SOCRATES1

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Member Since: 5/2008 Last Seen: 5/16/2012

Bank of America--Too Big To Care....or (my favorite) Too Big to Bail?

Tue Nov 1, 2011 11:24 PM EDT

politics, wall-street, corruption, fraud, mortgage, big, bailout, banks, north-carolina, bad, customer-service, bank-of-america, reputation, deceit, too-big, failout, forecolsure

By Socrates1

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How many lives does BoA have? It seems that the only way to kill this behemoth of corruption, treachery, and incompetence is to put a silver stake through its heart, and yet somehow it continues to rise and rise yet again. It's reputation is poor, to say the least. It seems to exist at the pleasure of its friends in high places, somehow weathering any storm at the lower altitudes. Stories have been written about it. Polls have been used. Anecdotal evidence piles up, and yet......Who can be its friend? Surely Conservatives cannot approve of its actions. Likewise Libertarians and Progressives must have problems with its size and reputation. It is no friend of "the little guy". It seems to act with impunity and yet it continues to exist. I just want to know why.

Why would people continue to use their services? I've seen those comments on various thread, a minority to be sure, where some purported customers have claimed complete satisfaction, but is that a reason to stay? If you know of the ill-treatment of others, do you continue to support the perpetrator simply because you have been immune...so far?

I guess I should label this as opinion, but seriously, with all the noise about BoA, why take the chance?

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Public Discussion (29)

Socrates1

I admit I have my own issues, but my research shows that I am not alone....

3 votes

#1 - Tue Nov 1, 2011 11:21 PM EDT

TiG.

Socrates

BoA is absolutely horrible in terms of customer service. I happen to know BoA employees who are embarrassed by their company but have no power to do what is right by their customers.

3 votes

#1.1 - Wed Nov 2, 2011 1:43 AM EDT

Socrates1

Thanks for your comment....I've heard similar stories. I just don't get it.....They just don't quit.

2 votes

#1.2 - Wed Nov 2, 2011 4:31 AM EDT

owlsview

Caught in the Catch 22 of not being able to afford quitting.

#1.3 - Fri Nov 4, 2011 4:30 PM EDT

Socrates1

I can see where I might have been unclear.....I meant the Bank seems to continue to be in the news, not that the employees have the luxury of quitting. Considering the announced layoffs, I'd be worried enough already.

#1.4 - Fri Nov 4, 2011 10:32 PM EDT

Santino42

Well holy @!$%# - I never thought I read an article of yours that I agree with ;).

Literally just had a policy/customer service issue two days ago with my "forced" credit card switch over from Harris to BoA. They froze my card over a freakin' $15 dollar payment - who does that?

Never had a single issue with Harris - sure I'd be late/forget to make a payment here and there and they would ding me for it but they never froze my card. Unbelievable.

2 votes

#1.5 - Sat Nov 12, 2011 9:58 AM EST

Socrates1

Thanks for stopping.....and agreeing..:)

I see my stand as consistent with my other views, but I'll take support where I can get it.

(How about changing the date due on an automatic payment followed by charges and jacking up the rate? Nice work when you can get it)

1 vote

#1.6 - Sat Nov 12, 2011 5:47 PM EST

johny-388777

Excellent seed. I am not alone in the outrage against BOA the monster of fraud and deception.

The banksters need to get broken up. I am tired of the banking families and corporate elites working the cameras at the fox studios.

1 vote

#1.7 - Wed Nov 30, 2011 8:31 AM EST

Socrates1

Do you ever tire of partisanship and consider solving the problem?

1 vote

#1.8 - Wed Nov 30, 2011 8:41 AM EST

Marshall James

we need to get off of banks.

the whole system is corrupt.

#2 - Tue Nov 1, 2011 11:39 PM EDT

Socrates1

And having said that, the one real live democratic venue we have, and action we can take as individuals continues to be seemingly the "path untaken"...how come?

Nothing illegal. And yet a real statement being made.

2 votes

#2.1 - Wed Nov 2, 2011 4:33 AM EDT

Marshall James

we are creatures of habit and the government has us living in fear......that is why.

2 votes

#2.2 - Wed Nov 2, 2011 8:10 AM EDT

Penn-2066334

I stopped using banks 15yrs ago when they started to charge me a fee to retrieve the money i allowed them to use. Try it; it is not impossible to do without a bank, or at least minimize the use of their services.

advantages..

no monthly account fees

no overdraft fees

no checking fees

no monthly statements to reconcile.

no ATM fees

IRS cannot freeze your account (you don't have one)

no fear of information being stolen

no worry of being caught up in a bank robbery.......Etc.

as far as cashing your payroll check, use the supermarket you shop at. Most offer check cashing services.

as far as paying your bills, use money orders (indeed issued by a bank, but cheaper than a checking account. .50 cent per where I food shop)

see, one could kill many birds with one stone. I cash my check, food shop, and pay my bills all at one place. some food stores even have wire service to pay local utilities, etc. Hence, i can save on the cost of the money order.

Try it! We don't need banks, and we most certainly should not be bailing them out.

4 votes

#2.3 - Wed Nov 2, 2011 2:36 PM EDT

Angelo Belcher

They are definitely too big to give a @!$%#! Its one of those things that comes out of that slogan of "too big to fail". So therefore, they feel like they can do whatever they want because what else are we going to do, go take our business to a smaller bank that has no fees? I don't know about you all, but I'm thinking about digging a hole in the ground.

1 vote

#3 - Wed Nov 2, 2011 12:02 AM EDT

Socrates1

Think like the FED did....the let Lehman fail...as a reminder....Sure other Big Banks will survive, but maybe a little wiser?

2 votes

#3.1 - Wed Nov 2, 2011 4:34 AM EDT

FlNutmegger

One of their favorite arguments is that "If you let us fail just consider all of the people that will be out of work and on public assistance when we let them all go!" This also pretty much scares the folks who are already out of work. I would respectfully say let them fail because their failure is the results of bad management decisions and by bailing them out you are rewarding them for doing just what they intend to keep doing like now! Check out the obscene bonuses and salary increases for those people who got bailed out using our tax dollars while forcing us to live by the rules we survived on during the Great Depression when they were allowed to fail. The operative words here are "We survived" and we will again.

2 votes

#3.2 - Sat Nov 12, 2011 2:17 PM EST

Socrates1

What often does seem to be forgotten is that if they are providing a service that is needed...other firms will either take up the slack or new ones will be formed...irony? It's called the market. My point really being that any job losses will be somewhat mitigated by the need for the other firms to hire additional help for the additional business.

Their problem is that they only see things from a self-centered view.

1 vote

#3.3 - Sat Nov 12, 2011 5:43 PM EST

johny-388777

There is alot more lies . So many its a list so long that I think that the republicans cant remember whats a lie and whats not. The following says is so beautifully.

Millionaire Tax Hurts Small Businesses - DEBUNKED

http://bud-meyers.blogspot.com/2011/10/millionaire-tax-plan-hurts-job-creators.html

1 vote

#3.4 - Wed Nov 30, 2011 8:38 AM EST

Socrates1

yawn.

1 vote

#3.5 - Wed Nov 30, 2011 8:43 AM EST

Bad Fish

I have a boa mortgage. They acquired it for cents on the dollar after my original mortgage company imploded. The customer service has been good. It's just cool to complain about banks right now but i am gratefull to have a mortgage and a home. With out a lender i would be renting and i would not have $120,000 equity.

1 vote

#4 - Wed Nov 2, 2011 10:45 AM EDT

Socrates1

Whether or not it is "cool" is not the question..to me.

Why do you beleive that with BoA you would be without a lender? I'd suggest that for many, without BoA they would have a lender rather than none at all.

These are the same people who foreclosed on a property they didn't even own. If that happened to you wouldn't you change your mind?

1 vote

#4.1 - Wed Nov 2, 2011 12:02 PM EDT

Bad Fish

My experience has been pleasant. I personally haven't experienced any problems.

#4.2 - Wed Nov 2, 2011 1:28 PM EDT

MalamuteMan

Hi Socrates,

I must say I am delighted to discover that we seem to agree on some things!

You ask a good question... I guess my answer would be that some people prioritize values like convenience or cost savings above there moral position. I heard a conversation on the radio a while back where this woman was dissing Walmart for 5 minutes because almost everything they sell is made outside America... then at the very end she sort of sheepishly said (paraphrase), "But I just can't resist those low prices." To that I thought, "Well lady... If your are not willing to put your money where your mouth is... You have nothing to complain about."

#5 - Thu Nov 3, 2011 4:53 PM EDT

Socrates1

If your are not willing to put your money where your mouth is... You have nothing to complain about."

Exactly, and thanks for your comment. You can't always complain about "them", if you are "them".

2 votes

#5.1 - Thu Nov 3, 2011 11:07 PM EDT

owlsview

If my memory serves me correctly, Bank of America was a "legitimate" business that when originally started was named Bank of Italy. One of the largest lawful means of exchanging money ever started by a group of investors with common interests.

Maybe that lady's real complaint was that she didn't have enough money to afford anything but the cheap foreign made crap that Wal-Mart so proudly provides. Just a thought.

#5.2 - Fri Nov 4, 2011 4:38 PM EDT

Socrates1

I don't know....wasn't BoAstarted after the San Francisco earthquake?

#5.3 - Fri Nov 4, 2011 10:36 PM EDT

Enoch-2699399

Dear Friend Socrates1: Great article. I used to work for a bank that was bought out by J.P. Morgan Chase. Immediately, upon leaving to start my own firm, I moved all accounts to the Pentagon Federal Credit Union. They are a Credit Union for active service and veterans members.

I never looked back. Credit Unions were not involved in the sub prime mortgage scandal. They charge fewer fees lower intereston loans, and pay higher interest on checkable deposits and savings instruments. They answer to members, not share holders. Everyone there is equal.

There are alternatives to commercial bank and trust companies. Credit unions are certainly worth a look see. I moved, and never looked back.

Late to bed, early to rise, compound your interest, and amortize!

Enoch.

2 votes

#6 - Sat Nov 12, 2011 9:17 AM EST

Penn-2066334

Late to bed, early to rise, compound your interest, and amortize!

Ha! Ha! Ha!

I agree, credit unions are far, far, far better. Did I mention really? Well, credit unions are really far better.

#6.1 - Sat Nov 12, 2011 11:32 AM EST

Socrates1

Very good..and a motto to consider.

#6.2 - Sat Nov 12, 2011 5:44 PM EST

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SOCRATES1

Bank of America--Too Big To Care....or (my favorite) Too Big to Bail?

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