Now…let’s get some ice cream and celebrate!
When I went into the Bank of America branch to close the accounts, I asked if I could receive cashiers checks. The branch manager had the audacity to tell me that there would be a $20 charge PER ACCOUNT to receive my own money. She told me I was more than welcome to write myself a check, however for three of the five accounts, I didn’t have any blank checks. No thanks, Bank of America – I did an ACH instead; and unlike Bank of America, if I initiate the ACH from the receiving bank’s system, there is no charge at all.
He asked me why I was leaving and if there is anything he could do to keep me as a customer. I told him that currently Bank of America requires a minimum $3,000 minimum balance in each business account; meaning that I am tying up $18,000 of capital ($3,000 of which is designated just for charity) at all times, and this is an incredible waste of money. He said he was sorry there was nothing he could do.
I thanked him for his phone call and hung up. It feels pretty good!
Yesterday I received a letter from the IRS stating that I owe them $20,624 for “early distributions” from two IRAs. Apparently, Bank of America sent two Forms 1099-R to the IRS stating that I took two full distributions (one from the Traditional IRA during the conversion and one from the Roth IRA during the transfer) from the same lump sum of cash. Add in two years of interest and penalties and that gives me an effective tax rate of 93.6% for retirement distributions that I never actually took.
In the end I will get this resolved, but in the meantime, now I have to pay a CPA to help me resolve the issue.
Thanks Bank of America!
Thinking that this was an error on my part, I quickly corrected it in Bank of America’s bill pay program.
Today I found out that once again Bank of America sent the check from the incorrect account. If only they knew how much their seemingly minor screw-ups make my life so incredibly difficult.
I could have opened an account with another bank, but since I already had six bank accounts and three credit cards with Bank of America, I figured it would be easier just to open up my new account with them. Oh how wrong I was.
The customer service representative told me that she couldn’t help me unless I could physically come into the branch office. I told her I wouldn’t be back in Columbia, MD until February 2015. She told me that an alternative would be to open the account online.
I went onto the Bank of America website to open the account. I filled out all of the required forms and hit submit. Several days later, I received an e-mail asking me to submit articles of declaration. I immediately submitted the forms via e-mail. A few days after that, I received another e-mail asking me to complete the required Bank of America form, sign it, and e-mail it in. Why these forms weren’t made available to me when I first submitted the application, nor were they mentioned in the first e-mail, I have no idea. Several days later, I received a third e-mail telling me to submit my articles of declaration. At this point I was furious. I resubmitted all of the forms via e-mail and wrote a note about how this was the third time I was submitting them and I had been waiting two weeks already for this account to be open.
At the end of the third week, I received an e-mail telling me that my account could not be opened and if I wanted more information, I should call them. So I called them. I waited on hold for 45 minutes and eventually gave up. Then I called several hours later. When I spoke to the representative, I was told that I needed to submit a utility bill in order to verify the address. I told them that I didn’t have any utility bills because I don’t have any utilities because I told have any checking accounts. The woman on the phone didn’t understand.
Looks like I’ll be opening my account elsewhere. As soon as I can, I will be closing my other Bank of America accounts and moving them elsewhere as well.
First I deposited it using the iPhone app on Jan. 09, 2013. At the end of January, I received my statement and noticed that the check hadn’t been deposited, so I deposited it again on Feb. 03, 2013. Sure enough, it didn’t deposit the second time, even though the app assured me that the deposit would go thru.
Of course, far be it from Bank of America, who sends me about 10 pounds of wasted trees a month, to somehow notify my by phone, text, e-mail, or snail-mail that something is wrong with the check and I would need to deposit it the old fashion way.
However, in this case, I have the opportunity to screw Bank of America…so this document did not go straight into the shredder. I’m still deciding whether or not I feel right about filling it out and sending it in.
Marcella: I regret to hear that you want to close your account.
Marcella: May I know the reason for the account closure?
You: Because I hate Bank of America in every possible way.