Wednesday, October 19, 2011

Is anger against Bank of America and the banking system behind Bank Transfer Day?

While looking through Youtube for videos related to Bank Transfer Day, I stumbled across one from 2009 with a personal rant against Bank of America and calling for a mass walkout against BofA.  It's a very personal rant against Bank of America because they had the gall to raise his credit card rates.

By the way there's an easy way to be unaffected by credit card rates.  Always pay off your card in full every month.  They can't charge you interest fees if you don't carry a balance.

In any case given that Bank of America committed the largest number of foreclosures, there's sure to be a huge amount of anger targeted in their direction.

He accompanied the video (the only one he's posted) with the following statement:

If you are like me, you are concerned, frustrated, and a bit confused that Bank of America has been allowed, and enabled, by the U.S. government to suck the life out of our financial system. In addition, if you are like me you are very pissed-off that BOA has recently sent out letters to customers, like myself, that our credit card interest rates have nearly tripled. Because they feel like it. Regardless of the customer's history and good standing with the bank.

Both personally and professionally I believe this brand has become a joke, a picture of sleaze that even Larry Flint can not compete with. At least Larry Flint makes money the old fashioned way, he earns it! BOA has to steal their money from us to continue to fuel their failing machine.

I believe it is time that we Bank of America customers tell these pirates that we are not going to take this anymore and we are going to give our business to the smaller regional and local banks that deserve the business.

I ask each of you to close your accounts at BOA and walk out the door this week. Tell them goodbye, and that we are not going to bend-over for them anymore and take this crap! If we all do this it will send a message that extortion-based banking is no longer acceptable in this new era of customer empowerment. I also ask that each of you share my new interpretation, with your friends and family, of what I believe the acronym BOA should now stand for, as well as the new logo Bank of America should employ since it is much more fitting and aligned with their business model.

A PBS News Hour report from 2 weeks ago discussing "monthly usage fees" that are now being charged by Bank of America.

Here's another individual rant about BofA posted on Sept 9, 2011

Dear Bank of America,

I closed my checking and savings accounts today, because I heard that Bank of America foreclosed on a Florida couple who did not even have a mortgage loan through B of A. When this couple sued you and won, your company stiff-armed them and refused to pay the court judgment. The couple then foreclosed upon one of your branches in an attempt to recover the judgment and their costs.

When I think about how stupid someone would have to be to foreclose on someone who does not have a mortgage loan, it boggles the mind. Not only is it indicative of appalling ignorance and lack of true customer service ethics, it is a clear sign that your company is being run by criminals.

When I went into the branch today to close my accounts, I heard that you have now decided to close the local branch in order to save money; no doubt, you need to save that money because of the way you have been pissing away cash by financing bogus mortgages. Now the decent and friendly people at my local branch who have been serving this community for up to 20 years will soon be looking for work rather than having to drive many miles to work at the nearest remaining branch. I commiserated with them and wished them all well. They have been loyal to your company and to people like me for years, and they are being shafted by snot-nosed crooks (probably with freshly-minted MBAs) in the higher echelons of your criminal enterprise.

I took my cash and went home only to see that your dumber-than-a-box-of-rocks online banking system had sent me an email stating that my account was now empty and had fallen below the minimum $25 balance. Amazing deduction, Sherlock! I closed the account!

I am now sorry I ever allowed myself to associate with your company, for it enabled people of no character to conduct business with my cash, which, you can bet, you will never see again. I will tell everyone I know of my experience and urge them to put their money in reputable institutions which do not attempt to extort money from innocent victims.