Stephanie Frost Documents Closing Her Account With Bank Of America, Switching To Community Bank

[democracy1st]

Run time: 03:05 https://www.youtube.com/watch?v=MvRjt0j2p-Y   Posted on YouTube: December 30, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: December 31, 2009 By DU Member: democracy1st Views on DU: 1604

 
So long Bank of America! Hello community bank. That said, make sure you check out the rating of your community bank before opening an account. They are subject to the same risky behavior the big banks engaged in that led to this current financial crisis.

http://www.pbs.org/wgbh/pages/frontline/story/2009/12/bank-of-america.html

Stephanie Frost missed one credit card payment and Bank of America jacked up her interest rate from 11 percent to 27 percent. In order to get the rate lowered, she ended up having to close her account.

As Ms. Frost looks forward to 2010, one of her new Year's resolutions is to "stop doing business with companies that I feel are taking advantage of me, don't appreciate my business, treat me poorly as a customer... The first place I'm starting is with my bank."

After seeing "Move Your Money," she's decided to close her account with Bank of America and move her money to a community bank. She posted this video on YouTube documenting her trip to BofA to end their relationship.

http://www.huffingtonpost.com/2009/12/31/woman-documents-closing-h_n_407905.html

[EmeraldCityGrl]

1. Here's a site to check your

community bank and credit union's solvency. http://www.bankrate.com/

[valerief]

10. Thanks! nt

[GreenTea]

2. This is really the way to do it.... it may be a bit of a inconvenience but very effective!!

[Tx4obama]

3. Here's a link to the MOVE YOUR MONEY video...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x418086

[Capt. America]

4. I'm going to drop my BOA card even thought its with Working Assets.

[varelse]

5. Good for her

Money talks.

[EnviroBat]

6. BofA owns my house. This was not something I wanted after a re-fi.

Now I'm fighting with the decision to again re-fi my home at an even lower interest rate and lose any equity I've built in two years. Even if I do re-fi, the damn mortgage company will turn right around and sell the mortgage to these bastards at BofA again! I'm not comfortable with this criminal enterprise owning my home. The last one sold the mortgage before I made the first payment. At least National City held the mortgage for a little over a year. These people should not allowed to just arbitrarily sell your mortgage. If I chose to do business with X and sign a contract to do business with X, then X should be obligated to maintain that business. I'm tired of the fuckery that goes on in the financial world.

[geckosfeet]

7. I quit BOA late last winter/earlyspring. Today I will close my Soveriegn/Santander account.

I now have two credit union accounts. One of them is for my mortgage and a small checking account with a couple months worth of mortgage payments in it.

I have my primary checking account and direct deposit with another credit union (Digital Federal Credit Union - DCU).
Another ratings site - Bauer Financial

Find a credit union where you live - State by state listings of credit unions - although I do not see the one that I have my mortgage with listed so the list may not be completely comprehensive.

My direct deposit has been showing up and AVAILABLE two or three days earlier than it had been with BOA and Sovereign. As a matter of fact, all deposits of any type that I make at an ATM have been showing up as available almost immediately.

Their online banking software lets you scan checks and deposit them from your home computer. Once someone verifies the deposit (usually overnight) the funds are available. You never need to visit a branch. I have a debit card that I use to get cash when I make purchases. If/when I have to use an ATM they reimburse the fees (up to a certain amount per month).

on edit - added link for Bauer Financial

[Iwillnevergiveup]

8. It speaks volumes

that BofA wasn't interested enough to ask her why she was closing her account. Thousands more need to do what Stephanie did.

K&R

[sce56]

9. This reminds me of the scene in Public Enemy where the people are cheering John Dillinger

They hated the banks back then for their manipulation of the depression to make money at the cost of their loyal customers!

[Ex Lurker]

11. is it too much of a threadjack to note that Stephanie is pretty darn cute? n/t