I applied for a Bank of America credit card online and received the card 1-2 weeks later. I called BoA and activated the card. I then registered for an Online Banking Account so I could electronically access my banking information. Enticed by a $75 reward, I also applied for a Checking account and a Savings account, each of which required a minimum deposit of $25, for a total of $50. The accounts were opened within 48 hours or so and appeared in my Online Banking.
Within 1-3 days, I tried to access my Online Banking, but could not do so: I was locked out. Allowing for site maintenance or site malfunctions, I tried to log in over a period of several days, but to no avail.
Please notice that I did not make any purchases through these BoA accounts at any time. I had not even received my debit card or account numbers for the Checking and Savings accounts.
Confused, I called BoA using a phone number which appeared on the "The Online ID that you have entered is no longer active." page. I was transferred to a Customer "Service" Representative, who informed me that, due to my "recent activity", BoA had closed the account. Accepting the closure, I merely wanted my $50 returned. I inquired about my $50, and the representative ensured me that I would receive a check refunding the money.
Two weeks later, I continued to receive marketing materials, "welcome" letters, and such in my physical mailbox and my e-mail inbox from BoA, which I cannot unsubscribe to because doing so requires me to log-in to my BoA Online Banking account, which they prevented me from accessing. However, no refund check for $50 arrived. Furthermore, I did not receive official notification about the account closure.
Concerned about my $50, I drove to my local brick-and-mortar BoA, hoping I could speak face-to-face with a BoA representative about my refund and to get further information about why BoA closed my accounts. The employees I spoke to there were very unhelpful and simply gave me the same BoA toll-free number I had used already.
So, I called BoA and spoke to a different representative. She either could not or would not give me specific information about why BoA closed my account. She then said that I would not receive the $50 refund because BoA charges a $25 account closure fee.
While I understand that the bank might charge a fee when a customer decides to close an account, either to recover administrative costs or simply to dissuade the customer from doing so, it seems unscrupulous for them to close the account themselves and collect a fee for doing so. Based on my experience, it seems like the bank entices a consumer to open an account with them, requires a $25 deposit, quickly closes the account, and makes $25 from the closure fee with little-to-no work at all on their part.
I know that when I opened the account, I agreed that either I or Bank of America could close it at any time. I am currently re-reading their terms to see if I also agreed to a $25 account closure fee. As of yet, I have not located such information.
Whether or not I did implicitly agree to the fee by opening an account, I feel that the representatives should have been consistent. The first representative I spoke with should have informed me about the applied fees and not mislead me into thinking I would get my money back.
Since BoA charged my Wachovia debit card, I am considering filing a charge-back for the $50. I am also currently searching for a smaller, local bank and have sworn off huge chains like BoA. I am only age 18 and BoA was one of my first experiences with a bank; they might have kept my business for many years, but instead they abused my naivety and left a bad taste in my mouth for good.
Anonymous
Durham, North Carolina
U.S.A.
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