• Report: #565370

Complaint Review: BANK OF AMERICA

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  • Submitted: Saturday, February 06, 2010
  • Last Posting: Wednesday, October 12, 2011
  • Reported By: MT — St. Augustine Florida United States of America
BANK OF AMERICA
CR 210 St. Augustine Florida 32092 United States of America
  • Phone:
  • Web:
  • Category: Banks

BANK OF AMERICA Savings Account Rip Off St. Augustine, Florida

*Consumer Comment: MOB SONG 4.....


1Author 4Consumer 0Employee/Owner

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I took my 14 year old son into the Bamk of America on CR 210 St. Augustine in December 2009 to open a savings account and get him started down the right path. Little did I know that this bank would charge him a $5.00 per month service fee for his account. It ended up being $10.00 total from December until February 6, 2010.

I knew there would be very little interest paid but I never thought they would rip off a minor what amounts to 5% per month just for "saving" money in their bank. They knew exactly what they were doing and I think it is pathetic when these greedy bandits feel it is necessary to basically steal from a young man.

When I closed the account this morning they gave me all $100.00 and I promptly gave them back the $10.00 they originally charged with the hope that they use it to keep their lights on.

My son now has $90.00 of the original $100.00 but a valuable lesson has been learned for the $ 10.00 spent.

This report was posted on Ripoff Report on 2/6/2010 8:12:56 AM and is a permanent record located here: http://www.ripoffreport.com/banks/bank-of-america/bank-of-america-savings-accou-939ac.htm.

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REBUTTALS & REPLIES:
1Author 4Consumer 0Employee/Owner
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#1 Consumer Comment

Indeed...

AUTHOR: Edgeman - Chico (U.S.A.)

SUBMITTED: Saturday, February 06, 2010

This is an opportunity for your son to learn a valuable lesson. The question is - will he learn the correct lesson?

Your son should note the importance of reading legally binding agreements and to pass on deals that are not in his best interests. He should also be aware of the consequences for signing contracts without knowing and understanding the terms behind those contracts.

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#2 Consumer Comment

A valuable lesson?

AUTHOR: Robert - Irvine (U.S.A.)

SUBMITTED: Saturday, February 06, 2010

Let's see.  Your have your Son open up an account.  You find out they are charging him $5 a month so you close the account and withdraw the money.  They REFUND the $10 and give him the full $100.  But you say "Sorry Son even though they gave you your all of money back, you have to give them the $10 that they refunded to you".  Yea, sounds like you taught him a real valuable lesson.

Actually in all seriousness there is a lesson here that both you and him have hopefully learned.  To READ the terms and fees of the account.  In the opening packet they give you one part will be the fees for the account.  For their Custodial Savings Accounts if you have under $300 they charge $5 a month, there is no fee if you have a balance of over $300. 

http://www.bankofamerica.com/deposits/checksave/index.cfm?template=save_minor&context=tabpage_Features

So when you go to open up another account this is something you MUST ask about.  Some banks will have no fees for "custodial" or "minor" accounts, some will waive the fees if there is a minimum balance, and others will waive the fee with a minimum number of deposits or transfers a month.


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#3 Consumer Comment

*THE HARVARD BUSINESS PROFESSOR PROVIDED A "VALUABLE LESSON" TO HIS CLASS OF EXECUTIVES IN LATE 2004 WHEN HE.....

AUTHOR: Karl - Highlands Ranch (USA)

SUBMITTED: Thursday, February 11, 2010

conducted that class, wouldn't everyone NOW agree?

To read some of that "lesson" from the Harvard Business Class of Executives in late 2004, simply 'Google' this- RIP OFF REPORT FUEL FREEDOM INTERNATIONAL MPG CAPS, and go to the 2001 Toyota Tacoma Ripoff Report, and then to the 'Update' entitled- "Blame it on a Lawyer".

*I believe that one of the quotes from that "lesson" went something like this- "There are corporations listed on the stock exchange whose sole purpose is to line the pockets of the top executives with millions of dollars in cash."

That particular quote brings to mind corporations like- Countrywide, Bear Stearns, Lehman, Merrill Lynch, AIG, Bank of America, Citigroup, JP Morgan Chase, Washington Mutual, Wachovia.................................. & a host of others, whose corporations are now either out of business, or operating with government assistance and government guarantees, right?

WELCOME TO AMERICA- A LAND WHERE LESSONS ARE SOON FORGOTTEN

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#4 Consumer Comment

MOB SONG 4.....

AUTHOR: Karl - Highlands Ranch (USA)

SUBMITTED: Wednesday, October 12, 2011

will be submitted at this website soon.

Just type in 269041 at this site to see if it is available in the consumer comments section at Ripoff Report #269041.

Thank You

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