F***ing Bank of America!

[legion]

Some history:

worst bank

Here's my fist draft of a letter to Bank of America:

Kenneth D. Lewis
100 North Tryon Street
Charlotte, NC 28202

Dear Ken,

My father passed away on February 2nd of this year. Unfortunately, he was a Bank of America customer.

I was named executor of his estate. A few weeks after his death, I attempted to close his account for the first time. I had to travel 150 miles to the Chicago area to visit the closest Bank of America branch. I presented a death certificate and court papers. Copies were made of these documents. I was given a cashier’s check of his account balance and told that his account was closed.

About one month later, I got a call from my father’s former landlord stating that she had received a check for $464.00 for his March rent. She told me the check was from Bank of America. I instructed her that the check was no good and she should send it back.

After facing refusal by anyone at Bank of America’s 800 number to tell me anything about why his former landlord was still getting rent checks, I made another trip to the Chicago area to attempt to figure out what was going on. I presented a death certificate and court papers again. Copies were made of these documents again. I was informed that he had an “online account” that was still issuing payments. I asked why this had not been closed on my previous trip. I was given no meaningful answer, but assured that no further payments would be issued and that the account really was closed for good this time.

Two weeks later, I received an account statement stating his account had a positive balance of $464.00. I called the 800 number, and was again refused any information and told to visit a branch, again.

I made a third trip to the Chicago area to attempt to close his account. I presented a death certificate and court papers, again. Copies were made of these documents, again. I was told that his rent check had been returned and his account was credited. I asked to close the account for a third time. I was told that fees would be assessed for his account being reopened by an automatic deposit. I explained that if it weren’t for the incompetence of Bank of America tellers in properly closing the account on the first visit, the check for his rent would never have been issued, never been returned, and the account would not have been reopened. After nearly an hour of arguing (I refused to be penalized for your company’s incompetence), the fees were finally waved. I left with a check for $464.00 and an assurance that his account was really closed for good this time.

Today I come home to a letter addressed to my father that had been forwarded to my address. I open it to discover a collection notice on behalf of Bank of America for the amount of $664.00 by NCO Financial Systems. I call them and explain that my father is dead, the deadline for filing claims on the estate is long passed, and the estate is closed. I am told this will be “noted on his account”. I believe a collection agency telling me that about as much as I believe Bank of America cares about its customers.

I call Bank of America to figure out why I got a collection notice on their behalf, and why I had not been contacted about my father’s accounts prior to a collection agency being contracted. After navigating the hellish labyrinth that is Bank of America’s 800 number, I finally get to talk to a real person. The first person I speak to cannot help me and transfers me to “the right department”. After speaking to someone (he wouldn’t give me his name), I am told that I need to fax in a copy of my father’s death certificate. I explain that you already have three copies. I ask where the $664.00 comes from, and I am told that there were checks issued for $464.00 and $200.00 after I closed the account. Why were these payments issued on a closed account? Why was I not promptly notified? Who was the $200.00 issued to? Why has no one I have spoken to in dozens of phone calls and three 150 mile trips to branches been unable to explain anything nor really close my father’s accounts?

The thing is, this situation is 100% due to a mistakes made by Bank of America. Yet I have been continually vexed and harassed by your organization because of your mistakes. How is this good customer service?

I am under no illusions that this letter will actually make it to Ken Lewis’s desk. It will be tossed in the trash by some low-level gatekeeper flunky and ignored like most complaints.

Still, Bank of America is a fundamentally flawed organization. You promise easy banking from everywhere, what you deliver is a nightmare of poorly merged systems, procedures, and employees. No one knows what is going on. No one is empowered to solve problems. All along the way I have been expected to know ahead of time what accounts my father had and how they work, rather than having it explained to me. I have been expected to tell your employees what they are supposed to do, rather than being served.

The blame lies squarely with you, Mr. Lewis. In your quest to build a large bank and line your own pockets, you have neglected, no—abused your customers. You are so far into the diseconomies of scale with your operation; I doubt you will ever recover. Bank of America is made up of a disparate collection of employees, acquired banks, and back end systems. No one knows what is going on, and trying to put everyone on the same page will cost more money than you would ever be willing to spend.

I have decided that I will never, under any circumstance, voluntarily do business with Bank of America. I will tell every person that I know what torment it is to do simple things like close an account for a deceased family member.

And still, this fiasco continues. My father’s estate has been closed. The time for filing claims against the estate has been past for nearly six months. The creditors have been paid; the heirs have gotten their inheritances. There is no provision for your extremely tardy claim to be paid. This could have all been avoided if back in February the staff at your location in Bloomingdale had closed my father’s accounts properly.

I expect this issue to be closed immediately. I do not want to receive any more letters from collection agencies. I do not want to get any more notices that my father owes money, or that his account has been reopened, or that his account was not properly closed. In short, I do not want to get any more surprises from Bank of America (other than an apology). I will be contacting my attorney shortly to explore what relief is available.

This problem has been caused by Bank of America, and it is the responsibility of Bank of America to fix it promptly.

I expect a written apology and a written plan of how this will be resolved and prevented from occurring again. I expect this to be taken care of promptly.

[artplumber]

I know this is really about venting, but send a copy to the collection agency as well. I also suggest certified letters from now on and avoid doing things in person. You need a very clear paper trail.

Sounds like a typical FUBAR from an excessively big organization. Self medicate, however you like to do it best.

[m21sniper]

Definitely certify all future correspondence.

[Moneyguy1]

Like one of my graduate school profs drilled into us:

"Your friendly neighborhood banker is neither."

[Porsche-O-Phile]

If it makes you feel better, I am 100% committed to never, ever getting an account with them for ANYTHING after reading your story.

Actually, if it helps, my wife's car loan WAS with them but she refi'd it with our credit union about a year ago because (like you) she felt that B of A sucked goat balls and the terms at the credit union were vastly better.

Haven't heard a single complaint from her since (at least about the banking).

[dtw]

Legion,
This is salt in the wound of your father's passing. I'm sorry you're having to go through this and hope uh...fourth time's the charm with B of A. If this doesn't work - please contact me privately - I could probably make a few calls and get someone with authority and competence in Charlotte connected with you.

[Scooter]

Unfortunately, Bank of America is not the only bank out there with these types of problems. I have seen similar, if not more egregious acts from other banks and brokers. Good luck.

[widgeon13]

if you know someone in a local law office cc a lawyer and when they see that on the bottom of the letter they will jump to it pretty damn fast, believe me it works.

[Chocaholic]

I've been with B of A for 10+ years and have nothing but good experience. I was assigned a "premier banker" without asking and they've always bent over backward to meet my needs. I'm not a rich guy, but have managed to save a few bucks over the years. I've had 3 or 4 mortgages with them, checking, savings and CD's. Not posting this to contradict you, but in fairness, your story is not a basis to judge the competence of an entire institution.

Why did you have to drvie 150 miles to visit a B of A? They're in every major city and most minor ones. Also...I wouldn't send that letter if you really want to get this resolved. Heck...tell them you want to invest $100k with them, but need to get this mess cleaned up first. Once that's done, then tell them to pack sand.

[Schrup]

I had a BofA account tied to one of their credit cards. When I was hired at my present job, I took a big short term pay-cut & supplemented my income with credit for a couple of years to make ends meet. I was never late on any payments, but they saw fit to jack my APR up to 21% & when I called them they basically said that they did it because they could (along with Discover Card). I viewed this a predatory because I had a spotless credit history. They figured they had me by the balls.

After a year of some big pay raises, it was a sweet day when I walked into the BofA branch across the street & explained to the branch manager why I was closing my accounts & would NEVER do business with their blood sucking corporation again. It was equally pleasing when I called Discover Card to close my account & listened to all the great offers to keep my account open. I asked where these offers where a year earlier & why they had clearly tried to take advantage of me.

I kept my Citibank MC, they do occasionally try to raise my APR a little, but that changes with a phone call. Their Customer Services is great & they never jerked me off during my lean times. I went back to my old credit union, which is now a small bank. The only reason I went to BofA was at the urging of my old employer for direct deposit, big mistake. I recently gave my little bank my new truck loan, even though they had a .5% higher APR than other lenders, because they've treated me so well over the last 15 years.

I can't imagine I would have been as level-headed as you Legion, sorry for your loss.

[rcecale]

Originally posted by Schrup
I kept my Citibank MC, they do occasionally try to raise my APR a little, but that changes with a phone call.

+1

Most of the time we've been able to actually get a lower rate from them on these occasions.

Randy

[Jim Bremner]

When I was 23 years old I had a VERY large paycheck one month.

They held it on me for 10 days with out telling me.

17 checks BOUNCED

Them money was good.


it damaged my credit.


it cost me $$$$ in FEES


they refused to make good on it


I've done ZERO with them since.

[jrdavid68]

That totally sucks. Sorry to see you going through this after your loss.

I'm fighting a similar issue with Medicare. Premiums continued to be taking from my Dad's account for four months after he passed (3/21/2006).

I finally called in June when it appeared the premium withdrawls weren't stopping. Got a letter in early August that the refund would be forthcoming within 30 days. Called in late September and there was no record of a submission of payment. Premium withdrawls had stopped but I was directed to call back in November. Called back in November, same answer and instructed to call back in December... may try tomorrow if I feel like I need some frustration.

[Dantilla]

I don't let anybody make automatic withdrawals from any account. No way.

I'm also a big fan of small, local banks. Key Bank, WA MU, US Bank, B of A, all are too big for any local control, or local decisions.

One of the commercial loans I have was approved on my first meeting, with the bank's founder and president. Sat down at his desk, talked about the project for ten or twenty minutes, and he said no problem, he'd have the loan docs drawn up, and I could sign them tommorrow.

Try THAT at Key Bank.

[Evans, Marv]

I've banked with my credit union for 20-some years. I'm sure there are better deals out there somewhere, but I've had my VISA card from them for as long as I've banked with them, and the rate of 10.9% has never changed. They've had crappy rates on CD's, and when I told them I was going to put my money somewhere else, they've come up with a competitive rate. I'd never bank with a big bank.
I've found out when I find out I'm going to have a potential problem like Legion's, not just with banking but any problem where I suspect I'm going to get the beaurocratic run around and somebody is trying to screw me, I document EVERYTHING. I get on my computer & make a form to document phone conversations, a form for general notes to document personal conversations, letters, emails - everything. I put them in a plastic folder to carry around when I can't document it on computer. It's easy & has saved my ass a couple of times.

[Eric 951]

What an unfortunate situation. If you haven't sent the letter yet, I have a few suggestions--change the salutation to "Dear Mr. Lewis" instead of Ken, remove "The thing is" don't put "unfortunatley" prior to "he was a bank of america customer in your first paragraph"--just list that he was a customer and then explain the situation. If you have any names of the bank personnel to which you spoke in person or via their 800 number--list them. use "receive" instead of "got" and "gotten"
eliminate the familiar "you" when referring to BOA.


changing the tense of the letter is a little disconcerting--going from past to present.

over-all your point is getting across. Keep us updated on their reply.

and Good Luck.

[schamp]

I had a similar thing happen here in Georgia. I closed an account and kept the paperwork showing it was closed. About a month later I get a statement showing account went negative 7.00. I went back to the bank and showed them the paperwork that account was closed and the 7.00 was a charge for a check card on that account. Next statement showed the account to have a positive 7.00. Account still open. I was not about to remove the 7.00 because I figured it wasn't my money. It took a year for them to start charging a monthly amount and about 7 months later I get a statement showing the account went negative. 1 month later I get a letter from the bank saying pay up or goes to collection agency. I waited another 30 days and sure enough here comes a collection agency letter. I took everything down to the local bank and told the manager the story along with the fact that adverse listing on peoples credit history are costing companies about 10,000.00 plus attorneys fees and that my next two calls were to my attorney and the State Bank Examiner's office. I then asked him " would you like to clean this mess up or would you like for my attorney to"? Account got closed.
If Bank of America keeps messing with you let your State Attorney General know along with a complaint to the State Bank Examiners office. Thats who the banks are scared of.
Oh, sorry for your loss.
Spencer

[billwagnon]

actually it's spelled "waived"

and the other word is "similar"...

[Jims5543]

I had a personal bad experiance with Bank of America too. I also had a bad experiance with Amsouth Bank.

Neither of these institutions will ever recieve my business ever again.


Sorry about the the trouble you have been through. Its typical for this institution.

[KFC911]

Originally posted by Jim Cesiro
...Sorry about the the trouble you have been through. Its typical for this institution.

Typical of ALL the big banks bar none. Find a small, local bank or even better, a credit union for those types of services.