Bank of America - lying or poorly trained service rep, or lying bank? Or all three?

[Thirtieschild]

We have a tiny Money Market account at Bank of America. We're not going to get rich on the 18 cents interest we made on it last month, especially since the interest was offset by a $20 "maintenance fee". When I called about it, I was told it was just the regular maintenance fee we'd always paid. We've had an Advantage account (no fees for those over 65) for years and, until last month, have never paid a penny for a "maintenance fee". Was the service rep trained to lie or was she ignorant? If the bank has changed its policies, at least admit it. It's time to talk to them in person and, very likely, look around for a new bank. Any, all suggestions very much appreciated.

[rpannier]

1. BofA sends out a lot of letters involving changes they make

Usually the stuff that screws you is in very detailed legalese and in small letters somewhere in the middle of the four pages.

In fairness to the rep, he/she probably didn't know the answer because they probably explained it to them using the same method they use in writing it -- as much legal terms as possible

[dixiegrrrrl]

2. Many people of late have decided not to support the Big Banks

which are driving our economy over the cliff.
Instead, they are moving to community banks or local Credit Unions, or even to not using banks to store cash.
No reason to give the burglars a bullet for their guns, ya know?

[peace13]

3. You are going to have to go to the next level at least.

If you can't get the situation resolved permanently you should at least be able to get the $20 bucks back before you move the money. I usually have good luck sweet talking but you will have to go up a level or two.

[Thirtieschild]

8. I once went to the next level

I was getting no results until I said "I realize that you're a big bank and I'm just a little person." I immediately got what I needed. That, however, was years ago. Don't think it would make a difference now. I guess we'll close our Bank of America accounts, not that we make enough for them to miss us, and move to the local credit union. I've gotten used to the perks of banking online, and suspect that's not an option with the credit union.

[rpannier]

9. My credit union uses online banking

I'd be surprised if yours didn't

[LeftyMom]

10. They should have online banking by now.

I have accounts with two regional credit unions, both offer online banking.

[Thirtieschild]

18. Yes! Online banking is available at our local credit union.

We will cancel our BofA accounts asap and open one at the credit union. Thanks for the advice.

[peace13]

26. I hear you.

We have moved our money to a local bank so that we can walk in and deal with any problem. They also have online banking. I have noticed that with the 'Patriot Act', banking has become less fun. Remember you are always a potential terrorist. Good luck. Peace, Kim

[terisan]

4. Opinion: Time for New Bank. Local trustworthy bank or credit union.

[BlooInBloo]

5. I doubt banks inform the worker bees of their scams.

[prolesunited]

6. Talk to a manager

See if there is a minimum balance you have to maintain so there is not a maintenance fee. I had that issue on a savings account they let ride for 90 days. I brought the balance up and then asked them to reverse the charge. They did. I was going to close the account otherwise.

Some banks have different levels for minimum deposits with corresponding rates. Perhaps if you went down a level, there would be no charge. In any case, you can find a money market account with no fees. I use Emigrant Direct online and have had no problems. There's also ING.

[Baltoman991]

7. Can't offer

much in the way of suggestions other than to shop around for a new bank.

I'm in the process of doing the same thing for pretty much the same reason. For years I had no "maintenance fee" charged to my account and then out of the blue I get a 12 dollar debit with no explanation. Well, during my call I'm informed it's a maitenance fee that has always been charged to my account to which I replied you're nuts and had her pull up my records and she couldn't find any other fees of the sort.

Long story short, I'm now stuck with a fee that shouldn't be there and was told I should have gotten the changes in the mail to which I replied......what changes? You just told me that the fee has always been charged to my account.

In the end, I'm shopping for a new bank as BoA is doing some things that don't seem on the up and up right now.

[nancyr]

11. Probably all three.

I've never had a single good experience with them. I trust our local branch of U.S. Bank, though.

[LeftyMom]

12. BofA is infamous for nickel and diming people and for iffy customer service.

Definitely consider switching. You really can't do worse.

[Thirtieschild]

15. We ended up at Bank of America because of bank mergers.

We were originally with C&S, a local bank in Atlanta. C&S became NationsBank and NationsBank became Bank of America. When we retired and moved to NM we stayed with them - it was easier than closing an account and opening a new one. This, however, is the end. The "big" bank in this small town is Wells Fargo. Do they have the same reputation?

[Greyhound]

17. Yes. n/t

[lpbk2713]

13. I had a savings account for many years in a bank ...

that eventually was taken over by BoA. Service went downhill dramatically and they wanted to nickel
and dime for every little thing they did. I went to a Credit Union and I've never been happier.

[Cynical Guy]

14. A few thoughts.

1: The folks stuck in call centers are the last to know. Most aren't lying. Most are reading the information on their screen that they are given. Keep in mind, one fee on one type of account, at the biggest bank in the country... That's not the kind of information that a call center agent will memorize. So even if it changes, they're going to go to their database and see what it says.

2: If you have it, look at your old statements to verify that you haven't been paying the fee. If you really want to press, you'll need them. If you don't have them and want the previous X years worth of statements to prove it, you will probably spend more than $20 to get those reprinted.

3: Ask the bank to provide the written statement saying that there is a maintenance fee on your account, and ask for the dates of revision.

[Greyhound]

16. BofA is the worst of a bad lot. The drone you spoke with is most likely

not even an employee of BofA, and is definitely programmed never to admit anything regardless. You have to call back, ignore anything they say (unless they reverse the charge), demand to speak to a supervisor (be prepared to wait) and when that is a dead end, keep going up the chain until, eventually, you will get to someone that can actually help you (though they may not, BofA is notorious for this).

It is a battle of wills and the pigs know that most of us are just not determined enough to go through it for $20 or a $100 dollars. It is theft, pure and simple, but our government will not prosecute them so they have nothing to lose. They all do this kind of thing millions of times a year and it really adds up for them.

The best thing you can do, if you are so inclined, is to go through it all, get your money back, and then close your accounts and take them to the local bank or credit union anyway.

[Iwillnevergiveup]

19. The word is out on B of A

their stock has steadily plummeted along with their service.

Credit unions are the way to go - you are treated as a member, not a flunkie. Excellent telephone and online service. Good luck.

[aquart]

20. Call your state legislator.

There are banking committees in the state legislatures. Ask THEM if BoA is ripping you off.

And AARP, if you're a member. This is an attack on seniors. Make it a reverberating stink.

[Thirtieschild]

22. Good suggestion. I will call.

And, yes, it feels like an attack on seniors. I haven't belonged to AARP since they supported the Bush pharmacutical deal.

[ColbertWatcher]

21. If you don't have a small bank in your town that you can trust ...

... try to find a credit union.

[Thirtieschild]

23. We will change to a credit union.

I had wondered what all the complaints against BofA were about, since we didn't have any fees. That was then. Now I know. When I was growing up in a small town in the Texas Panhandle, all the stores had checks for the two banks. You could use one of their checks, didn't need an account number, the bank knew you. I guess I'm really showing my age, but you didn't lock your doors either, and you never lost your car keys. Never lost them because they were always in the car. In the ignition.

[ColbertWatcher]

24. Times have changed alright. n/t

[ProudToBeBlueInRhody]

25. A someone who works in a building with BoA workers.....

I can tell you that a lot of them are kept in the dark, and told how to talk around issues without really saying anything of substance. It's a shitty job, because between the managers getting on their ass about every little thing they say wrong on the phone that might look bad on the company, and angry people calling up threatening to "Come down there, take my money back and kill you", it's a high stress job.