talk to the Feds. That will shut them up

Such BS. Another reason to hate BOA.

I'd imagine they'll end up having to honor the bond. Stingy BoA bastards. Luckily, I'll be closing my two deposit accounts with them this week hopefully, then, all I'll have left is a CC which got rolled in recently when they bought out MBNA, and that, -willing, will be paid off and closed by the end of the year. CRY FREEDOM!

Every time something sleazy happens in the banking industry, Bank of America seems to be in the thick of it. I had an immediate distrust of them when they started issuing credit cards without the need of a Social Security number.

Wait, she doesnt have the physical bond anymore? Isnt that as good as losing cash?

Why is it her problem that the bank lost its records and she kept hers?

This lawyer needs to file a lawsuit if he hasn't already.

FDIC guarantees depositors up to 100K. I THINK that this bond falls under that guise. BoA had better get squared away before the FTC and the SEC get involved. If the Feds do get involved, then there may be no survivors from this incident.

@Geekybiker: She does, if you read the summary carefully (it's worded to indicate this) have the certificate. (I can't get the story to load. headline works, but not the story. Strange)

@topgun: I had an immediate distrust of them when they started issuing credit cards without the need of a Social Security number.

Why does this always come up? 1) This is in compliance with the rules set forth through Homeland Security after 9/11 and 2) There are other banks doing this.

If you have a problem with it, write your representative, don't complain because BoA is honoring US law. There are many legit reasons to hate BoA, there's no reason to make some up.

What the ... People still use BOA? I thought those people went away with the BetaMax.

@Geekybiker:

I think you misunderstood. She has the bond. BOA is saying they have no record of it, and thus, she must have cashed it in. She can't have cashed it in, because you have to surrender it for the money.

"Both the bank and Ms. Miller have checked the unclaimed property office and there's no sign of the bond. Did it just disappear?

They checked the unclaimed property office for the money, not the bond. Ms. Miller still holds the bond. Instead of Flickr interns, you guys really ought to hire copy editors.

I wonder if the lawyer is doing this pro-bono or is just racking up legal bills to stick to BofA. She probably could have just filed suit in small claims court for fraud and/or conversion and detoured this "dig up tax records from 20 years ago" garbage.

PS to any BofA stooges reading this column: thanks to your outright theft of $5 from my account in 1994, I will never do business with you again. penny wise and pound foolish, as they say.

Man, I'm not going to open a BOA account now. I just moved and I've been looking for a bank, I never liked the idea of a big bank anyway.

I wish Mrs. Miller good luck and if she needs some help going through tax records my thumbs are ready.

It's her own darn fault! She should have ALL her tax records on microfiche, backed up on zip disk, stored on a hard drive in a fireproof box! She should have been reading the WSJ daily, monitoring the mergers, and called BofA immediately after each acquisition to verify the bond's status. Stupid consumer... expecting a bank to pay out money they owe you!

(tongue firmly planted in cheek)

Typical big-bank mentality. I'm glad I got out of Ranier Bank (by virtue of moving to Chicago, which is ironic since they're now the biggest bank in Chicago by number of branches and ATMs) when I had a chance. But still, it seems like they are preying on her, like a D-rated health insurance company hoping you'll die before your suit against them goes to trial.

HofA can hem and haw about their missing records all they want, but a bond is pretty much a bearer instrument and failing to make it good can get them into a lot of hot water if this goes to court. Think regulatory hot water. The confidence that a bank will pay on it's liabilities is central to our economy. BofA isn't just screwing this little old lady, they're screwing everyone when they don't pay what they owe. That's why banks issue bond certs, for crying out loud, because they're irrefutable.

now sue for twice the amount, and since it is damages, its tax free :D

@ViperBorg: ... what? If nobody used them they wouldn't be one of the largest banks in the country.

I fucking hate banks. Simple as that. I'm going to start stuffing all of my cash in a mattress, or hell, I might just buy gold with my cash and use that to buy stuff. Seriously. We're going to be moving more and more to plastic, and everything is going to get more fucked up.

This is definitely a Fed thing. I'm not sure, but don't savings bonds count as "Securities"? I'm sure BoA would want the SEC (or maybe the Comptroller of the Currency) would love to hear your story. Politicians _love_ stories where they can be seen as helping the little old lady against the big bad bank/hospital/government, etc.

I think BoA stands for Bend Over America.

Glad to see that she is planning on fighting this in court. I believe her chances of winning in court are quite good.

@FLConsumer:

I hope she gets more than the 5000 dollars, or whatever the bond is worth.

I'm an investor. Let me tell you (and BOA) something.
This "Can't find the records" BS ain't gonna fly.If Wall Street gets an inkling that a bank won't honor their indenture and pay,they won't be able to give these things away. A bond is nothing more than a loan to a company and investors expect to be paid. Not when they get around to it, or when they "find the records",but when its due That said,most bonds are now sold in "Book Form" ,where the ownership is kept track of by your brokerage or in the company treasurers ledger.If this person has the physical certificate (again,rare these days) and BOA won't honor it,she will win her lawsuit easily.I would LOVE to be sitting on that jury, but alas, these things almost never make it to trial because big co.'s like BOA know that they can't screw somebody in plain sight of a judge and jury. Remember this the next time you read or hear some assclown demand "tort reform" or to "rein in runaway jury verdicts".I hope she wins and wins BIG...

I've never had a problem cashing in bonds at my Credit Union. They are non profit so I think the customer comes first.

@Snarkysnake brought up a good point, this lady is not a "consumer" in the traditional sense, she is an investor in BoA (by way of being an investor in whatever bank got eaten by BoA). I bet she could get a quick reaction if she went public on investor web sites.

Also, I haven't taken Securities Law yet, but wouldn't BoA's failure to pay put them in default? It would be a _giant_ deal if one of the biggest banks on the planet starts defaulting on its obligations.

*runs to closest BoA and withdraws all deposits*

@Bunklung: Normally I'd say "serves her right for choosing to bank with BofA instead of a well-intentioned credit union" but in this case, that wouldn't exactly fly since she didn't really get to choose anything here.

Still, I don't know why Bette Midler really cares about the money. She's loaded, isn't she?

/humor

She needs to contact the state office that oversees all the banks in the state - in this case it would be Washington State Dept. of Financial Institutions. They regulate all the financial institutions in the state and are there for the consumers. Banks do Not like having them on their ass.

Wash State DFI

Bette Midler is 80??

i'd like to hear some followup. i really hope she gets what's due to her and then some.

Colleen Haggerty, Bank of America, 213/621-7414, Colleen.Haggerty@BankofAmerica.com

F**k BOA.

Send it to collections....and then go get a judgement. Walk into the nearest BoA. Load up U-Haul truck. Flash court order. Hold items until she is paid in cash.

Speaking of BoA, what happened to that privacy case settlement? They better not have settled....

LOL, I feel sorry for all the BofA haters, I personally have a close friend that work for the BofA and ANY PROBLEMS I have, he easily fixes it.