Bank of America Doesn’t Want Your Business, but Thanks Anyway

Don't fool yourself into thinking that Bank of America (NYSE: BAC  ) actually wants your business. If anything, quite frankly, it'd probably rather have nothing to do with you and your measly checking account. Take your business elsewhere; it doesn't care.

I say that with my tongue firmly planted in my cheek, but there's some truth to it. In 2011, Moebs Services estimated that the average checking account costs the nation's biggest banks between $350 and $450 a year. Meanwhile, the average revenue per account was $268 a year. That leaves a sizable deficit that must either be recorded as a loss or recouped elsewhere.

Needless to say, Bank of America most assuredly did not choose the former route. Also needless to say, the ways in which it recouped the deficit were not popular among its customers. Lest you have any doubt, I encourage you to read the comments readers left on this article.

Its decisions in this regard have not been consequence-free. In addition to the tens of billions of dollars in regulatory fines, legal settlements, and litigation expenses that it's racked up over the past few years, it's also suffered considerable reputational damage.

A 2007 survey by J.D. Power & Associates put Bank of America at or near the top of its peer group in every region of the country in terms of customer satisfaction. By contrast, the same survey this year ranked it as the worst-performing bank across the board.

These issues, in turn, go a long way toward explaining why the banking behemoth has had, as my colleague Amanda Alix described it, an attack of the warm and fuzzies.

In a letter to employees at the beginning of the year, CEO Brian Moynihan emphasized that the bank must clean up its act if it's to have any hope of competing against the likes of JPMorgan Chase and Wells Fargo, of which consistently outperform the Charlotte-based lender when it comes to customer satisfaction. "It just boils down to being better than we are today," Moynihan said in a video played at the gathering.

But whether the bank is genuine remains to be seen. I say this for two reasons. First, as we've come to find out, multiple former employees have alleged that they were instructed by superiors to lie to customers seeking mortgage modifications under the 2009 Home Affordable Modification Program.

And second, in a presentation on the bank's "customer relationship model" at a recent industry conference, the bank made a point to distinguish between its "retail" and "preferred" customer bases.

Metric

Retail Customers

Preferred Customers

Number of customers

40 million

8 million

Total Deposits

$117 billion

$273 billion

Average Deposits

$2,925

$34,750

Source: Bank of America investor relations.

While the former outnumber the latter by a factor of 5-to-1, the principal strategic objective with respect to its retail base concerned cutting the costs associated with servicing their accounts. Meanwhile, its top priority with respect to preferred customers was "deepening the relationship."

The Foolish bottom line
At the end of the day, there's no getting around the fact that Bank of America is a business that owes a duty to its shareholders to maximize profits. At the same time, one can't help but wonder whether choosing its shareholders over its customers will ultimately accomplish this objective.

Many investors are terrified about investing in big banking stocks after the crash, but the sector has one notable stand-out. In a sea of mismanaged and dangerous peers, it rises above as "The Only Big Bank Built to Last." You can uncover the top pick that Warren Buffett loves in The Motley Fool's new report. It's free, so click here to access it now.


Read/Post Comments (66) | Recommend This Article (30)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On July 20, 2013, at 11:30 AM, BNMwton1 wrote:

    If Bank of America was a person, it would be in jail. Unfortunately, my mortgage was purchased by them and dealing with them is a horrible experience.

  • Report this Comment On July 20, 2013, at 11:42 AM, lm1b2 wrote:

    This is one Bank that will never get My Business,i hope one day to see them go under,with the top thieves in jail !

  • Report this Comment On July 20, 2013, at 11:56 AM, winter3 wrote:

    This is the worst bank ever.....they have taken over 3 yrs to due "Deed in lo of Foreclosure" for my daughter....still not completed....won't work with her on the Obama plan....my brother works security for a company in another large community....one of the car dealers actually have a sign that states "will work with only financial institution except Bank of America"..and Bank of America wants to be number 1???? Really the employees are rude and the customer service sucks!!!!!

  • Report this Comment On July 20, 2013, at 12:02 PM, 12beatle wrote:

    JMO,but I think BOA is probably the most corrupt business in the US,bar none. I kind of figured it out about 20 years ago. They keep getting all this publicity and they are still huge.

  • Report this Comment On July 20, 2013, at 12:02 PM, hanover67 wrote:

    Bank of America can't seem to get out of its own way. the Countrywide acquisition has proven to be a disaster due to mortgage securitization problems, bad loans, and mismanagement. The Merrill Lynch deal was overpriced and hasn't resulted in either a good brokerage business or lead investment banking positions, and every month we read about some new multi-billion dollar settlement. I have accounts there and I watch them like a hawk to be sure I don't get hit with exhorbitant charges.

  • Report this Comment On July 20, 2013, at 12:13 PM, foolsgold62 wrote:

    Considering that BANKS use your money to loan to others at rates over 9%,yet pay you a measly .02%,why in the blue blazes would anyone want to do business with a bank ? add into that,the fact that most banks tie up at least $500.00 of your money with minimum required balances... to heck with that,all in all,you are better of stuffing your money in a safe in your house.

  • Report this Comment On July 20, 2013, at 12:21 PM, jgetze wrote:

    BAC's deposits were up 4% in the latest quarter, equal or better than peers. Money talks, your baloney walks.

  • Report this Comment On July 20, 2013, at 12:26 PM, wrhjr wrote:

    I think Bac needs to continue getting its house in financial order. There are going to be lots of complaints along the way, but it is of primary importance for them to put all there toxic issues behind them and concentrate on increasing their financial strength. They have a good setup with all their branches, Merrill, and the mortgage business. If they do it right they will come out ahead of Wells and J.P. Meanwhile it doesn't cost anything to be polite and helpful at the branch level to everyone regardless of the size of there account.

  • Report this Comment On July 20, 2013, at 12:28 PM, FlyboyB58 wrote:

    Bank of America is horrible! They kept telling me on my loan modification, a few more months, Oh the paper work is lost again etc... After a 1 1/2 years I finally got smart, took the penalties for the loan modification because they said I had to stop making my payments, and got out of it. Otherwise they would have foreclosed on my home. Then ASAP got rid of them. They are evil do not bank with them.

  • Report this Comment On July 20, 2013, at 12:30 PM, Dq1Ai2013 wrote:

    Too Big to Fail cockyness is beginning to show as expected.

    Fascinating to see empires at the top of that bell curve.

  • Report this Comment On July 20, 2013, at 12:35 PM, SherryC784 wrote:

    There may be a light at the end of the tunnel for BNMwton1. BOA has held my mortgage since they bought out Countrywide several years ago, and I just got a letter that they have sold my mortgage to a bank in my home state. YAY!

  • Report this Comment On July 20, 2013, at 12:40 PM, gaylek11 wrote:

    MIL had $27000 in CD's paying .02%. We got a notice that the account was "dormant" and would be held without interest. Duh!!! You can't add or subtract from CD's. They are there for the full term. When we went to talk to the bank they were rude and in the end charged $2800 to get her money the h*ll outta there.

    BOA is the biggest crooked bank anywhere.

    She had other CD's of the same amount in other banks and it was $30 in charges at one bank and $60 in the other.

    What a ripoff this bank is.

  • Report this Comment On July 20, 2013, at 12:42 PM, Glitch77 wrote:

    Bank of America told me for a year they had foreclosed on my house and I had no legal rights to the property. I was fined almost $500 for codes violations. It was not until I subpoenaed them to court did they admit they never foreclosed and charged off my loan. House totally vandalized and now I can not get their help with selling the property to someone who can afford to fix it. I write them EVERY month and told them I will continue until their house is out of my name.

  • Report this Comment On July 20, 2013, at 1:03 PM, GregPrice wrote:

    BoA took over a local bank in my town in the 90s. Word quickly got around from tellers that if depositors didn't have an average monthly balance of at least $1,000, they didn't want your business.

    Somewhere on the order of 90% of the residential accounts at the bank being taken over moved to other banks in the space of about 60-90 days (I was one of them).

    When I went to the new bank to open an account, as soon as I sat down with the account exec she looked at me and said "Let me guess, Boatmans (the bank bought out)?" I said "Yeah." She said "You're the 4th or 5th one today..."

    As bad as it was for depositors, the tellers there had it worse. They were told by BoA that only the management was changing, that all their jobs were safe. They were told that right up until the day before the official name change to BoA when they were told "You've all been replaced, effective immediately."

    BoA is scum, even for Big Banking, which is a generally scummy industry.

  • Report this Comment On July 20, 2013, at 1:09 PM, klutzypoo wrote:

    I totally agree with all the previous comments. They wouldn't do anything with my loan modification until AFTER I missed a payment when I was unemployed. BAD business practices. Then I had to fight them to get them to release my insurance checks from a hailstorm. They finally released the checks last week from the storm that occurred in April. Thank GOD I received notice today that they sold my mortgage so I never have to do business with them again!!

  • Report this Comment On July 20, 2013, at 1:09 PM, philthymcnasty wrote:

    The damage is already done. The freemarket has already begun to dispose of the weak, stupid, and incompetent corporations.They claimed to loose money from the checking accounts, yet they never realized that the checking accounts were what drew in the mortgage customers, or the car loan customers. Whats worse, is that they now have trust issues and rampant complaints about their practices. No one wants to do business with them. They will not survive the next 5 years.

  • Report this Comment On July 20, 2013, at 1:12 PM, breakBofAnow wrote:

    CEO Brian Moynihan is a CROOK!! and needs to be prosecuted and serve 200 lifetimes in prison, better yet the injection would save us million$ . BofA has defrauded millions of homeowners, and has illegally foreclosed on them stealing equity leaving them homeless and void of dignity. This president Obama will do nothing about it, they laugh in the face of senate hearings. While he robs millions of people Billions of dollars, he is still allowed to continue robbing us. You rob a bank, and see how fast the entire government FBI, local police, SWAT come after you, if they don't shoot you first. WHERE IS THE JUSTICE AMERICA?

  • Report this Comment On July 20, 2013, at 1:12 PM, botomofthe9th wrote:

    Bank Of America IS THE Worst Bank without the Absolute Doubt>>>>>No Questions About it. The "Worst" Completely UNJustifiable Policies With NO reguard foir customers... In A Nut Shell (THEY SUCK). Who Ever is in-charge of making Decisions for them Needs to Be FIRED. Thank GOD the truth is Finally coming To the Surface. You Screw with enough Customers long enough and it will come back to finally Bite you in the ASS. I had Used Bank of America for a Couple Years and Finally had Gotten Fed Up with All their BS. Holding Your Pay Checks For 2 to 4 Days or MORE?? And Thats when you have a Business Account with them?? The List Could go ON and ON and On Etc... Word of Mouth Baby thats the Ticket I will never ever get over the VERY POOR POOR Perfomance and Poor Service,Ridiculous Rules Absolute ZERO type of care or Customer Relations. Compete with those other Quality Banks mentioned LMAO,Yeah Right Lol Bank of America You are the Worst...

  • Report this Comment On July 20, 2013, at 1:31 PM, fredjohnson55343 wrote:

    "BAC's deposits were up 4% in the latest quarter, equal or better than peers. Money talks, your baloney walks."

    LOL. Touche.

  • Report this Comment On July 20, 2013, at 1:31 PM, fredjohnson55343 wrote:

    I have my brokerage account at MLynch--BAC. Nice brokerage. Love it. Hope they continue to do well.

  • Report this Comment On July 20, 2013, at 2:05 PM, Alericc wrote:

    With Moynihan at the helm the only place B of A goes is down. They have sold off or dumped more than 2/3 of their Merchant Services accounts and alienated the rest with their lack of service. Now they think they can make their money back in the Home Mortgage business with the same people running the show that bought Country Wide. Is it any wonder their stock went from $43 a share to the low $8 a share it is today.

  • Report this Comment On July 20, 2013, at 2:05 PM, fisquid wrote:

    They've missed one minor detail: impecunious young people eventually become wealthy old people.

    BofA lost me by screwing me when I was young and broke. Now I'm older, pulling in close to six figures, own two homes, certainly a customer they'd like to attract, but they can't. I'm at the credit union and I'm not coming back. If they had just accepted a small loss while I went through college, they'd have had a loyal money-making customer for decades. Instead, the credit union has that.

    Keeping a customer for life has its perks, you know?

  • Report this Comment On July 20, 2013, at 2:07 PM, Wasatcher wrote:

    Bank of America is the thieving corporation that refused to help us keep our home, stole our lifelong investment in home ownership and then turned around and practically gave it to some rich guy for CASH. Don't worry, Bank of America, you will NEVER get my business again!

  • Report this Comment On July 20, 2013, at 2:50 PM, whoohah84 wrote:

    4% wow, now that I will write home about.

    There are plenty of good investments out there higher than 4%.

    I just refuse to put my money into a company that screws everyone over.

    Eventually they will not have customers.

  • Report this Comment On July 20, 2013, at 3:03 PM, MissTata wrote:

    I'm with bank of america and I have tried so many times to leave but unfortunately they are the only bank around me that has a reasonable account for students. I only needed 25 dollars to start it, I don't have to keep a lot of money in my bank, they have always given me back my overdraft fee if a check was suppose to be there but it didn't come through or my school doubled charged me or didn't use my loan money. If I could get another bank with the same perks I would leave because I can only use the ATM or Online Services, I can't use a teller or any of the services inside the bank or I have a fee.

  • Report this Comment On July 20, 2013, at 3:13 PM, sofainggood wrote:

    I have never done business with BOA and from what i have read over the years I'm glad i haven't,, If the Bank truely dislikes doing one on one business with people ,, why dont they shut the doors and not be open to the public from what i have read ,, that would make billions happy ,, On both sides

  • Report this Comment On July 20, 2013, at 3:31 PM, njs7227 wrote:

    I'll never forget when I was a struggling young single mother with a 3-year-old, took a crappy job just to survive. My first partial paycheck was a whopping $24 and was not worth opening up a bank account, so I took it to a Bank of America location since that's where the check was drawn on.

    They charged me $3.00 to cash it. I was nearly in tears but I reminded the teller that my employer's account was there and that it was a valid check for money held in their bank. Are they not legally responsible to pay $24 for a $24 check? She said "Our account holders decided to pass the fee on to the check holder" - whatever that means.

    Currently doing much better, bought a house, am debt-free, the kid is now a teenager. But I have taught him that we as a family do NOT do business with Bank of America. In fact, my current employer will only auto-deposit if I have a BOA account, and I said "No thanks - mail me the paper check by snail mail, I'll wait."

    So - that $3.00 has cost Bank of America my business and my son's business for our lifetimes. Hope others will join us in our little boycott.

  • Report this Comment On July 20, 2013, at 3:33 PM, anibeth1 wrote:

    I don't care much for Bank of America like I do with Wells Fargo. I enjoyed doing business with a bank like Wells Fargo that enjoys doing business with me, and protecting the money like they are supposed to. Bank of America is so overrated and their customer service and reputation is mediocre at its worst. I prefer to do business with Wells Fargo simply because their bankers are highly reliable and the customer service is very efficient AND knowledgeable on how the banking experience should be for the customer. And if the customer has problem, they are all ears and they can't wait to help the customer with their banking problems. Also bank of America mismanage the funds to the way that a customer might deplete the funds without being aware of it.

  • Report this Comment On July 20, 2013, at 3:34 PM, GotoACreditUnion wrote:

    Anyone fool enough to keep putting their money into a "bailout" bank deserves every horror story they bring upon themselves. Wake up. It is 2013. You can use your "smart-phone" to bank with any company in the world. If you join a Credit Union, YOU are the part owner they answer to. If you are brain dead and, believe the TV, it is your own fault.

    Sorry about that. Invest your money in index funds. Destroy your "credit" cards. Get the card you have to pay off every month. I hope you all will be well.

  • Report this Comment On July 20, 2013, at 3:57 PM, yyim2 wrote:

    A few years ago, I got into credit card debt and owed a lot of money. I admit now I was managing my money poorly and learned my lesson. I thought the best way to get out of debt was taking out a personal loan to pay off all of my credit cards. I called BofA because I had a history of doing business with them. They declined me. Probably because I owed a lot of money on one of their credit cards with a high interest rate and the loan would have been a cheaper rate. I still wanted to take out a loan to pay off my bills so I went into my local credit union who gave me a loan to pay off all of my debt and the rate was 3%. BofA wanted to charge me 12% so it was a huge blessing for them to decline me. Thanks to BofA declining me, I was able to pay off all of my debt within a year including their credit card with a high interest rate. I admit it was sweet revenge knowing they lost money with me. The same thing with Chase where I took out a car loan with them and then discover the same Credit Union rate on auto loans was 1%. I was able to save so much money and Chase lost money with me. I know both banks lost pennies compared to their profits but at least it is something. Another added plus is that I do not have a mortgage with any big bank. I have my mortgage through the same Credit Union and they keep it and did not sell it to a bigger bank.

  • Report this Comment On July 20, 2013, at 4:00 PM, Lou1s wrote:

    I have a credit card with Chase, same one for over 40 years to get airline miles. Have never done any other business with Chase and never have done business of any kind with BAC. I stick with the regionals, small town banks and credit unions where humans deal with their customers on a one-on-one basis. Nothing will be done in Congress to limit the big banks because of bribery. Oops used the wrong word, that should be contributions to the campaign of a member of Congress. Banks will continue to make contributions to campaigns as long as Congress does what the banks pay them to do.

  • Report this Comment On July 20, 2013, at 4:17 PM, jeffnoble1985 wrote:

    In today's society you are basically forced to have a checking account especially if you have a job, house, kids and bills. BOA makes me day dream of the days when you could simply put your savings under your bed or in a pickle jar. BOA bought my mortgage and its been one horrible experience after another. I have spent countless hours this year dealing with issues such as automated double payments. Everyone that works for BOA is powerless and cannot help you and all they can do is say " were sorry". They just love to take your money and charge you fees. I hope and pray that one day this bank fails and the banks top executives have to bag for change.

  • Report this Comment On July 20, 2013, at 4:23 PM, Raven65 wrote:

    A P Giannini is rolling in his grave. He opened the Bank of Italy in San Francisco to serve the needs of "the little fellow". I believe he was one of the main reasons San Francisco rebuilt after the earthquake and fires in 1906. While the other banks locked their vaults and closed their doors. He took his bank's money by wagon to his home outside of SF. The next day while the other vaults were to hot from the fires to open, A P Giannini set up a work bench in the street and opened his bank for loans. He would ask how much each business person needed. Then he would reply to them can you start for half that much? He announced to the people of San Francisco that the city would rise from the ashes and it did.

    A P Giannini believed in openness and trust. He used these principals to help the city rebuild.

    By the mid-1920s, he owned the third largest bank in the nation which was then known as BANK OF AMERICA "the bank of the little people".

    What they have done to his legacy is deplorable. All those exectutives receiving their bonus (blood) money each year are criminals. Bank of America used to be the bank you could trust. My family has had accounts with them for over 5 decades. None of us remain with Bank of America today. But I will always admire A P Giannini.

  • Report this Comment On July 20, 2013, at 4:24 PM, sabebrush6 wrote:

    I switched to a credit union 30 years ago and would not deal with a bank for any amount of money. Credit unions want your business. You are part of them. Thank you.

    Plus, if you take out a loan at a credit union, they don't ask for your first and second born with a lean on a potential 3rd.

  • Report this Comment On July 20, 2013, at 4:38 PM, Gr8Mom63 wrote:

    BE AWARE...BAC has a "My Work" Program that allows associates to work from home - MANY of these associates being in the Mortgage departments. Guess what? They do background checks on the employees - NOT on who the employees live with! Think about it...what information do you have to give when you apply for a mortgage? EVERYTHING!

  • Report this Comment On July 20, 2013, at 4:49 PM, wuhm wrote:

    Bank of Terrorist

  • Report this Comment On July 20, 2013, at 5:18 PM, tiviti wrote:

    Fool, look like you lost a lot of money due to the run of BAC last week. Try to bring it down or what?

  • Report this Comment On July 20, 2013, at 5:22 PM, jackattheriver wrote:

    bank of america bought my mortgage and when the home went into a short sale the changed the rules constantly and under the government co-op program I was to receive $6000 in relocation expenses. However, BAC was going to allow the house to go into foreclosure before they would agree to my getting one cent. So for the house to sell, I had to sign over all of the money I was to receive. It was not a business decision as it felt like a personal vendetta. I had banked with them for years and they had overcharged me for everything and lied about the charges. So avoid BAC like the plague they are.

  • Report this Comment On July 20, 2013, at 5:41 PM, msbsdrvr wrote:

    To Sherryc784: Hopefully it is not nationstar! we just got ours sold to them from boa. and they charge for phone calls to them, told us to stop payment on check that was written to nationstar but due still to boa since they had just changed hands, you can only pay automatic payments through western union who charge like 20 bucks for that. well they said if you think boa is bad, you haven't dealt with nationstar. totally uneducated

  • Report this Comment On July 20, 2013, at 5:43 PM, msbsdrvr wrote:

    also they charged us a returned check fee when they told us to put stop on it

  • Report this Comment On July 20, 2013, at 6:01 PM, tootempole wrote:

    People want something for nothing. You will not go to Macy's or the airlines and say you not paying fees for whatever it maybe. People need to be financially responsible and take care of your business and stop blaming for your lack of discipline. We live in a free country so you have the power to bank where you want so stop bashing banks get a life, take care of your business, pass along to your children to be responsible and listen to Joel Osteen so that you will learn to be more positive. You people are toxic human beings and I see why you have those issues. Blame, Blame, Blame. Poor me banks are mean to me. Get real!!!!.

  • Report this Comment On July 20, 2013, at 6:18 PM, investmentdude wrote:

    I've always lived up to my obligations (loans) with BAC and the bank has been good to me for 35 years. The comments above seem to be from either problem or unprofitable customers. Whiners like the clown that expected $6,000 in relocation reimbursement as part of a foreclosure just amaze me. I'd bet most of the contributors are strong Obama supporters, as they seem to want to live in the nanny state.

  • Report this Comment On July 20, 2013, at 6:21 PM, rajathooja wrote:

    talking to and or about me? yes or no

  • Report this Comment On July 20, 2013, at 6:28 PM, 110254545yy wrote:

    What do they need our measly checking account for, when they have already STOLEN our Homes WITHOUT PROSECUTION?

  • Report this Comment On July 20, 2013, at 6:30 PM, 110254545yy wrote:

    BANK OF SATAN.

    Still digesting our Homes they stole, without anyone going to Jail.

  • Report this Comment On July 20, 2013, at 6:32 PM, practicalnurse wrote:

    CREDIT UNIONS. That's the way to go these days folks. I don't have a bank account anywhere. Credit unions offer all of the checking and savings options, but they are consumer oriented and are for the little guy. Most big banks are oriented toward Wall Street investors

  • Report this Comment On July 20, 2013, at 7:24 PM, firefly61 wrote:

    B.O.A. is just like the government. They serve only themselves and to heck with the people. We don't matter anymore.

  • Report this Comment On July 20, 2013, at 7:35 PM, jesscake11 wrote:

    Oh, BOA. That "lie to customers about remodification" scam in 2009 certainly got the best of our house. Even that $1,000 settlement check we got a few weeks ago hasn't made me any less inclined to glare begrudgingly as I pass by one of their establishments.

  • Report this Comment On July 20, 2013, at 7:56 PM, Halsazz wrote:

    BOA, doesn't want me, feelings are mutual.

    Never had them, never will.

  • Report this Comment On July 20, 2013, at 8:00 PM, baumtoo wrote:

    It's much larger than just BoA; there are underwriters and servicing agencies and they all want us to fail. I've kept BoA and their servicing agencies in check for over three years because I can afford too. BoA over-appraised my home by nearly $80,000 and was so kind to provide me with a mortgage having a ratio of 90/10. I will simply pay my attorney $700/month forever if need-be before I give a penny to the criminals of BoA.

  • Report this Comment On July 20, 2013, at 8:05 PM, Rusty56 wrote:

    Losers, most of you, you hate the big bad bank cause you can't pay your bills, LOL!! Bunch of whiners.

  • Report this Comment On July 20, 2013, at 8:56 PM, sokudo wrote:

    I've been with BAC about 20 years. I've never had the issues with them that other folks seem to have had.

    I don't need to have a minimum balance as others have complained about because I have a direct deposit with them.

    I guess I am one of the few happy customers...

  • Report this Comment On July 20, 2013, at 10:14 PM, ChMacQueen wrote:

    Not many major banks have any interest in small customers at all anymore. US Bank doesn't seem to have interest in my business anymore and makes it difficult as well. These big banks just don't care unless you are a person making $100k a year with a lot of it moving through bank business.

  • Report this Comment On July 20, 2013, at 11:03 PM, Gypsy2011 wrote:

    Worst bank ever... Nothing but a bunch of crooks.. they do not care about their customers at all... Hope they all get what's coming to them !!!

  • Report this Comment On July 20, 2013, at 11:41 PM, countusin2 wrote:

    being a former BoA customer i know how bad they are. No Morals, no compassion and dishonest.

    They need their licenses revoked...

  • Report this Comment On July 20, 2013, at 11:53 PM, metazip wrote:

    Bank of America Doesn’t Want Your Business.

    After being a customer for over 20 years (started when it was VA National Bank) That's exactly what a brash teller told me when I wanted to open a separate account in my name only during a divorce. Already had a joint account that was closed. So I promptly walked out and never did business with these charlatans again. Never did look back and have avoided doing business of any kind with them.

    People just need to start doing business with their feet and just walk away from these clowns.

  • Report this Comment On July 20, 2013, at 11:55 PM, Sontu1 wrote:

    I have been a Bank of America customer for the past 27 years with average bank balance so that I can be considered a preferred customer. I also have an almost perfect credit score. I wanted to refinance my paid up house for less than 50% of its market value. It has been over 2 months the underwriters are pondering over my spending habits and have so far been able to decide whether I qualify for the loan. They have asked for written statements on specific bank transactions for the past 6 months and taking 2 weeks at a time to review them and then ask for more documents. It has really been a grueling experience with their loan processor who do not answer their telephone and E-mails . There answer is usually in the form of asking for more documents on my spending habits. This is a sure sign that they do not want my business. I had expected to be treated better since I have been a customer for over a quarter century. But I was wrong.

  • Report this Comment On July 21, 2013, at 12:22 AM, icecoldtony wrote:

    I've never understood the loyalty people have for BofA. In the 70's when I needed a new car I went there and applied. They didn't treat me well and refused my loan application. I didn't have bad credit or any other negatives. For them it's always been about the money. Money comes first and customers are way down the list. I would never bank there. I would rather put my money in a mattress. I now bank at a small community bank and at CU's. They appreciate my business and treat me with respect, something BofA never did and never will.

  • Report this Comment On July 21, 2013, at 2:38 AM, pukeonme wrote:

    Bank of America sucks and always has! I've never heard anything good said about them & probably never will.

  • Report this Comment On July 21, 2013, at 6:01 AM, op1966 wrote:

    Our home mortgage was sold to BOA by the original lien holder. We were contacted several months ago with an offer to re-finance in-house at a lower rate Based on the preliminary financial information, a new rate of 3.625% was "locked-in" for 45 days.

    THE LOAN WAS NEVER FUNDED. Despite a credit score of 805, we were subjected to unreasonable requests: 1) current certificates of property insurance (homeowners and hurricane) although they already had these documents as they are already the current mortgagee; 2) a current statement of account values of one our retirement plans although we furnished an up-to-date statement from the custodian of the mid-term values (the custodian only supplies annual statements on anniversary) - BOA demanded a log of periodic deposits since the last anniversary statement; 3) claim that we had "insufficient" assets despite equity of $475K on the subject property itself based on their appraisal and our additional retirement plans they had said was not necessary to list.

    The bottom-line was that BOA extracted over $1000 from us for the appraisal and other loan underwriting fees. A lot of promises, but a total waste of our time.

  • Report this Comment On July 21, 2013, at 8:10 AM, rsb3rd wrote:

    Same as it ever was. Bank of America started its life as North Carolina National Bank (NCNB). Back then, the 70s), they didn't care about customers either. Unless you have a million dollars or more they treat you like you don't matter! Did then, do now!

  • Report this Comment On July 21, 2013, at 1:03 PM, Esteban999 wrote:

    I used to bank with the big boys, but I finally realized that they didn't care about me or any complaints I had. My last big bank was Wells Fargo. I switched to a state wide credit union and found it was still too big to care about the individual. I now bank with a regional bank that treats me much better. I wonder what would happen if everyone started banking locally?

  • Report this Comment On July 21, 2013, at 2:53 PM, HunterAJ wrote:

    I have read all of the comments attached to this article and came to the conclusion that those positive comments about BAC had to have been written by high up employees of BAC. BAC has got to be one of the worst banking institutions in the world. But then what what can you expect from a bank that forecloses on a home for which the owners paid cash. And further more, when BAC had not paid the court ordered settlement in the case after 6 months, the court gave the home owners thr ability to foreclose on that BAC branch. Which they did. Why would anyone even consider doing business with BAC. I certainly wont.

  • Report this Comment On July 21, 2013, at 6:22 PM, dtonyp wrote:

    All of the above, with my experience added.I had both problems with banking (very rude supervisor!) and my remodification. I was actually lied to during the process, which took over a year and a half. They offered me to buy back my old mortgage, which would have lowered my payment by 300.00, but said I could not do that, thus FORCING me into the remod at a 38.00 a month reduction. I asked MULTIPLE people to explain to me "financially" how a 38.00 a month reduction would help me stay in my home. To this day, I still have not received an answer. I am still in my home, and I am grateful for that, but it was a very frustrating experience for which once I can remove them from my note, I will NEVER be a BOA customer again.

  • Report this Comment On July 22, 2013, at 12:20 AM, rubedogg6969 wrote:

    Sure wish someone in the Senate had some balls how could u not see how these banks handled things during the housing crisis. Forget about trying to buy a house now .so much for the American dream.

  • Report this Comment On July 23, 2013, at 12:15 PM, SkepikI wrote:

    To those of you who LIKE BOA- You should pay close attention to not only the volume but the detail of the stories from those who HATE it. Then think about this fact:

    BOA management has destroyed a lot of shareholder value over the past 10 years. I am not sure about this but I suspect more value destruction than any other company besides GM.

    Do you really like and trust them enough to risk that?

    I own no BOA nor do I short it even though I think I could make some good money doing it. Reminds me of kicking a whipped dog.... too pitiful But if the absurdity and malevolent behavior continues, it might become my mission to short until it cant get up again...

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