My Bank Finally Went Too Far

I finally decided to close my Bank of America account. I had given this firm the benefit of the doubt after it bought my account from Fleet, which had previously bought my account from Bank of Boston, which had bought it from BayBank—which used to be a very customer-friendly bank.

It seemed like B of A was set to improve on the steady erosion in customer service I have experienced over the years. I read that Ken Lewis, B of A’s CEO, was committed to turning this bank into one of the world’s most-admired companies. I also heard that branch-manager bonuses are based on the proportion of customers who are “delighted” with their branch service.

The straw that broke this camel’s back had little to do with branch service. I have not set foot in a branch for at least 10 years, and I have no idea where “my branch” is even located. I was a bit miffed that they charged me for new checks (especially given my balance averages over $25,000). But, what drove me over the edge was the bank’s decision to freeze deposits of more than $5,000 for two to three weeks before crediting them to my account. These so-called “counter credits” did not earn any interest until long after the bank received the funds.

I fired off a series of emails to customer service asking why these deposits were being delayed and got back several mechanical responses explaining that the bank was acting under its rights according to federal law. One of the emails ventured beyond a recitation of the relevant federal statute and attempted to explain why the bank was doing this to me. The message seemed to imply that the bank held deposits whenever it suspected fraud. It wanted to ensure that the checks actually cleared before putting the money in my account. This seemed like a stretch, given that most of the checks I receive are from Fortune 500 firms with high credit ratings—and clear in much less than two weeks.

Yes, it is a major hassle winding down my account. I already took the first step by linking several automatic payments to another account. Now I am searching for a bank that recognizes that earning my loyalty requires much more than polite branch service—it demands fees and procedures that not only meet the basic threshold of being legal but also seem fair and just.