5 Accounts Closed; 4 Accounts to Go

This was a good week. I closed five of my nine Bank of America accounts this week. First of all, these were all business checking accounts which required a $3,000 minimum balance in each of them. I moved them over to Navy Federal Credit Union, which has a $5 minimum balance per account. As a result, I just freed up $17,975 in capital for the five businesses.

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.

4 thoughts on “5 Accounts Closed; 4 Accounts to Go

  1. I’m considering the same (closing my accounts) because of their abusive, predatory and downright discriminatory practices against minorities.

  2. Love your website! Added to my favorites immediately. If someone with multiple business accounts can deal with the hassle of switching banks, then I can too!!

    Thanks!

  3. BOA sucks and they do not care. I am switching over to a credit union because they want to charge me 25 dollars a month for them to use my money. I have been a long time customer, and when you call them, they do NOT care. I am leaving and I encourage you all to do the same. Its OUR money.

  4. I worked for Bank of America for almost ten years, and the last four years were pure hell. I walked out under severe harassment by my manager, and it took over a year but she was eventually walked out and fired, she had been there for over 30 years.
    If the public knew how they treat there low level employees they would be in shock.
    Please do not support Bank of America it is the closest thing to a Sweat Shop in this United States since the turn of the century

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