Bank of America Woes

The convenience of a bank that spans across the country cannot be denied. Banks like Bank of America are everywhere we go. It is highly unlikely that you do not pass by one on your way to work, home, or anywhere you may go. When in Morocco, Africa, I was easily able to transfer funds and manage my money via my phone. Things like that cannot be done with smaller banks. However, with these modern "conveniences" comes a steep price.

A local report takes a closer look at just how dissatisfied people are with mega-banks. According to the study, only 69% of people are happy with their large bank. In regards to Bank of America directly, 21% of customers are sure they will most likely be changing banks within the year. 

My personal experience with Bank of America cannot be described as anything but disastrous. I signed up for the convenience and the flexible options they have for students. After holding a checking and a savings with them for nearly a year, someone stole my identity. Unable to access my money for a week, I was clearly frustrated. I eventually got my money back, but it was only from hours on the phone talking to multiple representatives and listening to endless elevator music while I waited for other people equally as annoyed as I was to finish up their call. After that, as punishment for my depleted account, my savings was "taken away" from me, as if I was a child who acted out and got his crayons taken away. 

Months after this happened, my car company decided to take my car payment out of my account twice. This caused my account to overdraw hundreds of dollars and accrue "late payments" - a thirty five dollar per day charge. Before I knew it, my account was nearly $1000 overdrawn. Neither Bank of America nor my car company took responsibility for this, so I shredded my card and did not look back. It has been nearly a year and the calls eventually stopped, but I just found out that Bank of America filed a claim with a financial services company to scare me with threats of "legal action" to get me to make a payment I should not be responsible for making. 

Bigger is not always better. I learned the hard way that large banks are only interested in gaining a larger customer base where they can twist the truth and act in their best interests and not in the best interests of their customer. Now I am a member of a local bank where their fees and regulations are honest and upfront, and their attitude is more geared towards helping the customer, not advancing a selfish agenda. They are about five years behind the conglomerates with their technology, but they offer something Bank of America and other huge banks cannot offer: honesty and proper customer service.