Bank of Evil

This is a plea to everyone to pull your money out of the big banks. Credit unions or local banks are the way to go. Especially since the bank bailouts, banks will do anything to get your money from you. Check out this video from MoveYourMoney: http://www.youtube.com/watch?v=Icqrx0OimSs

So here' s my story:

My husband had two bank accounts at Bank of America. One of them was a normal checking and savings, and the other a business account. He never had a credit card and we were trying to get approved for a mortgage, so he got one at his bank. He paid the $200 to get a card (they hold the money until you prove you can pay it off) and that was that. A couple years later, we started getting a bank statement for an unknown B of A account. We figured it was an old account he opened years back and forgot about, so he went to the bank to get it worked out.

Needless to say, no one at the bank could tell him what it was, but instead referred him to a 1-800 number. Now this is an account that didn't have much money in it, but with each statement we received, the account was being billed a $15 fee each month. We tried the 800 number provided, but to no avail. The fees continued and we wondered if there would be any money left by the time we got it all figured out. Eventually, we received a statement that the account was now in the negative (due to the monthly fee) and that he would be sent to collections. He went back to the bank to raise hell and find out exactly what the deal was with this mystery account. After getting the run around a couple more times, he finally found someone who was able to tell him that the account was out of Arizona.

Now, did my husband ever live in Arizona? No. This is what happened.... After the time limit passed with his credit card, where he proved he could pay it off after buying something, Bank of America created a brand new account out of Arizona to put his $200. You would think they'd put the money into one of his B of A accounts. Why would they create a new one? Not only that, but why would they create a brand new account in an entirely different state where even fellow Bank of America employees in Washington couldn't find it? And thirdly, why was this account created with a fee system taking $15 a month out of a brand new account in another state?!?! The only answer I have is that the bank is evil. And we cannot be the only people to have this happen to us.

After telling friends about our story, I've come across many more horror stories of B of A. One of my co-workers was telling me how he continues to receive bank statements for his father-in-law after his wife has officially closed his account years back. Because he's DEAD. And now the statements show his account is in the negative because of all the fees accumulated since they closed the account.

Banks are out to make money for their stockholders. Credit unions are nonprofits. Move your money! Or get ready for more and more fees...