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Bank Of America Reviews - BOA Account @ Pissed Consumer Interview

Okay, my

Experience with Bank of America has been absolutely atrocious as a business owner

I will never ever go back to them

They shut off my account with giving me no reason for it at all and I would not recommend

Anybody to open up a business account with Bank of America?

We've had a business account with Bank of America for over two and a half years and

We've also had a personal account with them for over 20 years

We had a mortgage with them

which we never defaulted on and

You know, we actually paid it off

So we have an exemplary record with Bank of America and

In 2017, I

Moved my business account

over to Bank of America because I wanted to have all my accounts in one place and

They set up a business account for me and a merchant account for me. I mean I run a business that has

something like

five

$500,000 turnover a year. I mean it's only a small business, but you know it it's still a reasonably

Good

business

and

on

May the 6th

2019 I get this letter from Bank of America

Telling me that and I quote after

Completing a review of your banking relationship with us

We've decided to close your account

We understand this may put you in a challenging situation

So we won't ensure you understand how this change could affect you

your deposit account

Will be restricted from use in 50 days and permanently closed

60 days from the date of this invoice for this notice. Sorry

so I

Think that item to begin with I think this is a hoax

because if

We don't have a bad record. We've never had a bad record with Bank of America ever

so I

Make an arrangement to go into Bank of America to talk to them about it and say, okay guys

Give me a clue. You know, what have I done wrong? Why?

why is my account being closed and

All I get from Bank of America is

They hide behind

their disclosure agreement and

the disclosure agreement says

You as a customer have the right

to close an account, you know, we don't notice with Bank of America and so do we

We have the right to close your account

we're giving you some kind of notice, but we don't have to tell you why and

You know what I'm really pissed about with Bank of America is

They won't tell me why

They won't tell me why they're they just arbitrarily

Decided to close the account. I mean for me with my business

This this was like getting a kick in the balls

Because we have a merchant account with Bank of America. We take credit cards for our business

we've just had to

scramble now to

you know close the business account within the time scale that they set for us and

open up another account with another Bank and

I I

Just I'm at a loss to understand why they've done this to me. We need a we need a

big bank, you know, I I looked at maybe using a credit union because

You know, I hear a lot of good

Stories about local credit unions, but if we think that I can go to anywhere in the United States

So we went to Wells Fargo

and

I know they've had a few issues

over the last year or so, but

we we've we've spent a few days with Wells Fargo with one of their personal bankers and

their response has been

Exemplary, I mean it has been really really good

And I think it's because you know, they had a bit of a bad rep in the last 12 months

But you know, they we set up a business account and I've also

arranged to transfer my personal account and

a merchant account over and

But they have bent over backwards to

Set this up for me and help me out so, you know right now I can't fault them at all

I just want I don't want other

Small business people who have an account with Bank of them to have to go through this shit

I mean this is this was just devastating for us and

I

what I don't understand is

Why in this country because obviously, you know, I must be I'm English, I'm not American right

why in this country they can get away with this and

Just not give you any kind of explanation

as to why they're

Cutting you off at the knees

I

Mean this just came out of left field for us

We had no idea this was going to happen. My only thought process with this is

if we'd have had a big overdraft with them from a business perspective or

You know a big outstanding debt on a credit card or something

Then they probably would have kept us going but you know, we don't we don't owe him any money

and

I I just wonder whether

you know when it when the rubber hits the road here, I

when they do these audits of a business accounts and they look at them and they say oh

We're not making any money out of this guy

You know, we'll shitcan him

And and they they they just do it. They just do it

i-i've tried several different avenues

I I have a personal friend who is also a personal banker with Bank of America and

that person and to

find the reason why we're be blackballed and

That person came up against the same brick wall

You know, they they just came back at her

With the disclosure agreement and that's a Bank of America

Employee. So even even the people in your local brady go in your local branch and you ask them

Why you being why your account is being shut off? All they'll do is they'll talk to corporate

And down get exactly the same

Speech and it it's almost like these guys read off the screen. I don't have any

Expectation from Bank of America at all. I am never crossing their path again

We've already made our arrangements to transfer

our personal accounts from Bank of America

You know if they would do this to me once they could do it to me again

So if if somebody, you know if the corporate head of Bank of America

Came back to me and said I'll Richard we're really sorry. I would say well you

Go away

I just don't want to deal with you anymore. You've caused me a huge amount of grief

You've caused my company a huge amount of grief. I am going to have to spend the next two weeks

changing all of my direct debits all of my other phase all the arrangements I have with my

distributors so

You know if they came back to me and said oh it was all a big mistake. I was able tough shit

tough shit