Bank of America: Finding new and better ways to screw their customers

How bad does a bank have to get before you move your money? I'm ashamed to admit that it took a customer "service" policy that affected me personally to get me to do what I should have done a long time ago.

I mailed a check that was never received, nor was it cashed. So this morning I called Bank of America to cancel payment.

I was told that if the check was converted to an electronic debit, they'd pay it even though I stopped payment. And they also said that the check would be paid anytime in the future as long as my account was open and funds were available, FOREVER, and that if I wanted my "stop payment" to last beyond six months I'd have to call and renew it every six months, FOREVER.

So clearly all any thief holding a stolen check has to do now is wait 6 months and present the check. Or wait a couple of years. Odds are, it will be paid.

Let's not even mention that when you search "stop payment" or "lost check" on the Bank of America website you get NO returns, no information on how to do that, let alone the ability to do it.

I wended my way through their horrible phone system until I got the agent who shared with me these impossible to understand policies.

I'd started moving my money to my credit union a while ago because BofA took bailout money, has a horrible record on making loan modifications, and doesn't pay any corporate taxes, but never finished it because the inconvenience of changing the bazillion auto-payments I have set up just overwhelmed me. And it still does. But if that's the only way to prevent a thief from sucking a lot of money out of my account while BofA not only looks the other way but actively facilitates it, fine. They've now made a necessity out of virtue.

I'm amazed it took this much, but yeah. You've been my bank since I was 17 years old, BofA, but you and me? We're through.

Comments

[Diana]

I still have a BoA account because their online security and service around it is super...plus I've had them for eons. I seldom use checks but I can say that recently it was necessary to do a change in my acct and they said I could not, which was stupid because the statement they were making was directly in conflict with what showed in my panel.

In my area we don't have choices since we are fairly rural and financial institutions come and go through a revolving door.

However, a while back I moved all my auto payments to an online system that is great with stopping payments and that also has a dispute system. I did this since many servicing accounts control too much and I don't like having others accessing my financial accounts.

These days, like you, I prefer to use a credit union. The main problem is that it is hard to conduct business via other credit unions except within their designated systems--which are limited.

Not sure what the answer is

[Vicky]

Not saying they are not also part of the evil empire, but Wells Fargo has been great by me. They're identity theft and online security has been awesome by me and I've never had a problem with them once in all the 20+ years I've been with them.

BofA, on the other hand, allowed someone to charge a Vegas golf weekend to a credit card they sent me, but had never been activated by me. It wasn't until the person tried to charge a second vacation on the card that they even tried to call me. When I told them how unhappy I was that the first charge was allowed, though I never activated they card, they offered me a new one(!). I've never done business with them since.

[TheWeyrd1]

I understand your frustration with the big ole banks! I have had accounts at two different credit unions for both personal and business. The thing I have with BofA is a credit card. Since it's really a Visa I don't know that it's BofA that has caught the fraudulent use of my card in the past, but they've been pretty good about things. Still wouldn't do any regular banking or loans with them.

I do have a few loans with the Citi divisions since I used to market loans through them long ago. Not using them for anything but those loans though. I'm a bit over the major banking corporations having been on the inside and the outside.

[brian]

BOA has had me over a barrel for a while and there's no way out. I paid online and I did this for months. I paid at the first of every month except in June of 08 I paid the first of the month and before I went out of town I paid the next payment on June 30th. When Aug came around I paid again on the first of the month and so on and so on. I recieved a call from BOA telling me that I was behind in my payments. I told them there was no way. I always pay the same amount every month (almost double the min). They told me that my min payment was 1500. (it was 200). When I made the payment on June 30th of 08 they applied it to JUNE NOT JULY. Thus every month after I was a month behind. My interest rate went from 4% to 29.99%. When I ask why I wasn't contacted when they noticed something wasn't right they told me it wasn't their job to keep up with my bills. They wanted to know when was I going to make a 1500 payment to get caught up. I protested by it did no good. They closed the card account ruined my credit report and forced me into a gold line of credit with a 22% APR. I made the new payments and in OCT of 09 I was laid off and stayed that way for 12 months. My other Cards ( Capital one and Discover) understood my situation and BOTH gave me a 0% APR for 12 months and waived any late fee if I made sure to at least pay the min by the 30th of each month. BOA pretty much told me "TOUGH SH@#". Come May 10 I was out of money. From May thru Sept 2010 BOA Charged me Large fees and increased the APR again to 29.99%. When it was all said and done my balance went from 18000 to 27000. BOA called me and said that I have no option but to accept the terms of payback of 500 a month for 5years or the account will be turned over to a collection lawyer and it will be out of BOAs hands at that time. BOA is the Madoff's of credit cards and everyday I read storys and hear stories of how people have had the same thing happen to them. They care NOTHING about their customers! And they leave you feeling you have no where to turn.....