Tweet
Here's a person anecdote I have to share with my fellow iTulips.
I'm no Bank of America fan, but I put $97k in a 7 month CD at an execrable rate there a couple of months ago, when the sky was darkening. It had a unique proviso that I could terminate the CD at any time without penalty.
B of A is currently running a 7 month 4% CD, well above the pittance I was getting on the first one. I terminated that CD, which lived up to its billing. Full interest up to that day, no penalties whatsoever.
I then went into a 24 hour bank sabbatical, only to return with my B of A cashier's check, asking to open one of those 4% seven month-ers. Ain't allowed. They would not accept the B of A check to open that account, playing the 'new money' card in ways I hadn't seen before. I asked the junior officer if I returned with another bank's draft, would there be a problem opening that account.
To my amazement he said he wasn't sure. The temperature now began to rise. He admitted he had reached the limits of his customer disclosure capabilities. I requested the bank manager.
After a quick summation of the above, her conclusion was, yes, I was now on a no-new-account denial list, that blocked me from opening the promotional 4% CD regardless of from where I brought the dough. She told me Bank of America has a firm "no churning" policy with it's customers.
I left with a few pithy comments on B of A's role in our current debacle and the ludicrous scope of wiggle room for bank clients' 'churning'.
Needless to say, the money is now elsewhere, drawing 4% for 7 months.
Bank of America, kiss my ass.
Is this a harbinger of bank relations, on a personal level, that we can expect in our near future? Anything to share among my iTulips?
I'm no Bank of America fan, but I put $97k in a 7 month CD at an execrable rate there a couple of months ago, when the sky was darkening. It had a unique proviso that I could terminate the CD at any time without penalty.
B of A is currently running a 7 month 4% CD, well above the pittance I was getting on the first one. I terminated that CD, which lived up to its billing. Full interest up to that day, no penalties whatsoever.
I then went into a 24 hour bank sabbatical, only to return with my B of A cashier's check, asking to open one of those 4% seven month-ers. Ain't allowed. They would not accept the B of A check to open that account, playing the 'new money' card in ways I hadn't seen before. I asked the junior officer if I returned with another bank's draft, would there be a problem opening that account.
To my amazement he said he wasn't sure. The temperature now began to rise. He admitted he had reached the limits of his customer disclosure capabilities. I requested the bank manager.
After a quick summation of the above, her conclusion was, yes, I was now on a no-new-account denial list, that blocked me from opening the promotional 4% CD regardless of from where I brought the dough. She told me Bank of America has a firm "no churning" policy with it's customers.
I left with a few pithy comments on B of A's role in our current debacle and the ludicrous scope of wiggle room for bank clients' 'churning'.
Needless to say, the money is now elsewhere, drawing 4% for 7 months.
Bank of America, kiss my ass.
Is this a harbinger of bank relations, on a personal level, that we can expect in our near future? Anything to share among my iTulips?
Comment