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October 06, 2007

Is Bank of America Ripping Customers Off?

posted by MR WAVETHEORY at 10/06/2007 09:40:00 PM
I have gotten charged a fee every time I received an incoming wire transfer at Bank of America even though my account entitles me to get wires for free. It is becoming such a nuisance because every time I receive a transfer, I am charged $10. Then, I have to write to customer service to "remind" them that I have an "Advantage Account" which entitles me to free incoming wires. I have sent at least 10 emails to them about this problem and each time, they apologize and reverse the fee.

Bank of America advertises free wire transfers for its Advantage Accounts. I hate getting nickeled and dimed. My experience has left me wondering: Is Bank of America intentionally misleading and ripping off its customers? Bank of America has 1.4 million retail customers. It is a big deal because with so many accounts, ripping off customers for a fee of $10 multiplied by 1.4 million times can translate into $14 million of earnings each month. That can help make or break a quarter if things are falling short and I am not happy that they are doing this to me and to 1.4 million customers.

Bank of America is the largest bank in America and the largest bank of its kind in the world. As such a large institution, Bank of America has duty to its customers to uphold high standards. I would argue standards have to be higher than anywhere else. If they make one mistake, I can understand if they apologize and correct it. If they make two mistakes, maybe something is wrong. If they continue to make "mistakes" and have to apologize, then there is something evil about what they are doing. Shame on you Bank of America. You are not worthy of your name!

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