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  • Report: #565370

Complaint Review: BANK OF AMERICA

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  • Submitted: Sat, February 06, 2010
  • Updated: Fri, November 30, 2012

  • Reported By: MT — St. Augustine Florida United States of America
BANK OF AMERICA
CR 210 St. Augustine, Florida United States of America

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

*Consumer Comment: MT,

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

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

*Consumer Comment: A valuable lesson?

*General Comment: Indeed...

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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 02/06/2010 08:12 AM and is a permanent record located here: http://www.ripoffreport.com/r/BANK-OF-AMERICA/St-Augustine-Florida-32092/BANK-OF-AMERICA-Savings-Account-Rip-Off-St-Augustine-Florida-565370. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

MT,

AUTHOR: Karl - (USA)

When you feel that your son is old enough to learn another important lesson, have him 'Google' this- JOSIAH STAMP, 1ST BARON STAMP- WIKIPEDIA, and read more about him.

Mr. Stamp was a director of the Bank of England. If you 'Google' this- WHO OWNS THE FED, and go to the site with the five charts you will see that the Bank of England sits at the top of 'Chart 1'.

Feel free to read the two quotes that were made by Josiah Stamp. They are available at the wikipedia site. One of them starts like this-

QUOTE: "Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take away from them the power..." - Josiah Stamp

*It appears that Josiah Stamp was correct in what he stated in the above quote, wouldn't you agree? The Federal Reserve in the USA and the IMF in Europe are doing precisely what Mr. Stamp said, correct? They are printing more money in order to "buy it back again", right?

I believe that the youth of America should learn more about who really controls the banking system, Wall Street, and even the U.S. government. Once they understand the truth it will allow them to make better decisions in their lives, wouldn't you agree?

Happy Holidays!

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#2 Consumer Comment

MOB SONG 4.....

AUTHOR: Karl - (USA)

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

***CREDIT CARD ALERT: Don't forget to stay at this site and type in all of the following and read the Ripoff Reports for valuable information if you have a credit card in the USA-

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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 - (USA)

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

A valuable lesson?

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

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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#5 General Comment

Indeed...

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

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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