I am a dissatisfied ex-client of Bank of America. As I kept my personal accounts with BOA, and had not experienced any problems, I opened my business account with them as well. My business was doing well, and I took out a bank of America visa business card.
Shortly after, my business slowed down, as most businesses do. The business card had a balance of just over $14k. For 4 months I was not able to make a payment on the Visa card, and had no funds available in my bank of America business checking account. My Personal checking account had just over $8k and another $2k in my personal savings account. My wife had cashed out her 401k so we could pay for our daughters upcoming surgery.
I received a (yes just one) call from the bank of Americas collection department. They wanted to work out a payment plan. I let them know that I was just going through some difficult times and was not able to structure a repayment at this moment. Sure there was about $10k in my personal accounts, but to me my daughters surgery was more important. The $10k, along with selling my car was going to cover her surgery. Well Bank of America removed ALL the funds from my Personal accounts (both savings and checking) to payoff the business credit card.
So we called bank of America. The call was redirected to a representative of bank of America who identified himself as Tobias Thompson. He said that BOA had taken the funds to collect the debt on the business credit card. Tobias said that Bank of America had every right to remove these funds as it was in the terms of business agreement. I have read it and still cant find where Bank of America can take money from my personal account to payoff a business credit card. We even explained to Tobias how the funds in the personal account were for our daughters surgery, and that is why we were not able to make payments on the business card. They didn't care!
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