Bank of America did something deceptive, underhanded, and generally designed to sucker people in and then stick them with fees?

THIS IS UNHEARD OF.

I was beaten to it. BoA engaging in shady business practices? Teh hell you say! Was the Obvious tag foreclosed upon?

His account was probably owned by no fewer than 574 different banks (hyperbole for effect) but it was BofA that was the first to be shiatballs about a "free" checking account. Color me shocked....

I was under the understanding that when one corporate entity purchased (or merged into) another corporate entity, it assumed the obligations of the purchased entity.

Why would I ever think this?

14 bucks a month going under 1500 balance fee???

"Of course, I'm not sure how permanent the 'permanent' waiver is. I'm hoping it's pretty damned permanent," said Whitten.

unlikely: Bank of America did something deceptive, underhanded, and generally designed to sucker people in and then stick them with fees?

THIS IS UNHEARD OF.

And didn't do anything about it until the media got involved, because customers are otherwise defenseless when a bank decides to screw them?

THIS IS AN OUTRAGE

Moopy Mac: I was under the understanding that when one corporate entity purchased (or merged into) another corporate entity, it assumed the obligations of the purchased entity.

That's not necessarily true in any specific instance, especially not when it comes to promotions like this. I doubt BoA had any legal obligation to honor the free checking now that it's a BoA checking account. Typically you would just be informed that your old checking account no longer exists and now you have a new one with the new bank with new terms and your only recourse if you don't like it is to close it. Credit cards are usually the same way.

I sound fat: 14 bucks a month going under 1500 balance fee???

Yea. That's pretty much why I own BofA stock even though I'd never do business with them. There's no way I'll ever be a customer again (got suckered in once when MBNA got swallowed up and withing 3 months the whole account was a hopeless clursterfark), but I'm more than happy to reap the benefits by taking money away from stupid people who continue to be their customers despite it being the banking equivalent of intentionally sitting on wrought-iron fence post.

That's fine. They'll make it up on ATM, check reorder, statement delivery, and entering the bank fees.

unlikely: Bank of America did something deceptive, underhanded, and generally designed to sucker people in and then stick them with fees?

THIS IS UNHEARD OF.

Someone commenting without reading the damn article?

THIS IS COMMON.

Splinshints: Moopy Mac: I was under the understanding that when one corporate entity purchased (or merged into) another corporate entity, it assumed the obligations of the purchased entity.

That's not necessarily true in any specific instance, especially not when it comes to promotions like this. I doubt BoA had any legal obligation to honor the free checking now that it's a BoA checking account. Typically you would just be informed that your old checking account no longer exists and now you have a new one with the new bank with new terms and your only recourse if you don't like it is to close it. Credit cards are usually the same way.

I sound fat: 14 bucks a month going under 1500 balance fee???

Yea. That's pretty much why I own BofA stock even though I'd never do business with them. There's no way I'll ever be a customer again (got suckered in once when MBNA got swallowed up and withing 3 months the whole account was a hopeless clursterfark), but I'm more than happy to reap the benefits by taking money away from stupid people who continue to be their customers despite it being the banking equivalent of intentionally sitting on wrought-iron fence post.

Don't forget the rust on that iron post!

"Of course, I'm not sure how permanent the 'permanent' waiver is. I'm hoping it's pretty damned permanent," said Whitten.

Change banks NOW, Bob.

You don't have very much money. We're going to have to charge you a fee for that.

Godless swine.

Mugato: I was beaten to it. BoA engaging in shady business practices? Teh hell you say! Was the Obvious tag foreclosed upon?

The Obvious tag's mortgage payment was recalculated, making his monthly automatic withdrawal $0.02 short. So yeah, foreclosure.

We typically honor legacy free checking account agreements, as we have done in this case."

But you didn't, in this case...

I'm glad that BoA is not allowed to open branches in my city. Same with Chase. Unfortunately Wells Fargo found a loophole to weasel their way in.

If you're still a customer of BoA, you deserve everything they do to you.

Also, Louis C.K. (NSFW)

The CEO, president and board of directors at BoA are a cabal of crooks and scumbags.

Jake Havechek: The CEO, president and board of directors at BoA are a cabal of crooks and scumbags.

Good work if you can get it.

Why do people still have accounts at banks? Why wouldn't you go to a credit union? Free checking, free online banking, ATM fee rebates etc etc. I just don't get it.

debug: Why do people still have accounts at banks? Why wouldn't you go to a credit union? Free checking, free online banking, ATM fee rebates etc etc. I just don't get it.

I get all of those things at my bank. US Bank has yet to piss me off.

debug: Why do people still have accounts at banks? Why wouldn't you go to a credit union? Free checking, free online banking, ATM fee rebates etc etc. I just don't get it.

Probably because I get all those at my local bank with one added advantage: more than 1 location. (Guaranty Bank - a small bank out of Milwaukee with 169 locations)

Kind of like being a permanent resident...

debug: Why do people still have accounts at banks? Why wouldn't you go to a credit union? Free checking, free online banking, ATM fee rebates etc etc. I just don't get it.



Most standard bank accounts in the UK are just that. I don't think the general public would accept anything else. Bank account with any sorts of charges are the minority (and usually include things like free insurance).

I wonder why banking cultures are so different, when the banks themselves are essentially the same assholes.

I'd rather pay a fee to have a checking account than be a BofA customer. Fortunately, I have free checking AND my bank isn't one of the most evil companies on Earth. Bonus.

There needs to be a Bank of Evil tag on Fark.

/I could regale you for hours with firsthand tales of BoA evildoing
//But I'm too lazy
///And you'd be bored.

IamSoSmart_S_M_R_T: There needs to be a Bank of Evil tag on Fark.

/I could regale you for hours with firsthand tales of BoA evildoing
//But I'm too lazy
///And you'd be bored.

Did everyone miss the part where they admitted the wrong and refunded the money?

ds394: debug: Why do people still have accounts at banks? Why wouldn't you go to a credit union? Free checking, free online banking, ATM fee rebates etc etc. I just don't get it.

Probably because I get all those at my local bank with one added advantage: more than 1 location. (Guaranty Bank - a small bank out of Milwaukee with 169 locations)

You still get charged ATM fees if you don't use their ATM's.

Moved to ally bank. Refunds all atm fees, no matter what you use. Get interest on checking and savings, no minimum balance. There are no "brick and mortar" locations, but you can scan checks in on the site and get your deposit by the next day. Who uses checks anyways?

coolcashiat77: You still get charged ATM fees if you don't use their ATM's.

You know, that turns out to be less of a problem than you'd think... there are enough banks for me to get to that this is a pretty rare occurrence; in particular one bank is 3 blocks from work, another is 10 blocks from home.

But you're right as far as a benefit you need with a CU; you should make sure you don't have a fee for using other banks' ATMs.

dr.zaeus: Did everyone miss the part where they admitted the wrong and refunded the money?

You mean the part AFTER they told him to Fark himself, that they had "changed the terms of the bank" and right after the part where they changed their mind after a major news outlet contacted them?

Nope. I think we all read it.

aspAddict: dr.zaeus: Did everyone miss the part where they admitted the wrong and refunded the money?

You mean the part AFTER they told him to Fark himself, that they had "changed the terms of the bank" and right after the part where they changed their mind after a major news outlet contacted them?

Nope. I think we all read it.

THIS

IamSoSmart_S_M_R_T: There needs to be a Bank of Evil tag on Fark.

FTA: "From Commonwealth of Virginia, to Virginia National Bank, to Sovran Bank to Nation's Bank..." said Whitten.

"Sovran Bank", eh?

Splinshints: Moopy Mac: I was under the understanding that when one corporate entity purchased (or merged into) another corporate entity, it assumed the obligations of the purchased entity.

That's not necessarily true in any specific instance, especially not when it comes to promotions like this. I doubt BoA had any legal obligation to honor the free checking now that it's a BoA checking account. Typically you would just be informed that your old checking account no longer exists and now you have a new one with the new bank with new terms and your only recourse if you don't like it is to close it. Credit cards are usually the same way.

Actually, that is how it works in mergers and acquisitions (inheriting the rights, assets and obligations of acquired entities). Banks can change the terms of your credit card or account because they have that right in the original terms of use you signed up to. If that right does not exist, they cannot create it out of thin air just because they acquired your account/credit card. Acquisitions do not extinguish rights and obligations unless terms are in place allowing such conduct.

BOA dun goofed and they had to make it right or they were going to get (rightfully) sued.

the_vicious_fez: FTA: "From Commonwealth of Virginia, to Virginia National Bank, to Sovran Bank to Nation's Bank..." said Whitten.

"Sovran Bank", eh?

Yup

"I am altering the deal. Pray I don't alter it any further."

- Khan, Star Trek II

The_Six_Fingered_Man: the_vicious_fez: FTA: "From Commonwealth of Virginia, to Virginia National Bank, to Sovran Bank to Nation's Bank..." said Whitten.

"Sovran Bank", eh?

Yup

I was much more amused when I thought they'd butchered 'sovereign'. You are no fun.

the_vicious_fez: The_Six_Fingered_Man: the_vicious_fez: FTA: "From Commonwealth of Virginia, to Virginia National Bank, to Sovran Bank to Nation's Bank..." said Whitten.

"Sovran Bank", eh?

Yup

I was much more amused when I thought they'd butchered 'sovereign'. You are no fun.

I get that a lot.

Splinshints: (got suckered in once when MBNA got swallowed up and withing 3 months the whole account was a hopeless clursterfark),

I had an MBNA Credit Card which I cancelled around the time BoA glommed them up (coincidentally, I didn't drop it in response, I just never used the card). About a year later, when the MBNA card would have expired, I received a replacement card from BoA. I called and found out they uncancelled my Credit Card.

I still don't know what to say about that.

No wait, I do. Fark you, BoA.

Malacon: Splinshints: (got suckered in once when MBNA got swallowed up and withing 3 months the whole account was a hopeless clursterfark),

I had an MBNA Credit Card which I cancelled around the time BoA glommed them up (coincidentally, I didn't drop it in response, I just never used the card). About a year later, when the MBNA card would have expired, I received a replacement card from BoA. I called and found out they uncancelled my Credit Card.

I still don't know what to say about that.

No wait, I do. Fark you, BoA.

I said I wouldn't post a story, but that's similar to what happened to us. Wife closed out her biz account that was at BoA. A month later, we get a statement that they've reopened the account because of an autodebit (wife had tried to change it multiple times, I'd warned her about the difficulties of canceling autodebits). BoA was kind enough to:

- Reopen the account
- Process the charge
- Hit us with an NSF fee and a convenience fee

This happened twice before we finally got the autodebiter to stop hitting that account. BOTH times BoA re-opened the account and tried to charge us NSF and convenience fees.

Was my wife responsible for getting that autodebiatcharge stopped? Yes. But WTF, closed should mean CLOSED. Let the charge bounce for fark's sake!

The only "convenience" BoA provided was more hassle for us, and (potentially) more money for them.

Fark them.

$14 monthly charges kicked in

Well, at least he didn't threaten to blow them up.

Ok, $14 electric bill = awesome.
$14 account fee = teh suck.

Moopy Mac: I was under the understanding that when one corporate entity purchased (or merged into) another corporate entity, it assumed the obligations of the purchased entity.

Why would I ever think this?

In business law class, we were taught that when business 'A' sells to business 'B', 'B' is only obligated to honor existing agreements of 'A' ONLY IF THE NAME STAYS THE SAME. If the company name 'A' changes after the buy-out, the existing agreements, such as warranties. are no longer valid unless the buyer 'B' wishes to honor them in good faith.

Any legal eagles care to comment on this? Is this correct?

Why does ANYONE do business with them? There a million other banks. I use three of them, NONE of which received bailouts or have farked me.

Is this the place where I come to gloat about being a CU member?

Fee? What's a fee?

Archimedes' Principal: Moopy Mac: I was under the understanding that when one corporate entity purchased (or merged into) another corporate entity, it assumed the obligations of the purchased entity.

Why would I ever think this?

In business law class, we were taught that when business 'A' sells to business 'B', 'B' is only obligated to honor existing agreements of 'A' ONLY IF THE NAME STAYS THE SAME. If the company name 'A' changes after the buy-out, the existing agreements, such as warranties. are no longer valid unless the buyer 'B' wishes to honor them in good faith.

Any legal eagles care to comment on this? Is this correct?

Not a lawyer but I would assume it depends on how the agreement with the client is written. If it obligates successors and assignees I would think they'd still be obligated.

NIXON YOU DOLT!!!!!: Is this the place where I come to gloat about being a CU member?

Fee? What's a fee?

No, but speaking of which:

www.findacreditunion.com

BofA is fine, if you're not a fark up. That's the republicanest statement I'll ever make.

I would be happy if all banks collapsed, and we stopped using the dollar and instead turned to using old floppy disks as currency.

Resistance against Borg of America's assimilation is futile. However, individual Borg creatures will leave you alone if left unprovoked.

ZeroCorpse: I would be happy if all banks collapsed, and we stopped using the dollar and instead turned to using old floppy disks as currency.

I'd be rich!!!!!