topic Re: i just don't get BofA in General Credit Topics

i just don't get BofA

newstart2010 — Tue, 16 Feb 2010 20:35:57 GMT

So some of you may know, but my husband (without asking) thought he would help and opened a BofA savings account with a $25.00 opening deposit that he used his debit card from our other bank, and then applied for a secured card. He got turned down for the secured card, and they did 2 hard pulls on his credit for this. We were going to start calling and complaining about that tonight.

So today I get the mail. In it is his debit card for the new account, a welcome letter, his denial for the secured card, and his pin number. Also is his ChekSystems report (clean as a whistle, nothing reported). The last letter I open is one from BofA saying that they are closing his new account they just opened, and the card is worthless, and that if we present any checks to the account they will be denied.

First off, its a savings account. We don't have checks.

Secondly, WTF??

Thirdly, its from the "Risk Dept" and for the life of me I do not see why he would be a risk. I guess we will find out when we call tonight.

And alst but not least, gimme my freakin $25 back!

This is why I hate BofA. I was upset he opened it to begin with. This is a shady bank. Not to mention after he opened the account they made him call 3 times to ID himself, verify where the deposit funds came from, and hit his credit 2x with hard pulls, both of which they refuse to remove. I HATE this company with an absolute passion, and am happy that we are no longer going to do business with them, but I am so confused as to why they pulled this crap! It makes no sense, and makes me wonder if there is another place that banks are using to choose who their clients are.

Re: i just don't get BofA

marty56 — Tue, 16 Feb 2010 22:31:22 GMT

@newstart2010 wrote:
This is a shady bank.

You are giving them way too much credit. They are ruthless, vindictive, and think they have a dirty tricks department that figures out the best way to screw someone.

LOL if I could find the name of the CSR that told me a 120 day late was only a sting, I would gladly play Strangers on a Train with you and clip the CSR that burned your husband if you clip the one that burned me. Yes, I will make it painful.

Re: i just don't get BofA

llecs — Tue, 16 Feb 2010 22:37:24 GMT

I've been with them for about 2.5 yrs now and can't exactly say that my journey hasn't been hassle-free.

I wanted to have a CC with them back then and figured I should start a banking relationship first. So, I opened, without issue a new savings account at the cost of a hard inquiry on EX. I learned, and certainly don't know if it is still true now or not, but they don't pull Chex, but rather your EX typically and base a decision on that. I then open a checking = inquiry #2. I then app for a secured CC and get denied = inquiry #3. My EX FICO then was sub-600. I improve my credit and get my FICOs into the mid-600s within the next 2-3 months. I then app for two unsecured CCs = inquiries #4 & #5. I immediately got a 99/500 counter-offer (don't know if they still do those or not) on one of the cards and the other said they'll notify me by mail. I dragged my feet and ended up getting a 99/500 counter-offer on the second app. So, I accept the one I wanted = inquiry #6. I waited until the new TL reported and then accepted the second 99/500, but was denied on that due to accepting the first = no inquiry thankfully.

In summary, 6 inquiries from BofA in 3 months to get one CC. Funny when I look back on it.

Now that 99/500 gave me some problems. I went to the bank to deposit $$$ to transfer to my CC to pay. I didn't know then you can pay the card at the bank without transferring $$$. Anyway, I deposited cash into my checking. I asked the clerk if I can use that to pay bills. She said "no problem" that cash went in right away. So, I went online and confirmed that the cash was there in the account. I then transfer the $$$ to my CC to PIF before the statement cuts. Well, the clerk cued it in her computer as a check, not cash. And while the funds were available, because the account was only 4 months old then, the fund were not available and my transfer came back unpaid. The bank reversed the funds out of my BofA CC and put it back in my checking. BofA then assesses a fee for a returned check and I called them to explain. They said "no problem", feel free to transfer it back and we'll reverse the fee. I called the teller who made the transfer and she admitted that it was a mistake.

Not trusting them, I went to the same bank and had them transfer the money again to the CC but gave them cash to put in my account first. This new teller miscued (common theme) the amount of the deposit and tried to transfer more money than what was necessary (by a lot more) and was more money than what I had in the bank. Again, this second payment bounced. BofA immediately closed my secured CC saying that I was irresponsible with money and said they'd reissue the deposited $99 after they take out the bounced check fees (one of which was promised to be voided). I called them and explained that twice their tellers goofed and that it wasn't my fault. They wouldn't hear from it and that was that according to them. I then rallied the branch manager from that branch and she wrote a personal letter to the secured cards department at BofA asking them to reinstate the CC that it was that branch's fault for the errors. Still, the Secured card department said "NO!". I then rallied another branch manager from another branch who said she had a few contacts at the top. It worked. She wrote a letter on my behalf, included a copy of the other branch manager's letter, and forwarded it to the CEO. Within a few days, I went online to check my account and it was re-instated with the bounce check fees reversed and my account remained intact. I still have this TL today and they gave me a $1000 CLI last spring. They have been good since that time.

Making a long story short, never give up. Never take no for an answer.

BTW, if I knew then what I know now, I'd never get a BofA. They are very jumpy and even have closed accounts after being asked for a CLI.

Re: i just don't get BofA

newstart2010 — Tue, 16 Feb 2010 22:50:10 GMT

Well, My husband got home, and I met him at the door with the dialed phone telling him to hit option 2 and ask why the hell they closed our account. If he wants to help, he can do the phone work too.

So he verifies himself, and the woman says "I do not have a reason listed as to why you were shut down sir. I am sorry. You need to go into a branch and open a new account." Well screw that. He asks her "When will I get my $25 back" She says "I don't have a balance listed on your account sir."

Um. You HAVE to deposit money to open the account. He did it with the debit card from USAA. I have the date and time and everything for the charge. I tell him to tell her that. She puts him on hold. She comes back and says simply. "Your check will be mailed out tomorrow. It comes from Atlanta, so it will be there in a few days. You are not welcome to open a new account with Bank of America." Then she hung up on him

So what just happened here? They closed an account on us THE SAME DAY the bank card and welcome letter were sent out. When we asked about the deposit they try to keep it till we push, then they say we are no longer welcome and we finally will get our money?

Yeah, you are right. Calling them shady is too much credit. That was down right dubious. This is absolutely not a company I will ever deal with in the future for any reason whatsoever.

I am not sure if I am going to have him call and complain about the two hard pulls, or if I am going to let it continue to sting him for trying to help without talking to me about it first.

Re: i just don't get BofA

Anonymous — Wed, 17 Feb 2010 00:09:49 GMT

I absolutely abhor BofA. I just left a rant on another person's post sayint they were young and just starting out building credit with a BofA card or something, and my advice was to get as FAR away from them as possible! I wish to god someone would have given me that advice because now I'm pretty much stuck with them, as they were my first ever CC a looong time ago and cancelling would be a blow to my credit history...

As far as i'm concerned though, BofA is the actual devil. If there is any bank more deceptive, incompetent, illogical, or just generally more worthless than BofA, I've never heard of it. They must pay their employees a commission on problem creation because it's just one thing after another with them...if there isn't a problem, you can bet they will figure out a way to make one- and they will get paid for it. Either the problem will take your money, or the solution will.

Re: i just don't get BofA

mrldp40 — Wed, 07 Jul 2010 11:20:47 GMT

bank of america use ews they stink

Re: i just don't get BofA

tray — Wed, 07 Jul 2010 21:36:34 GMT

Sorry to hear about your situation, all I can say BOA has really has gone bad nowadays back around 3 years ago it was very easy to get a secured card and for it to become unsecured also no issues in getting a savings/checking account now it is pure HELL. Even now it is difficult to even get a cli if you do have a card with this bank. BOA has really gone downhill with customer service.

Re: i just don't get BofA

AndySoCal — Fri, 09 Jul 2010 03:03:07 GMT

B of A had my first checking with them. I was a college student and they had a student checking account. They first made mistake in the printing of the checks. The reordered the checks and when the statement came I was charged for both sets of checks. It took two months to get that refund. In the days before an ATM they had walk up window which was open early in the AM. Usually staffed by the slowest teller in the bank in my opinion. I ended up leaving them 20 to 30 years. Flash forward to two years ago due a long story I had to deal with B of A again. They set up two accounts for me (checking and savings) that were supoosed to be linked together that way no monthly fees. Another long story short it took them three months and three phone calls to ge the accounts corretly setup and the fees refunded each time. Add me to the long list of those who cannot stand B OF A.

Now that I have had dinner a couple of questions came to mind. Okay, now to answer the question of the OP. I went to BOFA's website. I think I figured out why BOFA did what they did. According to the web site you need at least $300 deposited into an account to for a secured credit card. The opening of the account triggered the computer system to order the card. Then at some point the computer system saw the amount in the account being below what is required for that type account and closed it. Why this was not caught and prevented long before the they started the opening of the account is beyond me.