Bank of America (STRIKE 1)

[HalMd]

Banks are a rare form of business that can charge for services not performed--and still get paid! They can do this because they have your money to start with.

Twice in one day I had a very bad experience with Bank of America. Since their site does not have a link to submit feedback, I am posting it here.

Every few years my Chinese mother-in-law visits the United States. In order for her to get a visa, our family provides a "letter of support" stating that we will pay her living expenses during her stay. As of July 2006, the government requirements are stiffer, so now we must also obtain a letter from our bank showing financial assets. The letter must be signed by a bank official, and convey when our accounts were opened, average balances, total deposits, etc. (A photocopy of a bank statement is no longer acceptible.)

About a month ago I went into my local Bank of America branch to request this letter. The branch manager was unable to provide the letter herself, but offered to order the letter from Bank of America headquarters.

Shortly thereafter my account was charged $50. Fifty dollars? Fifty dollars!!!

First of all, I get documents notarized all the time and am never charged a nickle. Second, I get statements all year long for free. What is up with a $50 charge for a letter?!? (Notice that the consumer has no say in this matter. I cannot tell my mother-in-law she's out of luck. I cannot move my money to another bank because then I'll have no banking history. Bad situation.)

So after nearly a month, I called Bank of America today to find out what happened to the request. Basically nothing happend. They charged me $50 and they did not mail a letter.

On a funnier note, the customer service manager on the phone handed me off to a clerk to complete the letter. Of course I had to explain the whole purpose of the letter to the clerk to complete the request. As I started to hang up, the clerk said "Can I place you on hold while I write the letter?" I asked if she was done, and why I couldn't hang up.

She said to me "If you hang up, then I might get another call, and I wouldn't be able to complete the letter."

Originally Posted by HalMd

Notice that the consumer has no say in this matter. I cannot tell my mother-in-law she's out of luck.

of course you do and sure you can

[HalMd]

The federal government made the requirement, and the bank set the price. And the price is exorbitant.

[autoxer]

Originally Posted by HalMd

The federal government made the requirement, and the bank set the price. And the price is exorbitant.

Just tell them to refund it or you will withdrawal all of your money and find a new bank. Banks are very competitive for your business.

Did you know they would charge $50 or was that a surprise later when you checked your statement?

[poundwise]

My "one man's opinion" is that Bank of America is the absolute worst bank in the country when it comes to how they treat the customer. Not only do they have some of highest fees but also the most fees of any major bank. They are also hugely impersonal and don't seem to care much at all about individual account holders.

For the record, I do not now nor have I ever held an account with BOA, so this is not a personal reaction to dealing with them. I just simply see so very many complaints about BOA both online, the radio, and in print; most of which seem to be very legitimate gripes.


Edit: An addendum - Clark Howard recently went to bat for a BOA customer who had tremendous trouble with the bank. Just listening (via his web site) to the BOA spokespeople, regardless of the overall situation, it was abundantly clear that they just did not care and were not going to admit any wrong-doing or error on their part no matter what, even though it was obvious that they had at least some culpability.

[HalMd]

Originally Posted by autoxer

Did you know they would charge $50 or was that a surprise later when you checked your statement?

The bank manager originally told me she thought there would be a fee. She estimated it at $20. Fifty dollars was a big surprise.

HalMd, I'm curious what you hope to accomplish here.

As I said earlier, you always have choices (uncomfortable or inconvenient as some may be).

Are you hoping to inform this community that the large, monolithic institutions of finance dominating the landscape are insensitive and indifferent to the "common" person? That's hardly an earth shattering revelation.

vote with your feet my friend, vote with your feet.

[HalMd]

Originally Posted by rexdart

HalMd, I'm curious what you hope to accomplish here.

I think it's a fair question. When I dig down, I think I was just offended by my bank--twice in one day, coincidentally--and I needed to vent.

If I felt any at Bank of America was the least bit concerned about my inconvenience, I might not have posted here.

I did look for a "feedback" link on their site first, but did not find one.

I agree with "voting with feet". Now I need to do it.

[creditcardfree]

Its hard to move banks. We've moved to another state and it is still hard to decide. It's our financial world...and those of us here are pretty attached to how our world runs!! Good luck in the process. I think I'm going with USAA since I have that option.

[rob62521]

Originally Posted by HalMd

The bank manager originally told me she thought there would be a fee. She estimated it at $20. Fifty dollars was a big surprise.

I think huge shock would be more like it! Yikes!

[rooskers]

First off thanks for telling us about your experience with BOA. Some people think that venting is a bad thing and that you should either get another bank or shut up but I like the information since it helps me with my decisions. Like some people said I have heard a lot of bad things about (fill in blank) so I am not going to do business with them. After enough people do that and enough bad press is given eventually the bank will be forced to change their practices.
I find that the best way to resolve any problems with large corporations is to first talk with the manager politely and explain the problem. If that doesn't work as the manager for the corporate customer relations number and make sure you ask the manager for their full name so that you can fully explain to the corporate office why they were not able to provide quality service. That usually will get their attention. If not call the number and tell them the problem and if they can't fix it ask to speak with the president of corporate affairs or whatever the title is and if they refuse get the name and address. Keep going higher until you can't but to this day I have never had something not resolved by this point. If nothing works then this is the way they prefer to do business and you either except or leave unfortunetly there is no other choices.

[LuxLiving]

I too like to hear when these kinds of issues come up just so I can also avoid them like the plague! Get thee hence to another banking establishment. Go in person to the bank to get the letter OR the refund of the charges! You're easier to dismiss on the telly - a live disgruntled customer in house who might get loud is more apt to get the better service. Stay until you get a resolution and as rooskers advises, go up the chain of command until something is done!

[Saving in So Cal]

I have banked with BofA for years and have relatively good dealings with them (maybe 3 or 4 bad experiences over a 15-year period.) When I have to complain or work something out, I call the 800 customer service number. I don't go to the branch. It use to be that going to the branch would get you more personalized customer service, but that's not the case any more.

On the issue of fees, they do have a lot of fees, but I doubt it's more than other large banks. If you get their top-of-the-line account, most services are included with no additional charge. The balance requirements aren't that onerous, so that's what we did.

If you want low fees and more personalized branch service, you would probably be better off with a local credit union. Several people I work with go that route for that reason.