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September 27, 2011


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I hate Bank of America. I am in the process of refinancing not just for a better rate, but to get away from giving them any of my money.

i love bank of america ,no problem ,i hate citi,chace too

Lots of emotion here. Let's face it - whether it is Citi, BoA or Chase, they all have the same motivation - maximum revenue at minimum cost. If you happen to have a long and/or profitable (for them) relationship with them, you will get good service.

We just set up a second checking account with Chase. We were assured that because we have a large mortgage, 5 credit cards, etc. with them there would be no monthly fee for this second account. First statement just arrived - $25 fee! So off we go to "discuss". I guess in a day or two I will know what they have done about it.

My guess with BoA is that:
1. It is cheaper for them to send everyone a card than it is to customize their list.
2. Some people who say they don't want the card will use it anyway if it is actually put in their hand.

So they upset a few non-customers, but save some bucks and gain a few unintentional users. Why would they NOT do this!

I agree with dred, if you're looking for the worst big bank, you're about to find it with citi. Try going on a vacation with their credit card and not having the account frozen after one use- good luck!

Yours is about the 38,201th post I've read about BoA, and every single one is that they hate the bank. I've never been tempted even for a second to try to do any business with them.

@Pop - I have had that same experience with Chase. If you change you spending pattern, you ALWAYS need to call in advance so their fraud detection software doesn't flag the unusual activity as fraud.

My most "friendly" bank is my credit union, with mimimal fees and cooperative staff. BUT - they are even more aggressive in blocking my card, and have the worst website capabilities for bill-pay, etc.

I'm not saying this is good service or that BoA is any good.. but.. this situation seems kinda typical.
You're trying to cancel your account. Its fairly common for businesses to stall a little or put up some resistance when people try to cancel accounts.

I don't think its really an inexcusable horror that their system isn't setup to cancel this card in this situation, today, immediately. Its not like they take over cards from other vendors every day and the individual customer service person probably doesn't have a button in their program to cancel this card today cause as they said its 'in the system' but not yet a BoA card.

I've been very happy with Citi for many years. I've had a card with them for quite a while and have no complaints.

They are very critical of potentially fraudulent charges so you should be aware of that, but personally I think thats a good thing since they're being careful looking out for identity theft. Maybe too careful to the point of a little inconvenient but better safe than sorry IMHO.

I thought I'd add my two cents, because I just got off the phone with another bank...Discover Bank.

I had the most satisfying experience in talking to two of their representatives about some lost paperwork. They were professional, yet friendly, helpful and even apologetic. From beginning to end. Too bad they are only online, with no brick 'n mortar branches. But that is probably how they can afford to pay some of the best savings rates in the country as well as pay for quality customer service reps.

With regard to the new BoA visa, I had guessed that there was no way out of taking the card from the wording of the letters I received. And I decided to take the card as cancelling it would reduce the available credit on my credit report. Also, I think BofA will continue to offer a virtual credit card number option, a current FIA service that I use extensively for online and recurring purchases.

Personally, I think all of the big banks are evil. At with B of A you get an American who answers the phone. I've generally found B of A employees to be pretty nice. But at it's core, it's an evil institution, just like all the other big banks.

I agree with Mark's sentiments. To add my cents, I think all big banks are wieldy. Some worse than others. No one mentioned HSBC? What about Wells Fargo? At least Chase didn't raise my rates, didn't cancel my credit card, and didn't add any annual fees to my reward card. No negative experience for me on Chase...yet.

This is exactly why I canceled my entire relationship with Bank of America once I graduated college in 2007. They had good deals for college kids, but once I had to deal with them more frequently, it became more of a pain for no benefit to me. I had savings, checking and a credit card with them but have since moved to 3 separate companies (ING/Smartypig, credit union, Chase). It's a much better experience with all 3.

I tried to increase my Home Equity line with B of A a few years ago. I had about 70-80k in equity and they wouldn't increase my 9k home equity line because they said the value of my home had decreased so much. I asked them why that mattered given I only had about 20k left on my loan and at worse the house was worth 100k. They said it didn't matter what my loan amount was down to, it mattered that my home value had decreased so much. I had recently gotten a Schwab card and noticed their great re-fi rates and was approved for a 50k HELOC. My only regret is it had to go towards MBA costs and I couldn't use it to pay off my B of A mortgage so I could stop sending them money !!

I agree with Mark. The only way BOA can get new customers is to buy them via a hostile takeover of some other bank. I don't think that anybody who is aware of the internet opens up an account with BOA on their own volition.

"They are very critical of potentially fraudulent charges so you should be aware of that, but personally I think thats a good thing since they're being careful looking out for identity theft. Maybe too careful to the point of a little inconvenient but better safe than sorry IMHO."

It's happened to me several times on vacation, and the last thing I'm going to do on vacation is call my credit card company to politely ask that they unfreeze my card. The last time it happened they basically said I should call ahead of time to tell them I'm going on vacation. Yeah sure.

Yeah, Bank of America's fraud protection is out of control. If your spending patterns change even the slightest amount, they lock the account. It's happened to me so many times I can't even count.

Recently I applied to open a new type of account. Logged in with my same id like normal and it knew most of my info, which was great and easy. Then a day or two later they want me to call to verify the info because they said they check your details with a 3rd party or something like that and something didn't match up. Seriously? What? I think I know what my own info is, not some random 3rd party, plus they already had my other account info. So I call and verify a few things and then the guy asks me to send in a copy of my SS card, and a utilities Then I told him I already had an open account with them so I didn't see what the problem was, he asked for the account number, then later I got an email saying the new account was opened. Lol. Such a hassle.

When did any bank have acceptable customer service? Why BoA be any different? I hope you manage to sort the cards' nightmare out!

FIA Services is a wholly-owned subsidiary of B of A and handles all of the Bank of America issued credit cards. You've been doing business indirectly with B of A the entire time you've had the Schwab card. In any large entity, financial services or otherwise, one department often has no idea what another department is doing. Our only option as consumers is to move to and/or keep our business with the companies that provide the best service. Our race to the bottom began when businesses and consumers tried to cut costs over all other priorities.

I use WellsFargo for checking, mortgage, and brokerage. It is hard to beat their 100 free trades/account/yr. I don't ever use close to that amount of trades but it's nice to not have to worry about commissions. The few times I've had to deal with WellsFargo brokerage customer service they have been very courteous and helpful.

I've been working with BofA for YEARS and I've basically reduced my interaction with them now to simply owning an account because they have so many ATMs in my area, and I do a lot of banking with ING and Schwab who don't really have any. They've never swept me off my feet with service, and I can probably count 30+ times when their service has been unbearable, especially when calling them internationally regarding anything. I could probably write several pages about how weak their service is, especially in comparison to Schwab which is legendary.

I've recently opened a Citi International Account, which makes it really easy to switch money between several large currencies, kind of like doing Forex but all within your own bank account. If you have enough money in the account, Citi's service seems decent, and much better than BofA.

Pop - It is true that you need to call your cc company to notify them of any travel plans. If they see unusual usage outside your normal area of purchasing, they can stop your card.

I just did it this summer - going to NH, OH, IL, IN, KY, TN & AL. Normally all my purchases are within 90 miles of my home. I don't usually notify them if I am just going to IN, AL, as I go there 2x a year and have a history of doing this.

I decided to call them when I realized that one company let someone charge on my account from Canada, while I was in MO. They should have caught it, since I also made a purchase the same day in MO. It is never bad to try to be as safe as possible. The other cc I had hijacked charged to my account in GA and UT, while I was still in MO. Better safe than sorry.

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