I called the Bank of America customer service hotline on Jan. 22nd, payed off my credit card debt and closed that account, transferred my savings into the checking account, and closed the savings account. After this, nobody was able to tell me the exact balance on the checking account, so I ended up adding and subtracting numbers with a pen on a paper (seriously). I issued my last check to myself. That check was cleared on Jan. 25th and brought the balance on the remaining checking account to exactly zero. That account should then have been closed on Jan. 25th at midnight.
What happened instead was that 2 minutes before midnight I received 8 cents remaining interest rate from the already closed savings account. As a result, the checking account didn't have zero balance, and could not be closed. Since it wasn't closed I was then charged the $ 20 service fee for the month of February. And since that damned account was now undead, another $ 15 automatic payment went off to the no-longer existing credit card account. (After a longer investigation of that interesting event I learned that an account being closed does not mean one can not transfer money in or out of it.) Then I was charged an overdraft fee, and another fee of $1.50 that I couldn't quite figure out where it came from.
[My account statement. Details scraped out for privacy reasons]
I don't want to know where this would have went hadn't I called them yesterday to find out why I hadn't been send a confirmation on the account closure yet. I called the local service hotline, made my way through the automatic menu but was kicked out after 10 minutes or so. Calling again, the line remained busy. I therefore called the national service line, made my way through the automatic menu, hung on hold for 20 minutes and got a 'customer satisfaction accountant' who didn't know nothing about nothing and was very happy to pass me on to another accountant from the credit department.
That women then kept repeating the same useless information about the status for the next hour or so, while I got increasingly upset. Highlights of that conversation include
"Is there ANYBODY in your company who has a clue what the others are doing?" - "No ma'am." ,
"It seems like the remaining option is to jump on a plane to California and just pay the $1.50, is that what you're saying?" - "Yes, ma'am.",
"How I can solve this problem?" - "I don't know."
I have to give it to her she remained very calm and polite. If somebody had yelled at me the way I yelled at her, I'd have hung up. After one hour our so I gave up, banged my head against the wall for a while, and called again. I made my way through the automatic menu, hung on hold for 15 minutes and got connected with another 'customer satisfaction accountant'. The women had a slightly Indian accent and after the identification stuff she asked how she could help me. "Could you please, please, please just help me close my bank accounts," I said. And then the miracle happened: she typed something in her computer, probably brought up my file, and said "Oh, I see you've had some problems, I connect you to somebody who can help you."
I was then connected to a guy who apologized profoundly for the inconvenience, said he'd waived all my fees and the account would be closed midnight Feb 11th. I didn't even know what to say except for 'Thank You.'
Well, given that I've never in my life overdrawn an account, I find this very annoying indeed. Yes, I am one of these old-fashioned people who Don't buy stuff they can't afford ;-)
PS: And here is the BAC stock. I swear it started dropping yesterday at exactly the time I called in.