Reply #46

First, background info because it gives some perspective. I went to college in Boston in 1982. I opened up an account at Shawmut Bank in 1982. Shawmut Bank was later acquired by Bank of Boston. Bank of Boston was then acquired by Fleet Bank. Then Fleet Bank was acquired by Bank of America.

I have had the same account for almost 25 years, and because this account kept rolling over, it still had a record as an original Shawmut account. For 25 years, almost ALL of my professional paychecks have gone through this bank account.

Three years ago I started an online business, that uses PayPal for 99% of revenue collections. My Bank of America account is linked to this PayPal account.

Last December 2011, I decided I no longer needed the BOA account, I used it only to send out 4 checks per month. I was going to pay everything online in 2012, it would make it easier for the paperwork for my accountant. I went to the branch office to close out my BOA account.

Now in December 2011, there was a HUGE movement to close out BOA accounts, especially here on DU. When I went to close the account, they spent a large amount of time to try to convince me to keep the account open, it finally got to a rude point where I just yelled out "I am here to close my account". They closed the account.

A month later I got a BOA statement in the mail. Previously, and for years, had opted out for paper statements and always had online statements. I thought it was weird to even get a statement, I opened it up and it stated I was -$45 in my account. Now remember, I closed out the account... and withdrew the remaining balance in CASH in December.

Here is what happened. The PayPal linked account "hits' you checking account every three days... just to make sure there is a live account in case "they" need to debit an amount to your checking. And when this "hit" goes to your checking account, your bank requires that the account remain OPEN for 30 days! So the Bank of America account that I closed, was reopened automatically (BOA stated that is was never really closed)... and then because there was no money in the account, it charged me $9.99 for online banking. That fee is usually waved if you have money in the account... but since thee was $0, it charged $-9.99. Then it also added an overdraft charge of $35.

OK, so this will be easy, just go down the bank, in person... explain all this, they will delete those charges and really close out the account.. right?

February 2012, I get another online BOA statement. I call the bank manager, and I am starting to get really pissed at this point. Same guy I originally closed the account in December, and the same guy I "fixed" this with in January... he says he will clean this up right away.

March 2012, I get another BOA statement, I am now $-60.00 in an account I already closed... time to drive back down to the branch office. By the way, did I mention that during this period they closed the closest BOA branch office, so now I have to drive to another branch that is about 20 miles away. And for the record, I live in NJ, where every town has one or two branch offices for BOA, they are everywhere. But now in my area, central NJ, BOA is dropping locations like flies. And Chase offices jumping into their prime locations.

I get the account closed for good this time!

April 2012. I get another BOA statement in the mail. I am ready to lose it. I call the main BOA office in North Carolina. I escalate the call until I get a regional VP on the phone... explain how fucked up BOA is, and how I plan on telling this story to everyone I know. Now this guy on the phone is not the person who created this problem, and even though he represents the company (even the VP has nothing to do with company policy).. I am unloading on this guy on the phone... over a $10 online banking charge and an overdraft fee... that should not be there since the account was closed.

I got the feeling the VP from BOA was realizing how fucked up this really is, and that the BOA operation is setup to take as much as they can form every customer, and at this point in time this is really bad customer policy. BOA has lost tens of thousands of accounts in the last 6 months... and I am just ONE of them, can you imagine all the other issues people are having in trying to CLOSE an account.

The bottom line to this story is Bank of America is just too big. They can't deal with handling small "personal issues" with its customers, because that is not what they are in the business for anymore.

I switched my account to Chase. I am SURE there is really no difference between Chase and BOA. I am amazed how poor customer service has become with local banks. And the reason is the big banks are no longer interested in customers who have a monthly balance under $20K. It's easier for them to gamble in the markets, than it is ti make money they way banks used to make profits, by lending the depositor's money back into the community as loans. Loans take took long to make profits.

And remember that if you have a PayPal account and it is linked to your checking account, you need to actually go and UNLINK it before you can close out a checking account. They don't tell you that.