Bank of America begged me to not to close my accounts - want to help?

My suggestion to everyone intending to close their accounts with BoA is to make Nov 5 their deadline. Try to have the job done before that date...short odds their system will be overloaded that day and no-one will have access to their money!

reply to post by Tripnman


I don't have BoA accounts, I bank with what was a locally owned bank, but they did sell out to a larger one. But what I wanted to say is this, if like myself you check your balance online look very carefully. I have caught my bank pulling an old old trick of late. Back in the day they were allowed to hold your funds for 72 hour on either end of a transaction. This gave them time to use your money and earn money from it. But since ATMs, debit cards and on-line banking, we simply click on our account and there is our current balance, sans any checks that might still be out. I don't write checks btw. But now I see that some, well most of my transactions are not showing up until 24 to 48hr after my transaction. I haven't seen this for nearly 20 years.

The moral of the story is this, do not assume that your on-line acct balance is the real and timely one, even if it has been a couple of days since you used your account.. You could find yourself like me, having to pay an overdraft. I truly hate banks, always have, always will.

Originally posted by Tripnman
With the Bloomberg story yesterday that is currently featured in a post on the top of ATS about BoA moving $75 Trillion in European derivatives into on-shore FDIC insured accounts

Well that right there needs to be the headline act of your letter. BofA is risking depositor's money by moving that derivative risk from their bank holding company. Steps like this are signs of an imminent bankruptcy and it looks like the taxpayers will be left holding the bag once again. Read through this thread at Zerohedge for some insight and good comments you could pass on to your bank manager. ZeroHedge

What you did, you did for yourself. I'm not disillusioned to think believe you care about me or others who use that bank. You made your move to protect your assists and nothing more. Suggesting otherwise is just bordering on looking for attention. Asking me or others to cater to you for free on what to say to individuals who you are displeased with isn't my concern.

no star/flag.

Good on you bud!!! I'm changing from BoA in the next week or so to a local credit union...I rarely have much in my account but it's my way of saying "Suck It!!!!". I can't be out protesting so this is my way of doing it. Great thread! S+F!

My wife and I have discussed our approach to this. We are not in one of the bigger banks and we have yet to see any unusual increases. However we both agree, there is a credit union across the street and if increases come to our corner, we will be out so quick it will make their head spin. We support 100%

Op: it seems you have stumbled on to Phase Two.

For the people who have to keep accounts for one reason or another, you can hurt the bank even worse if you follow these steps.

1. When your deposit is made at midnight, you can either stay up or get up early.
calculator in hand you pay all of your bills before they open at 10am

2. Once your bills have been paid, and you have a total for the remainder deduct $50 from that
amount.

3. Go to the bank as soon as possible and withdraw everything, leaving the $50. They wont say a word
because hey, its tight but you left 50.

4. Go outside to the cash machine and collect 2 twenty dollar bills. Another option is like I do go to the store and burn what you need to leaving 10 or 15 in the account.



Now since everything took place in less than 24hrs They can not put that amount of money on their books to make their bread and butter on overnight and 3 day loans to other banks.

They are then like slobbering dogs waiting for the bone that never comes.

reply to post by mythatsabigprobe

Thank you, mythatsabigprobe. I will investigate that link after business hours today. I appreciate it.


reply to post by Willbert

Willbert, you may believe what you wish. Truth is, as stated earlier, the new fees that BoA will be instituting would not have affected me in the slightest. I have never paid a fee of any sort to BoA, and that includes interest on credit cards. This isn't about protecting my assets - they're insured either way.

Instead, I made this move out of solidarity with those that would be affected by an extra $60 a year in fees just to use a debit card. I did it to show the banks that we're in control - they are not. I did it to show my friends and family that it is possible. I did do it for you and everyone else that is a slave to the financial system. I'm a very small fish in their pond, but now I don't taste so good. If enough of us to it, they'll starve. We have to stand together however - this is not an argument that breaks down to the "haves" and the "have nots". It is a battle of us versus the international banking cartels that rule our lives. You don't have to participate, but our odds increase with every additional dollar that is removed from their system. Thank you for your input.

Originally posted by Willbert
What you did, you did for yourself. I'm not disillusioned to think believe you care about me or others who use that bank. You made your move to protect your assists and nothing more. Suggesting otherwise is just bordering on looking for attention. Asking me or others to cater to you for free on what to say to individuals who you are displeased with isn't my concern.

no star/flag.

A little jealous are we.....

Excellent post, OP, I heartily congratulate you on a wise decision and for your display of solidarity with those who are more affected by these fees. I've been extricating myself from a business account at Citibank for about a year now (like you said, business accounts have to be closed properly, it's not just a matter of walking into a branch and pulling out your money). By next week I'll only be using accounts at credit unions. Keeping in mind that credit unions are not protected by the FDIC so don't put large amounts of cash in them.

Originally posted by Shadowalker
Op: it seems you have stumbled on to Phase Two.

For the people who have to keep accounts for one reason or another, you can hurt the bank even worse if you follow these steps.

1. When your deposit is made at midnight, you can either stay up or get up early.
calculator in hand you pay all of your bills before they open at 10am

2. Once your bills have been paid, and you have a total for the remainder deduct $50 from that
amount.

3. Go to the bank as soon as possible and withdraw everything, leaving the $50. They wont say a word
because hey, its tight but you left 50.

4. Go outside to the cash machine and collect 2 twenty dollar bills. Another option is like I do go to the store and burn what you need to leaving 10 or 15 in the account.



Now since everything took place in less than 24hrs They can not put that amount of money on their books to make their bread and butter on overnight and 3 day loans to other banks.

They are then like slobbering dogs waiting for the bone that never comes.

You should make this into a thread.

Does it count for chase bank too? I've been dying to get out from under them but im too scared I gotta pay 25 dollars just to leave.

reply to post by v1rtu0s0


I believe this procedure launches on FB around the 31st.

Not exactly sure on that date but its what i always do anyway.

The $7 they charge me is a cheap ticket to get to know what i'm doing is keeping them from lending my money overnight and collecting 1.5 to 3% on it in one day.

I have also been hearing of people who are doing this when they transfer to the new bank and leaving them to clean up the account with $10 in it once the fees eat it up. Something even more cruel would be to send a registered letter to close your acct and just say "keep the change" at the bottom.

reply to post by Tripnman


I had a grin from ear to ear while I read your post. Good for you! People with large business accounts can send a big message to these bankers. This is just one united stance the public is using to benefit the majority.

I hope once people see how strength in numbers can affect change, we all unite to change other unfair practices made by banks, government and the corporate elite. Power to the people!!!

well done .. havent got any information that would be of help to you as stopped using banks years ago..
S&F for standing up and doing whats right

Originally posted by Greensage
Do not provide the Manager the reasons! You did what you had a right to do with your money!

BoA knows damn well the reasons, this Manager is trying to save herself because likely the "memo" they all got said "Under no circumstances let any Accounts close!"

Given the way BoA has been acting, I wouldn't be surprised if internally they are threatening branches with closure and their not-well-paid employees layoffs if too many accounts leave. Of course headquarters won't actually rescind the fee and they won't give the branches the authority to do so either. The usual story, the peons will be punished for the arrogance of the top 1% of BoA.

reply to post by Tripnman


YEAH YOU! Bravo!!!

S&F&

Your experience has motivated me to the point of action. Thank you. I've let BofA screw me over for far too long. Shotty practices, and ever-changing fee schedules/processing procedures is not the way to win over a consumer.

fail post on all accounts - banks have always tried to stop you from closing accounts and if you are asking for large amounts of cash there is always some concerns as they have reporting to do. I feel like the OP just needs a pat on the back.

I think either people on ATS already are or arent going to follow your lead spend your efforts discussing with everyone else.

People keep on saying move your money to a credit union - why do that?

When this pops, do you think that fiat is going to be worth anything? By all means move your money out of BoA, their time is numbered, but man, make sure you have preps done. Food, water, ammo - get the essentials...then get some precious metals and rare colored diamonds.


Bernanke: Crisis taught lesson for central banks
Bernanke: 2008 crisis taught central banks to control inflation and support banking system

finance.yahoo.com...



Yes, they are going to try and make the people accountable for the trillions.....good luck with that Ben.