Bank of America Customer Service

[charger]

After being a B O A customer for well over 15 years now, their true colors were proven to me.  On Monday I was surprised by my employer just closing their doors.  We had not been paid in three weeks (due to an "accounting problem") and were promised checks on the day we showed up and were locked out.  I called B O A to see about transferring some funds out of my 401 plan to make up for the three weeks of pay I haven't received yet.  I was told no problem, but that because of Christmas & new Year, I wouldn't be able to do it until after January 5th.  I explained that I had a car payment with them due, and was told to call another number and have that payment deferred.  During the call for deferment I was told that it couldn't be done because the last payment had to be within the past 30 days. (it was 31 days at this point)  HOWEVER.....the last payment was made even before the due date, which would have only been 18 days ago.  Nevertheless I was told that I could not defer the payment, but that the late charge would be waived if I didn't get the payment in on time.  Thanks for nothing..... because of my excellent credit history with B O A, I don't have a late payment fee.  My contract clearly states 0% late fee.  BUT, once the rep saw this 0%, he decided that it shouldn't be there and advised me that he was changing it to $5.00 a day.  Remind you.....no payments have ever been late, and BOA holds about $230,000 in my personal 401K.  When I asked what the note payoff was I was given the response of; "well if you want to pay it off because your mad, I need to advise you that there is an early payoff charge".  He quoted me an ungodly amount of $2800.00 on a $17,000 note and went on to explain, in a very unprofessional and almost insulting tone, that if I want to close out the 401K that there were severe penalties involved with that process also.  At this point I asked to speak to a manager.  I was told by the representative that transferring calls to a manager were done at the discretion of the phone reps, and that he saw no need to transfer me to a manager.  After numerous requests to speak to a manager, the rep advised me that there was nothing else he could do for me and hung up.

[madmom]

Here is my letter to BOA:
To Whom It May Concern:

I would like to report that I have been abused by your bank.  Allow me to introduce myself.  My name is Linda Laxxxx.  My account number was xxxxxxxxxxx 0994.  I hope that the account has been cancelled per my request.  I am a school teacher, single mother of two and work three jobs.  My credit rating is superb because of all my hard work.  I own my own home, am not behind on my payments, and will likely be financing your bail out.

Responding to a mailing from you, I rolled a balance over from another credit card.  Your changing due date for payments, while legal, are unethical.  You charged me 29.9% interest.  You now owe me $1.15.  Because my due date is also changing at my discretion, you are overdue.  You need to pay me 29.9% interest on that credit, you fucking bastards.  I had to pay you $1,334.00 the week before Christmas to stop the leeching.  Thanks, and Merry Christmas.  I hope the whole lot of you sleep well at night.

Sincerely,

Linda Laxxxx

A very unhappy, pissed off, former customer



PS  If I become a freaking billionaire I would never put a dime of my money in your institution.

[Accountant333]

I DON'T KNOW WHAT YOU CAN DO ABOUT THE NOTE, EXCEPT READ THE ORIGINAL DOCUMENTS AND SEE IF THERE IS AN PRE-PAYMENT PENALTY.  BUT AS FAR AS MOVING YOUR 401(K) THERE SHOULD BE NO CHARGES.  YOU CAN MOVE IT INTO AN IRA AT ANOTHER BANK OR CREDIT UNION, OR ANOTHER 401(K) PLAN.  ASK FOR A DISTRIBUTION FORM.  IF YOU WITHDRAW YOUR MONEY FROM YOUR 401(K), THEY ARE REQUIRED TO WITHHOLD FEDERAL INCOME TAX (GENERALLY 20%) AND THE IRS WILL ASSESS AN EARLY WITHDRAWAL PENALTY OF 10%.  CHECK OUT THE IRS WEBSITE ON 401(K)'S TO SEE IF YOUR CIRCUMSTANCE FALLS INTO A HARDSHIP WITHDRAWAL, IN THAT CASE I BELIEVE THE IRS WILL WAIVE THE EARLY WITHDRAWL PENALTY OF 10%.

[Gretchen459]

After two weeks of going in daily to deal with BOA, the lovely customer service woman had the nerve to ask me why I hadn't deposited my last paycheck in my account!  Did she think that after ripping me off for over 1000 dollars in overdraft charges that I would be foolish enough to put my paycheck in the account!  Do these people have any sense of what they are doing to their customers?