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Fellow Bank of America customers.....anyone considering dropping them because of the Chicago events?

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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:16 PM
Original message
Fellow Bank of America customers.....anyone considering dropping them because of the Chicago events?
I keep my account there because I find B of A to be the least repulsive of the big banks - CHASE the dragon and $hitibank will never get another direct dime of my business. But this Chicago mess really makes me want to call it a day with them too.


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proud2BlibKansan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:20 PM
Response to Original message
1. This should give you a good reason to call and tell them what you think
Their current customers could at least do that.
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DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:20 PM
Response to Original message
2. I pulled all my money out of my account 3 years ago
But I left $8 in my checking, just so they have to spend time and money on sending me a statement every month.

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mucifer Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:25 PM
Response to Original message
3. I'm a proud Chicagoan. Our attourney general is investigating Bof A and
the city and county are pulling their accounts in favor of the unions! I'm sure this is from pressure from Obama.
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no_hypocrisy Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:29 PM
Response to Original message
4. Nope. My revenge is using it as little as possible, and paying it in full and on time.
No annual fee, no late charge, no interest or compound interest.
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Chemical Bill Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:53 PM
Response to Original message
5. My money is in a local credit union.
Big banks are not our friends. I would have thought the $700 billion bailout would have convinced you.

Bill
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bemildred Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:57 PM
Response to Original message
6. I use IndyMac, I figure it's the safest place to be since FDIC took them over.
I stopped doing business with BofA long ago, never been sorry.
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DeschutesRiver Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 08:32 PM
Response to Original message
7. No, because I don't know the scoop yet,
What I know for a fact is that this company is accountable for running its business responsibly. If Republic is required to give 60 days notice to workers, then unless BOA pulled the loan unexectedly, Republic screwed these workers by knowing that it was in a precarious situation and likely to run up to and past its loan limits, and decided to shutter without notice to save the owners. Maybe they can duck pensions as well this way - I don't know that yet.

So I want to know what happened first, to see if BOA is culpable. But the first responsibility isn't charged to the freaking banks on this, it is the company's management and owners. If for whatever reason, the business was no longer viable, they had a duty to shutter it responsibly with notice. Not get people whipped up by pretending the bank was at fault, which of course automatically caused BOA to be a whipping boy on this.

I did just hear on the news where a worker said they had major issues with the company's actions as well. I suspect BOA is being dragged into this because of the sheer inequity of how much of our damned tax dollars was given to them to loan out, and yet they aren't yet loaning much more out. OTOH, I expect them to loan my dollars out more carefully than they did in the past, and I don't want to smack them for doing so in this situation, if it turns out that Republic was no longer creditworthy or making their payments, or on the verge of collapse and trying to scam the bank out of larger loan limits.

Anyhoo, this story is missing huge facts that could shift my opinion radically. I suspect there is a bunch more behind the scenes we aren't privy to yet, and if they want my sympathy with regards to BOA, they better spit 'em out. Because right now, I am holding the company responsible; it shouldn't be taking company reps this long to spit out exactly the terms of their loan, what BOA did/didn't do in great detail. But I haven't heard much other than vagueness from them - words used to incite the workers and try to deflect criticism from them to the bank.
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KoKo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 08:41 PM
Response to Original message
8. Yes....but I don't know where to move what I have.. Other banks
in our area also have problems..with solvency..but BOA has done enough to cause me to want to make a statement to them. But, you know what? They could give a shit if I pull all my money outta there because they are on the Dole of the Govt. and can do what they want. THIS IS HOW ARROGANT our Corps are these days. "You don't like us...then get the hell out and find somewhere else" is what they wouldn't say but the treatment I'd get.

It's a hard call...but I am so angry with them...I might do it anyway if I can find another bank that I feel comfortable with in these times.
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tsuki Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 08:47 PM
Response to Original message
9. We shall no longer accept their card because they charge more
than the others and times are tough.
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mwei924 Donating Member (990 posts) Send PM | Profile | Ignore Mon Dec-08-08 08:48 PM
Response to Original message
10. I can't boycott every business with questionable practices.
I'd love to have that luxury.
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 08:54 PM
Response to Original message
11. My wife and I moved our few dollars all into the Credit Union, today.
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emilyg Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 09:25 PM
Response to Original message
12. No.
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RB TexLa Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 09:56 PM
Response to Original message
13. No
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Chan790 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 10:05 PM
Response to Original message
14. Already done...
I even paid my credit card to a positive balance of $0.02 so that they'd have to burn postage every month for eternity that they owe me $0.02 because they certainly will never cut me a check. Once a year or so, I've got to remember to cycle my balances through to maintain an active account...otherwise after 7 years they can just send my $0.02 to the CT Dept. of the Treasury as abandoned funds.
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katanalori Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 10:22 PM
Response to Original message
15. Two sides to story........
In full disclosure, some of these comments were copied from another website - but I find this interesting, and believe this side should also be heard:

Criticism of BofA is sorely misplaced, and deflects criticism from Republic. Republic blamed BofA hoping people would take the bait, and here we are.

Last week BofA was a hero for pledging to stop financing mountain top removal mining.

Life's not always black and white. There are an awful lot of shades of grey out there.

And besides no one here (that I've seen) knows the particulars of the line of credit, Republic's payment status, Republic's buiness plans for the future, etc, etc.

If Republic really is sinking , BofA can't in good faith be blamed for failing to continue to extend credit.

There was far more going on at Republic than simply a cash flow issue, and the company had plenty of warning to notify employees of impending layoffs.

Something smells at Republic and it appears the odor is coming from management.

2 things
1st
Republic windows largest customer, Hanson windows owes them tons of money, they also have millions in a/r - they can pay employees with this money. The union needs to file very quickly and garnish this money before the banks collect.
second
The machinery that left went to a new company called echo windows llc; Last week they bought out a traco window factory in Iowa. The ceo of Republic is a owner of echo windows llc. The workers are being scammed.
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MilesColtrane Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 10:28 PM
Response to Original message
16. Apparently Republic can't get credit from any of the other banks, or else it would have done so.
Edited on Mon Dec-08-08 10:29 PM by MilesColtrane
Where would that lead? Taking my money out and burying it in the backyard?
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Tutonic Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 10:35 PM
Response to Original message
17. In the works already. This was the final straw. And hat tip to Olberman
for exposing this den of thieves. When B of A finally collapses and it WILL, we will rid our society of that giant slug of a corporation.
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