Monday, June 6, 2016

Bank of America...A review, Investors beware

 Let's begin with a quote, Thomas Jefferson "Beware of Banks they are worse than the Opposing Army, you can always fight the Army."

A review of Bank of America known by the Initials of BOA. Boa's do squeeze until you die...This bank is no different. After you open account your Check deposit is held... in our case  deposit was made Friday morning...Bank will release the funds...a full week later...not Friday 12:01 AM...But Friday 9:00 AM...How is that for a welcome to a new account holder? Imagine what they'll do to you later...

So Even if you do an online chat with a costumer Rep....They will ALL tell you. Rules are rules we can't do anything, we are sorry, we can't speed things up."

In the End the BOA will play with your money for 168 hours or a full week or more....
BOA will take the biggest check you issue, pay that one first, that way they can take many more over draft fees from you...
On the scale of 1 to 10, Where 1 is worst possible bank, 10 being a Great Bank...
We give Bank of America a 2...
Open a Bank of America account at your Peril...

Add insult to injury We are holding your money....Please deposit money BEFORE WE CHARGE YOU OVERDRAFT FEE.

 According to Huffington post...some banks...
"According  the overdraft rules have led to a host of unexpected consequences, hurting consumers. Some banks now routinely change the chronological order of consumer transactions, putting larger purchases first, so that account holders sometimes find themselves paying multiple overdraft fees even if they exceeded their account balance only once. (The biggest banks charge a fee of $35 for each overdraft, on average.) Some institutions have raised the penalties on bounced checks to scare consumers into opting into overdraft protection."

Update B
Bank of America did Promise to make the funds of a deposit 7 days  That is a full 7 days from day of deposit...Below is proof that BOA will not deliver funds as promised.

Friday we went and spoke with another Rep as the person who opened the account went on vacation
and she assured us the money would be available on Monday.
Had we taken her WORD that the computer showed it would be available on Monday and written some checks trusting that rep...we would be now in the hole for several over draft fees.
In summary what the BOA representatives tell you, or even what the ATM receipt tells you about the availability of your deposited funds means NOTHING...Look at the letter below
In Summary
When considering Bank of America for investment purposes....Here is the take away...
BOA is over bloated, the Staff is ignorant of the corporate aim. The reps will say anything to get people to open an account.
Their online outsourced advisors are helpless.
The letter shows proof that Corporate is NOT in line with the lower Branch manager. This alone means that BOA is an Entity that is stagnant...
Any publicly trade corporation that is stagnant and dependent upon DECEPTION to new account holders to receive revenue is a sick entity.
As such, any stock holder of BOA should unload the stock because stagnation means no REAL growth. Unless of course you want what little dividends they will dispense if any.
If you want Growth and dividends buy other stocks...


Bank of America Branch Locations. Find Phone Numbers ...
Bank of America Locations in Your Area. Bank of America has 4,793 branches nationally across the country. ... We found bank branches & ATMs within miles of .

Here is why BOA will hold the money you deposit for more than a week after you open a new account with them
4,700 Branches at 5 accounts opened per day = 23500 @$1500 per account is 35,250.000
OVER 35 Million dollars that BOA will hold each week to invest and LEND to other banks.
Money that belongs to Grandmothers, and mothers need to buy food for their babies.
That 35 million dollar figure is just the intake for a single day at BOA
Besides taking money from the poor in overdraft fees of what benefit is BOA?
They don't invent anything?

History of OVER DRAFT FEES..

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