Quote:
Originally Posted by midnighter
This is exactly what BofA did to my parents in late 2009 after being loyal, debt free customers with plenty of money always in their accounts, etc. They sent my parents a letter giving them a month to get all their money out and find a new bank. This was after my parents banked with them since 1974. They offered no explanation and claimed they held the right not to give any reason. F**k BofA and the horse they rode in on.
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That's a bit bizarre. The bank sent you a notice telling you to remove your money from their bank? Although I could probably believe anything if it was Bank of America. The fact that they have any customers left at all is actually more surprising to me than the take your money elsewhere notice.
Actually, the reason they did this is right in your post. You said your parents were debt free customers with plenty of money in their accounts. Like any other shady financial company, like the credit card companies, for example, they don't want customers with money in their accounts. They want people in debt up to their eyeballs who get into financial trouble so BOA can charge large interest rates, fees, and penalties that people in trouble will find very difficult to get out from under.
These types of institutions don't see responsible, debt free people with money in their accounts as a big enough revenue stream to be worth their time. The sad fact is, the way BOA is set up, an overdrawn account is much more valuable to them than one with money. They learned nothing in 2008-2009.