Good Morning and Happy Friday DINKS. As I was surfing the next this week looking for the best posts to add into our Weekly Roundup I noticed a huge amount of posts about the Bank of America. It seems that BOA has rubbed many clients the wrong way over the past few months. Bank of America has lacked so much on their customer service that clients (aka Financial Bloggers) feel the need to write blog posts about it online.
I personally do not have anything against the Bank of America, but it appears that a lot of people do. Maybe the reason that I have nothing against the Bank of America is because I have never actually been their client.
Check out what these Personal Finance Bloggers had to say about Bank of America:
– Frugal Dad talks about the instability of banks in the post “Bank of America in Trouble – Is It Still Safe to Keep My Money In a Bank? I totally love it when news headlines report that companies are having sustainability problems, then the company announces that they will be cutting thousands of jobs, and then they finally announce that the financial institution made billions of dollars in profits last quarter…Yes I totally love that.
– Yes I am Cheap talks about her credit score, her Mom, and her favourite financial institution in the post “F*ck You, Bank of America.” She got the run around from BOA which caused her many hours of frustration as well as a family rift between her and her Mom. Financial Institutions do not always understand that sometimes money is a family issue, and sometimes the Financial Institutions decision affects more people than just their client.
– Wise Bread discusses bank profits and bank fees in the post “Is Bank of America’s $5 Monthly Debit Card Fee Just the Beginning?” Banks always feel that the best way to earn more profits is to cut jobs (salaries) and increase fees. However, in my opinion the best way to earn more profit is for CEOs to give up their extravagant lifestyle, salaries, and bonuses which are all directly paid by the Banks profits.
– Budgets Are Sexy J. Money’s brother talks about his negotiation struggles while trying to renew his mortgage in the post “How Bank of America Made Me Bald.” This post is interesting because usually banks are dying for mortgage business. However, J. Money’s brother had a chaotic experience complete with incompetence, poor customer service, and a lot of frustration.
– New York Times talks about the financial institutions 3rd quarter results, profits, and job cuts in the post “Bank of America Corporation.” I love this post because it is not anyone’s opinion, it is just the facts. Profits are up and jobs are being cut and that’s just the way it is at Bank of America.
Photo by Wonderlane
Check out http://www.notbofa.org for more horror stories, including video of a branch manager calling the police on two women trying to close their accounts, SWAT being called to a small protest at another branch, and one happy story – a couple who turned the tables and foreclosed on BofA’s local branch after the bank had tried to foreclose on a house they paid cash for!
@NotBofA WOW that is brutal
Here is my own recent semi-horror story about Bank of America:
http://www.seemegetrich.com/2011/09/bank-of-americas-asinine-cashiers-check.html
Although, I have also had decent success negotiating with Bank of America in the past:
http://www.seemegetrich.com/2008/04/i-saved-160-in-bank-of-america.html
But I am seriously considering switching to an online bank such as ING Direct for my day-to-day banking needs. Bank of America always seems to be just too much of a hassle.