17 November 2011

The Bank of America saga continues...

We started off talking about a few mistakes the Bank of America, the once well regarded bank from North Carolina (it was actually Nations Bank which acquired B of A). That was right after they wanted to charge everyone a $5 bank card fee.

It seems the folks at the Bank of America are still covering themselves with glory. Even while they face layoffs of 36,000 employees they can still make little mistakes. Like these:

Konstantinos Alexopoulos opened up an account at Barnett Bank -- which was ultimately acquired by BofA -- in 1992 when he came to the United States for college, the Tampa Tribune reports. He returned to Greece in 1997 and continued making deposits to the account totaling $59,000 in 2003, but when he checked his balance in 2005, it had dwindled to $1,400.

Alexopoulos alleges that's because the bank mixed up his account with that of another man of the same name, who subsequently withdrew the money, according to the Tribune.

If Alexopoulos' claims hold up in court, it would be far from the first BofA mix-up. The bank also gave the same 10-digit account number to two customers in Riverside, California, according to a July report by the Los Angeles Times. One of the customers -- an 88-year old World War II veteran -- ended up losing out on $30,000 worth of social security payments as a result. After an investigation by the San Bernardino County district attorney's office, he ultimately got the money back.

In September it was reported that a Hawaiian woman sued BofA after she received computer-generated calls as often as every 15 minutes from the bank over a missed mortgage payment, while she was grieving for her recently deceased husband.

BofA has also had some notable blunders issuing foreclosures. The bank threatened to foreclose on a Utah couple's home earlier this month, after they had already sold it. The bank also tried to foreclose on a home last month that was destroyed by Hurricane Ike in 2008. In addition, the bank asked a Massachusetts man in August to pay a $0.00 balance to stave off foreclosure.

You will note that since Mr Alexopoulos is having to sue the bank, the good folks of BofA have no intention of making good his losses. It's not their fault they gave away his money to someone else. It's HIS fault for having the same name as another customer (and presumably the same account number, and the same Social Security number, etc.)

BTW, this was after you and I put up a LOT of money to save their asses not that many months ago. Gives me an especially warm feeling when I see their giant headquarters building when I drive to Charlotte.

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