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REVIEW: Bank of America

This news story was published on December 21, 2015.
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bank-of-americaREVIEW: Bank of America
★ out of 5

It is the opinion of this writer that you should just do yourself a huge favor and avoid doing business at Bank of America.

I recently completed a long-time transaction involving a real estate property at Bank of America. This review is based on that experience and my dealing with them throughout the time I did business with them.

The entire experience of banking and paying off a loan with Bank of America was frustrating. This financial institution is one of the most-complained about banks in the country, and apparently for good reason. Bank of America continued to charge me fees that I felt were not only unwarranted, but illegal. Despite going in person to the branch office on State Street in Mason City and numerous phone calls, no one at the bank was responsive to my questions. The “banker” at the Mason City branch (25 West State Street) was clueless and didn’t seem to care about my concerns. These charges covered a number of years beyond what federal regulations allow for banks to legally continue to bill for.

Making the final payoff on my loan took hours. The fools at Bank of America were mostly inept at taking a check for thousands of dollars from me. It took much of an afternoon to complete the transaction. This included a phone call to the bank’s 800 number in dealing with my product. The woman on the phone placed me on hold several times. She gave me a number of different payoff amounts before finally settling on the correct number. After purchasing the correct cashier’s check for the exact amount I owed from my other bank, and taking it in person to the Bank of America bank again at 25 West State Street, I attempted to hand the check over to close out my account once and for all and end my business there (thankfully) for good. However, it took at least three employees to deal with my transaction. It was clear they were not trained well in this circumstance as they fumbled around with a computer.

Eventually, I was congratulated on my loan payoff and thanked for my business. I skeptically made a point to ask them if this was it, my loan was paid, all fees covered, etc etc. I was promised all was right.

But, of course, it wasn’t; I got a letter from Bank of America later showing that I still owed them.

Once again, I took to the phone to deal with these people. This time, the man on the other line was very helpful and apologetic. I did not blame him for the mix-up, and I was courteous, but I did explain my complete displeasure with his employer and the total ineptitude of the local branch in simply taking a payment. The phone call took about 15 minutes out of my busy day. Eventually, I had to be transferred to another department. This woman was also very friendly. The problem was dealt with once they looked a their call logs and customer notes (at least they got those right). My loan was adjusted, the payoff was back-dated, and my account was closed.

The moral of the story seems to be, if you are not vigilant in protecting yourself from predators like Bank of America, they will short-change you, take advantage of you, and basically mess up your finances – and never to their own expense. Do not give them any breathing room until they follow through 100% with their end of any deal, and if you discover a problem, immediately pounce on them like a pit bull does to a person walking by on the sidewalk.


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10 Responses to REVIEW: Bank of America

  1. Avatar

    Credit unions Reply Report comment

    January 11, 2019 at 8:01 pm

    Credit Unions and online Credit unions are a great option.

  2. Avatar

    Anonymous Reply Report comment

    July 11, 2016 at 7:24 am

    32 – Your what is wrong with America – I bet you think obummer and clintonites can solve it – Your more of the no child left behind crowd. And Matt heaven forbid if you went to Wells Fargo.

  3. Avatar

    fred Reply Report comment

    December 22, 2015 at 11:59 am

    All banks suck. All insurance companies suck. Fact.

  4. Avatar

    Page 32 Reply Report comment

    December 22, 2015 at 7:37 am

    Sounds like you are blaming others for your own inadequacy: perhaps you should learn how to use a computer and do all your banking online?

    That would take you ‘out of the loop’ and save others the trouble of dealing with your autism.

    • Avatar

      CU4EVER Reply Report comment

      December 22, 2015 at 8:35 am

      Perhaps customer service and competence should be a higher priority than profit. Banks answer to investors, credit unions answer to shareholders (members). Move your accounts to an institution that works FOR you.

    • NIT Publisher

      NIT Publisher Reply Report comment

      December 22, 2015 at 1:48 pm

      I do 99.9% of my banking online. Checks you have to drop off in person. In this case, the only way to make the final payment was in person, they gave no other options. As far as your weird remark about some medical condition, does’t really make any sense, since it is obvious I am a genius at “using a computer”. But you’re right, I do pity any idiot I encounter in person that can’t deal with basic demands as it pertains to their job duties.

  5. Avatar

    LVS Reply Report comment

    December 21, 2015 at 5:27 pm

    I have been with Wells Fargo for over 20 years. We have never had a problem. Always very helpful.

    • Avatar

      CU4EVER Reply Report comment

      December 22, 2015 at 2:18 pm

      even a broken clock is has the right time twice a day

  6. Avatar

    Anonymous Reply Report comment

    December 21, 2015 at 3:02 pm

    I hope you did not go to Not so wells FARGO !

    • NIT Publisher

      NIT Publisher Reply Report comment

      December 22, 2015 at 2:02 pm

      I also bank there. No major complaints with them. I think their downtown drive-up window is slow, though.