[Bee...Bee]

I would be grateful if you can tell me what is your view whether it is a praise or criticism of Bank of America. I have an American friend who is trying to sell me some Bank of America financial products. Not that have that much money for it to be worth his while, LOL but I sort of thought that if it is vaguely well run, I might just well put something into the pot to get some brownie points from him .

So your opinions doesn't have to be on the most complicated financial on earth. In fact your views about their services, accounts, credit cards, mortgages, etc. would be more appreciated because you can sort of extrapolate these things and find out the quality across the product universe!

Thank you in advance!

[shelbell77]

I had a bad experience and closed my accounts (checking and saving) after little more than 3 months.....

I relocated from Illinois to California..and opened of BofA accounts in california. I had all kinds of problems getting my direct deposit to work initially, using my debit card for any purchases higher than $100. I talked to the branch manager at my local BofA several times and was never able to get any information why all the troubles and didn't feel like they valued my business enough to attempt to fix things. So I closed my accounts. I was SOOO happy the day I left BofA with my money and didn't have to waste anymore time with them.

[IntlSet]

Is this with B of A's private client group?

If I had enough money, I'd pool it with some friends and stick it in a hedge fund. Sounds like more and more hedge funds these days are willing to accept smaller amounts pooled together. I have a lot of friends who work for hedge funds and I only WISH they'd take my money! lol

[Vegas Long Legs]

I've had no problems with them & have had business accounts there for 6+ years. I think in 6 years they have made one error on our statements. (We have an excellent book keeper).
I think this is a private client group account. I have also heard of other people having problems in California.

[ShimmaPuff]

The last several years have seen quite the little shakeout, and right now, it's a toss-up whether Bank of America or Wachovia will emerge as the "1Bank" that continues to offer personal banking services, though there is a very good possibility that that particular division may be bought by Wal-Mart.

Probably the best thing would be to see if you can find out which institution is more heavily favored by the larger defense-related companies, because that is the one that will be making the most money, so that's the one that will be the most profitable for investors!

[amanda]

my parents and i have been Bank of America customers since it was NationsBank way back when. we've rarely had a problem, and we have checking, savings, CDs, credit cards, debit, all kinds of stuff through them. i'm sure my parents have investments with them, but i don't know anything about that. like any business, it probably depends on the competence and trustworthiness of the people you're working with within the company, so if you're comfortable with them and it seems like a good investment, then why not?

[Bee...Bee]

Originally Posted by IntlSet

Is this with B of A's private client group?

If I had enough money, I'd pool it with some friends and stick it in a hedge fund. Sounds like more and more hedge funds these days are willing to accept smaller amounts pooled together. I have a lot of friends who work for hedge funds and I only WISH they'd take my money! lol

LOL, I will be a hedge fund manager next month so I have that already sorted! No but seriously; I think it's the private client account anyway, do you have an account with them?

I am not quite sure myself because the American friend runs a debt syndication desk for the investment bank arm and I sort of promised him that I will look into it having been induced by Starbucks drunkeness, LOL and the fact that his office is pretty impressive overlooking the river so I just blabbered some random things when we were staring out of the window and he asked a random question whether I have any open US-denominated account or not.

I said no and this may be a good chance to have one for fun and, as I mentioned earlier, get some brownie points from him, LOL. Why don't I ask the guy who suggested it? He doesn't really have a clue either and he would not be making any money if I said yes but he asked simply because he and I were just bored, LOL.

To be honest, I mean I am not expecting to be serviced by some god-send asset manager (in fact my expectation is only 8% net which is not exactly a tough ask). The only 2 fuzziness I have is that no mutal funds and I would like it to be a 'smooth' experience because I do not want to have to make intercontinental phone calls and getting forwarded to 10 departments (or even worse, having to fly to their headquarters in North Carolina) just so that I can get a custodian summary!

Anyway keep the experiences coming because he has promised to send me some prospectuses and I may need to make a decision not too near yet not too far into the future.

[envyme]

My mortgage is through bank of america. No problems as yet! I tend to stay away from banks as far as my checking and saving accounts are concerned. I prefer state credit unions since they offer interest rates that are significantly higher.

[IntlSet]

Originally Posted by Bee...Bee

LOL, I will be a hedge fund manager next month so I have that already sorted! No but seriously; I think it's the private client account anyway, do you have an account with them?

Congratulations, Bee! I bet we know a lot of the same people, especially because you're in London. Maybe we'll bump into each other at a party!

[wearsdasamethin]

Been with BOFA for over 6yrs, Not a problem as of yet. Have over 6 accounts with them and never had an issue. Ive banked with wells fargo and washington mutual and both accounts were closed because their lack of customer service and appreciation of customers needs. washington mutual is the worst, their offices are like a circus with big signs everywhere, no organization what so ever and Im not fond of the way wells fargo has their online system set up. it stinks! BOFA is the best

[seahorse]

i hate it, but their ATMs are everywhere, it's a love-hate relationship

[ciatta]

I've had my checking account, credit card and safe deposit box with them for five plus years and I have never had a problem with them about anything. (Except for the fact that they moved the closest branch about 3 miles away.) I belonged to a credit union for 20 years and their fees were so much higher than Bank Of America so that's why I changed.

[carrie13]

I had an account with Bank of America about 5 years ago when I lived in San Diego and had tons of problems. I've heard there are usually problems with the California accounts - although I have no idea why living in CA would make a difference....

[mtn76]

I worked for them many years ago, I don't care for them. There were always mistakes back then. I don't know about now, but back then they had a lot of fees. My perception is it may be a good bank if you have your own business. With other banks being so competitive, I think you have a lot of options to choose from.

[Clake76]

I hate them -- had huge issues with moving my accounts between states. Its Bank of America -- why was it so difficult to move my account across America?