Comments

You must log in or register to comment.

KamaKairade t1_j4wvtc8 wrote

Forgive me, as I wrote off BOA as a scam institution in the early 2000's and haven' done business with them since in favor of using actual banks.

Is the world at large unaware of BOA's issues? Is there a circumstance where people are unable to obtain accounts at a finical institution other than a scam mill like BOA, GS, or WF? Is BOA currently portrayed as a legitimate financial institution in the media?

81

Ok_Tree6772 t1_j4yujgc wrote

they stole my paycheck when i was a teen, had no evidence of me ever cashing a check and told to kick rocks. Eventually i found the deposit slip and they punched a few keys and fixed it. I closed the account on the spot.

36

duyogurt t1_j4xugzd wrote

While I too fired BofA a long time ago, you completely lost me when you mentioned GS in the same breath while musing about people not obtaining accounts with the bank.

GS is an investment bank and does not do business with individuals. It does not provide checking or savings accounts, nor would any common person ever do 1x1 business with GS. BofA is an awful consumer bank as far as the industry goes but you clearly don’t know what you’re talking about.

27

Sip_py t1_j4y3p9a wrote

Not that I would include GS in the same breath when discussing retail banking and investment banking, Goldman owns Marcus by Goldman Sachs that does consumer banking and Bank of America owns Merrill Lynch which does M&A.....soooo you're both right and wrong.

15

Vi0lentByt3 t1_j4yikb1 wrote

https://www.goldmansachs.com/what-we-do/businesses/asset-and-wealth-management/consumer-products/

May want to do a quick google search before you start telling people they have no idea what they are talking about

11

duyogurt t1_j4zteg5 wrote

I think we both know when OP said “GS”, he/she was not referring to a digital savings and loan solution run through the Private Wealth arm of Goldman in Utah.

5

tubaman23 t1_j4wwz5r wrote

You are correct BOA is just riddled with issues. It's not portrayed that way. No large financial institution is portrayed that way since it opens the door to critique others. Chase Bank would rather have the media paint BOA in good light (which would lead to less customers flocking to them) over the media starting to critique big banks and maybe Chase will start getting looked at more. And large institutions control the media, so that's why the general public doesn't see issues with them

12

Former_Football_2182 t1_j4x3ll2 wrote

Yes most are not aware of BOA's historical problems. At this point it's just willful ignorance.

8

MeetingOfTheMars t1_j4x8m7f wrote

It’s not willful ignorance. If I have to go out of my way to look up past news articles or follow financial news in general to not be ignorant, and in contrast I’m being shown BoA ads on billboards, buses, mail ads, tv ads, etc without my interest or opting in, I’m not going to learn the truth - unless I look for it.

In this case, I’m passively ignorant. I’m not trying to bury my head in the sand, it’s just those telling the for and against stories about BoA are not equal in size nor scope.

Please stop blaming the victims, and expecting people to think the same way you do.

46

Ghostofthe80s t1_j50357v wrote

They were the main st bank lightning rod in 2008. Protests over a proposed monthly fee to use a debit card and draconian overdraft fees were flash points. Throw in some mortgage fraud, awful customer service, terrible rates and constant sales pitches and you have BofA.

Their mobile app was way ahead of the game. That's about it.

3

MeetingOfTheMars t1_j520c9a wrote

Thanks for these. It’s great to have more context. I wasn’t even aware of some of these. This is exactly how you win people over and get them away from BofA.

3

[deleted] t1_j4xqg82 wrote

[deleted]

−9

MeetingOfTheMars t1_j4yh3ld wrote

In this hypothetical case, no decision was made to learn or not learn about the pros or cons of BoA. Since no decision was made either way, I would be ambivalent and ignorant, but not willfully ignorant.

If someone told me about how shitty BoA was and I made the decision to ignore them or tell them I didn’t want to hear it, that’s willful ignorance because I’m making a decision not to learn more and I want to remain ignorant on purpose.

Can we fucking stop with the semantics already?

5

Former_Football_2182 t1_j4x8z5r wrote

Wow. I research before I put my money anywhere. Bank of America ripping off its own customers is kind of huge and old news. Sorry about you being you.

−28

ScreamingMemales t1_j4x9sh4 wrote

I've had money in BoA since 2009 and never had any problems. What is bad about them?

19

asdaaaaaaaa t1_j4xcabe wrote

They got in trouble for breaking some rules. IIRC, they'd separate purchases so they could charge maximum amounts of overdraft fees for one, but could be wrong. I'm sure there's others though.

5

Former_Football_2182 t1_j4xb7xt wrote

When they first introduced ATMs in supermarkets, BofA told its customers they had to pay if they did not use one marked BofA, then stripped all identification from their machines and charged their own customers to withdraw money.

1

ScreamingMemales t1_j4xkamb wrote

While I think it is fucked for banks to charge to use atms, that isn't the craziest thing. They are providing a way for you to get money in a random spot instead of going to the bank.

3

MeetingOfTheMars t1_j4xa3wm wrote

You seem swell. And exactly like someone I want to listen to and learn from. /s

I agree with you. BoA is shit and I won’t bank with them. But your victim blaming is not the way to convince people to move away.

But don’t listen to me. Keep assuming the worst in people that don’t think the same way you do. I wish you well.

More flies with honey, man.

13

Rude-Illustrator-884 t1_j4xd3fd wrote

A good amount of people open their bank accounts when they’re teenagers, where their parents most likely told them “This is a good bank”. I don’t know anybody who was “smart” enough to research banks at 16-18 years old.

9

Muzzlehatch t1_j4z2jzq wrote

Yes, I’ve had an account with them since my savings and loan failed in 1986. There was no internet or other practical way to research things like banks. Since then I’ve had no problems with them other than not really liking them. But it hasn’t been enough to overcome the inertia of being already there.

3

Hortjoob t1_j50e4xi wrote

I just tried to close my BOA credit card and paid off in full what I needed to. Then they charged me twice for the same amount for no apparent reason.

3

porkinz t1_j4yixth wrote

I fired BoA as well and made my wife quit them. We were lucky enough to get her a USAA account while they were still offering them to spouses of kids who's parents served. BoA dinged my credit on a mistake that they would not admit to because it was too complex for them to understand. I tried to fight it, but it became too much of a pain. Ended up washing off my credit report after a number of years. They are a total mess. Essentially, no one had the ability to make decisions that could help the customer. It was like the DMV of banks.

2

jedi-son t1_j4ytyxs wrote

Hilarious you don't know the difference between an investment bank and a commercial bank. So who are the "legitimate banks" in your eyes? CITI? Chase? Are these any different for BOA?

This comment is such an overreaction to a temporary issue with zelle. It's not a scam so much as a minor technical issue. Or... affirmation that BOA is not a legitimate financial institution (which you knew all along). Hmm 🤔

2

TheRealSpez t1_j4yr7ct wrote

Not sure if you’re a good person to ask, but here we go…

How do I find a good bank to do business with? I want my money to be secure without any shadiness and have a good credit card to use with it. I’d also prefer it to be a national bank for ease of use in case I’m traveling or move. I currently bank with Chase, but they’ve started taking money out of my savings account even though I meet their requirements to not have my money taken.

1

s0_p-chi t1_j4z11hv wrote

US Bank stole $12,000 from me, refused to release the phone recordings of the calls that took place (everyday, multiple times a day) for 3 months. Also have screen shots and screen recordings of them switching amounts and adding said charges twice completely stashing one of the amounts buried in the ledger before the date the charge happened. I actually got one of the representatives on the phone while sharing the screen admit to seeing the multiple ‘same charge’ no where near the posted date. They held numerous charges and deposits for a week only pushing them through when it would overdraw my account and then post the deposits and take it. A merchant charged me by accident 6 times for the same thing, they immediately corrected the charges. It deducted from my account but the correction to the error sat for a week and never posted. It disappeared, and they have no record ‘besides those recorded calls’ that the incident ever took place. The money just vanished. They took ever dollar I had, they ruined my life.

44

NAGDABBITALL t1_j4yb3g6 wrote

I use Chase and not BoA, and have been using Zelle for a couple years now to pay for stuff done around the house. It used to be that I'd fill out the payment and it would transfer immediately. For the last couple months, I fill out the payment and it has an "i" prompt that says "in process" and says it may take 1-3 days. Just had a ceiling painted a week ago, and the transfer took a little less than 24 hours. Sounds like a Zelle thing...also payee was not BoA.

I also thought Zelle may be having a more heavy load from new users as it's not included in the IRS $600 reporting that has since been postponed.

36

mtarascio t1_j50d2ug wrote

Australia mandated instant payments between banks and there hasn't been one issue since the day it was enacted.

16

peterkeats t1_j507c45 wrote

Basically doesn’t Zelle work by fronting money on your behalf? It verifies both ends, that you have cash and the account transferred to exists. It’s just the appearance of instant transfer.

Otherwise it would be a form of wiring, which is still a separate option.

This means Zelle can only transfer based on cash in hand.

6

TheOneWes t1_j4wu6fq wrote

Yes if you have a pending sale transfer with your Bank of America account and you log into your app it says it right up at the top

34

PositionParticular99 t1_j4xgfwf wrote

Just one of BofA many problems, like the worst customer service on earth. I had forgotten how bad they were, opened an account as it was nationwide. What a mistake that was, EVERY transaction had to be approved. Use your card at the gas station, have to wait for the text to pay them. I would be standing there in front of them, and wanted to send me a text verifying it was me. Repeatedly froze my account for 'fraud' like using my card to buy things. Then hours on the phone to get it fixed each time. The branch nearest me was closed due to lack of employees, you needed an appointment for anything at the other branches. Then after hours of back and forth they make the threat to call the cops if you object to being treated that way. Fine give me every penny of it right now, find another bank. Would think with a deposit over $100,000 they would put a little effort into keeping you as a customer. Nope, plenty more where you came from.

19

Zaskoda t1_j4z04hi wrote

This is what the future is CBDCs is gonna look like.

1

bmwlocoAirCooled t1_j51m807 wrote

If you ever listen to Clark Howard, he has absolutely no love or anything to say about Zelle.

It is a rip off.

1

wyvernx02 t1_j4xtpm7 wrote

Bank of America aside, people other than scammers use Zelle?

−2

KronikCity518 t1_j4y0ll1 wrote

Yes. Easiest and fastest way to transfer money. Use it all the time. It replaced Cash App and Apple Pay Cash for me.

38

Ordinary-Theory-8289 t1_j4y6o5x wrote

I don’t know anyone who doesn’t use Zelle…it’s more popular in my circles than cash app or venmo. It’s connected to most peoples banking apps lol

19

alaskaj1 t1_j4xw7xa wrote

It looks like its built in to several banks now. I know Chase has it too.

11

Gobigfoot t1_j4ygx0r wrote

Prefer Zelle since they don’t hold the money in their own account and force me to pay an ‘instant’ transfer fee.

11

DragoonBoots t1_j4y2agz wrote

I pay my rent with it. Otherwise I'm mailing the landlord a physical check every month...

10

Reinventing_Wheels t1_j4yn4ps wrote

I was wondering the same. I've heard too many horror stories about zelle scams. Take my cash, or fuck off.

6

foot2000 t1_j50crwf wrote

LOL

we didn't even know what Zelle was until someone tried to drain our bank account with it!

1

thatfreshjive t1_j4y6bl9 wrote

It's probably an issue with SSL certificate chain linking to their retail banking system. I'm sure all this other bullshit is well-informed though.

−5

awhaling t1_j51qemx wrote

They had this message on their app:

> Please note: Zelle transactions made between January 14 and January 17 may be delayed in occurring and posting to accounts as requested. Transfers will be completed and will appear in your account activity and balances as soon as possible. We apologize for any delay or inconvenience.

Given the date range provided and the recent MLK holiday on Monday, I’d wager that there was an issue with BofA’s Zelle system not counting MLK as a holiday. If the batch processing for BofA didn’t run Monday, but Zelle wasn’t aware of the holiday for whatever reason, then Zelle would try to reverse all the transactions because it had no data from BofA’s normal batch processing.

That’s just a guess but I think it makes a lot of sense given the date range for the issues and the time at which people started noticing their account balance being wrong.

1