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- richmomz, on 07/01/2009, -8/+215"In Capitalist America, the bank robs YOU!"
- Atario, on 07/01/2009, -5/+106In other news, water is still wet.
Bank of America is pure evil. Never get tangled up with them. Take it from one who knows the hard way... - KillTheAcademy, on 06/30/2009, -13/+107Bank Of America is the worst bank in the world.
- nasdbroker73, on 06/30/2009, -6/+72I worked for banks, it is simple. Service departments are cost centers, meaning the cost the company money to operate, without a generating revenue. In order to offset the cost of a service center, they sought ways of generating income. That is, they become more concerned with up-selling, cross-selling and generating leads than providing service.
- inactive, on 07/01/2009, -1/+60NO *****. Add to the list:
- WAMU
- Wachovia
- Wells Fargo
- etc.
They are all guilty of anti-consumer practices. *****. - frostydf2, on 07/01/2009, -1/+40I was a loan officer at another large bank much like Bank of America for a long time. Multiple times was I brought into the back-office to be given write-ups or final warnings of my job for trying to help customers lower their debt. Such as offering a lower fixed interest loan to pay off their credit cards they had with US (That's your hint of where I worked).
The only debt we wanted to lower was competitors. Meaning if a customer had a credit card at Wells Fargo we would want to consolidate that debt over at US.
In the end, I was laid off for trying to help customers. - inactive, on 07/01/2009, -2/+39Less people rob banks, and more banks rob people.
- Landeyda, on 07/01/2009, -0/+31The same thing goes with telecommunications company. I was hired as a 'billing agent' to help customers with their bills and take payments. However, 'helping' simply meant I had to offer every single service we had. Upset that your internet bill is too high, or need to set up a payment arrangement? Well, how would you like TV, phone, and/or cell phone service installed.
Every meeting was about selling, every training was about how to sell. Not once were we trained on billing matters, that was all self-taught through the job. The only calls we got were when people pressed '2' for billing. I left the job after a year because of this. So annoying being told over and over (and over) that you have to up-sell people who can't afford what they currently have, or that you should press on with the sales pitch even when the customer is getting noticeably upset. - bombula, on 07/01/2009, -4/+32Best of its kind I've seen, hands down. I applaud you sir.
- brotchscandy, on 07/01/2009, -0/+26I stopped getting statements from them. In that period I got billed twice for a large purchase and every tiny purchase after that got $30 tacked onto it. For going $80 over, I was charged $400.
I tried to get the charges for the tiny purchases removed, as those were the ones that added up, but time and again they told me they wouldn't.
This was in a period when I was unemployed, desperately looking for a job, otherwise I would have swallowed their ridiculous charges just to be safe, but I just didn't have the money.
After a little while, I got a letter telling me I was on a list. This was the first letter or statement from them in over a month.
I finally got a job and used my first paycheck to pay my debt to them, the whole thing, then once it was settled, I tried to contact the list people, only to find the entire thing was on an answering machine. Not a human in sight.
Pretty soon after that, I closed my BofA account and tried to get a new account elsewhere, only to find I was denied everywhere I went. Apparently that's what the list was for.
Their site was useless, but after a quick googling of their name, I found that my name will not be removed for the next five years.
I can't open a bank account for the next five years because Bank of America wanted to ***** me over a piddly charge that shouldn't have happened.
This happened a few years ago when I was 20, and needless to say it's soured me on banking all together.
Bank of America needs to die. - Jhorra, on 07/01/2009, -0/+23I opened an account at Comerica because after a company incorrectly debited my BofA account and overdrafted me the rep promised that as soon as the money was refunded the fees would be reversed. When I called back in after the money was refunded the rep I got told me the first was incorrect and they would not reverse the fees. These are his actual words to me "Bank of America has to make money somehow, and these fees are how we make money." He also told me even though the mistake was the companies it was ultimately my fault and thus they would not reverse the fees.
- dalittle, on 07/01/2009, -0/+22If they are going to be going after anyone, they should target Goldman Sachs. They laundered TARP money through AIG and are now getting ready to pay out record bonuses with our money.
- Talphin, on 07/01/2009, -1/+21I was getting letters from BOA stating that I owed them about $14.00 or so in fees because I had no money in my account for a while. I had changed banks already, and was pretty sure I told them to close my accounts at BOA. I then went again and told them to close all of my accounts with them in person, and had to pay it in order for them to close my accounts. Now I am getting more letters telling me I owe them money because I have no money in my accounts. WTF!
- DangerCollie, on 07/01/2009, -1/+19They've been talking about this very topic all morning on MSNBC. How banks are pulling out the stops to kill the consumer protection agency Obama is proposing.
- megaton, on 07/01/2009, -3/+18Interesting. I've used BoA for... 12 years, now? Never had a single problem with them, always speedy service, great branch penetration, etc.
On the flip side, my family has had nothing but nightmares with Wachovia. Friends get screwed by Capital One. People try, and subsequently leave, WaMu.
Why is it the worst bank in the world? - ducksauce001, on 07/01/2009, -0/+13Credit Unions!!! At least I'll be one of the many owners in my credit union.
- MelissaOfTroy, on 07/01/2009, -0/+13Wachovia once charged me $120 ***** dollars for a $2 overdraft. Their policy is supposed to be a $30 overdraft charge, but when I pointed that out they said there was nothing they could do. ***** banks.
- Bloodwine, on 07/01/2009, -0/+11Maybe it is some sort of BofA alimony.
- twomeyw23334, on 07/01/2009, -0/+11What, another bailout?
- CrazedLeper, on 07/01/2009, -7/+17If you're surprised by this, you're an idiot. You should have assumed that they operated this way because they are as big as they are.
- bombula, on 07/01/2009, -0/+10You need to find a better credit union. There's nothing B of A can do that my credit union can't, except make its executives and shareholders millionaires on my dime.
You also need to vote for politicians who aren't in the ABA's (American Banking Association) pocket. The top of their agenda for the last 30 years has been to prevent credit unions from expanding services to the general public - they are still 'member-based' organizations, meaning they are not legally allowed to serve the general public. Yup, that's right, they're excluded from competing freely with for-profit banks. Yay for the 'free' market, and your tax-dollars at work!
And as for outlawing the for-profit exploitation of the public by monopolizing markets that provide essential services, there are precedents even within the United States. Police and fire departments are well-known examples (yes, they were once for-profit enterprises in all major US cities).
Outside of the US there are many other examples, including utilities, ambulance services, infrastructure contractors, and so on. People in other developed countries cannot fathom it being legal to make a profit by running an ambulance company or by providing water to a city.
The idea that it is OK to get rich simply because you're in a position to charge people a lot of money for something they cannot do without id barbaric - and immoral. It's immoral because you wouldn't charge your mother or your child 'whatever they could bear' and call it a fair price. No, you'd charge them a little more than your cost and that's it, because if your posititions were reveresed, that's how you'd want them to treat you. The ethic of reciprocity - the Golden Rule - is the basis for human morality, and not incidentally the cornerstone of 'civilization' as well.
It's also in clear violation of the basic mechanism Adam Smith outlined for 'free' markets to function efficiently: in a truly competitive and transparent (i.e. efficient) market, profit is impossible without collusion among sellers. Therefore, profitable markets are failed markets _by definition_.
Sorry son, your free market God is dead. - cbrophy78, on 07/01/2009, -0/+10skank of america
- Jhorra, on 07/01/2009, -0/+10Sadly they used to be really good. I banked with them for over 10 years and finally got fed up and left. The best was when no one could tell me how they determine if they will pay a charge even if you don't have the money. The best answer I got was it was a computer program that determined it and they had no way to know which it would cover and which it would reject.
- jm5chn, on 07/01/2009, -1/+10Obligatory comment in every bank article on Digg: "Credit Unions are the best! hooorah!" /s
- thaprinze, on 07/01/2009, -0/+9We should force them to practice anti-jobs. Why the F would you be banking with them still? Close your accounts and refinance with another company who's less evil.
- Smokeydabear, on 07/01/2009, -2/+11Really, banks conspired to ***** customers out of cash? Whodathunkit, doesn't that beat all?
- ZenMojo, on 07/01/2009, -0/+9Credit union.
- Munk3y, on 07/01/2009, -2/+11Most companies that exist nowadays, exist to rip people off. They try to hide it as much as possible but anyone paying attention can see.
Mechanics? Wow, why do the parts cost double of what they cost to purchase yourself at an auto store?
Computer Techs? Why are you charging 8 hours to install JUST Windows 2003 on the brand new Server?
Doctors? Why is a single Tylenol $5? Why do you try and get me to visit constantly when there's seemingly nothing wrong with me?
Maybe the cost isn't the issue but rather how they hide it. I'd prefer bills to be straight forward and understand exactly what I'm paying for. Cut the Tylenol price down to cost +10% and put the rest with the fee to see the doctor or something. - mihiryouthere, on 07/01/2009, -0/+8To hell with overdraft charges, BoA is a notorious for taking our money $35.00 at a time.
- bombula, on 07/01/2009, -11/+19For-profit banks should be outlawed. Not only is usury morally reprehensible (check your Bible, if that's where you get your morals from, otherwise just use common sense and the Golden Rule), but the free market delivers no benefits to consumers in industries where there is no innovation or competition to drive prices down and quality up.
From the public's perspective, it's all cost and no benefit. That's a failed market whose only function is to enrich owners with ill-gotten profits. The logical options for failed markets are either to convert them into nonprofit markets or nationalize - preferably the former, since it's more efficient than government-run enterprise. - FuzzyBunny, on 07/01/2009, -2/+10While I certainly don't support practices like these, I find it hard to feel too bad for the people that were duped. When you walk into a business, any business, their one and only goal is to get as much money as possible from you. They have absolutely no incentives to look out for your interests except as far as it keeps you coming back to them to give them more of your money. Anyone who trusts a salesperson to advise them on what to do with their money might as well just be asking the business to take it.
Having money comes with the responsibility of educating yourself on how to manage it properly. - ericdano, on 07/01/2009, -0/+8When BofA merged with Nations Bank, it was the beginning of the end. The old BofA, based in San Francisco was vibrant, and cared about its employees. Nations Bank was totally the opposite. And Nations Bank was the one that took control of everything........
- depro9, on 07/01/2009, -5/+13OMG THIS IS AMAZING! nice :D
- SpinningHead, on 07/01/2009, -0/+8I specifically didn't want a mortgage through them. A few months after buying my house, they bought my mortgage from the company holding the note. Apparently, consumers only exist to serve our corporate overlords.
- eluusive, on 07/01/2009, -0/+8BofA Is the worst bank ever. Customers are leaving in droves.
My wife use to work at BofA -- this stuff is all true. - unknamed, on 07/01/2009, -0/+8WAMU (Washington Mutual) was bought out by Chase bank thereby compounding their evil by a factor of 10.
- sportsharks, on 07/01/2009, -1/+9And that is why I joined a credit union....no profits to make, just your interests to keep.
- caramba421, on 07/01/2009, -3/+11You know what irks me about them the most? Out of all the ***** up ***** they do, the one thing that really pissed me off...
I used to work at a job that banked at BofA. I did not have a checking account at the time. When I would go to the branch to cash the paycheck that was issued FROM THEIR BANK, they would charge a $5 'service fee' which, I, as someone who never signed any contract with them, had no way of opting out of. The thing is, they weren't performing any kind of grand service here...THEY WERE FULFILLING THEIR ***** OBLIGATION AS A BANK TO RELEASE MONEY THAT DID NOT BELONG TO THEM.
***** *****. I hope whoever cameup with that idea gets ***** cancer. - eShinn, on 07/01/2009, -0/+7I dugg you for quitting. Wish I could digg you up again for speaking out too.
- rossnyc, on 07/01/2009, -5/+12Hmm...Might be time to sell my shares (which have more than doubled since I bought them in March).
- ratnacage, on 07/01/2009, -1/+8***** the BoA!
- morepowerr, on 07/01/2009, -3/+9No joke. What paper work? I don't remember singing any paperwork when they lent them have all that money. They taking from us.
- ZenMojo, on 07/01/2009, -1/+7I've had similar experiences as you, but I've also had the horrible experiences these people talk about. Pragmatically I can say the bad always outweighs the good because the good seems to be individual effort and the bad seems to be policy.
- inactive, on 07/01/2009, -0/+6I stopped using B of A 10 years ago because of this *****. :) Local banks FTW
- RegularUser, on 07/01/2009, -1/+7Hell Yea, drown those ***** in their own greed.
- inactive, on 07/01/2009, -1/+7I keeps mah money in an old mattress
- alarion, on 07/01/2009, -1/+7ugh I have never liked BoA. I tried to open a joint savings account with my (then) wife, and she couldn't be on the account because of her credit score. Seriously, her credit score affected her opening a *savings* account.
I refuse to do business with a bank that runs my credit so I can give them money to invest/lend/spend. ***** that *****. By all means, check my credit for a checking account - but not a savings.
Unfortunately, my mortgage was through Countrywide, and now it is through BoA since they bought them. Currently shopping around for refinancing to get away from these idiots. - ZenMojo, on 07/01/2009, -2/+8Keep saying that like it forgives their ***** and watch government take over everything.
- jameson5, on 07/01/2009, -0/+5I've been with Bank of America for years, and they definitely seem to like to kick you when you're down with fees. In a perfect world, I'd be able to keep a nice little balance in there, but if I try to do the right thing with my bills and end up going negative a few cents, B of A will take me down to -$100 within a day.
- Triterion, on 07/02/2009, -0/+5Credit Unions are non-profit and they rock. At least the one I belong to does. Their loan rates are about the same but all profits they make get passed back as dividends. I think that's a pretty fair business model if you ask me.
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