I am having some serious issues with Bank of America. Today was the last straw. I have had my account for about 25 years. It started with a small local bank and it has been transferred to at least 5 other banks as it was gobbled up until it was finally owned by Bank of America.
I have put this off as long as possible as it is going to be such a hassle to open all of these new accounts (personal checking for each family member, business account, several savings accounts) and to refinance our mortgage and home equity loans, as well as to move our credit card. I am thinking about all of the automatic withdrawals, e-bills, and direct deposits that will have to be set up, as well as other associations such as Paypal and outside accounts (ie. Amazon) that are set up to work through our debit cards.
This is no quick, impromptu decision, but something that has been held off long enough. I've had more than enough patience with this bank. I will share more below, but first, I want to share with you the power of twitter.

I had heard that businesses follow the twitter search and respond through Twitter. I have read about people who can get answers through Twitter whereas they cannot get help otherwise with their problems. I wanted to test it out and, therefore, yesterday I tweeted and included "Bank of America" in the tweet to see what would happen.
Sure enough,
Bank of America has a Twitter "help" account with paid representatives monitoring it. It took no time at all before they responded offering help. I was encouraged to direct message my zip code and telephone number so that they could call to help me. I am not all that comfortable with doing so online. I find it quite odd that I cannot call the 1-800 number to get help, but could possibly get the help I need through Twitter contact. There is just something wrong with that. Wouldn't you agree?

I think that businesses need to be careful with their use of Twitter because, in my case, it actually backfired. I am able to read the entire stream of their conversations to other Twitter users, click on their names, and read their complaints. A few responded a thanks for resolution through the BofA_Help, which was nice to know that the people behind this account were the real thing. However, I was quickly able to see that others were having the same problems I am having. The BofA_Help stream made it easy to find them.
For instance, the above recent tweet by
RyanViers confirmed the problem I have had this week. You may recall that I recently had an expensive vehicle repair. I logged online to transfer funds from one account to another to cover that expense. I watched day after day as my transfer transaction indicated "pending." It was "pending" for four days. Meanwhile, my account began bouncing. In addition, I have an overdraft protection account that never kicked in. Thereafter, I was charge four $35 overdraft fees. These fees have now made my account go into the negative again, although my transfer has gone finally gone through. Now I have two more items indicating a bounce to which they will probably deduct two more $35 overdraft fees.
I called Bank of America today and first had problems with the associate finding my account. She confirmed that the overdraft account was in place and active, but then told me that she would have to transfer me to the "overdraft department." What? What is up with all these departments? I was put on hold and after a few minutes, I received an automated message from Bank of America (it was not a cell phone dropped call as I was still active on BOA's line) that said "I'm sorry, but your call could not be transferred. Please hang up and dial the 1-800 number again." What!

This recent tweet was by
mothra04 and confirms another problem I have had recently. A few months ago, Bank of America took out an extra $136 as my mortgage payment, without notification. If I had not been logged on to my accounts and discovered it today, the payments would have continued to be that much larger each month.
I went to my local bank for help, only to be told that they could not help me, but that I would have to get help through the 1-800 number.
It took me two weeks any many phone calls to get my $136 returned to me and to get my monthly mortgage payment returned to the amount it has been for the last 13 years. I was passed from one department to another and my calls were continually dropped, causing me to call back again and again. I received no explanation and no apology. I was told that the money was going into my escrow account, but there was no reason for my escrow to be recalculated and adjusted, especially without notification and warning from the bank.
I'm sorry, but this is totally unacceptable. We are a paycheck to paycheck family and I cannot instantaneously make our budge go up by $136 and a random whim of my bank. Fortunately, we were able to ride out that two weeks having "loaned" Bank of America $136.
In addition, one of my son's accounts is continually charged a $20 monthly fee. All of our accounts are supposed to be free due to an "advantage" program linked to our mortgage. However, every month I have to call to get this fee credited back and am promised that the account association is set up and it will not happen the next month. Yet it happens again the next month.
This is more Bank of America just randomly taking my money. If I were not watching the accounts carefully online, who knows how long before I would catch these things.
In addition, when I called the 1-800, I am transferred from department to department until finally someone tells me that they can fix the problem. I have even had them tell me that it cannot be associated and I have to argue with them that this account has been set up this way for the last 8 years this way, so I know that it can be set up this way, making them review the account for previous months to verify that I know what I am talking about.
I have spent countless hours in the recent past months on the telephone with Bank of America. My time is valuable. I do not have time for their random errors that only result in them taking my money.
Who knows what other errors have occurred that I haven't caught. That is scary to think about.
There are recent reports that Bank of America's financial troubles are increasing. With service such as what I have experienced, I can see why. It is time for me to bail out of my association with Bank of America. I do not need a bank that randomly takes my money (account fees, upped mortgage payments, overdraft fees) to their own benefit.
I need a bank where I can walk into the bank and get help, not be tossed about from department to department on the telephone. I need a bank that doesn't randomly take my money all the time.
I am not going to tell you what bank I have gone too as I do not need that vital information out on the web as that would be stupid of me to do. I feel comfortable sharing about Bank of America as my accounts are closed or nearly closed as of today, so the bad guys don't need to waste their time trying to find me there.
In closing, take note at how powerful Twitter has become as a means of communication. I was offered help through the site as well as was able to find the information from others to help me confirm my decision to take action and move my accounts.