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$50 million

$50 million

In 2006, Bank of America had someone jailed for inquiring about the legitimacy of a check. The uproar cost Bank of America $50 million worth of withdrawals from irate customers.



Summary from Source

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Dozens of Boing Boing readers have emailed me to let me know they are closing Bank of America accounts totaling over $947,000 because of the way Bank of America treated a fraud victim like a criminal. Shinnick was suspicious, so when he went to a San Francisco branch of Bank of America to deposit. "The teller contacted the business and was informed that no check had been written to Shinnick for $2,000 or any other amount. She immediately passed the check to the branch manager."I saw him talking on the phone and staring at me," Shinnick said. "A few minutes later, four SFPD officers came into the bank. " The police report for Shinnick's arrest says he was taken into custody "for the safety of the bank employees as well as the bank customers. Shinnick ended up spending $14,000 to get out of the mess Bank of America caused. Bank of America refused to reimburse Shinnick, and so Shinnick took his story to a consumer advocate radio show host, Clark Howard.

Lots of Bank of America customers were disgusted by BofA's callousness and have closed their accounts with the bank. Howard says they've pulled $50 million from B of A. I almost wish I had an account with BofA so I could close it in protest, but I closed my account with them long ago because their service sucks. A Boing Boing reader emailed me to let me know he is closing two BofA accounts totaling $2,300. Granted, I've been thinking of dumping Bank of America ever since they bought Fleet, but this seems like as good a "straw that broke the camels back" moment as any. I'm going to start looking for a new bank here in Tallahassee as soon as possible. I'm sure my new primary bank has probably done something equally stupid I haven't heard about it yet. I've got an $80K mortgage with BoA, and while I've been thinking about refinancing for a while, your story has made me decide get that ball rolling and NOT use BoA. I'll also be closing out the $3K in my checking account. I've gotten many emails from people who told me they're closing their accounts.

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