Banks, always open and friendly if you want to open an account. But, God Help You if you want to close an account!

Back in March, I withdrew the funds from our savings account at BofA, in the form of a cashier's check issued at the local branch. I was told the account was "closed". 4 weeks later, I receive a notice that I've been charged $35 dollars for insuffecient funds in that account, at the tune of $0.36 cents. Reason? The BofA employee who issued me the check, gave me $0.36 of accrued interest before the interest was to be issued to the account. Long story short - after calling BofA corporate - they transfered $0.36 from my checking account and "closed the account".

Fast forward to this past saturday. I get a notice in the mail from BofA, telling me my savings account was $14.64 over drawn, and if I didn't make a deposit into the account within a week, they would refer it to a collection agency. FIRST time I've even thought about that account since I thought I closed it twice in March. Truth of matter, they didn't close it, and started charging me $5 monthly service fees on it. I get on the phone, hot as all heck, to get this cleared up. Two $5 fees were refunded back (June/July), the third (net of the original $0.36 = $4.64) I am told by the branch manager, is not refundable because it is over 90 days old, which locks the ability to refund the money. She also informed me that it was my fault, because I didn't review my monthly statements. Not wanting to spend my Monday in jail, I kept my cool when I told her "why should I pay you for a job that, twice, I've fired you from?" TWICE BofA assured me that account was closed.

Where it stands now: Got the $4.64 refunded back to me, and the account has a $0.00 balance....but....still isn't "closed". Round and round we go...

Where did our original savings go? Back home, to our local credit union in NC, which has never given us a single problem with anything.

Lesson to the wise: If you close an account at your bank, get it in writting that it is actually closed!

These days, particularly when dealing with large companies, you need to get EVERYTHING in writing. It's a sad state of affairs, but it's the only way to get things done properly.

Credit unions can be good options. I choose to not use a bank at all and function strictly on cash, paying my bills with money orders. I do believe they end up cheaper in the long run anyway.

I once had Charter One put a 3-day hold on a cash deposit....and another time put a 7-day hold on my debit card when it should've only been on a large deposit. Because of that, I couldn't access the money I'd had in the account prior to said deposit. Then it took me 4 phone calls and almost two weeks to get the hold off my debit card, which shouldn't have been on it in the first place.

Life is far less stressful without a financial institution causing problems.

This episode is the second worse I've ever had. The worst was with Wachovia aka "Walk-all-over-ya" several years go. Buy a $2 pack of gum with your debit card = $50 hold on your account until it clears. Got $300 in that account, but only spend $20 in 6 transactions = big "overdraft" fees. I was whistling a happy tune when those dogs went out of business. I also know the quality of investments they were making in real estate....was only a matter of time. Read Wells Fargo's 2009 annual report to see the amount of charge-off's they had to take because of what they got when buying Walkalloverya'. Stunning...

I use to work for IBM's credit union back in Raleigh, as a commercial real estate lender. Night and day difference between the two styles. Granted, credit unions are still in it to make money, but the whole DNA is different.

Yeah, I never understood why Wells Fargo made that deal....couldn't see the positives in "acquiring" a vortex like Wachovia....

I'm considering using the NALC (National Association of Letter Carriers) credit union. They've been good to my mom for years, the only problem is the office hours....though they're not too far anymore since they moved to Oakbrook....hmmmm

We've been slowly moving to the DuPage Credit Union. Used to love Mid-America until it got bought out by National City which then got bought out by PNC. My son overdrew his account for college by $8 and racked up $238 in fees. Obviously that can be knocked down by complaining but who needs the hassle? That's just the beginning. I HATE banks.

NC, it must an Illinois thing. When I first moved to the area I opened an account at the Harris Branch in Algonquin. Then I moved to the Elgin area and tried to open a savings account at the branch in St. Charles they told me I'd have to close my account with Algonquin first. I told them it was a Harris bank and they said, "yes it is a Harris, but we have different charters." A ridiculous pain in the butt, which got worse when we moved to GE.

Even complaining at PNC gets you nowhere. I don't even know how many managers I talked to over there about my invalid overdraft fees....that never got taken care of. I closed my account and now bank at the Currency Exchange because of it. They have fabulous customer service there.

DTM, I had an ATM machine eat my debit card at a Harris in Naperville once....the branch wouldn't let me come get it, they said it was gone. So I had to cancel it with my bank at the time and pay for a new one *rolls eyes*

I really really like Community Bank Wheaton/Glen Ellyn, not only because they have not changed their name or business but they have pretty good hours and the same staff. Only hang up, they can never get my statements correct - EVER. Every month something is missing. Their online is very limited that's why I want a hard copy in my hand also receipts of payments, etc. etc.

Banks are the best. Love 'em.

nc211
The EXACT same thing happen to my daughter when she closed a BofA account. Makes you wonder...

I also had a "situation" with BofA. It took sending in the feds (Mr.ST) to get my money back. Now I get hand written thank you notes for stopping by.

If you guys think the average retail bank branch worker is any different than the average worker at Macy's or Jewel . . . I have a little secret for you.

quote:

Originally posted by ackerman:
The fact is that most large banks, at least the
ones that I have dealt with, have become commodities that don't know how to treat or keep a customer. And, certainly don't deserve them.

I concur. 100%.

Well, the account is finally closed, or at least removed from our ability to see it via our online access account, so we'll see. With our assets sitting in a credit union back home in NC, we only put a few hundred bucks in the BofA account every month for easy access "mad money".

All of these fees and trickery they've been doing to me, is basically their way of taking back the tiny bit of interest they paid me for the sizable sum of money we had in there (proceeds from the sale of our house in NC). They'll give you the interest, but then try to snake it back once you take you money elsewhere. Such a scam, and proof that Main Street and Wall Street just don't mix. Funny, the whole DNA of BofA is "the anti-wall street bank from the south."

See how well that didn't work NC, lol.

Ack, free checking is never really free. It's just an added hassle and stress that I don't need or want. The Currency Exchange is really not that expensive. I think it's less than 3% or something....

Too complicated for us to move away from checks and debit card but otherwise I've always been a big fan of currency exchanges.

One thing this State did right was give them the ability to do most of the motor vehicle work for the Sec of State. For a modest fee you get friendly, knowledgeable service for plates, renewals, titles, transfers, registrations, etc. And no long lines.