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2 comments

I made the mistake of thinking that Bank of America cares about Customer Service. They are wasting any money that they spend on marketing because their lousy service negates anything they have to say.

I would NEVER recommend this bank to anyone and now I would actively tell people to avoid BOA like the plague. After being a customer with BOA for over 30 years, I thought it reasonable to deposit a large check from a major financial/investment institution (not Joe Shmoe) and have the funds available within 2-3 days. Instead, they tell me that they have the DISCRETION to take up to 10 days to credit the funds to my account so they can "verify" that the institution has the funds. TEN DAYS?!?

From another MAJOR/well-known/US financial institution?!? To a known customer account with over 30 years of history?!? Is this 2018 or 1918?? I wish I could get that check back and deposit it to my account at a different bank.

I'd have those funds by now. I have never regretted a banking relationship more. They have pretty much stolen my funds and put me in a situation where I won't be able to meet my obligations and I'll have to pay late fees because they have chosen, at their discretion and by their own choice, to not credit me my own funds for nearly 2 weeks. And when the funds do clear, it will be too late.

But, oh, well, "it's their discretionary policy." To be clear, there is absolutely no reason to question the validity of the funding source, the validity of my account (again, 30+ years, same account #) or anything else. They are holding my money hostage because they can. And not having access to my money will likely cost me dearly in terms of reputation and a missed opportunity (Sad) (damages far beyond the actual funds involved here) and fees that I'll likely incur, as the funds were needed to meet financial commitments.

I just got a flyer about opening a business account. Umm...NO!

Reason of review: Poor customer service.

I didn't like: Unreasonable time for crediting deposited funds.

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Anonymous
#1539699

Want to know where all your hard earned money is going? - BOA has faced $91.2 BILLION in legal fines and settlements since 2008.

- Bank of America fined $42 million by New York State for fraudulent 'masking' scheme. - Bank of America agreed to pay $66.6 M for class action lawsuit for extended overdrawn balance charges that violate National Bank Act’s usury limit. - Lawsuit filed against BOA pushing homeowners into foreclosure while it enriched itself off a federal mortgage-modification program. - Based on the website Violation Tracker, BOA penalty totaled since 2000 were $58,058,740,079 that included: Mortgage abuses- $27.9 B; Toxic Securities abuses- $23.1 B; Banking violation- $3.9 B;Investor protection violation- $859 M; Consumer Protection violation- $855 M; Securities issuance or trading violation- $597 M; Wage and hour violation- $$381 M; Price fixing or anti competitive practices- $137 M; Accounting fraud or deficiencies- $80M; and Fraud- $26 M.

NEED I SAY MORE? -Bank of America has had more complaints filed with the Consumer Financial Protection Bureau than any other American financial institution, according to a July report from Mother Jones magazine. -Consumers have lodged 20,512 complaints against BOA to the CFPB since Dec 2011, one of the worst track records of any bank, nearly 25% of ALL complaints even more than Wells Fargo (which is no small accomplishment). -BOA has for the past four years (2013) finished in the top three of Consumerist’s annual reader polls to nominate as the worst companies in America.

But yet: The CEO of Bank of America Brian Moynihan was compensated $20M in 2016. His compensation was 250 times his average worker. Bank of American was still able to make $26.3 M on political contributions (since 1989) and $37.9 M on lobbying (since 1998). Be aware of BOA's culture, banking practices, long fraudulent history and their customer care tactics especially if you are a “little guy”.

The classic powerful versus the powerless. Consumers be aware: Fool me once, shame on you, fool me twice shame on me.

Anonymous
#1539696

Want to know where all your hard earned money is going? - BOA has faced $91.2 BILLION in legal fines and settlements since 2008.

- Bank of America fined $42 million by New York State for fraudulent 'masking' scheme. - Bank of America agreed to pay $66.6 M for class action lawsuit for extended overdrawn balance charges that violate National Bank Act’s usury limit. - Lawsuit filed against BOA pushing homeowners into foreclosure while it enriched itself off a federal mortgage-modification program. - Based on the website Violation Tracker, BOA penalty totaled since 2000 were $58,058,740,079 that included: Mortgage abuses- $27.9 B; Toxic Securities abuses- $23.1 B; Banking violation- $3.9 B; Investor protection violation- $859 M; Consumer Protection violation- $855 M; Securities issuance or trading violation- $597 M; Wage and hour violation- $$381 M; Price fixing or anti competitive practices- $137 M; Accounting fraud or deficiencies- $80M; and Fraud- $26 M.

NEED I SAY MORE? -Bank of America has had more complaints filed with the Consumer Financial Protection Bureau than any other American financial institution, according to a July report from Mother Jones magazine. -Consumers have lodged 20,512 complaints against BOA to the CFPB since Dec 2011, one of the worst track records of any bank, nearly 25% of ALL complaints even more than Wells Fargo (which is no small accomplishment). -BOA has for the past four years (2013) finished in the top three of Consumerist’s annual reader polls to nominate as the worst companies in America.

But yet: The CEO of Bank of America Brian Moynihan was compensated $20M in 2016. His compensation was 250 times his average worker. Bank of American was still able to make $26.3 M on political contributions (since 1989) and $37.9 M on lobbying (since 1998). Be aware of BOA's culture, banking practices, long fraudulent history and their customer care tactics especially if you are a “little guy”.

The classic powerful versus the powerless. Consumers be aware: Fool me once, shame on you, fool me twice shame on me.

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