Closing my Bank of America accounts

[draggar]

I use BoA. It's the only bank with locations both here and back home. I've never had any problems. I dunno, maybe I've been lucky? I only have bank accounts, not a credit card.

Same here - no issues with BoA - it was Wachovia we had all the issues with. My wife's purse was stolen and they allowed them to pull well over $4,000 out of our accounts.

We called them and had the card canceled - time stamped.
During the rest of the day they spent over $500 on her debit card and they allowed it.
We closed the checking account and created a new one. They STILL used it and the bank decided that since the account was closed due to a stolen card, they would pull it straight out of our savings account, over $4,000.

They then said that we had to call and tell them exactly how much we were spending before any charge would be approved (I'm sure this went over well at the grocery checkout). They constantly refused the charge WHEN MY WIFE CALLED yet still allowed the person who stole the card to continually use it.

We left Wachovia rather quickly. Not a single place checked ID even though my wife signed the back of the card and wrote "CHECK ID" (they knew who stole it - it was on the security camera - my wife is a thin and petite white girl, the person who stole it is a tall, large black woman).

[Mr Slugger]

Credit unions are the way to go. Plus I've been hearing about what credit companies and banks are going to do about people who pay on cards but only pay min. payment and don't bring the balance down and such. it's not happy news

You know I had an account with a credit union from when I moved to rockland 9 years ago. 4 years ago I tried opening an account at Citizens Bank. Took 5 months of those idiots before I switch back. While credit unions aren't all over the place and some don't have the features of the big banks and such (back then the thing that lured me away was online bill pay). But I get good rates if I go in with a deposit I'm alway in and out in a minute. You know instead of 1 teller there's always like 6+.

My brother in law's bad experiences have been with overdrawing his account. He over drafted his account by like $3. This hit him with a overdraft fee. Because he didn't have the money to pay the overdraft fee in his account they hit him with an overdraft fee again, because he didn't have the money in his account for that they charged him another overdraft fee. Ended up with like $240 in overdraft fees for a $3 overdraft.

[draftermatt]

To me Bank of America, Citi, etc. the banks that are constantly in the news (especially lately) are the ones to avoid.

But there are always people who have good experiences, others bad. That's how places stay in business. If everyone hated them, they'd never stick around.

My question, how did everyone get cards with low limits?

I applied for a card with Chase Manhattan to use only online (I did this after Capitol One kept "forgetting" to send me bills and then bitching when I wanted the late fee removed. I once received one where the post mark was after the due date).

I got the card, and they had given me a $13,000 limit!

I do use it online, but damn I didn't want that much.

[Caveat Emptor]

There was a story about how some cc companies and banks have been cutting limits below the current outstanding balance, even with good customers, causing purchases to be declined. I would drop them like a hot potato, which is what I did 10+ years ago with a Visa card when they were going to start charging me interest from the moment I carried any balance. Nooooooooo sir. No &$%@$ way.

[Peppergirl]

I hear some bad things about my bank, US Bank, but I have to say they've been nothing but good to me. I think it has to do with my local branch, so YMMV.

When I first got divorced, I'm embarassed to say I didn't know ANYTHING about a checkbook or checkcards or how things clear or things like that. I am fairly intelligent and educated, but I got married at 20 and he did all the finances.

Needless to say, when I first opened my account, I had no idea what 'pending transactions' meant, etc - and bounced checks and fees all over the place.

They sat me down, helped me figure everything out, and credited my account back ALL the fees. In the 4+ years since then, I've learned how to budget and handle my limited finances and am so grateful that this branch was willing to help me by crediting back honest mistakes and basically teaching me how checking accounts work.

Again, I'm a bit embarassed to admit all this, but I had to put in a plug for US Bank, at least my branch, and hopefully maybe they're good to everyone.

Best of luck to you in your switch. I can honestly say, given your experience, I don't blame you for wanting to move.

[wagegoth]

I have an account at US Bank. I originally set up an account with a small local bank which was acquired multiple times, resulting in my account with US Bank. They fired or pushed out nearly everyone from the old bank. They ended up with a manager that I thought was a security card. He was young, shaved his head (no, it did NOT look good), and wore really casual clothes, including a Member's Only jacket (yes, the 80s are rising from the dead). I could live with that, except he was stupid. I asked for information on setting up an IRA. The firm I worked for had closed and we were getting our 401(k) money and I wanted to roll mine into an IRA. He had no clue about the procedure. He called someone else, and they didn't seem to know what to do. But the topper was then he became really condescending when I expressed my doubts about his recommendation. Hey, fine, I walked a block down the street and set everything up with another bank. The new bank is so helpful and friendly. I still have my credit card and such with US Bank, so I deposit some money with them, but most goes to my new bank.

[SG15Z]

I have a CC with BOA. Had it since 2006 and been fine. Then again I only use it to pay for my gas, and pay it all off every month so credit limits and interest rates have never been a problem. Though I have considered switching to a different CC for various reasons, and now after reading about so many people having problems I might just do it after all.

[ditchdj]

I heard that this is a major trend. Banks cutting limits BELOW what your balance is. They do it because they know they can get away with it....

http://www.smartmoney.com/spending/d...t-card-limits/

[katie kaboom]

I had an Express card and they did that to me. They do it so they can hit you with an overlimit fee. It's too bad too, because i loved shopping there. But no more. You treat me like crap, i take my business elsewhere.

[ditchdj]

I read they can legally do that until July 2010 when new credit card regulations go into effect.

You treat me like crap, i take my business elsewhere.

BINGO! That's EXACTLY what more people need to do.

[Kiwi]

strangely I have had the opposite problem, I never carry a balance ever. My creditcards are in a box on my desk buried under bills and reciepts that I have to fight through to retrieve them (to reminds me of all the stuff I have to pay).

My card balance has always been $500 and every six months like clock work they try to put it up to $1000. This Jan they put it up to $1500 and I had to send in a letter asking them to lower it as they wouldnt accept a phone call! This is despite the fact I have NO personal income, I live in a different country and I have repeatedly been assured that the card limit will not be increased again.

Stupid banks...

[katie kaboom]

BINGO! That's EXACTLY what more people need to do.

I know. It sucks though, cause literally every pair of jeans i own is from Express. And i'm picky about my jeans.

[flybye023]

I left B of A when they starting charging me ATM fees...for their own ATMs. Unfortunately, not three weeks later my credit card company sold out to B of A so I was stuck right back with them. 25% interest, no less.

[Boozy]

Again, I'm a bit embarassed to admit all this, but I had to put in a plug for US Bank, at least my branch, and hopefully maybe they're good to everyone.

That's what makes people stay with their banks; good people at the local branches.

I'm not 100% comfortable with the bank my husband and I have our mutual funds with, but my husband really likes the banking officer assigned to us. He's been fantastic. So we'll stay with that bank as long as he does.

[Evil Queen]

Flybye, you may need to get a different credit card. Your interest shouldn't ever be that high unless you've defaulted a few times.