Bank of America Fail – A Vent

Just got off the phone with Bank of America and I need to vent…

A couple months ago I opened a business account. The rep told me that the account has an $11 a month service fee. However, if I had a Gold personal account, the fee would be waived. The problem with the Gold account is that it requires me to carry a 10K balance or else there is a $15 fee. So, obviously I wasn’t going to take that route. Until the representative told me that if I had two gold accounts then I wouldn’t have to maintain the minimum balance and I wouldn’t have the service fee. Along with that, I’d get my business account for free as well. So, despite the annoyance of having to open a second checking account AND changing my personal account to a Gold account, I went ahead and did it so I could save the $11 a month.

Enter in the November bank statement…

Of course, there is a $15 service fee on my personal account. I call BoA and ask them why it is there. The rep tells me that it is because I haven’t met the minimum balance. I go on to explain that I was told that having the two accounts, plus my business account meant that I didn’t have to keep the minimum balance and would have no service fees. The rep said that this was not the case and that there were no codes she could enter to make that happen. I asked her if I was misled or just stupid because, here’s my logic, I either:

  1. Was led by a BoA representative to believe that changing my account to Gold, opening a second Gold account, and opening a business account would remove all fees or
  2. I’m stupid because I randomly decided to take the time and energy to open a second account that I’m not going use, upgrade my current account, and open a business account all so that I can pay $15 a month instead of $11.

Now, I’m not trying to be pretentious, but I don’t think I’m that stupid. I went to great pains to make sure that the information I was given was true. I confirmed time and time again that I wouldn’t have to carry a $10K balance under this system. I know how my balance usually runs and, as much as I’d like a $10k a month balance, that just isn’t a reality. So, why would I open these accounts in order to pay more? I wouldn’t! That’s the point.

So, after a frustrating call to CS they have refunded my $15, closed my second account, and downgraded my personal checking to a normal account… and my business account now costs $11 a month.  So, Bank of America, thanks for being lame.  And while I’m venting… the fact that you don’t let me make a transfer from my business account to my personal account online is lame and your online billpay system is atrocious.

That’s all. Vent over.

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