A ban on Bank of America

[Larry_OHF]

Maybe you've heard, maybe not...a man who sold some stuff on eBay received a check for the merchandise but he questioned its validity. He took it to his Bank (Bank of America) and asked the cashier if it was a valid check. She told him that it was indeed valid, and he thanked her and asked if she'd cash it. At that moment, she called security and had him arrested for fraud, for the check was actually fake. He was taken to jail, but released the next day when BoA realized that they had made an error and so dropped the charges. However, the arrest was on file, and he knew that it would stay with him forever unless he paid a lawyer to wipe it clean. He did so, which costed him $14,000. He then went to BoA and asked them to pay his court costs, since it had been their mistake that caused this whole thing. They refused, stating a Supreme Court ruling that protected them from being financially responsible for their mistakes.

Clark Howard, a financial advisor on Talk Radio heard about this case and decided to do something about it, stating that so what if the bank was legally not responsible...their mistakes hurt people...and not just any people...this was one of their own customers. Where are the ethics that protect innocent people from being hurt by false accusations?

Clark Howard approached BoA and told them that they would hurt more when the news got out about this than they would if they just took care of this. They refused to listen or change their opinion. Therefore, Clark Howard called for a nation-wide ban on Bank of America, asking everyone that could, to pull their money from BoA...showing them that indeed it was true that they risked losing more money by not doing the right thing.

At this time that I am writing this, it has been reported that BoA has lost $20 million, due to people and businesses pulling their money out of BoA. Why do they pull it? Because this same thing could easily happen to any one of us. Bank of America is one of those business giants that think that their bottom line is more important than the life of an innocent person, and they care nothing for their own customers that trust BoA with their money. That is why people are showing BoA that we DO care, and that we cannot accept their unethical practices...and hopefully other businesses will hear of this and act with more respect to their customers in the future.

For more information, or to verify my post, visit: http://clarkhoward.com

[ 10-01-2006, 11:54 AM: Message edited by: Larry_OHF ]

[Memnoch]

Shades of my Alfa Romeo experience. Organisations really need to learn that customer service is paramount these days.

[Lavindathar]

I for one would pull out, if that happened over here!

[Larry_OHF]

FYI. It is recommended that if you decide to remove your money from BoA in protest to their uncaring, cold, unethical practices such as what happened to the afore-mention man...that you actually tell them why you are doing so, so that they can understand the why. Then e-mail Clark Howard at the address he posted on his main page that the meter may continue to show the progression.


Also...note that on the website, Clark says that he actually offered to pay half of the court costs for BoA if they would just accept their mistake and pay the other half, and they have so far refused even that offer. They still think they can win. What is funny is that their stockholders will not think much of it on their next board meeting. They have stockholders, don't they?

[ 10-01-2006, 02:00 PM: Message edited by: Larry_OHF ]

[Luvian]

I'm happy the ban worked, I hope they learned a lesson. [img]smile.gif[/img]

[Olorin]

I almost wish I still had an account with BoA so that I could pull my money out. I got out years ago when the offered me a choice of account types:

1. Bank account where I had unlimited use of the ATM machine, but every visit to an actual teller would cost an extra fee

OR

2. Bank account where I could talk to the tellers as much as I wanted, but any use of an ATM would cost an extra fee.

This is a company where customer service went out the door a long time ago.

[Sir Krustin]

You'd think that losing $20M would clue them in.

[Larry_OHF]

Here is a side story I learned today while talking to a guy who happened to have a girlfriend who had trouble with BoA. She had overcharged her checking account and owed an $8.00 fee. She went in to the bank with a $200 check from her employer and asked if she could cash the check, and they could take their $8.00 from that. They refused her, stating that they could not cash her check for her until which time she paid the $8.00. She tried to reason with them that the $8.00 was in the $200 check and that they could have their money from that...to which they responded that they could do no business with her until which time they were secured the $8.00. She called her mom from her cell who transferred $8.00 from her account into her daughter's, making the payment for her. When that occurred, then the teller said that she could then cash the check. When she cashed the check, the girl then stated that she also wanted to withdrawl her $500 from her savings account and close her account because she could no longer bank with idiots.

[Bungleau]

Why didn't she just transfer the $8 from her savings account?

From the bank's perspective, a check isn't money until it clears the issuing bank or other financial institution.

That said, it was still stupid. It's part of the reason I'm with a credit union today.

[Illumina Drathiran'ar]

Originally posted by Larry_OHF: Here is a side story I learned today while talking to a guy who happened to have a girlfriend who had trouble with BoA. She had overcharged her checking account and owed an $8.00 fee. She went in to the bank with a $200 check from her employer and asked if she could cash the check, and they could take their $8.00 from that. They refused her, stating that they could not cash her check for her until which time she paid the $8.00. She tried to reason with them that the $8.00 was in the $200 check and that they could have their money from that...to which they responded that they could do no business with her until which time they were secured the $8.00. She called her mom from her cell who transferred $8.00 from her account into her daughter's, making the payment for her. When that occurred, then the teller said that she could then cash the check. When she cashed the check, the girl then stated that she also wanted to withdrawl her $500 from her savings account and close her account because she could no longer bank with idiots.

Sounds familiar... Like that Kafka play I read the other day. Coincidence? Any BoA employees who want to let us know just what your training manuals consist of?