Bank of America refuses to let customers close accounts

So it finally begins...........People may I present to you the beginning of the end of the banks who ##SNIPP## the people for their money. And to add I don't see how BoA have the authority to stop people from cancelling their own bank accounts. But that's just me. I'm sure some of you will disagree. So what do you all think? Progress or not?

i was under the impression they had no legal right to do this?
greedy banks make me sick

Well, I see this from two angles.

1)It could become chaotic if you have a deluge of angry protestors with BoA accounts rushing up one by one to close their accounts at the same time. For the safety of the employees that work there, I totally understand.

2)BoA is already trying to prevent people from closing out or emptying their accounts by this whole online fiasco.

Either way, I like the symbolic gesture, but they will probably would have been able to close their accounts if there wasn't a mob outside.

They should have let them close their accounts if you ask me, but BoA clearly does not give a damn anymore about their customers.

But let this be a warning to you folks that have BoA accounts. When the time comes for the inevitable run on BoA, they will have security outside and they will not let you access your funds, either in person or online. Make your move NOW.

You really need to get out of the mega banks now while you still can. At least go to a regional bank or even better a credit union. Personally, I refuse to deal with the system at all anymore.

reply to post by KySc5


If one entity keeps the money of another entity without authorization....isn't that theft...Couldn't they have called the cops and report a theft? I know you joke, but I have had experience with this, the cops respond to the exact issue they are called on, nothing more. So, if they called and told them that someone stole their money, they would actually be obliged by law to assist. On the other side, how is it that this all starts? Does one person walk in and gets turned down on account closure, then it spreads......is this a setup protest?......what was the preface of this video? Just seems odd, people are coming and going from banks all the time, opening accounts and closing them, depositing and withdrawing.....Why would you have a bunch of suits just blocking the doors to the bank, there has to be a back story.

I have absolutely Zero sympathy for Bank of America. It deserves whatever fate the marketplace and the voters have in store for it. There will be hell to pay to any Congressman who votes to give any aid to Bank of America. Bank of America is on it's own, we should have made it a condition of the TARP bailout to make them take the "America" out of their name. They are a disgrace.

Do we have any recent videos or proof of BOA denying customers that want to close their accounts? This video is from August.

reply to post by pointr97


The police would protect the bank and probably arrest anyone trying to go inside to close their account.

If their actions in NY haven't made it clear, the police do not exist to serve and protect us, but the powers that be.

Which is why I am kind of pissed that they are paid out of our tax dollars.

This is just plain absurd!! and a heavy signal of inminent bankrupcy.

Originally posted by UniverSoul
i was under the impression they had no legal right to do this?
greedy banks make me sick

This is why I laugh when banks get robbed. I never feel bad when the greedy bankers lose ten or twenty thousand!

I no longer have direct deposit so BofA started charging me $12 a month. Last week, I went to go close my account and they said there is free checking as long as I don't use the teller. Hmmmm... So my balance sits at $2.90.

Same thing happened at Union Bank. These banks will try hard to keep you as a customer.

Originally posted by Cosmic911

Originally posted by UniverSoul
i was under the impression they had no legal right to do this?
greedy banks make me sick

This is why I laugh when banks get robbed. I never feel bad when the greedy bankers lose ten or twenty thousand!

haha same, obviously not funny for the workers but you cant put people in situations like the banks do and not expect people to get stressed and do stuff like that.

There is a way around this. In reality, it does not really matter if the bank accounts get closed or not.

All the BOA customers have to do is just open an account at another bank, have direct deposit switched to the other bank and just quit using BOA. Use the ATM to withdraw all the money a little at time, depending on the balance of the account. Or write a cash check at the new bank and cash it in, thus removing all the money in the BOA account. Just empty the account, as long as there is no money in the account then BOA has no benefit of an empty account. Then tell them to stick any fees where the sun does not shine.

Originally posted by blackrain17
I no longer have direct deposit so BofA started charging me $12 a month. Last week, I went to go close my account and they said there is free checking as long as I don't use the teller. Hmmmm... So my balance sits at $2.90.

Same thing happened at Union Bank. These banks will try hard to keep you as a customer.

And that shows, they(the banks) just do NOT get it.....If they would actually focus on the customer...you know the one that pays the bills, they would make SOOooooo much money, why, because we would be happy and not want to leave.

reply to post by blackrain17


I recommend USAA, i believe their banking is available to all but some products are military only. Truely a not for profit company and pray it stays that way. Screw these foreign banks wrap with ole glory to divert us.

reply to post by Cosmic911


That money is insured and we will eventually pay for it in some form or another....

reply to post by KySc5


It's ironic that the bankers are keeping them out. Those guys aren't making more than $15/hr, they shouldn't be the one's standing out there, it should be the CEO who banked god knows how much money in bonuses alone for that fiscal year.

Not surprised that the cops got involved... Especially since the last time I checked it's perfectly legal for someone to close their account with a bank. Mark my words folks, don't keep more than $100 in your bank account, you might have an unfortunate accident. The only reason I even still have a bank account is simply because I have certain bills that I use Bank Money Transfers for, and it saves me money if they pull the funds directly from my account. Otherwise my bank account would be toast, and it cracks me up when I go to the bank these days and I cash thousands of dollars every check instead of putting it in my account, and the teller doesn't question it, or even attempt to influence me to put more money in my account.

It just proves that the actual tellers working at the banks don't care anymore, it's just a job, maybe it always was for some of them, but in previous years I specifically remember being offered different options and accounts and credit cards and so on when I visited the bank for anything... and all of a sudden nothing...

Could it be that the employees of the banks don't trust their own employer... I Think so!!!

Originally posted by BlastedCaddy
reply to post by Cosmic911

 

That money is insured and we will eventually pay for it in some form or another....

Sure, but you can't insure against mental terrorism!

Originally posted by Cosmic911

Originally posted by BlastedCaddy
reply to post by Cosmic911

 

That money is insured and we will eventually pay for it in some form or another....

Sure, but you can't insure against mental terrorism!

So what exactly does a 'Bank' have to loose? If they get robbed, they have insurance.....If they make bad investment choices, the tax payers bail them out.....I'm confused, is banking the only business where there are zero risks? If a restaurant prepares bad food and runs its patrons off, they go out of business........If a security company has too many robberies, the clients go elsewhere, they go out of business.............is there anything to keep banks like BOA in line now that they can actually keep people from withdrawing funds and closing accounts?

If I were any of you I wouldn't be waiting much longer. What good is your money really doing sitting in a bank anyway? It's making THEM lots of money, that's for sure.

Of course, the 0.05% rate of return on your savings is pretty awesome... (*cough)

A number of years ago, when i first learned about fractional reserve lending/how banking (really) works, I decided to head down to my credit union and see if I could actually pull all my money out and close my account.

It was an experiment. After all, I'd just learned that banks do not really store every members money in some huge vault under the building (don't laugh, many people really think this is the case)... anyway I did have a few dollars at that point due to a settlement from a car accident.
$10,000

When I told the teller I was there to withdraw and close, she excused herself to go speak to a supervisor.
For some reason that took over 15 minutes.... then the supervisor came forward and said to me "I'm sorry sir but I'm not sure we're able to process your request at this time"

What?

Why??

"WE AREN'T CERTAIN WE HAVE THE FUNDS AVAILABLE HERE AT THIS TIME"

Well wherever my money is, you had better find it because I'm not leaving here without it.
I sat there reading People magazine for 40 minutes while they were doing God knows what trying to assemble my funds.
You should have seen the look on her face. It was like she knew death was just around the corner. I've often wondered how that affected operations there the rest of that day (I dropped by around lunch) .... but point being:

The banks are not simply just "holding onto" your money. It doesn't even physically exist. Sure they have a "float" just like any other "business" just to handle the expected day to day transactions... but go in there and try to pull out a large sum and watch them get very nervous very quickly.

Now imagine ALL of the members going in there one day and asking for what's theirs!
At that point the whole game is up and chaos ensues.

Don't get caught on the outside looking in. It'll be too late.