10 Reasons to Break Up With Bank of America

[Donnachaidh]

http://www.truthdig.com/eartotheground/item/10_reasons_to_break_up_with_bank_of_america_20111029/?ln

In case you’re wondering what all of the commotion is about regarding big banks and the “rapacious” financial services industry, here are 10 of the biggest sins of a megabank and 10 reasons not to do business with it, according to Truthout’s Nomi Prins.

Do you have anything to add? Let us know in the comments section below. —Alexander Reed Kelly

Nomi Prins at Truthout:

1. B of A rejects the right of customers to protest. When two Occupy Santa Cruz protesters in California marched into a local Bank of America to close their accounts, the response was, “You cannot be a protester and a customer at the same time,” followed by a threat to call the police if the women didn’t leave. (The attending officer later reiterated the bank manager’s message.) Meanwhile, the fact that Bank of America charges a fee for closing an account prompted Rep. Brad Miller (D-North Carolina), who resides in Bank of America’s headquarters state, to introduce a bill to protect customers from such fees.

2. To recoup ongoing losses from its stupendously dumb acquisitions of Countrywide Financial and Merrill Lynch, B of A pillages its customers. Thus, despite massive public outrage, the $5 debit usage fee for customers with less than a $5,000 balance and no mortgage with the bank will begin in 2012. B of A was the first large bank to confirm it would charge this fee, which is the highest in current discourse among the banks.

More at the link --

[RockaFowler]

1. I'm glad I got out

That bank is the absolute worst bank EVER!!! I'm now at a local community bank and I love them. They actually care about our community (currently they are the sponsor of my station's Food for Families). Bank of America couldn't care less what they have done to local communities. And people that are anti OWS just don't get it.

[Nuclear Unicorn]

2. Far be it for me to seem to defend BoA (not my bank, so...)

But as fas as Point 2 is concerned, the government forced the acquisition of CW. If the government forced BoA to get bigger I doubt they'd force its break-up.

just sayin'

[Gidney N Cloyd]

5. Yeah, I do recall that being sort of a shotgun marriage type of thing.

[backtoblue]

3. I was charged at Regions for NOT using a debit card.

They charge $5 per month if you do not make at least five electronic transactions.
I closed that account and use a local bank, but these fees are ridiculous and greedy.

[wtmusic]

4. 1) You are now accosted by a branch employee when you enter

to ascertain whether you really need to see a teller, or they can hand you off to the wall robots outside.

[bengalherder]

6. Dunno if they still do it

But in CA they had a separate line for non-customer transactions that moved at the rate of 1:3, ie, for every 3 customers served they would serve one non-customer (usually people cashing paychecks drawn on BoA). After this humiliating process that could eat up an entire lunch period, they would ask if you wanted tostart an account with them. My answer was always "hell no, if this is how you treat potential customers".

[Shagbark Hickory]

8. I seem to remember that being done at First Union back in the day, an equally horrible bank.

[Shagbark Hickory]

7. LOL REALLY?! That doesn't surprise me one bit.