Paul writes, “Did you know a “closed” checking account is never really closed? Today I walked to the local BofA for the third time to close a checking account that every month seems to magically re-open with a $5.95 account fee. What the manager told me was quite shocking.”
While checks that come in for a closed account will “bounce,” any electronic credit or debit will automatically reopen the account. So that one bill-pay with the electric co-op you forgot to change? Yep, that’ll reopen your account. That one direct deposit of the two cents of interest you earn on a CD? Yep, reopened. Or in my case, the $5.95 account fee that the first two people who “closed” my account forgot to turn off – yep, reopens the account. “All we’re doing is honoring the electronic debit agreement you signed with other merchants,” he told me. “So,” I said, “ten years from now if someone I had an agreement with previously decides they want to try and electronically deduct $200 from my account – that would reopen it.” “Yes,” says he. Seems like the transactions should just “bounce” and I should have to fix whatever problem it creates. I hate this idea of the bank trying to “help me.” At least this month the guy waived the $6 fee. Last month they made me pay it to close the account and I was in too big of a hurry to put up more than a 2 minute fight. I live in Charlotte – maybe I should pay Mr. Lewis a visit and ask him why he thinks this is good for consumers.
What strange logic. What obligation does Bank of America have to honor a contract between two other parties? None. When was the last time a bank did something out the kindness of their heart? Don’t be fooled. This practice should be illegal. They have this policy in place because they know it makes them more money from fees. Bank of America, the bank you can never break up with.