I’ve been a Bank of America customer since 1993. I have three accounts with them, my personal account, joint account with my wife, and a corporate account for my business.
I recently tried to have one of the companies I do business with switch over from sending me checks to doing direct deposit. Should be simple enough. But being dyslexic, I accidentally switched two numbers in my account number on the form I faxed them. They wired my next payment, the princely sum of $86.90, into someone else’s account. This was due to my own error, and I told Bank of America this when I called them about it on April 4th.
BofA told me I had to have the company that sent the money revert the error. I called that company. They told me that BofA had to take care of it. I called BofA back. BofA said they could see my money on their screen in that other person’s account. I asked them to please move it into my account. They said they couldn’t, but that they would transfer it out of the person’s account and put a hold onto it until I filed a complaint, the complaint was reviewed, and then, if the bank decided in my favor, I would get the money back. I filed a complaint.
This turned into over a month of near-daily calls, waiting on hold, being transfered, being told something was put into my record of actions taken, finding out later that it had not been. I felt like I was getting the runaround.
Finally, I was told that I’d been talking to the wrong department, and was transfered over to the “W-Bar” department, who told me I should be talking to the “Electronic Claims Service department.” They told me that the money would be refunded to my account after I signed the affidavit they were mailing me. The affidavit never arrived. I called back, waited on hold more, and was finally told that they had denied my claim again, but never bothered to tell me.
All in all I spent probably 20 hours on the phone dealing with this tiny issue. This seems like a lot of work for a paltry sum of $86.90, and it probably is, but I feel that Bank of America has screwed me. They said they took the money out of that other account, they won’t give it back to me, so that means they are keeping it. On the schoolyard, that’s called stealing your lunch money. On the street, it’s a mugging. I’m not sure what it’s called in the corporate world, but I don’t like it.
This all makes me think about an internal Bank of America document I once saw. (I was a temp worker and signed no NDA, so I feel that I am free to mention this.) I was temping in San Francisco at Bank of America in 1998, right after Bank of America was bought out by NationsBank (the North Carolina firm you’ve never heard of that owns Bank of America). The document was a PowerPoint presentation for internal use. I was asked to format it, using text that already existed. The basic premise of the text, as far as I could tell, was this: “Poor customers cost Bank of America money, we don’t want them. But it’s illegal for us to refuse to service them. Let’s try to find ways to make their banking experience so unpleasant that they go elsewhere.” The document suggested leaving them on hold for an extra long time, nickel-and-dime them with charge after charge, and outright refusing to settle up with things upon initial filing of complaints. Make poor people stress over their little bit of money until they give up.
The office at BofA where I was doing this work was almost empty. Most lower-level and mid-level people had been laid off. The lady in charge of creating the PowerPoint presentation had a corner office and was the most nervous person I’ve ever worked for. She was so worried that she would be next under the corporate hatchet that she was literally screaming at me, and everyone else, for no reason. It was the only temp job I’ve ever had where I called my employment agency and asked to be removed from the job.
Nothing I’ve stated here is slander, because none of it is untrue. I am willing to sign an affidavit that all of it is true, including and especially the part about the internal Bank of America document enumerating ways to get rid of poor people as BofA clients.
– Michael W. Dean
p.s. Here’s a list of controversies about Bank of America, many of which seem to me like they’re a result of the types of policies outlined in the PowerPoint presentation I mentioned.