks.

reply to post by Tripnman


omg... you people must have millions of dollars

reply to post by Tripnman


I will keep this short! I've been saying for years the only real way to hurt the Elitist is to protest with our wallets by boycotting these theiving banks. Protesting on the street is fine if you are like me and don't have any money to protest with in my wallet only because i've been unemployed from a full time job going on 4 years now this november. Though I plan on running my credit up with these big banks and defalting as this unfortunatly is all that keeps me from being homeless right now! I can't wait to see the big five go under! From all the research I have done I found out that large banks used to only control 20% of all assets in this country and now they control 80% of all assets and it's up to the 99% to turn this around. So to anyone anywhere doing anything to promote change in corrupt, controlled and demeaning world I would like to say THANKS for standing for something besides profits! Maybe someday soon people will be cherished more then some expensive luxury item!

I'm surprised to see that someone in a local branch actually cares enough to
"beg" you to not leave. I really hope november 5th grows enough

OP, your post was so well written I decided to publish you in my new book. Just kidding. Great post. You make a great post! Thank you for supporting us ne'er-do-wells by stating that if BOA treats you, your family, friends and employee's like "marks", you will refuse to do business.

What you have done is amazing. You sent a message that is at the heart of all of us Americans. Thank you!

reply to post by camaro68ss


congratulations you are helping to move this nation in the right direction
these scumbags do not even need fees to survive this only allows them to build more branches
heartfelt thankyous

reply to post by Tripnman


Why in the world did you even go with BoA, they have a crappy recorded and took billions of dollars in the TARP FUND ripoff. The way I see it is you didn't do your homework on which bank to use, and now you don't like the way there handling your money. That blows doesn't it. You should have done a little side work to find a bank that.
1. Didn't take any fed money
2. Used a mid grade bank
3. Has no hidden fees

Not all banks are upping the users fees for ATM cards. You just have to do a little leg work. Or in this day and age, type a few keys on your keypad.

Blows being you but I can't give ya any simpithy.
In the end you have to take responsibility for your own actions.

The problem would be very very significant.

And if people do this in significant numbers they will crash their country and millions will suffer horribly and many will die including women, children, the elderly, and all who aren't stocked up survivors.

There isn't real money. Have you not watched Zeitgeist, the first one?

A small amount of paper money produces manyfold times this digial growth. Its mainly digital transactions, with small amounts of cash.

And I'm NOT PRO BANK. I'm PRO PEOPLE, ESPECIALLY THE LITTLE GUY.

Did you know that if one receives $10.000. or more in cash from a banking institution this information must be reported to the IRS?

I hope they are nervous. There is a growing determination to see their bank destroyed. At BEST bofa will be the sacreficial lamb as our failed system gasps it's last breaths. The people are speaking ever louder.. A pox upon bofa. You'll be next, usurpers of rights.

I'm nearly prepared for 11/5 myself.

Originally posted by Garkiniss
reply to post by Tripnman

 

Though I am not a member of Bank of America (all twenty-five of my dollars are in Wells Fargo, Yay!),

They are just as bad. They are testing out the fees on the west coast currently and plan on spreading it to the rest of their banks....

I pulled my accounts from Wells Fargo and took them to a credit union before Wells Fargo even had a chance to try and take my money ( Checking account fees)

I suggest you do the same. Same with anyone who has an account with any of these " too big to fail" banks.

reply to post by Tripnman

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.

Heh...and some people say violence is the only way to make them listen...