I created this blog as a way to vent, simply to have a mind detox with everything that has happened this week. As you can see from the title of this blog, I will be talking about Bank of America and the horrors I've experienced with them just this past week. As with the research I've done online and reading on a few others' personal experience, I'm sad to say I've joined the ranks of those whom have come under the thumb of Risk Assessment.
So, here's what happened. On April 17, I decided to open a CampusEdge checking account with BofA so I applied for it online. When I completed the online application I was informed that my application needed further review and would be contacted via email and/or mail. The following day, I received an email requiring me to call a number to further verify my identification, which I did. On the 18th, I received yet another email stating that my account has been approved and that I would receiving my welcome packet in the mail and that if I were to receive any checks or debit cards, it would follow soon after.
I still had to make an initial deposit so I asked my boyfriend to deposit $400 into my account. (I want you to remember that number. It's very important.) After he went to the bank, he called me and had me check to see if the deposit went through. It did. $400 was my account balance. This week has been rather hard financially. I'm a student and being that I have only 3 more weeks of school left, it's crunch time meaning, one project after another that requires me to spend a lot. Yesterday, the 23rd, I finally received my ATM/Debit card and was totally psyched that I would be able to finally take money out of my account. I called the number on the card to activate it. "Unfortunately we are unable to activate your card at this time. Please use your card at a BofA ATM to activate your card." was their response. A little weird but I figured, hey, I need to buy some food anyways so I'll just go to the grocery store down the street because I know they have an BOA ATM inside.
I stuck my ATM card into the machine, answered a few questions and the stupid machine spat the card back out and gave me the same message as the automated system, "Unfortunately we are unable to blah blah blah blah blah..." At this point, I'm just slightly flustered and can't figure out why activating a stupid card is so difficult so I decide to call the number on the back of my card. After going through with entering my account number, verifying the last 4 digits of my social security number, I continued to listen to my account information particularly my account balance. "Your current balance is $340. Your available balance is $0. You currently have a hold for $888,888.88" Woah, woah woah. What was that last part again? $888,888.88?
I transfer immediately to a representative who can't tell me anything more than what's in front of her so she transfers me over to Risk Assessment. Let me tell you, the lady that I dealt with was rude and completely unhelpful. I ask her, "What's going on? Why do I have a hold of $888,888.88?"
"I'm sorry, but I am not required and will not disclose that information to you."
"What do you mean you can't disclose that information to me? This isn't right."
"Well ma'am, as stated in your disclosure agreement we are not required to provide you with this information. BOA has the right to close an account without any reason."
"Close my account? Why are you closing my account? I just got my ATM card today, I just opened my account not even a week ago and you're closing my account without giving me a reason."
"That's correct ma'am. As of right now your account is in closure and you will not be able to bank or open an account with BofA anymore. Thank you and have a nice day."
After she practically hung up on me I was infuriated. I was given no warning, no explanation, nothing, simply because they are "not required to disclose any information." Needless to say, the guys in the large corner offices are laughing their asses off, enjoying their martinis, taking our money while we here in the real world suffer the consquences of greed. This is exactly why our economy is suffering right now. Big wigs taking advantage of the little people. The idea that the rich get richer while the poor get poorer. Remember my initial deposit of $400? Well according to the "nice" lady in Risk Assessment's department, I will only be receiving $340 of that. $60 of that was taken for "research fees". Unbelievable. Imagine all the people who have gone through the same thing I have, whom have incurred that ridiculous $60 research fee and how millions, if not billions, have been collected upon without a viable explanation.
My purpose for writing this is so that all of you are aware of what can happen to you. It can happen to everyone. No one is exempt from this unfair treatment. The only thing you can do is report a complaint against such practices. I have already filed my complaints with the BBB (Better Business Bureau), FTC (Federal Trade Commissions), and OCC (Offices of the Controller of Currency). If you have experienced the same exact thing, do your part in filing a complaint. You may be one voice but it's one more voice against the monopolization of our financials. I hope my situation can be resolved soon. Until next time...
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