Below is my letter to Bank of America closing out the last of our accounts with them. I sent a snail mail letter addressed to their CEO, even though there was no request on my part. I know this letter has zero chance of getting read by anyone in the C-Suite, but at least it will end up in the hands of someone other than a bored entry level rep. I can live with bored lower-mid level management. And obviously, the hyperlinks below were not included in my letter. With that, let’s get to it.
I am writing to formally close the above accounts. I have been a B of A customer since the 90s to varying degrees. I’ve had various financial products with you over the years, from checking to personal loans, credit cards, and a mortgage. Over the last few years I’ve made a point to either pay down my balances or transfer them to other institutions.
While over the years I have disagreed with a number of B of A’s political activities, such as Merrill Lynch’s ESG scoring, radical employee training, opposing laws in North Carolina to protect women in bathrooms, etc. But two actions loom far larger. The first goes back to early 2021, when B of A decided to share customer data with the FBI without any formal request or subpoena. While I do support companies cooperating with law enforcement, it should be on a case by case basis while protecting the privacy and rights of your customers. Your action showed total disregard for both.
The second occurred over the summer, when B of A closed the accounts for World Shine USA. I understand that the rationale was that B of A does not support businesses that include Collections activities. As someone who once worked for a bank, I’m curious how B of A handles personal loans, mortgages, or credit card debt that goes delinquent?
I could go on, but I’ll conclude with the unprofessional service I had in my two dealings with Merrill. An advisor reached out to us in early 2013, and after what seemed like a good meeting we never heard back from the advisor – calls and emails going unreturned. My second was in late 2016, and after transferring over my retirement funds I watched them sit in a money market fund for weeks while my advisor kept telling me that he was on the verge of getting approval to get the money moved into one of his high growth funds. While I know that you can’t time markets, after a month or two of missing out on a booming market I moved my retirement funds elsewhere.
I’m not asking for any kind of response, other than confirmation that the above accounts have been closed.
And if any of you are in a similar situation, here is where you can find other banks among the bad guys. There’s a small link at the top to the good guys – we did. It’s also a useful web page if you want to avoid woke companies of all stripes.
Header image appears via Thecomicnews.com
Brother Bob is no longer on Facebook (although you can see his archives there), and is back on Twitter again, but is ramping up on Minds and Gab, as well as Parler and GETTR, and has his biggest presence on MeWe.
Cross posted from Brother Bob’s Blog