Bank of America Doesn’t Think I’m Worth $4.00
I rarely carry cash, so when I need it, I have to make a special trip to the bank. Since I hate cash, I only withdraw the exact amount. This is a rare occurrence that probably happens no more than 3 or 4 times a year.
Recently, BabyGirl was going somewhere and told me she needed $20 at the last minute (imagine that). I didn’t have time to make a bank run, so I gave her my debit card and asked the person driving to stop by the ATM. I didn’t think to say Bank of America’s ATM because I hardly ever use ATMs.
Anyhoo, the next day when I was reviewing my account, I noticed they used a foreign ATM because I saw the $2.00 transaction fee. A few days later, Bank of America charged me another $2.00 - as a thank you gift I suppose. And what do you think I did?
Ya damn skippy, y’all know me. As a 7 year Bank of America customer who has had direct deposit, 2 checking accounts, 2 credit cards, 1 savings account, and 1 money market account - I nicely asked the customer service rep to refund the $4.00 ATM fees. As expected, she told me flat out NO CAN DO - straight, no chaser. So I asked to speak with a supervisor.
Now Ms. Supervisor, proving to me that she’s hooked on phonics, repeated the same but only after reading the terms and conditions of my account verbatim from her computer screen. She then stated they could refund “certain” fees, but as POLICY, they are not allowed to refund ATM fees. Umm, ok. I’m sure you can imagine my response to that. I would recount the conversation, but don’t worry, it was short.
Just to put things in perspective - you know, make sure we were on the same page - I asked her to review my account history, the number of accounts, the status of my accounts, the number and amount of deposits, and acknowledgment of my repeat business for ALL of my banking needs. After she confirmed what I already knew, I again asked her to refund the $4.00 as a ONE TIME COURTESY. Her response?
“Ms. SM, we appreciate your business and you are a valued customer, but I’m afraid I can’t do that. I apologize for the inconvenience.”
*blank stare*
Not in the mood, I said thank you and ended the call.
[here's how to say f*** you in bank-a-nese]
The next day, I opened a USAA no-fee checking account with the following features:
- FREE ATM use worldwide.
- ATM charges from other banks refunded (without request) up to $15 per month.
- FREE checks for life.
- Rewards for debit card purchases.
- Combine debit and credit card rewards.
- FREE bill pay.
- No monthly service fee.
- No direct deposit required.
- No minimum balance required.
- Interest bearing.
- FREE Deposit @ Home feature (make deposits from home with pdf files)
After my new account was confirmed, I went online to change my salary direct deposit.
I went to Sallie Mae and Geico to change the account for auto debit payments.
I went to Google Adsense, PayPal, ING, HSBC, and Sharebuilder to change my linked account.
When I received my USAA debit card, I transferred the entire balance from checking #1 to USAA. I also transferred all but $1.00 from checking #2 to USAA.
Account #2 was recently opened under new Ts&Cs with no direct deposit required, no monthly fee, and $100 promotion. Will keep it for the convenience of tenant rent deposits only. When rent posts, will do same day transfer to USAA.
After confirming the USAA link to HSBC, I transferred my entire savings and money market balances to HSBC.
I deleted all of my financial information from their “My Portfolio” feature and set up shop with Yodlee.
I deleted all of my payee information from their bill pay service and set up with USAA.
After I confirmed all of my changes were effective, I called Bank of America customer service again. But this time, the conversation was slightly different.
SM: I’d like to combine my credit limits and close card #2.
CS: Sure we can do that for you.
I combined credit limits to maintain the total available credit, which helps utilization for maximum FICO effect. Closed card #2 because #1 was the oldest. Always keep older cards to maintain average age of credit history for maximum FICO effect. Although one CC remains, the limit is now $45k , balance is zero, and it will NEVER be used again.
CS: Is there anything else I can help you with?
SM: Yes, please close…rattling off the following:
- checking acct #1
- savings acct
- money market acct
CS: May I ask why you’re closing so many accounts?
SM: *smirking* Apparently my business isn’t worth $4.00 - give cliff notes version of conversation with previous CSR.
CS: If I have permission to place you on hold, I will see if I can process that refund for you.
SM: Ok, but I still want you to close the accounts.
CS: Ms. SM, may I transfer you to another department that can better handle your request?
SM: *hip to their “retention” department game* Sure…
RCS: I understand we have an unsatisfied customer. What can we do to keep you happy Ms. SM?
SM: *short and sweet* Close my accounts as requested.
RCS: Ms. SM, we value your business and I apologize for the inconvenience, but the CS you spoke to a few days ago didn’t handle your request properly. I can refund the ATM charges and offer you blah, blah, blah.
SM: *considered hustling but changed my mind - I know, shocking huh?* Close my accounts please.
RCS: More blah, blah, blah
SM: *yawn*
RCS: I’m very sorry we were not able to resolve the situation to your satisfaction. We value your business, but I will close the accounts. Please allow 5 days for the status to update.
SM: Thank you. [click]
Note to Bank of America: I appreciate the $4.00 refund, which is all I wanted in the first place, but it was a day late and a dollar short. There’s too much competition in the market for incompetent customer service. I will now enjoy the many conveniences offered by USAA - including the FREE WORLDWIDE ATM usage. May our 7 year relationship RIP.
Peace & Blessings
~*~*~*~*~*~
Work to achieve, not to acquire.
And as always, BE FABULOUS!
~SM
~*~*~*~*~*~Work to achieve, not to acquire.
And as always, BE FABULOUS!
If you enjoy reading this site, don't miss a thing! Subscribe to Fabulous Financials via email or RSS feed so you can receive notifications when I publish new content.
36 comments:
-
Fabulous Financials v2.0 » Fab Picks of the Blogosphere: Week 3 (Pingback), 1 February 2008, 8:27
[...] the highest interest rate. And yes, I do put my money where my mouth is - see my experience with Bank of America and One [...]
-
Fabulous Financials » This is the Dumbest Bank Offer I’ve Ever Heard (Pingback), 18 March 2008, 19:45
[...] they reversed the $4.00 charge to persuade me to stay, but I told them to KMA in bank-anese? Yea, that one. Well they sent me a dumb azz email today with an “exclusive” offer for its “most [...]
Write a comment:
Want an image next to your comment? Get your Gravatar here!
Have you read the Fabulous Financials comment policy lately?
That’s awesome! I’m glad you stood up for what you deserved and actually took action! It’s one thing to complain about a $4 fee, but it’s another thing to do something about it like you did. I hope in a situation like that I’d have the guts to do the same thing.
Kudos to you for going with USAA. LOVE them! Never have any problems with them or with ING; SunTrust - notsomuch. So, reading your story makes me hopeful that BoA will get a clue and realize that the more customers that they piss off for no good reason will cause them to lose business.
Again, much respect to you for telling BoA enough is enough!
USAA is always has the best stuff.
Why did you hold onto BOA accounts for so long?
@ sixpack - to be honest, I have no idea. Pure laziness. I think I always knew they weren’t the best bank OR the most competitive. I guess you can say I was comfortable and just needed a reason to be pushed away.
I’ve always had membership with USAA (my fave CC) and agree with everyone about their top notch customer service but never used their banking products. So BofA actually did me a favor. lol
Oh my goodness! Pure work of art. I never liked BofA. I had an account with them for a year before I finally had to call it quits. Too many darn fees. You would think with all the competition out there they would up their game a lil.
I am scared of you………..no I am really scared of you.
*backing up slowly*
LOL
You’re my hero!
You Rock Girl!
Haven’t been a BofA customer myself for many happy years.
I love it!
Oh the irony! I just opened an account with BofA yesterday!
I looked into USAA, but I don’t qualify for membership. I looked into it and talked them on the phone, so it’s not for everyone.
@ mapgirl - I’m sorry, I forgot to mention that. USAA membership requires direct military affiliation. You’re right, it isn’t open to everyone.
Excuse the cliche, but you go girl!
Bank of America charged me $35 for a mistake that was THEIR fault and would NOT budge. I dropped everything from them. GGRRRRR They make me so mad. There is NO customer service.
I love it !! I know too many people who complain, complain and complain - so it’s to great to read this. I know they were like *damn* we lost her for $4.00. That’s what they get !
DAYUM gurl ! You did the damn thing! I would have threaten to close my accounts right there on the spot once I talked to the first supervisor in the bank. They may have did something then.
7 years, girl you was married to BOA LOL
As soon as I’d been at my first job long enough to qualify, I dropped BoA and went with my credit union. (I’m also not eligible for USAA.)
They tried to charge me ONE screwy fee in six years (foreign check cashing, da hell?), but once I pointed out what a good customer I’d been, they dropped it.
I’m never going back to regular banks.
Hi Single Ma,
I’ve tagged you on my personal finance web site for a blogger meme project that’s weaving its way throughout the blogosphere. This project calls for sharing 8 personal facts about yourself, then tagging 8 other bloggers to do the same. Please look here for instructions: Fun & Frugal Friday http://millionairemommynextdoor.blogspot.com/2007/07/fun-frugal-friday.html
Thanks,
~Millionaire Mommy Next Door
What a great story! I’m so glad you stood up for what you wanted! It’s great that you followed through. Unfortunately, this is probably not going to make a lasting impact on BofA…and they will continue to treat other customers like crap.
I needed to read this today. Thank you for sharing this. Again I really needed this!
@ moneymonk - you’re probably right, but i don’t make idle threats. if i had to take it there for her to refund the money right then, i still would have closed the accounts. same outcome.
GOOD customer service is not responding to threats.
@ savingdiva - i’m sure it had zero impact on the bank as a whole, but the benefit to me was immense.
I LOVE USAA. I have my life insurance, car insurance, rental insurance, IRAs, Money Market Funds, and credit card with them. As a matter of fact I would swap my checking to them if I wasnt so lazy to stop all the auto debits from my old account. I also had my car loan with them, but when i went to trade it in, they didnt want to give me another so…their loss. But they are a great company anyways…ive never had a prob with their customer service.
(no i dont work for them lol)
Fantastic! I am a firm believer in asking for what I want from a bank where I put “my” money and if that bank has bad customer service I am the first person to make sure it does not go unchecked, so kudos to you!! ^_^
I also LOVE USAA-great choice, SM! They’d have to do a lot for me to ever leave them.
Girl you are something else. LOL Can’t wait until you’re holding those seminars. *wink*
BOA is full of crap. I had issues with them and switched to Wachovia. They do not give a damn about customers. I hope one of their people are reading this.
And enjoying is what I know you’re doing. I’ve been a loyal USAA customer for about eight years now. They are so worth it, and I havne’t had any problems with the company or their customer service. They really look out for their customers and they do what they can to help you acquire and save money. Nobody can make me leave! LOL
I have direct deposit with NFCU because it was convenient with the job when I set it up, but all my money except for what I need to pay bills and a little extra for expenses is transferred to USAA each month.
That is just awesome! And I love how you closed everything and explained it was because of their earlier bad service.
Great Job!
Good for you! I dropped my bank over a mysterious 5.95$ fee they refused to refund, but after the third person I talked to, I was done.
You Go! That’s great. Welcome to the new world of banking, chumps!
Sloppiness won’t hack it with the internet savvy generation! We have no loyalty when it comes to $4.00 stupidity fees…. and why should anyone?
Hmmmm…I have had varying experiences depending upon whether I talked to someone on the phone or the tellers in person. The tellers in person aren’t very helpful, but the people that I have spoken to over the phone have been pretty helpful. I can’t say that I will switch until I am sure that there is a better option. For example, last month some illegitimate charges were made to my checking account causing it to be overdrawn. In person, the tellers told me I would have to go after the business that made the illegitimate charges…which I did…however, speaking to the representative over the phone he refunded all of the charges without me even asking and the updated changes posted to the balance as of that day.
I did the exact same thing and xfered my money to Chuck
Bank of America blows.
http://consumerist.com/354062/why-is-bank-of-america-raising-interest-rates-on-its-good-customers
I had a very dissatisfying experience with BOA myself. After having a credit card with them for 5 years, with a limit of 10,000 U.S., and keeping at about 5,000 at all times. I never missed one payment. I came into a little extra and payed the card off. So two months later I went to get a new computer for about 600 dollars. I decided to use my BOA credit card. Come to find out, they had dropped my credit limit from 10,000 to 500. Without so much as a note.
Talk about embarrassing, I called the customer service number and was told that was my new limit and there was nothing they would do about it.
GOD BLESS YOUR HEART.
Once I went over the due date with my payment. By a day. They wouldn’t erase the 35$ fee. I had the CC only for a year but I went ahead and canceled it and got a Citi Bank instead.
this is amazing. I especially like how the next day all their rules from the first call fell by the wayside. They spew a whole bunch of garbage at the customer but they forget the customer has a life outside of their transactions. What i mean by that is after reading your post i too closed my bank of America accounts. We consumers should not be bullied around by companies like this.