Bank Of America Bombshell: Is Your Money Safe?
I think I've uncovered a real bombshell about Bank of America and the reality of their "security."
For anyone new around here, here's the deal: In a single statement period, from May through June, Bank of America's tellers, on seven separate occasions, gave a total of $12,000 of my money to thieves -- thieves with a fake driver's license in my name, and with the wrong expiration date.
Shockingly, the level of security they employed seemed on par with that of an eight-year-old with a lemonade stand: B of A's tellers didn't verify that it was my signature. No PIN was required. Just the good old fake ID, and Bank of America's tellers handed over my money like lettuce. SEVEN times. Which, to me, suggests this failure to verify isn't teller negligence but procedure. POINT ONE.
I found out about the fraud as I was a few hours from my deadline when Debbie, the associate manager at the Dixon City, California Bank of America that last gave out my money, called me at home to ask if, perchance, I'd been a victim of fraud on my B of A account. I looked at my account, and about went into shock. At their branch alone, they'd given out $1,500 the Friday before (this was already Tuesday -- maybe it took them that long to figure it out).
I just couldn't believe it. I peppered her with questions. What did the thief look like? "African-American woman, heavy, with no teeth...teeth missing in front," Debbie told me. Wait. Missing teeth? MISSING TEETH? (i.e., suggesting, say, "CRACK WHORE" instead of "woman with thousands of dollars in the bank"). And still, they don't verify my sig, demand a PIN? I asked her if they got on the computer -- maybe asked the woman security questions -- you know, grandma's homeroom and all that?
Debbie told me something about how they tried to look on the computer for information about me and my account, and couldn't access any. As I wrote in my affidavit: "So...instead of making a 37-cent long distance call, they just handed over my money? To a lady with no front teeth. UNACCEPTABLE!" But, let's go back to that bit about the computer. This big, supposedly high-tech bank couldn't access my info on the computer? Let's call that POINT TWO.
Part of the travesty here is that Bank of America spends probably into the millions and millions of dollars to convince their customers that their accounts are very secure of B of A -- using both ad campaigns and the likes of B of A spokeslady Betty Riess, who brags to the media about Bank of America's...gag..."multiple layers of security." Right. And those would be what...asking the thieves whether they'd like my money in $10s, $20s or $100s?
Meanwhile, there are at least two women out there with a fake license in my name, leaving me open to being arrested for a crime I didn't commit, and potentially causing me numerous other serious problems. Had B of A done the most minimum due diligence to verify identity of people they gave $1000 or more on SEVEN SEPARATE OCCASIONS, in places I have never been and probably never will go, it's very likely these women would be in custody and those licenses in my name would be in a police evidence locker now.
And not only did B of A make me a victim through their absolutely spectacular negligence, they keep me a victim by refusing to give me the tape of the perps so I can track them down and have them prosecuted -- as I did twice in the past: when my pink 1960 Rambler got stolen by George Gomez, and when Leo Laine did a hit-and-run on my Honda Insight in the Whole Foods parking garage. (Many thanks to Whole Foods for giving me the tape so I could go after the fucker.)
And here's where these Bank of America creeps were really big morons (well, in addition to firing me as a customer, after nearly 20 years, as of the end of July; apparently because I complained a bit too vociferously about how they failed their fiduciary duty to me). Get this: Had they given me the tape and data about the thieves, I would have been off like a police dog on the trail of a steak cookoff. By stonewalling me and treating like a bug they need to squash, they've kept my attention on them. Baaaad idea! Really bad idea!
Meanwhile, in early July, a Los Angeles friend was across the country, in the midwest, and needed to put his paycheck in his account. He went to a Bank of America, formerly LaSalle Bank (a chain acquired by B of A in October of 2007), in the town where he was working. Although they were officially B of A, they told him his paycheck would take a while to clear back in California because -- POINT THREE -- this Bank of America wouldn't be online with Bank of America's computer's until October (2008).
Hmmm. Odd. I was reminded of Debbie in Dixon and their not being able to access my account on the computer, and a suspicion starting taking shape in my head.
Why would it be that SEVEN TIMES, Bank of America's tellers would neglect to do the most rudimentary checking on the computer; say, pull up my signature and compare it with those presenting ID and asking for thousands of dollars in cash, and see if they even REMOTELY matched?
I mean, isn't that stunning? Not doing this once, twice...you could see putting that off to a laziness or poor teller training or just a random error. But, again, SEVEN times, in seven different locations in Texas and the middle of California, they just handed over my money to women with fake driver's licenses...and with the wrong expiration date?
I began to wonder...is it possible they didn't check on the computer because...maybe they couldn't check?
I decided to test Bank of America's security myself. Naturally, there was a disguise involved. I would put on a black wig, go down to Los Angeles' MacArthur Park, where you can get a fake driver's license for maybe $100 bucks, and get one in my own name, but sign really funny and put on the wrong expiration date...just like my fraudsters. Next, I would go to Bank of America and try to withdraw my own money and see if they'd give it to me.
Problem: It's illegal to use fake ID in California, even if it's in your own name, and even if you're taking your own money. Sigh. A lawyer told me I'd have to get a waiver from Los Angeles District Attorney Steve Cooley to be a "confidential informant" -- to investigate the bank. I decided to do that, and then I got the letter from B of A firing me as a customer. It was all I could do to find a new bank to move my money to, and make that happen - and when I have my book due for McGraw-Hill August 1 (it'll be a month late thanks to what I've gone through with these creeps at B of A).
So, it seemed I was kind of up a creek about doing any sort of test on their security. Meanwhile, I'd been blogging regularly about my B of A saga, and had gathered a few skeptics, among them "Jenn." Her friend, one of my blog commenters, left this -- we'll call it POINT FOUR - more verification negligence -- on my blog:
I've been sharing this story with my friend Jenn who banks with BofA, much like vlad she blamed the victim (Amy) and claimed her money was safe.We decided to test the system. Jenn* gave me her account number and her drivers license. We look nothing alike. I've got about five inches and forty pound on Jenn; my hair is brown while she's a blond bomb shell with a nose out of this world.
Like Amy, Jenn only makes infrequent ATM withdrawals for minimal amounts ($100 - $200). Wednesday I was in another town for business and walked into a local BofA to see if I could withdraw money from Jenn's account, I told them "my" account number asked for $500 and handed them her license. A few taps latter I was told the available balance was $398 because it looked like my mortgage with country wide had just gone through and would I like to take the $398? I took $300 signed and walked out.
Needless to say, Jenn is closing her account as I type and moving to a local credit union. Here's the best part, as I'm standing waiting for the money my phone rings, I answer "This is Carrie*" the bitch on the other side didn't even blink.
Granted I had a valid drivers license and account number but neither of those things belonged to me and I DON'T MATCH THE PICTURE AT ALL!!!! I was in a town the account owners wouldn't go to and I broke the ATM pattern as well as the typical amount. Further, I now know that they had mortgage, who they have it with and when the payments (and amount) is due.
Wow. I needed to see if this would happen again. My friend was in the midwest still, so I asked him to do something for me -- go to a teller window at Bank of America and try to withdraw money, and see if they verified his identity any more than they did that of my thieves or "Jenn's". Here are the directions I e-mailed him:
1. Use a withdrawal slip from the bank lobby and write your account number in.
2. Use only your driver's license to withdraw money. If they ask, and ONLY if they ask, you left your bank card in California.
3. Sign TOTALLY DIFFERENTLY from the way you usually sign. Mucho importante, as Marlon would say.
Well, he did this, and called me right after he left the bank. What he told me was shocking -- beyond what I'd suspected would happen. Let's call it POINT FIVE -- even more shocking negligence from B of A:
Him: I walked in bank, filled out the withdrawal slip and I brought it over to a lady, and had my driver's license in my hand. I got up there and she goes, "Oh out of state. Oh we have a special form, another form." And she filled out something on the top, and then I filled in my name, my address as it appears on the license...city, date, zip, and then, telephone number. So, I put in kind of like a couple of lazy digits. She asked me one point on my account number -- she couldn't read the way I made a five -- but you couldn't tell what the last few digits were on my phone. I signed it with the backward slant which made my signature somewhat different.But this is the significant part: I never had to show my driver's license and I got the money.
I had it (the license) in my hand. She saw it. It was there. At one point I put it on the counter, and then I put it in my hand, fully expecting that she would ask me for my license. She dialed into the computer and it must've told her something.
Me: What, that your account had money in it?
Him: She just basically took my word for it, who I was.
This was stunning. Does Bank of America simply HOPE you are who you say you are when you take out money from their tellers?
Is it actually impossible for them to check who you are on the computers?
The fact that the teller in the midwest didn't even make a show of checking suggests that this is the case. A caveat: Suggests. I don't know this for sure.
But, the combination of my account being violated SEVEN TIMES, without the most rudimentary signature matching any of those times, and then the girls' little prank, and then my friend's test...well, I had reason to believe I was onto something.
And then, one of my blog readers pointed me to this guy, Chris Hooley. Bank of America gave away $40K of his money in just one day. (Patriot Act notifications [for $10k and above}, anyone?) And check this out from Hooley's blog:
I saw the debit slip online, and this guy's signature wasn't even a remote attempt to copy mine.
Okay, let's be fair: maybe they hired the blind. Maybe that particular teller was negligent. Or...could I really be right? I mean, how do you give out thousands of dollars without even verifying a signature?
Bank of America bought all these banks all over the damn place. My question to myself: Is it possible that it's so costly to link them by computer, in the way they'd need to to verify signatures and other information, that Bank of America decided it's cheaper to just...HOPE it's you...and pay you out your $12K or $40K when it isn't?
The problem is, it's not cheaper for you -- as I can't even tell you what a daily nightmare your life becomes when your identity is stolen. I am paying the price for Bank of America's negligence, and that's not right.
And as I said before, had they done the most minimum checking -- just of my signature, forget making the person have a bankcard and a PIN -- they would likely have caught the perps and those licenses in my name would be with the cops now.
Oh, and by the way, I know there are problems with other banks, but I checked with my sister who banks at Wells Fargo. She said she went to take out some money...from her branch...and left her bankcard at home, but had her license. They refused to give her the money. From her own branch, where they presumably know her. I've talked to a number of people about this -- from experts to lay people -- and I hear stories like that again and again.
I started asking around about bank computer systems. Here's the word from one of the guys I spoke to:
Each bank as it grows uses independent computer systems that they purchase and use for a long, long time. When bank acquisitions are made then the acquired banks' different systems would need to be scrapped and replaced or there would need to be an adaptation made to sort of band-aid it into the new system. Developing and implementing new systems is incredibly costly...
Meanwhile, had a problem - I'm being thrown out of the bank at the end of the month, and I had to figure this out fast, while I still had accounts there. Saturday morning, was running late on going off to get a seat at my writing cafe, but I called B of A's phone line, and got chatty -- my usual way of Hoovering information out of people.
I talked to a rather on-the-ball sounding girl who said her name was Stephanie Sager (and I can't be sure about the spelling, as I was trying to be casual-ish and not to make her suspicious). I told her how I felt I could trust B of A with my money, and then how shocked I was when they let this happen to me seven times, and I told her how even more shocked I was that they didn't verify that it was my sig, or request a PIN, just forked my money over to two ladies with fake ID with the wrong expiry date.
I then got chatty about my suspicions about the computers. Could it be possible that Bank of America just HOPES it's you? And Stephanie, bless her little heart, gave me what I needed. Stephanie said, on July 26, 2008, probably around 8:45 a.m. -- POINT SIX -- California's accounts and the national database:
"California accounts aren't in the database nationally."
Whoa.
I picked at her a little more and she further explained that B of A's banks don't all have access to the same database.
Double whoa.
Unless Stephanie was wrong about this, it sounds like I might be right in my suspicion -- that when you go out of your metro area or maybe your state, Bank of America simply hopes it's you...at least for California residents.
As for the rest of you B of A customers across the nation...that will require more investigation.
In the mean time, here's what I'm wondering: Is it possible that ANY Bank of America customer could be victimized as I was, and is it possible that the only reason they haven't been is that...nobody's tried?
Hi Amy -
None of this surprises me about B of A. I am a customer of theirs (not entirely my fault - they bought up Fleet, which bought up Shawmut, and so on). Every time I have any dealing with them, I feel the need to watch them closely so I don't get scammed with some late deposit or BS fee.
A week ago last Friday I had to deposit two checks totalling $4000. An elderly man was showing his grandchild how to use the ATM, so I went to a teller window. I signed over the checks and walked away with the deposit receipt in hand.
It's a good thing I kept it, because the next morning I looked at my account online, and there was NO trace of the deposit. It hadn't been credited, and it wasn't pending. It had just disappeared into BoASpace. I was leaving on a trip in a few hours and needed that money in there.
I went to the bank and presented my deposit receipt, and asked where the H my money was. They asked around to figure out who Teller #2 was. They "couldn't figure out what happened," except that they were "shorthanded" because they'd recently had to get rid of two tellers to cut costs. Not sure how that would affect this transaction, but....
Since I had the deposit receipt in my hand, they couldn't just fast-talk me about putting the money in after the availability deadline, or how I didn't put the checks in the envelope, or how I didn't sign them, or how there was an ATM power outage, etc. After about 30 minutes on the phone with their office, they asked me if I needed the money in there right away. Then they issued me a credit of $3999 (to differentiate from the $4000), which would come off when the $4000 hit. Still no explanation of what happened between the time I got the deposit receipt and the time the money should've been credited to my account.
Since they took over our account a couple of years ago, they have regularly done things like holding deposits past the legal float period, then nailed us for NSF fees. (Of course, with charges and checks reordered from biggest to smallest to maximize their charges.) The balance will appear to be positive, but because of the way they sort pending transactions and hold deposits it won't be. As a "courtesy", they will allow a $2 debit at 7-11 to go through on what appears to be a positive balance, and then nail the account for a $35 NSF that shows up days later. It's impossible to balance your account carefully, which is clearly their goal.
I hate them with the heat of a thousand suns.
Cynicor at July 28, 2008 3:52 AM
I would wager that in the "criminal underworld" the looseness of BOA in giving other's money to people is well known and that BOA customers are specifically targeted.
This (Amy's experience, not my wager) further proves to me that public facing companies focus their advertisements to mitigate for areas in which they are actually very weak. If I had a BOA account I would close it.
Along these lines I also don't frequent any store that uses a superlative in its name.
Dale at July 28, 2008 5:42 AM
Is it possible that ANY Bank of America customer could be victimized as I was, and is it possible that the only reason they haven't been is that...nobody's tried?
I would say not only possible, but probable. BofA SUCKS ROCKS. Period.
Flynne at July 28, 2008 6:11 AM
In the mean time, here's what I'm wondering: Is it possible that ANY Bank of America customer could be victimized as I was, and is it possible that the only reason they haven't been is that...nobody's tried?
How do you know that BoA customers have not been victimized? It's not something that would be widely known until someone starts to publicize the fact. (Now who would that person be?)
Norman at July 28, 2008 6:26 AM
Heh heh...if you hear of any, send them my way.
Actually, I heard of Hooley through a reader. Keep 'em coming!
And P.S. I am proceeding on this in ways I haven't mentioned here.
Amy Alkon at July 28, 2008 7:13 AM
Amy,
I have a credit card issued by Bank of America. This month's statement included a $171 "Cash Advance" and a $10 fee for same. We were confused by this, having not made a cash advance since we vacationed in Puerto Rico 12 years ago.
After a painstaking search, we traced the so-called cash advance to the purchase over the phone of 100 Euros from Bank of America that we charged to the Bank of America credit card.
Seeing a chance to tack fees on top of their deplorable exchange rate, they recorded the charge as a "Cash Advance" without informing us, and added a $10 nuisance fee in addition to the mailing fee.
But that's not all. Beginning on day one of this bogus cash advance, they charged us an interest rate of 24%, also of course without telling us.
In the several years we had this soon-to-be-canceled card, we never carried a balance. Not once. $2000 to $4000 paid off every month. Yet these SOBs charged a usurious interest rate for a concealed cash advance without informing us we were being charged at all.
But it's the last line that says it all about Bank of America. At the bottom of our July statement, in an admission included only because it's required by law, it reveals the "Annual Percentage Rate for this billing period: 89.40%."
That's Bank of America today ... skullduggery unlimited. If you hear of anyone, anywhere bringing an action against them, civil or criminal, let us know. We want so much to be part of it.
Rey Barry at July 28, 2008 9:25 AM
AS I recall, BofA is one of the institutions leading the illegal alien banking programs, accounts, home-loans, etc. Could it be possible that having this much disorganization in their system would allow them a certain plausible deniability in the case of ant federal litigation that may be presented?
Just a thought, and yes, at their website , it says "CA customers go here" and re-directs you to another separate data-base.
mbruce at July 28, 2008 9:48 AM
I recently lost my ATM card, and needed to cash a check at the local branch of my bank, Wells Fargo. Because I didn't have the ATM and pin, they went to some lengths verifying my signature and asking me some identifying questions--this when I had my valid, local driver's license and my own printed checks. I felt most secure, and told them I appreciated their caution!
On another occasion, Wells Fargo called and left me a phone message saying they had some question about whether the security of my card had been compromised, and that if they didn't hear back from me in such and such a timeframe, they would go ahead and cancel it and issue me a fresh one.
I'm also pretty sure Wells Fargo requires a fingerprint from non account-holders for cashing large checks.
This is what a bank is supposed to do!
Hillary at July 28, 2008 10:03 AM
Amy,
On the subject of signing for charges at banks, stores, restaurants, etc. Whether it's a paper receipt or scrawling on the little box at the supermarket check-out, 90% of the time I sign the name of a local hero, Thomas Jefferson. Never my name, just his. Done it hundreds of times and no one has yet noticed. Not even at Lowe's which insists on comparing your credit card digits read by the card reader with ... your credit card digits read by the cashier!
Try it. Next time you charge at the supermarket, sign George Clooney. Voilá, you are he, though you will still be the one whose card is charged. As every lawyer known, because there is no criminal intent, this amusement is legal.
And did you know that NO internet site that asks "What is the name on your credit card?" compares what you enter with the credit card issuer database? We just presume it does. After all, it seems reasonable.
For years I have entered my on-line persona rather than the name my card is issued to, my real name. It's my on-line persona that buys on line, it's my on-line persona in the SHIP TO box, so I say my card was issued to my on-line persona.
My CC issuer never heard of him, but he's always accepted.
Of course Bank of America may be doing things on the cheap by going without a database.
Rey Barry at July 28, 2008 10:03 AM
"California accounts aren't in the database nationally." I have a problem with this statement. How is it that they (the toothless bimbets) get the money out of your account in Texas if your accounts are not on the national database? The bank has to be able to access some sort of database to get you banking information, at least the balance and name.
I'm just curious, if the person who cleaned out your account looked like someone from J. Crew would it be less offensive? You seem almost as pissed off about them mistaking Amy Alkon for a gutter dwelling crack whore (or someone who looks like it) as you are about the actually money and time lost. I agree you have every right to be apoplectic with fury but why focus on the way the person who robbed you looks.
vlad at July 28, 2008 11:25 AM
Seeing a chance to tack fees on top [...] they recorded the charge as a "Cash Advance" without informing us, and added a $10 nuisance fee in addition to the mailing fee. [...] Beginning on day one of this bogus cash advance, they charged us an interest rate of 24%, also of course without telling us.
A local supermarket, Asda, did this to me once, before I closed the account (and told them why, in writing). Asda is wholly owned by Walmart - so it's not just a local story.
Next time you charge at the supermarket, sign George Clooney.
As far as I know, your signature does not have to be your written name. It is just your "mark." I had a Greek friend who signed with a complicated and unreadable combination of swirls and loops. He pointed out that it was therefore much harder to forge. Of course, it cannot be identical every time: the key point is that later, you can argue in court about whether it was a forgery or genuine.
I'm not sure I have the chutzpah to sign George Clooney, however!
Norman at July 28, 2008 11:33 AM
I'm still at a lose as to why BofA won't peruse the whole thing. They have them on tape stealing the money. You have certainly given them enough bad publicity to get them interested. Why are they not using this at least for PR purposes?
vlad at July 28, 2008 11:35 AM
If I've been following this tangled tale correctly, under the Fair Credit Reporting Act BoA had 30 days to fork over the tape of the faux Amy. Since you asked for it back at the end of May, BoA may now be in violation of the law. Is this so?
On the bright side, you make as good an Elvira as Cassandra Peterson.
Martin at July 28, 2008 11:46 AM
I wouldnt be surprised if b of a fired this Stephanie for giving you this information, especially since you included her last name. Bad form.
christina at July 28, 2008 12:19 PM
"I wouldnt be surprised if b of a fired this Stephanie for giving you this information, especially since you included her last name." I'd be shocked if the didn't fire her, why list her name?
vlad at July 28, 2008 12:29 PM
She's the source of this information. Otherwise, I could just be making it up. If it's not on a list of things reps can't say, I'm guessing she can't be fired for it. I'm not a lawyer, though; I'm just guessing.
Amy Alkon at July 28, 2008 12:42 PM
And can you think of worse publicity: they fire somebody for blowing the whistle on this?
Amy Alkon at July 28, 2008 12:43 PM
Handing out large sums of cash to someone who doesn't look like she'd normally have access to lots of money is a red flag--toothless, but she needs $4000 in large bills? Amy's right to be mad at B of A for this.
Kate at July 28, 2008 1:29 PM
Did you get the 12K back?
When thieves charged $3500 worth of computer gear on my credit card, which fortunately has a $3,000 limit, the money was refended to me. I know credit cards come with a whole separate set of rules, but seems you should have gottent the 12K back by now.
smurfy at July 28, 2008 2:23 PM
I did get the money back, but I care that it seems that other customers may be in jeopardy.
Amy Alkon at July 28, 2008 2:31 PM
I'm mad at B of A, on Amy's behalf, and I don't even bank there. Mistakes do happen, but *seven* mistakes, followed by denial, obfuscation and finally penalizing the victim is just unacceptable. B of A won't pursue the culprits in this matter, even though they have the ability and the evidence to do so, because such an investigation would open a big can of worms with regard to their assurances of "security", and because its easier and less expensive of them to lose a customer. They don't care about Amy, or her money - they're only in the business of making money for themselves. And they're so big now that I don't think they give a crap about bad publicity. They could easily can Stephanie for some vague reason then mobilize a bunch of lawyers and just wait her out until she runs out of money fighting them in court.
The fingerprint thing is interesting. Its long been the practice in bars and hotels in my city to have anyone cashing a cheque put their fingerprint on the back, whether they have ID or not. Paper holds a print for a long time - years in some cases - and this practice at least gives the police somewhere to go with the investigation. I don't see why the banks - if they are as dedicated to security as they say - can't fingerprint people with accounts and compare the prints at time of withdrawal.
catspajamas at July 28, 2008 2:34 PM
One thing I don't think I mentioned above. I'm not exactly some naive little girl, and I never would've fathomed that B of A, especially with all their blather and ads about how secure they are (or any U.S. bank for that matter) would give out money without looking for more than a driver's license (with the wrong expiration date at that).
They go on and on about Identity Theft on their site -- to sell their identity theft products, of course. Hilariously, I don't think those products will help you in a case like mine, where their tellers just hand over your money willynilly.
Amy Alkon at July 28, 2008 3:01 PM
You keep mentioning the wrong expiration date on your driver's license -- why is that significant and how should they have known it was wrong? I ask because most DLs I've had expired on my birthday, and just have a year sometime in the future on them. The one I got in 2005 expires this year. Did this one read "expires in 2025," or something?
Nance at July 28, 2008 3:18 PM
Nance -
I don't know about you, but my bank has my driver's license number and birth date along with myriad other pieces of information in their database. They required it when I opened the account (now THAT is part of PATRIOT, not the $10k reporting thing). Look here (irs.gov) however, I don't think this applies to cash withdrawals.
I don't know about other states, but in this state (CT), your driver's license expires on your birthday, and you have until the end of that month to renew it.
In fact, here's all the information on my license:
license number, date of birth, expiration date, class, restrictions, endorsements, sex, height, eye color, issue date, name, address, signature (two places), photo (two places, one ghosted), several holograms embedded in the plastic overlay, and a 2-D barcode on the back that has all that info encoded on it.
This is not a simple document to fake. And if they can train bartenders to notice fakes, they should be able to train tellers.
Vlad - there's two different systems in play here (re: how can you withdraw money if the banks aren't connected) - There is a overall financial network that would allow you to make a deduction from your account at a bank that isn't even affiliated with them, were they so inclined (this is how ATMs work, roughly speaking). Then there's the bank's internal database with all the goodies on you.
So, a non-affiliated bank has no way of knowing if Amy Alkon is white, black, brown, green, or purple. Hell, they can't even verify that Amy's supposed to be a woman. (this is a guess, but it seems logical, knowing systems as I do).
brian at July 28, 2008 3:39 PM
Hey Amy,
I dugg this. I'm not sure how Digg works but here's the link for other people to digg.
http://digg.com/business_finance/Bank_of_America_Bombshell_Is_Your_Money_Safe/share
Sorry about the run-on sentence in the description. I was trying to make sure people read it.
Jessica G at July 28, 2008 4:05 PM
So if your mentioning maybe the only honest B of A employee you've encountered by first and last name gets her fired, will the publicity from your blog feed her family? So far, it doesn't seem like the bank much cares what you write, which isn't to say they didn't screw up. But I think your readers -- myself included -- would have trusted that you didn't make her up and that it was unnecessary to compromise her job just to make a point.
JulieA at July 28, 2008 6:53 PM
She's not the only honest employee I've talked to at BofA, but I'm no fan of the high-up corporate types.
My intention isn't to hurt this girl, but to properly source where I got the information.
Furthermore, the calls are taped, and their supervisors presumably listen to the tapes, so why would she say something she'd get fired for?
By the way, I think I even mentioned in the call that I was a reporter, and applied reportorial skills to tracking down the thief.
Amy Alkon at July 28, 2008 7:38 PM
You keep mentioning the wrong expiration date on your driver's license -- why is that significant and how should they have known it was wrong? I ask because most DLs I've had expired on my birthday, and just have a year sometime in the future on them. The one I got in 2005 expires this year. Did this one read "expires in 2025," or something?
In California, driver's licenses expire on your birthday -- within a four-year period. The DMV fraud investigator told me that the fraudsters often just guess a year and hope theycome up right.
What's significant about this, too, vis a vis where the identity theft may have occurred, is the fact that BofA apparently has the wrong expiration date on file.
By the way, the fact that I was asked for my driver's license number when putting my IRA deposit in at my branch (as opposed to over the phone) doesn't fit BofA's printed policies that I've found on the Internet.
Hilariously, when I talked to a dude in their IRA department a little later that morning in hopes of finding out what expiration date they had, he wouldn't give it to me...for security reasons!...despite the fact that I could give all sorts of information -- far beyond mother's maiden name...like the date I put in my IRA, how the asshats put it into a money market account for no reason and at no request of mine, the fact that I'd gotten a letter from Bank of America's Wendy Muir, which I could quote, saying that the deposit I made on April 2 didn't make it in by tax day for some reason (that would be incompetence on the part of Bank of America) and all sorts of other details.
What I want to know is why I'm held up from getting information I need to know to protect myself for "security reasons" while thieves are dispensed my money, no problem, SEVEN times.
Oh, and here's an e-mail I got from the very helpful Chris Hoofnagle at the Berkeley Law Center:
Until you go through this -- and I hope none of you will -- you have no idea how potentially screwed you are for life because of it. Just the peace of mind you no longer have...how you worry several times a week that there's somebody out there with an ID in your name -- two somebodies, in my case -- and how you wonder what they might be doing with it...that's just one way you're affected by this. Fighting with B of A has made me a month late on my book, it's eaten up considerable time, and all because they've stonewalled me over and over on what I need to do to sweep up in the wake of their negligence.
Again, had BofA done even just a signature check to verify it was me...forget second piece of ID, bankcard, PIN requirement, or asking security questions or anything like that...had they just looked at my signature to see if the thief's matched any one of those seven times, these thieves would probably be incarcerated by now, and the licenses confiscated, and the source of the license information perhaps found and incarcerated, too.
I am so completely fucked by BofA's negligence and I will do everything I can, within the boundaries of what is legal, to see that others are not fucked like I am.
Amy Alkon at July 28, 2008 7:52 PM
Hi Amy.
Thanks much for the expose. It's scary that our accounts are so vulnerable, but good to know. I will certainly spread the word. I may stop using checking accounts altogether, and find places to deposit money that have as little access as possible.
On a lighter note, the disguise look is very cool :)
Bruce at July 28, 2008 8:26 PM
Heh heh...thanks. I love that Jessica put it on the digg piece about this entry. NYC's 14th Street's finest, what can I say? (I believe I paid a whole $9.99 for it.)
Amy Alkon at July 28, 2008 9:06 PM
amy, you look hot in that wig. fyi.
i'd cancel my BoA card, but there's nowhere else to turn up here for airline miles in the land of the midnight sun, and i could really use as many as i can get...
jody at July 28, 2008 10:13 PM
Aww, I think the pic looks cool in the digg, too. But, I can't take credit for it. Somehow it automatically showed up.
Jessica G at July 28, 2008 10:48 PM
I believe you're referring to the voice that says the calls may be recorded. But I've never once in my life heard back from a supervisor who had actually listened to a call and had comment. Anyone? I think they might -- might -- randomly monitory 1 in however many. . .Point is I didn't think you'd intentionally hurt the girl. Doesn't mean you didn't, though. And I don't see how thinking you maybe mentioned you were applying your reporting skills to this is the same as telling her you were planning to quote her, by name, in a public forum. I just think you're wrong on this one.
JulieA at July 29, 2008 12:10 AM
Amy,
I just had the strangest call from my bank. It seems that someone was trying to access my account for, get this 1,20 €. I live in Germany, that is why it is in Euros. But that translates to not even $2.00. My bank called me and said someone tried to access my Credit Card, on-line and that the name and the reasons were suspect. They call me to check and then, without cost send me a new credit card because they beleive someone has gotten access to my CC number.
Sometimes the money gods do shine on people.
Just to add, I feel terrible for all the trouble that you are having. I can't begin to imagine the headaches and sleepless nights that you are going thru right now. My mother is in the Banking industry and said things like this happen far more often then they like to admit. She works as Branch President in a small community bank in Illinois and has said it has happend to there customers as well. Not in her bank but in other Banks. It all boils down to if the Bank Teller is really doing there job correctly or not. She said when she was trained that if the computer data was not available to hold the transaction and require more forms of Identification as proof. Maybe that would have helped in your case.
Matthew at July 29, 2008 12:36 AM
Matthew, they did something like that to LA Press Club; apparently to see if the account was a live one.
JulieA, I appreciate what you're getting at, but this girl told me they can't even have writing instruments. I get the sense that they're heavily monitored.
And Matthew, it's the seven times with the same spectacular negligence that gets me. It's not like one of these tellers verified my signature. Not one did. Not one had the women punch in my PIN (which, it seems they do not have). And then there are the two subsequent tests, and what happened to Hooley, and what I found out from the girl on the phone at BofA.
These people hung me out to dry while working hard to give me every impression that they had state-of-the-art security.
The real deal in my experience: "Our tellers will give thousands of dollars of your money out to anyone who presents only a fake driver's license with the wrong expiration date."
MISSING TEETH! The woman had MISSING TEETH! Arrrrgh!
Amy Alkon at July 29, 2008 1:12 AM
CALLING ALL GREAT, AGGRESSIVE CLASS ACTION ATTORNEYS TO REPRESENT BOA ACCOUNT HOLDERS IN CA......
mj at July 29, 2008 1:40 PM
Don't you understand....it's karma. Amy is a bitch, rude and mean to people and this is her comeuppence, or should I say for Amy, her cumuppence. She is a whore like the rest of these two-bit bloggers. She is trying to get attention because she is trying to sell a book proposal. When some of you meet her in person, you will know what I mean!
brian at July 29, 2008 4:01 PM
I suppose Brian is kidding. Nobody can be that stupid.
Amy you look smokin' in that wig.
Dan at July 29, 2008 6:35 PM
OK, what the fuck is with these God damned trolls all of a sudden? Brian at 4:01 PM is NOT ME. I am The One True Brian. Look for the link in the sig.
Of course, if our little troll had anything resembling reading comprehension, he'd know that Amy's already got the contract to deliver the book.
One question, though - Why the focus on the teeth? I mean, Sandra Berhnard isn't exactly poor, and you could drive a Mack truck through those teeth. Ditto David Letterman.
I'm not getting the teeth part. Really. I think that's an unhealthy obsession on your part.
brian at July 29, 2008 6:59 PM
Just received this from a friend in Calgary:
To add to the stress levels, on Tuesday the 15th I found out I was the victim of identity theft. A black woman (my friend is white) went into 3 different CIBC branches in Hamilton, Ontario and deposited ~$7,000 (probably bogus cheques) and withdrew $15,000 from two of my accounts. She had a bank card with my bank number on it and a bogus Alberta Drivers License with my name and address on it with her photo. We've been scrambling to set up new bank cards, a new account, change all of our pre-authorized debits, and contact the credit bureaus to put a fraud alerts on my files. It turns out she/they had already applied for a Canadian Tire card and a President's Choice Mastercard in my name. The scary thing is that she/they apparently have my SIN (Canadian Social Insurance Number). That tells me it's a database breach. It's hard to believe because my husband and I have always been anal about doing everything they tell you: shredding everything that has our name on it in our cross-cut shredder and shielding our entries on the PIN pad.
Robert W. at July 29, 2008 8:33 PM
You might be the only person who appreciates this. I went into Washington Mutual today to deposit money in my kid's account: $79 saved pretty much a quarter at a time. The teller asked me for ID. I said, "I really appreciate your attention to security but if anyone -- ANYONE -- ever -- EVER -- comes in trying to deposit money INTO one of our accounts, please let them, no questions asked."
JulieA at July 29, 2008 9:40 PM
She is trying to get attention because she is trying to sell a book proposal.
Uh, actually, I sold the book proposal last fall to McGraw-Hill. My editor told my agent my book, "REVENGERELLA: One woman's battle to beat some manners into impolite society," will be one of their top releases for fall 2009.
This thing with BofA has cost me greatly. The truth is, I probably could've kept my mouth shut, signed a contract pledging confidentiality, and gotten some pretty good bucks out of this in a legal settlement. But, that would mean I'd get a payout while allowing other people to potentially go through what I do. I find my experience and the results of my research on BofA to reflect an absolutely reprehensible and unethical way of doing business, and I think BofA's other customers have a right to know.
The truth is, I've never been a successful whore. As I told one of my friends, "I've always found it cheapest in the long run to give sex away for free."
And finally, JulieA...was that cash or in a check from you?
P.S. I suspect "brian" (the imposter brian above) may have something to do with the call I made the the telemarketing...sorry...market surveying company guy's home. Or somebody else I've pissed off, probably in some righteous way.
Amy Alkon at July 29, 2008 11:14 PM
Heh heh...it took me all of six minutes. I tracked "brian" (imposter brian) aka "Jon C." down -- down to the e-mail address he uses on his iPhone. Not sure why the poor dear's got his pink panties in a wad, but I just e-mailed him to ask!
Amy Alkon at July 29, 2008 11:29 PM
For what it's worth, brian, I knew in a heartbeat that wasn't our regular brian. Didn't sound like you at all. I'd say hence my name change (and Donna's common but not as common as Brian) but I think the nasty little troll was trying to use a frequent commenter's name and could have done it with any of our on-line aliases.
Keep on this, Amy. I understand perfectly. I can't stand to take a pay-off that allows them to continue to prey on other people either. I think you're breaking something on their soddy way of doing business. I was appalled enough at your loss but that guy's $40,000!!! It keeps getting worse.
I think I'll stick to my credit union and hope to hell it's secure. This is most disheartening and while being financially challenged is probably, in this case, to my benefit for once (I don't have a very desirable identity to steal in that respect), it is really chilling to see the other uses they can put it to. I find it most disturbing that the use of fake ID to cops is being pooh-poohed as something easily cleared up. Speak for yourself, I can see myself royally screwed with some incompetent public defender wondering why it isn't obvious that wasn't me, etc. Um, the financially challenged are not listened to -- for the record. This identity theft thing really needs to be taken seriously and looked at what can be done to prevent it at the level where identity is used (the victim doesn't know it's out there until it's too late).
And, as someone mentioned above, it is growing absurd the amount of time we're supposed to be able -- between jobs and family and some leisure time so we don't all lose our minds -- to spend on preventing this. Sure, let's educate ourselves and do what we can but c'mon first we have to know what to do (and thanks Amy for clueing us in on steps to take) and then have the means and time for an on-going process.
I don't use paper checks any more either. Anyone can use the tracking information on the bottom. It's bank checks, money orders and cash strictly from now on.
As for Amy mentioning the missing teeth repeatedly, does anyone here really not see why it's suspicious to have $12,000 in the bank but not get false teeth? She said missing teeth, not crooked like Lettermen's, for Pete's sake.
Oh, and Amy, out the little bugger impersonating our brian. What a scuzzy thing to do.
T's Grammy at July 30, 2008 9:55 AM
Your whole saga with BofA has been quite interesting, Amy. As well, appalling.
This past February when I was in the States, my Dear Son asked me if he could "borrow" some $$$. Of course, DS [and let me be clear that his idea of "borrow" is actually "gift"], and would I do him a big favor and deposit it in his account at BofA for him - and he gave me his account number. Of course, DS, isn't that what parents are for?
I went to my bank, withdrew cash, so I could deposit cash into his account, thus DS would have immediate access with no waiting for my bank's check to clear. BofA refused to give me the deposit slip or ANY information about DS's account - I wanted to verify the name - just so I knew for certain that the $$$ had gone into his account - and they would NOT give me any receipt or even confirm his name - which I gave them - and they "politely" told me that for SECURITY purposes they could NOT tell me the name on the account since I wasn't on the account. I asked something like, "Is the name on the account Dear Son?" And I was told that that information was confidential. WTF?!? And, no can do for a receipt of ANY kind showing that I had just handed a teller a handful of $$$ to put into my son's account - what if I had written down one number of the account incorrectly? It would have gone to someone else's account and I would be SOL. BofA refused to give me any paper acknowledgment - even a hand-written receipt that they had taken $$$ to put into an account. They said they would mail the deposit ticket to the account holder - which they did - but I had to wait until the next morning to talk to DS and make sure that the $$$ had been properly credited to his account.
Do not know why DS continues to bank there - he's had a few issues, as well. Nothing like yours, though. And, it would make it a lot easier for me if he'd just switch to my bank - then I could "lend" him $$$ with a lot less hassle. Between your experience with BofA and what I experienced just that one time in February - there is NO WAY I'd let BofA be my bank!
BT in SA at July 30, 2008 11:45 AM
I just got a copy of American Motorcyclist, the house organ of the American Motorcyclist Association. They were offering a "member benefit" of a money-back deal if you get a Bank of America VISA card.
Needless to say, I told them, not only no but Hell, No, and here's why (linked to here).
Radwaste at August 10, 2008 8:08 PM
Speaking of credit unions, that race does not always go to the swift. Here's a tale.
Last week my credit union checking account showed 4 debit card charges I didn't make. Total about $60. Since I never activated the charge card tied to that account, it was a mystery.
While I held the phone waiting for Life, The Real Person, to rush to my aid, I mentioned the charges to my wife, a joint holder of my account.
"Those are my charges. They belong on my account," she said. "How did they get charged to you, since I never activated the card for your account, only the one for mine?"
See the picture? We each have an account, and we are each joint holders of the other's account. Why? So when one of us dies, the other does not for one second lose full access to all funds. It's an element of estate planning.
So what happened?
Last month, my wife - who rarely uses her card - got a new credit union charge card in the mail with instructions to destroy her old one and begin using the new. She did. (I received no mailing.)
What the credit union had done without informing her in any way was send a new card for MY account, the unactivated one, not hers. So when she began using the new card, it activated automatically (how come?) and I was charged.
When Monica at the CU and I finally understood the snafu, it was worse even than it seemed. The credit union was unaware of what they did, and in fact had no way to BE aware? Why? Because they assign the account numbers, a firm in Florida assigns the debit card numbers, and by intent and design neither has access to the other's records.
The card issuer cannot tell my wife the new card is for her account or for my account because it does not know. So we can expect this to happen periodically, every time the card issuer sends out updated cards.
This credit union has two interesting peculiarities: one, they go to the mat insisting on an account holder's approval before accepting a deposit, any kind of deposit. That was a pointless pain the year our daughter was a student in England.
Two, despite that they are imprecise with deposits. Customers have both checking and savings accounts. That's a requirement. Bring in a deposit clearly marked for your checking account and the teller may put it in savings, or vice versa.
With credit unions, the race is not always to the swift.
Rey Barry at August 10, 2008 11:32 PM
HOLY COW!!
I'm chiming in late, 12/5/08, because I've been worrying about where I'm going to put my money market funds instead of in my money market account, because the money market account isn't insured where it is now.
And I'm all freaked because I've lost 50%+ of the value of my investments and about 25%+ of the value in my 20-year-old home -- through no fault of my own -- AND the latter means I've been paying highly-inflated property taxes on the so-called "value" of my home, which I can't recover, and challening my assessment is just going to be an exercise in futility 'cause my state and town are broke and they and our school district won't give up one penny of tax money It's an endless cycle of crap.
So I'm worried about the money market dollars, so I'm thinking about CDs instead. Cash is good in uncertain times. But I'm worried about FDIC insurance, because of an article I read today, appended below, that says the FDIC appears to be gearing up for lots and lots of bank failures -- the signs being that it's hiring a lot of people and shoring up their reserves. How can they have reserves when the US Treasury is busted?
I've read that hundreds of banks are in very bad shape. When I looked at the FDIC site where there's a list of bank failures from about 2004, I saw that the year with the most failures is 2008. And I've read that bank regulators are 'watching' lots of banks -- while you and I leave our money in them thinking they're safe, right? That's nice -- don't warn anyone. And the powers-that-be wonder why no one is investing or saving or trusting them... How stupid are those jerks?
Anyway, I'm trying to find an absolutely solid-as-gold bank that I think I can trust (the last is the problem - I'm pretty much out of the trust business and doubt if I'll ever trust again)and it isn't easy. Consumers should be able to get on the internet and find up-to-date info about solid-as-gold institutions, but it's not possible. The FCIC site is upcated quarterly, so the failed-bank info is only available every three months, and new info won't be posted until the end of December. Meanwhile several biggies in the banking world are shaky and could affect the solidity of other smaller banks in their wakes.
I'm finding one, two, or three banks that might meed my standards, but at the same time I'm gnashing my teeth about the fact that bank regulators know that lots of banks are in failure mode even if they haven't yet failed, and no one's letting depositors know, which seems to me unconscionable. Why should anyone use any bank if they can be shaky and no one tells their customers? I'm big on being upfront with information, and I hate deception. And think about it, where's the outrage on the part of public officials about how the common person has lost so much of the value of what they own, whether it's a lot or a little? This didn't just happen out of the blue - it's a direct result of corruption of government, and who's doing anything about it?
Silence.
What happened to you is disgusting, and I can't even think of a phrase bad enough for the even-bigger picture nationwide.
I could comment about hiring of low-wage folks to work in banks where they have access to critical informaiton about people's accounts and personal informaiton, but you know that already. Don't think it's just yuor bank, and don't assume that if you find a bank whose 'security' is 'good' that your money is safe, because almost all banks have bad investments on their books that are invisible to depositors.
FDIC article:
Are Your Savings and Investments Safe From Bank Failures?
Time to ask a few good questions about your Interest rates - I think its time to start asking some basic questions about what we all think we are doing financially. Is what we do appropriate for the times? Or, more to the point, do we view risk appropriately?
Do we live in a time where we might just see our personal banks, or financial institutions such as money market funds, MMFs, fail?
We might want to start asking questions about our financial reality, times, and our own assumptions about what is safe or not safe. Interest rates are one key.
Many of us have some gold. Gold is considered money par excellence, has no particular guarantees on it, other than its atomic weight. People world wide have a basic instinct that considers gold and silver money. The trait is so deeply ingrained that it has survived over thousands of years, even as nations failed, currencies failed, and people lost all their savings. But gold offers no interest. So, for our accounts that do offer interest, how should we look at that?
I think that the time is right to start asking ourselves if the financial world we live in is as safe as we might think. Let me make the point like this….
Suppose that you found out that your financial account was on the verge of being locked – like we hear some money market funds have had to do – to stop people from fleeing headlong and then the fund has to sell assets at fire sale prices. What would you do? Well, I'm sure that you would drop everything and move that money out before the account was frozen. But how can one find out before that happens, or is imminent?
It's a basic example, but, rather poignant today. Poignant now. I drove by a small bank recently and they were offering over 6% on a checking account! With a sign out front.
That is so high, that one has to ask himself how that bank can offer that interest rate, when that is about what 30 year fixed rate mortgages are at?
Or, more to the point, doesn't that show how urgent that bank is to get deposits?
We just put out an alert about this phenomenon to our readers. We suggested that, if you are being offered a rather high interest rate by your financial institution, that maybe you should consider that a warning sign. This applies to banks, broker accounts, and MMFs.
We lament the fact that a person needs to be able to ‘read tea leaves' to ascertain if his money is in a safe financial account.
I really think this issue, of whether your financial institution has to offer high interest to attract deposits, is more about how urgent their needs are. The issue becomes one where we all need to reassess risk – become risk averse, and yes, if we see some high interest rate like that – to read the tea leaves.
This is all obvious of course. But, it's the obvious things that kill.
One needs to be able to ask questions at the right time. One cannot just blithely go forward oblivions of what is happening around him, and expect to keep his savings.
I remember reading about the Great Depression in the 1930's in the US, and there was a cartoon out. A ‘prudent squirrel' asked a man in a park why he had lost his savings. He asked the man, ‘why didn't you save for a rainy day?'
The man replied ‘I did.'
This cartoon was put out when there was a rash of bank failures in the 1930's before there was deposit insurance like the FDIC. That cartoon was one reason we chose the name PrudentSquirrel for our newsletter.
But, in any case, I just read on a gold forum about a guy who said that he had been a customer in two bank failures in the last 40 years, one in the S and L crisis in the 90s, and had to do the FDIC thingy and what a pain that was, to get his money back.
Ok
So, now, we read about the FDIC is on a hiring binge. And also there are various news comments hither and yon, where it's expected that we are going to be seeing a good number of bank failures as the credit crisis expands, and eventually drags them under. This will affect not only banks but money market funds and many financial accounts.
If you are following the bank crisis of late, and realize that the Fed and the ECB alone have pumped out an astounding $2 trillion of help to financial institutions since August 07, that maybe we all ought to be double checking the status of our financial accounts, and if – I think this is particularly important – our accounts are offering a bit higher interest than the norm, to consider this a risk profile.
If your bank, (I would say this applies to most countries right now) offers something like 6% on mere checking accounts, or CDs even, maybe you ought to consider that a risk profile.
In any case, we ought to all be asking questions about how safe we think our financial accounts are, and if they offer higher interest than the norm, to consider looking around for safer havens. You need to find out what the going interest rates are for your area.
Now, I would consider 4% a maximum interest rate for a sound institution, and that is just a general observation based on 30 year fixed rates being about 6%. I think you might find that to be the case in many countries right now, ie 4% max.
I think this level would be a high rate of return for just about any country in the world now, because money is so fluid.
But the key issue is that you need to find what interest rates are in your nation, and what is competitive. If you find that your accounts have higher interest than that norm, you ought to consider that a fairly high risk profile.
By Christopher Laird
PrudentSquirrel.com
Copyright © 2008 Christopher Laird
Chris Laird has been an Oracle systems engineer, database administrator, and math teacher. He has a BS in mathematics from UCLA and is a certified Oracle database administrator. He has been an avid follower of financial news since childhood. His father is Jere Laird, former business editor of KNX news AM 1070, Los Angeles (ret). He has grown up immersed in financial news. His Grandmother was Alice Widener, publisher of USA magazine in the 60's to 80's, a newsletter that covered many of the topics you find today at the preeminent gold sites. Chris is the publisher of the Prudent Squirrel newsletter, an economic and gold commentary.
hazeleyes at December 6, 2008 12:42 PM
I found this blog by doing a search for "getting Bank of America to refund fees" and I am astounded that no one has sued them yet. If anyone starts a class action please contact me.
I started noticing huge amounts of NSF fees a couple of months ago. Accidents happen and I've had a NSF here and there, but hundreds of dollars?
It seems that BoA changed their policies on pending debits and deposits. Charges and checks are reordered from biggest to smallest to maximize their charges.The balance will appear to be positive, but because of the way they sort pending transactions and hold deposits it won't be. They make your deposit available, but it's still pending. So then, as a "courtesy", they will allow a debit to go through on what you think is a positive balance, and then nail the account for a $35 NSF that shows up days later. Which in turn puts your balance off and racks up more fees. It's impossible to balance your account carefully, which is clearly their goal.
I recently signed up for Mint.com and today I saw that between December 1st and today I have been charged $1311.00 in fees. Yes, over one thousand dollars in thirty days.
I used the online chat support and asked for a refund of at least 1/2 of those fees. The initial CS person I spoke with was Nathaniel. He told me there was nothing he could do and transferred me to his manager. I can't spell her name but she was rude. She told me that every fee was my fault and even when pointed out discrepancies she refused to listen. In one case I had $572 as a balnce. A check was cashed at a BoA location for $500, but later BoA said that I didn't have those funds available and charged a fee. Since when does a bank cash a check if the check is no good?
I asked to speak to the manager's supervisor SEVEN times. She refused every single time and got more and more rude.
I ended the chat, started my Google search, and called Executive Customer Relations general line: 704-386-5687 and finally got some help. Even that was grudgingly but the lady I spoke with (Amanda I believe) did refund $500 in fees which are supposed to be showing on my account by close of business today. She even questioned why the $500 check was cashed if those funds weren't in the account, but then turned around a few minutes later and told me that every NSF fee was my fault.
I watch my onlinebanking like a hawk. I have alerts set up, I check every morning and again at night. I have seen my register there show transactions in one order, showing me with a positive balance and then within a couple of hours be changed so that any debits are paid or denied prior to deposits and then fees for each debit are charged. Also, they allow personal acconts to have $500 per day in NSF fees. That is insane. I asked for a cap and was refused that altogether.
I'm still out about $400 in fees that weren't my fault, but it's better than nothing at this point. I will be bank shopping though and in the meantime I won't touch any deposit amount until I see that it has been 100% applied to my account. Pending deopists but that are available for use? No more. That's just a complete scam for BoA to charge more fees. Don't make my money available if it really isn't.
They are outright thieves.
Shannon at January 16, 2009 1:45 PM
B of A are outright thieves, fraudulently taking money from my account for unauthorized, trumped up "research fees". After all the run around on the phone, I had to go to a branch to discuss it again. While there, 3 other people in the waiting area had the same complaint of B of A fraudulently extracting money from their accounts. Coincidence? I don't think so. I think we all should initiate a class act law suit. Think about all the people who did not notice that their money is slowly being drained by the bank that they've trusted to keep it safe!! Enough is enough.
ti at October 12, 2009 12:48 PM
Okay, I'm reading these posts and thinking it's a good idea to switch banks. Here's the thing that really confuses me. We're switching banks because the Branch Manager wouldn't let us DEPOSIT money.
My wife and I have a joint account. Her and her brother have a joint account. That account is for a rental they run. My wife is an immigrant who changed her name when she became a citizen. One account was started before she swore her oath, the other after. They are linked. She tried twice to change from her Chinese Translation to her new American name with no success (6 years ago) but has been using the account regularly. Her tenant pays in Money Orders, so the "improved" ATMs don't accept them.
So, the Manager knows that both names are for my wife. The information is on the computer (she asked which account she wanted to deposit to). The Money Order was written to her American name. The Manager said she couldn't deposit it to her "chinese" account. My wife endorsed it to herself. The Manager again refused. Why? "You did it in front of me."
What? This is a DEPOSIT, not a withdrawal. Why would you care if Ben Bernanke deposited to the account as long as he didn't take money out?
So now I see. Enhanced security for deposits. None for withdrawals. I'm gone. Never again will I bank with BofA
Mike at February 20, 2010 8:28 PM
on line banking is so easy! that's what the add on TV tells you,I had been paying all my accounts on line got a confirm.# but the B of A would cancel the payments! try calling on line banking,never reach the same person twice,they're using fake names,according to Tara Tattro they're allowed to use fake names,took 8 months to try and fix the problem,they reported my account to experian as a non payment,B of A is doing everything they can to create service fees,increase interest rate,basically rob anyone they can,if I did what they're doing I be charged with extortion,
joe c at March 10, 2010 2:28 PM
Amy,
I was reading your book today (which I absolutely had to buy after your feature in Psychology Today), and I just read over the B of A part. Reading about their negligence really steamed my broccoli! And it's not just angering, it's flat-out shocking.
I'm seventeen, and this summer I will be moving from a small town to San Francisco for college, and I cannot tell you enough - especially after reading that nasty bit - how much your book has helped mentally prepared me. It didn't hurt that you are also remarkably witty and relatable.
In teenspeak, you're fuckin awesome.
Thanks so much :]
-Stässie
Stässie at March 22, 2010 5:18 PM
Amy Alkon
http://www.advicegoddess.com/archives/2008/07/28/investigating_b.html#comment-1703612">comment from StässieAwww, thanks so much, Stässie!
Amy Alkon at March 22, 2010 7:10 PM
Amy, add another bank to the list of bad guys, Wells Fargo. Once good, now bad in 2011.
They took over my long time bank Wachovia. When I tried to activate my account on line after the takeover, I could do nothing at all until accepting their rules.
The two rules that led me to close my account were:
(1) I agree to give up my right to sue Wells Fargo under any circumstances, and agree to abide by arbitration. (Missing information: the arbitrator is in the Dakotas and his living depends on jobs for WF.)
(2) I agree not to bring or join a class action suit against Wells Fargo under any circumstances, nor participate in any awards from class action suits.
So to deal with this bank, I must agree to let the bank hold all the power; I get none, and forego my rights under federal and Virginia laws.
Two days after I closed my small checking account, I got an evening call from someone saying she was a Wells Fargo branch manager. She wanted to know why I closed my account. I told her about 1 and 2 above. She said I was mistaken. I told her I read it on their web site when I tried to access the account.
She said, "Would you re-open your account if I can prove what you said isn't true?
I said we'll talk about it when she shows me I'm wrong.
Been about three weeks now and she hasn't called back. Seems to be a case of a branch manager kept in the dark about her bank's policies.
Rey Barry at September 7, 2011 8:00 PM
Amy,
Thanks for the investigation. I usually automatically give them my ID, but next time I won't and see what happens. My story is a little different... My beef is with BoA's Mortgage Dept. In 2007 I took out a mortgage for an undeveloped lot of land for $160K. It's in a great new development in Texas. Wow, I've been on a roller coaster ever since. The developer defaulted on the development to say the least so I called BoA to refinance my "interest only" loan as soon as I could see that I wouldn't be able to build on my lot when I was promised. Well, they said "no." They would NOT refinance their own loan! This put me in a pickle because when the economy fell through the floor, NO bank would finance empty lots. $45K later, I quit paying on it and filed a lawsuit with the developer and BoA. Guess what they want to do now FOR me to settle my lawsuit? KEEP my money, KEEP my deed and in return, you'll love this, call the Credit Bureau and make my credit "better!" What A-Holes!!
Suzanne at September 16, 2011 6:11 PM
I have been a BofA client since 1994. On Sept. 11th, 2011, I deposited a $28K check from the sale of a vehicle to a prominant business owner here in So Cal. The receipt spat out a "hold" which was said 11-19-11, far in excess of what I understood a hold should be (2-3 days???). So Monday, I went in and spoke with the asst. branch manager at the West Brentwood branch, and asked if there was any way to "speed up" the clear date. She told me that if I had the Smith Barney branch manager fax over copies of the cleared check, she would see what could be done. After the check cleared Smith Barney on the morning of 14th (just as I thought), I spoke with her again and she said she had "no authority" to unfeeeze my funds. The money was IN MY ACCOUNT on Wednesday, but I was unable to access those funds. Finally on Saturday, the 17th, the funds cleared my account. WHAT'S WRONG WITH THIS PICTURE? This issue caused me to miss a payment that was scheduled with Billpay, causing a $35.00 BofA charge, and causing the credit card (I made a commitment to pay) rate to go from 3.9% to 29%. I was not able to pay 2 people whom I made commitments to, causing me severe reputational damage, and a vehicle I was trying to purchase SOLD beacuse the owner refused to wait for me another day.
I am considering starting a class action suit against this bank for holding people's money for excessive periods of time 'after funds have cleared'... Anyone with me here???
If they held $28,000.00 from me for 72 extra hours, they probably hold other "larger" amounts from millions of other people like me each day. One can only imagine how much interest income they make off of us in a year's time.
Today, I am just happy to have my money. I went to US Bank and started a new account this week. I will close my account as soon as I can withdraw all of my funds. These people could care less about their clients, and their recent share price suggests the same!
ShaunnyB at September 17, 2011 7:44 AM
An inside job variant happened to my brother at a B of A 100 miles from his home:
A crooked teller cashed checks for a confederate on a SAVINGS account by printing a check at home with the savings account number at the bottom, Which she could only have gotten with inside access.
No need for fake ID. The perp was fired but not charged, so she's working at another bank now. B of A put the money back in his account, considering it a cost of doing business. They will never prosecute because of the resulting bad publicity.
Harry Bergeron at November 17, 2011 11:03 AM
HEY
IN CASE YOU PEOPLE DIDNT KNOW THIS,BOA HAS AN ALERT SYSTEM WHICH AKERTS YOU EVEERY DAY ON ANY TRANSACTIONS MADE TO YOUR ACCT. THEY APPEAR IN YOUR EMAIL EVERY TIME YOU HAVE MONEY PUT INTO YOUR ACCT OR WITHDRAWL FROM YOUR ACCT. IF YOU DONT READ YOUR EMAIL EVERY DAY, ITS NOT THEIR FAULT IF A BAD TRANSACTION WAS DONE AND YOU GOT TOOK FOR MONEY FROM SOMEONE YOU DONT KNOW. SO STOP COMPLAINING!!
WARD at October 3, 2012 12:57 PM
Leave a comment