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View Diary: Bank of America CEO is 'incensed' that his customers are angry about being gouged (228 comments)

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  •  I have a very similar story (5+ / 0-)

    My wife had a BoA account for an old job that required it for direct deposit.  Since she was no longer getting deposits, the account sat unused with something like $40 in it.  I just hadn't bothered to close it out.  And I stopped opening statements because they were always the same.

    Then my wife made an online purchase for ~$50 and accidentally used the BoA account.  They gave us a $100 cash advance from the credit card to cover the shortage. But I wasn't opening statements, so I didn't notice the charge, and BoA racked up $66 in interest and fees on that $100 cash advance in 3 months.

    More incensed than this sad sack CEO, I worked my way up the customer service chain.  Along the way a flunky threatened to destroy my credit rating if I didn't pay up.  I asked him if was also going to come to my house and break my knee caps, and told him to never threaten me again.  He swore and transfered me.

    I finally reached a senior account manager and asked her if any BoA investment vehicle would give a customer a $66 return on a $100 investment in 3 months.  I was told no.  I next asked her if $66 was worth losing me as a customer forever, and I was told YES!  I immediately closed the entire account, shut it all down.

    So when the CEO says they serve the customers well, he means they squeeze every last penny they can out of them before throwing them away.

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