Bank of America refuses to let customers close accounts

Originally posted by bekod
reply to post by Britguy

 

ya the housing played a big part of it, bank gives loan of $150,000 home worth 75,000, home now foreclosed, worth 0$ now.

Not 0$, remember, the home owner still owes that regardless of whether they have possession of the house. So now the bank has a note that says the home owner owes 150,000 AND they have the house......just to sell to another person, rinse and repeat.

reply to post by KySc5


So let me get this straight...the BoA literally stopped account holders from entering the bank (via police force) because they wanted to close their account? Wouldn't that mean the BoA is illegally holding funds of customers which want to close their account and withdraw their money? The whole situation is completely insane.

reply to post by HIWATT


Wow your story should be sobering to everyone. A branch doesn't have 10K cash on hand at midday?

Imagine the day the runs begin...it would be over before it began. What, maybe 3-5 average customers would clean out the bank vault. Smells like a system to prevent runs inherently.

I

reply to post by Komaratzi11

This thread makes me think about my husband's 401K. It's set up so that we can't touch OUR money unless we can prove severe hardship, and then, we can only withdraw exactly what we actually need.

Haha...what kind of idiot would set up an account like that with a bank! No offense...

Originally posted by ChaoticOrder
reply to post by Komaratzi11

 

This thread makes me think about my husband's 401K. It's set up so that we can't touch OUR money unless we can prove severe hardship, and then, we can only withdraw exactly what we actually need.

Haha...what kind of idiot would set up an account like that with a bank! No offense...

That isn't very uncommon....I have seen that a number of times with various companies, they don't give you a choice.

The solution to banks is obvious
PLEASE READ THIS THREAD:
A simple way to fix the worlds problems! PLEASE READ

banks don't care whether some protesters, even in big numbers, close their accounts or not. their value to banks is miniscule. most of the wealth, 90%, is in the hands of a very few. the money on the accounts of these protesters is peanuts. they just dont want that angry mob in their house

Originally posted by CriticalCK
banks don't care whether some protesters, even in big numbers, close their accounts or not. their value to banks is miniscule. most of the wealth, 90%, is in the hands of a very few. the money on the accounts of these protesters is peanuts. they just dont want that angry mob in their house

then explain the show of force....if it does in fact mean nothing. The mobs do not start until you start turning customers away....they then spread the word, and you end up with the videos we have been seeing. You are probably correct, a single customer would never flinch the digital money that the banks possess....However, the real tangible money is a different story completely.....Kinda like we were told the gold reserves were kept in fort knox....that was a good one, wasn't it? Do the banks really keep more on hand then necessary for a day or two? Wouldn't they in reality do what say a restaurant does, keep just enough stock on hand to meet the projected demand? Haven't we seen enough stories in which banks really didn't have enough capital to meet their obligations? The only difference was that those banks didn't fall into the 'to big to fail' category. 10 people pulling 10 thousand out in a given day may actually break a branch.

I cant believe how many people are actually blaming the banks...for their own stupidity. People buy houses they can't afford...and they have the nerve to say: "You cant do this!", when they default?" Uuuuuh...excuse me...but YOU AGREED to make payments, for the next 25 years of your life. Even IF it was a scam...you should have been WISER than that.

And, If you're UN-HAPPY with a certain company or service....WHY do you continue to use them?

The fact is...when a bank "loans" you the money....the odds of you paying off that mortgage....is a long shot. It's all in the banks FAVOR. It's a win-win situation for them. If you default...they get YOUR money...AND the house. If you MIRACULOUSLY make all your payments...the bank POCKETS, a nice piece of change.....FOR NOTHING. Banks don't actually give you cash...to buy the house...they give you a check. All they have to do...is punch a few numbers, into their computer....click print....and TAH-DAAAAAH, instant $$$$

Also, banks DO borrow your money, as well. Unfortunately....they only give you, like 1% back..whereas, when you borrow from them....they want 21% back!

Originally posted by DarthMuerte
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.

The good news about being part of the working class.
I got no money to have in accounts.

Damnit, I can't believe the banks control ALL the money.
But they do. It's like having a noose around your neck all the time while the banksters tell you what to do.
Do it or they pull the cord.

That's what's going on.
That's why they own this country.

uh..I think I wouldn't have let them in either. Bank has no obligation to allow a protestor into their bank, even if they have an account. So.. perhaps if they showed up like a regular person and asked to close account, they would have.

Stop spreading lies. BOA will definately let you close your account, just not if you yell at them from outside with a bullhorn before you do.

Think people

When you open a Bank account, there is a $5.00 "share" that you get, it's like sort of a membership price but you are actually a share holder. Read the fine print to your bank account agreement that you might of blindly signed....Clearly states that the bank can choose to retain that share and keep the account "alive". At least that's the way it is here in Canada.

You could always take all the money out of the account and never go back to that bank, what can they do to you, arrest you?

I'v been taking money out of BOA slowly, been planning for this.

Ima take my money and change banks soon.

I just wanted to bump this thread because I feel we need to keep this information in the minds of everyone. Also if anyone has any new information today about customers trying to close accounts at BOA we should add it to the thread to see what happens over the next few days. I wonder if these people will be allowed in today to close these accounts. They can't keep them out forever!

Ah, a run on the bank so to speak.

But really, these people are right in many ways, but misguided.

They should have dropped BoA years ago when BoA started allowing illegals to open checking accounts and help secure home loans.

But, now they want to drop them due to the $5 a month charge for debit card usage.
I agree, they should drop BoA.
But, to go up as a horde, what was to be expected?

Walk down the ways to the neighboring branch, and close the account. If, that is what was wanted.
Looks like grandstanding, plain and simple.

BoA's days are numbered, unless they get another Govt save because they can't be allowed to fail.

But, it is just the fault of the Bank.

These people should be at the front steps of their Politicians office after this gathering.

reply to post by KySc5
WOW,what a disgrace,I would go to the nearest atm and remove my money if it took a week to do so and deplete the account.If this doesn't open up peoples eyes I don't know what will...Revolution is in the air

This just occured to me today. What if this "revolution" was anticipated, planned, modeled and prepared for by our masters??! If this situation gets out of hand, if it is harder to fix everything step by step rather than introducing a new currency, then the government can say "one world bank where everything is fair and one global currency so all are equal".
Once they have our money they can become the global rulers. Problem-Solution tactic which the elites use all over the world.

Originally posted by Skewed
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.

I agree with you,I starting to realize that digital banking was designed to stop the people from doing this and that is a scary thought.My father was always against digital banking and credit cards he never used one in his life if he didn't have the cash he didn't buy.Did all of his banking the old fashion way,and I never could understand why ...until recently.
This system was designed to protect the bankers...I don't think this is going to end well

I certainly encourage all people to take their money out of the banks, but I do not think this is a case of BoA refusing to allow people to close their accounts. I would be willing to bet if one of those people walked up to the bank like a normal person, there would be no issue at all. That is not what happened here. In this case you have a mob of people who were just standing outside a place of business yelling into a megaphone. If you were the Bank Manager would you run the risk of having these people disrupt the day to day operations of the Bank or causing a scene within the bank? That just seems like common sense to me. Most of the Bank Employees probably couldnt care less if someone closes an account on not. They are still people who have jobs to do and are trying to get a paycheck. Not everyone who works at a Bank is the enemy. The enemy is the system, the CEOs, COOs, the policy makers, not Jane the bank teller and Jay the bank manager who are basically told what to do just like little Jake who works the drive thru at McDonalds.