Bank of America
Former employee account converted, 401K cashed out, fees charged

I am a former employee in good standing of 4 1/2 years with Bank of America. I worked very hard and won numerous awards and commendations. I moved on to another employer to obtain a better professional position. My complaint is founded in the fact that I have seen this organization from the inside and the outside. Until recently, I have been a ten year customer of B of A also.

First of all my opinion of this organization is sub-standard. The values that this corporation espouses is that they are all about making money the fast way. There is little employee loyalty and little done to retain quality, educated, hard working employees. They prefer that you leave so that they can replace you with someone that they can pay much less. When I had my exit interview with B of A prior to taking another job, I was advised that (1) My employee account (no fee's) would remain an employee no fee account, unless I closed it.

Within 1 year they converted my account without notifying me to a standard account and started charging me fees. Of course when I called CS, I waited on hold forever to speak to an associate that couldn't care less and refused to refund these fees. (2) I was told that I could retain my 401K plan until I was ready to roll it over. B of A cashed out my 401K plan without notifying me until it was done, I received the remainder in a check about 2 months after my resignation.

This cost me almost $2000 in loss because of the taxes. I called to fix the problem and again, there was nothing that they could do. (3) The also rolled my credit card account (Account was in good standing) from an employee account to a standard account, charged me more interest and a annual fee - without telling me again.

Second: I converted my account to an "Advantage Account" (no fees) I had a balance at one point of over 40K and generally kept a daily balance even during less successful times of about 2K. In addition to being a previous employee in good standing, B of A also had 2 previous car loans and 2 of my home mortgages. Again, they switched my account without saying a word and started charging me fees. It actually took going to the Banking Center to link several accounts together to stop the fees, and again they refused to credit all the fees back.

Third: Just recently the same thing happened again, I was getting charged $10. On all 3 of my accounts, and they have refused to move the fees. This was the last straw - no more.

I have re-financed my mortgage with another lender, I have paid off all of my car loans some time ago & will never finance another with B of A, and as of this week I am closing all my accounts.

This bank will smile while stealing your money! Find a nice credit union and forget about big banks-they are crooks!

Company: Bank of America
Country: USA
State: North Carolina
City: Charlotte

  <     >