Bank of America is getting progressively worse. The Feds have determined the bank is still undercapitalized. I take this with a grain of salt as the Feds are being run by Obama and they use an unrealistic worse-case scenario that will never happen. Nevertheless, the bank has received almost $100 billion now in federal aide which will most likely turn into equity owned by the Feds. Does anyone think I want Obama and the demorats (spelling intentional) controlling my money?
In addition to problems as outlined by my blog post a few weeks ago, B/A has now struck out. Due to the banks mistake I got hit with a $20 service fee this month. I rolled some CD's over last month and the moron changed the link to the wrong checking account, thus the fee. Besides, who believes $20 a month is a reasonable fee?
Then today I get a "Maximizer" statement in the mail which I have several thousand dollars saved up. I notice the interest posted is $0. Then in the fine print it says due to current economic conditions the interest rate is now 0%. This is a "Maximizer" account? I hate to think what the regular rate is. One might ask if the bank were lowing the rate to zero, or more appropriately eliminating interest, why wouldn't they notify me in advance so I can do something else with my money? "Economic conditions" is synonomous with Demorats as the Federal Reserve interest rate, which controls the bank rates, has not decreased in months.
Seriously, who is running the company? What is he smoking? Does he really think the bank can charge people 18% plus on credit cards while taking their money in savings accounts and not pay the customer any interest at all? Doesn't he realize people have choices in choosing a bank?
I am open and asking for suggestions where to move my money.