More questionable behavior from BofA! I CLOSED my account!

[Jeffster1]

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@visualfxpro wrote:

I made a post, not too long ago about Bank of America's shady practice of holding onto your money with secured cards and refusing to graduate you. In short:

I'm in top 5% of income earners
Have zero debt (at most, I've used 2% of my total limit. All zero but one card, that is close to zero)
Had account for 3 years never missed payment

My credit has risen fom myabe low 600s to around 700 now
I had maybe $5k total credit then, now $34,000

Every time I ask to graduate, they deny me with generic bogus answers. So it looked like a scam to me. Like they were holding on to possibly millions of constomers money and using it perhaps illegally for other reasons. I have ZERO proof of this, but that is what I started to think.

Some folks on here tried to tell me I was wrong and talked about things like, it was not a guarantee, which has nothing to do with my suggestion that it might be yet another bank doing shady practices like Wells Fargo.

Well fast forward. I asked again to graduate, but this time I told them that I needed the money for an important purchase and that if they won't do it, I'll have to close the account. Instantly and for the first time, I get a different response. The guy is all "Oh let me look into this", then he AGREES with me, says "Wow, this should not have taken so long. I don't know why this took so long. I think I can take care of this for you". 8 minutes later, he says:

I will graduate your card

Do you want me to increase you limit too?
Will refund deposit in 24 to 48 hours

I was shocked but only half way, because I always suspected it was bogus and they just wanted to keep my money. I was so happy. Don't have to close account, got limit doubled. GREAT!

For 2 days I keep checking my account to see any sign of anything changing. Nothing. So I call and end up right away on hold for 15 minutes so they can "investigate". No idea what they were investigating. Then they tell me the account in in review and it will take 5 days. So 2 days ago I was approved, graduated and my money would be back in 2 days. Today, the claim is that it will take a week+. So I say I can't wait and this is rediculous, please close it and give money back. They say they can do that, but it will take 14 days. 14 DAYS to simply return MY MONEY??? WHAT???

I went straight to branch who right away tried to send me back to the phones, talking about it's a different department. I insisted and they called the credit people for me. Person answers and says the same story. I say unacceptible and ask for their manager and the person made some rude remark about they gonna tell me same thing. "Let me get them, so they can tell you the same thing". What? After 3 years of games, you have a grand finally of the flip flop graduate and now you want to be snarky??

Anyway, that person was wrong. The person was able to help and offered to close account and expidite return of funds. I was promised 24-48 hours...AGAIN. Said not guarantee but most times, they can do it. I'm NOT super hopefull after what just went down.

This has nothing to do with my credit. Nothing to do with, that is "just how it is". This is 100% SHADY behavior from yet another bank. Even my credit union was shady. So much so they ended up in a situation where control of the credit union was taken away due to fraud. I can't prove it, but I say BofA is up to something shady, along the lines of Wells Fargo opening up accounts not asked for, to increase profit.

I will never do business with Bank of America again and I'm closing my investment and all my other accounts too. I'm sorry if you have had a good experience but pick the worst product on the market and at least one person loves it probably. This is not just one incident. This is a 3 year saga of some very shady business practices. Again...my opinion. It COULD be that the bank is just very disoganized and unprofessional and just does not care.

I'm just sharing my experience. Maybe you will get lucky, just like all the other happy customers, but know that this is how they conduct themself with a loyal customer who is about to close 4 accounts with them.

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I got my $10K BofA Secured two months after my Chapter 13 DC. It graduated 8 months later. 

It's not fraud. It's you.

[visualfxpro]

I wonder how many people will find this completely reasonable conduct of Bank of America and will quote the policy of daily limit as if having something written down as a policy somehow makes it less rediculous.

https://www.consumerreports.org/consumerist/bank-of-america-wont-let-you-access-your-money/

Also look at Bank of America record:

https://violationtracker.goodjobsfirst.org/parent/bank-of-america

They have an official and confirmed shady past and are currently in litigation for yet another one. Again, I'm not sure why so many want to defend them. They would not look out for you in return. Somebody even implied that me simply speaking the truth about bank fraud is somehow a problem, even though as I pointed out I work in the industry so I know how fruadulent some of these banks are. My first bank about CEO I think is still in prison for fraud. 3 of my employers have done fraud. At what point and time am I simply stating the truth versus, somehow being mean or in anyway inaccurate? It's like I'm going to a school that has had 3 shootings in the last week and people are looking at me crazy for suggesting the school has a violence problem.

My only conclusion is something about my post is rubbing some people the wrong way and therefore blinding them from being able to see the truth. Because I gave them perhaps a bad impression, they have a bias which leads them to completely ignore obviously shady practices from yet another greedy bank.

[visualfxpro]

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@Jeffster1 wrote:

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@visualfxpro wrote:

I'm just sharing my experience. Maybe you will get lucky, just like all the other happy customers, but know that this is how they conduct themself with a loyal customer who is about to close 4 accounts with them.

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I got my $10K BofA Secured two months after my Chapter 13 DC. It graduated 8 months later. 

It's not fraud. It's you.

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You are proving my point. If you got graduated in 8 months, why would I not as well? I don't have chapter 13 and my card is only $3k, so I'm much less risk than you with $10k. The fact they graduated you and not me, is more evidence of how shady they are.

I'm sure you realize if they ARE doing a scam, they are not going to run it on EVERY single customer right? nobody does that.

[visualfxpro]

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@jcooks wrote:

To answer your question about some of us defending BoA, we're not.  Just clearly showing you their Terms and Conditions.  The issue here is that you're looking at this with tunnel vision and I strongly believe that you're just not accepting what we're saying that is in writing.  I mean, if this was in a court of law, your "he said/she said" won't hold up.  These T&C will.

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So have you ever seen situations where corrupt organization hide behind policies like that? Have you heard of cases were that tactic fails in court because judges will look at the policies and find them illegal or unethical? I'm sure you know it's standard practice for these corporations to hide behind thist stuff. Scammers do this as well. They will sell you some junk and then in fine print it says something like "no returns" or "result may vary" and then when you complain about their junk, they point you to the policy/terms and try to act like that makes it OK to sell junk. Sometimes it works in court, other times it fails. Bank of America has lost a lot in court and been fined millions of dollars from fraud to deceptive practices and more....but somehow many people want to over look this and make it about me. Quite bizarre.

BTW, many of this forum are using the same tactic BofA did. One manger said one thing, then another said opposite, then when I complained, they pointed out the policy to me as if the policy somehow was an explanation for why a manager told me the opposite. Corporations put tons of things on paper so they can wiggle out of being help accountable, but it's sad when we the people fall for it and even use it again a fellow consumer.

I find it interesting that I don't think a single person who somehow tries to put this on me, has had a single thing to say about any of the banks conduct. They just completely ingnore everything the bank does and tries to find a way that it's my fault. Multiple people saying different things is apparently acceptible conduct but me having a problem with the lack of customer service and massive communication break down, is the problem. I'm wrong for expecing one bank to treat me like the other banks have. Chase does not act like this with me. Navy federal does not. Penfed does not. TD Bank does not. It's always Bank of America, but it's my fault somehow that a bank that has a scandalous past might be doing the same thing to me as they have done many others.

[Remedios]

I think we're done here

OP, you're gaslighting yourself. FI didn't do you dirty, you need this money. 

Instead of 2 Threads Sharade, you could have just asked what's the quickest way to get it back