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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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  •  My email to Bank of America... (7+ / 0-)

    Just sent this off...and it is all true:

    I am an investor in the stock market. When the predatory lending scandal hit, and I saw banks tanking, I saw TD Bank as a buying opportunity because they avoided the whole predatory lending mess. My instincts were right...I made tons of money on that purchase. It was clear to me Bank of America made LOTS of mistakes. YOU were a BAD investment that I avoided.

    At the same time I had a mortgage (at the time with Wells Fargo). I was looking into refinancing. I tried Chase. They dicked me around. So I told them where they could stick their refinancing. Interestingly, I wound up with TD Bank because they made me the best offer and stuck to it. Bank of America was never in the running because you have such awful customer service and awful lending policies.

    At the same time almost all my credit cards were with Bank of America. I juggled low interest balance transfers where they seemed good and otherwise paid off my bills every month. But the overall terrible customer service of Bank of America turned me off. I have at this point almost completely switched my credit cards to USAA and  Discover. While before I used mostly Bank of America, now I am almost completely divested of Bank of America credit cards.

    Today I heard that the CEO of Bank of America was "incensed" that customers were angry at being screwed by Bank of America. What is the MATTER with you guys. Your business model is failing. Your customer service is terrible. Your stock has tanked. You are one of the least popular banks in America. People like me are turning away from you to better banks like TD and USAA. And your CEO insults us??? When a business is in bad shape and needs taxpayer bailouts, like YOUR company has, the CEO should not be insulting potential customers. Somebody had better tell him to shut up and start showing some remorse for the awful way Bank of America has treated so many customers. You are turning us off! I wouldn't touch your toxic stock with a 10 foot pole at this point, and someone had better tell your CEO that. Instead I am making money investing in TD Bank. I have no interest in using Bank of America for my mortgage. You have such bad customer service and apparently a CEO who has no sense. Why would I refinance with you when other banks offer better rates and better customer service? And I have abandoned almost all my Bank of America credit cards. You give me NO incentive to bank with you. Only insults from the CEO.

    Smart businessmen know that making customers feel good is the whole trick to doing business. Bank of America, and particularly your CEO, has lost sight of that. Without taxpayer bailouts your company would be dead in the water. I see you as a toxic company at this point. You'd have to do a hell of a lot to convince me to use your company ever again, and your CEO is top of the list when it comes to turning me off to your company.

    Good riddance. There are so many better banks out there who actually understand how to treat customers. I don't know how or why you lost your way, but isn't it obvious to you you are failing? You went from $50 per share to $6!!! That is failure. TD Bank, with a COMPLETELY different philosophy, has stayed pretty much at $70 per share the whole time. Don't you guys get that you are failing and that there is a better way to do business? Why should taxpayers prop up a failing bank like yours? In a TRUE free market system your company would already be dead, with banks like TD eagerly buying up the last remnants of your assets. So where the hell does your CEO come off insulting the American public the way he is? He is a failure, like your whole bank. Suck it up and start rebuilding your customer base, if you can. Your CEO is NOT helping...

    FREEDOM ISN'T FREE: That's why we pay taxes. Read the PROGRESSIVE DEMOCRAT Newsletter

    by mole333 on Wed Oct 26, 2011 at 12:57:50 PM PDT

    •  Your letter needs to go to the Board (3+ / 0-)
      Recommended by:
      mole333, myrealname, frustrated1

      When they start getting the flack, maybe they will start paying attention.
      As an aside, I bank with my brokerage firm. They are large, independent, rebate all my atm fees back to me each month, and even though I do not have gazzillions invested, I get a call each quarter from my designated rep. Today I called about a $5.00 charge I noticed on an account I don't pay a lot of attention to.  I'd let the one investment get below the minimum level. The customer service person gave me suggestions as to where to move the money to get a better return, and rebated $15. back to me, without my asking. Now that's customer service.

      The price of apathy towards public affairs is to be ruled by evil men. Plato

      by manneckdesign on Wed Oct 26, 2011 at 02:17:15 PM PDT

      [ Parent ]

      •  Find me their contact info! (2+ / 0-)
        Recommended by:
        frustrated1, manneckdesign

        I'd send it to Moynihan himself if I had his contact info.

        You bring up something that really gets to me. There ARE good banks out there. Some are really good. So why the hell do Chase, BofA, Wells Fargo and Citibank get away with being such crap? It isn't right. It isn't even capitalism. It's just plain wrong.

        FREEDOM ISN'T FREE: That's why we pay taxes. Read the PROGRESSIVE DEMOCRAT Newsletter

        by mole333 on Wed Oct 26, 2011 at 02:29:34 PM PDT

        [ Parent ]

        •  Part of the reason these big banks suck is (1+ / 0-)
          Recommended by:

          that the CEOs, and all the people they seed their boards with are part of "the club". They all know each other, sit on the same charities and boards together, go to things like the Allen & Co. bromance fest at Sun Valley, vacation together, and on and on. Many of them are not all the smart - but they think they are.
          I used to fly around on corporate planes with them, wondering how the hell they got their jobs. (I worked at a big  Wall Street firm in a sales capacity.) In my own personal moments of arrogance, I believed I could do a better job than most of them. We'll never know - I left the business after my soul started to get sucked out.
          I sent my email to Mr. Cry-baby Moynihan. His email is:
          brian.t.moynihan at bankofamerica dot com.  He'll have a communications flack intercept it, but that's OK.

          The price of apathy towards public affairs is to be ruled by evil men. Plato

          by manneckdesign on Wed Oct 26, 2011 at 07:07:27 PM PDT

          [ Parent ]

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