As branches open, more workers are returning to the field. Jim, as he writes, is leaving Bank of America as soon as possible. I also demanded a formal letter of release to ensure that their ability to harm my future banking capabilities is removed. Opinions expressed by Forbes Contributors are their own. There's over $10,000 in funds received from an SBA loan (not PPP) but for agricultural folks like myself (130 acre farm with black angus cattle) and now I'm being told it's been "seized?" And to wait on hold again to continue this abusive treatment? Bank of America is closing 16 local branches—10 percent of its area footprint—in July. Fast forward 30 years and I am still happily working to support the restaurant industry, but I saw that we needed a way to keep the family connected and revert to a simpler way of life. Over the last 12 months, U.S. banks and thrifts have closed 3,109 branches while opening 1,001. If you want to try to get there directly it's from the official site, then the third tab: Data & Research: https://www.consumerfinance.gov/, This shows that since March 1, 2020 there have been 147 complaints about Bank of America "closing checking accounts.". See his response below. Morgan Stanley and Citigroup also promised not to have layoffs during the coronavirus outbreak. That's a 28% drop. According to Haggerty, "These temporary closures occur in areas where foot traffic is low, or when staffing is not sufficient for all to remain open...When a center closes, we work to reopen it as soon as possible...Clients also always have the ability to transact most financial needs through our ATM network, mobile and online banking.". This shows that since March 1, 2020 there have been 147 complaints about Bank of America "closing checking accounts." Several Bank of America branches in Florida will temporarily close due to the spike in coronavirus cases. Study / October 19, 2020 How America Banks ... Failed Bank List This list includes banks which have failed since October 1, 2000. He said it's likely because it ties into another story he did where the stakes were much higher — some $90k "impounded" in a similar set of circumstances. But, with the COVID pandemic and a general economic downturn, we needed help to continue operations and were pleased to qualify for a small SBA loan. This experience worries me enough to want to tell others to watch out and to prompt our elected officials to probe a bit deeper into their nefarious intentions. The decision was made to protect the health and safety of the bank staff. I will get my money back and end my relationship with them but what about the "common man? Bank of America says it has more than 150 branches open across Los Angeles. In fact, the bank's website shows a clear desire to keep its customers connected during this time. In other words, instead of dealing with the problem, the agent who answered simply punted me off somewhere else in the Bank of America universe. Updated Mar 18, 2020; Posted Mar 16, 2020 . Again, if historical patterns persist, we estimate the U.S. Bank National Association branch at 3525 West 63rd Street in Chicago, Illinois has a … But I did call back 24 hours later and waited on hold again only to be told that my account was closed and that it was still under review. Problem is — both hard copy letters that I received in the mail were threatening — insulting — and just an outright slap in my face. Originally, I’m a "city boy from Chicago" but after I graduated from West Point in 1985 and served five years in the Army at Fort Stewart, Georgia, I decided that, for the sake of my family, I would get out of the service. Bank of America CEO Brian Moynihan said that the bank won't have layoffs during the COVID-19 pandemic. Many residents have reached out to News Channel 3 about this concern along with the trouble of using the ATM machines. If You Don’t Have It - Get It. The virus restrictions have taken hold just as banks face record-low interest rates and higher loan losses. Win $1 Billion Mega Millions Lottery Jackpot, Pay Mega Taxes, I wrote about Bank of America's horrible handling, I then wrote a column, copying some of these emails. Bank of America is also the eighth-largest bank in the world. In short, the byzantine system that protects companies like Bank of America has been corrupted and perverted. Once again I asked to speak to a supervisor who said that the investigation was still ongoing and that my funds were ‘being held in the back office’ pending this review. A wholesale exodus may be the only thing that will get Brian Monyihan and his colleagues to understand that they can't keeping treating their customers with utter contempt and indifference and expect to stay in business. With bank branches closing due to the coronavirus (COVID-19) threat, cash from the ATM is only one of your secure options. Jim was able to get his money back. So, why is the second-largest bank in the U.S. locking the doors on so many of its branches? I was told that this letter has been drafted and is in legal review. Bank of America hours have been updated due to the coronavirus. At Bank of America, we can help you achieve your home ownership goals. Consumers want to know if their money is still safe. I then asked Jim to describe in detail exactly his experience. Now, we see financial institutions reaping billions of dollars in fees for processing loans to only their "best" customers. The Charlotte, North Carolina-based bank shuttered nearly 40 locations … Capital One: 341 branches are open, while 120 locations and all Capital One Cafes are closed. Dr. Kotlikoff, It is unreal. Obviously, I did not find this to be an acceptable answer so I asked to escalate it further. Finally, she did agree to submit my account back to the analyst for "further review.". Bank of America was been very responsive to the COVID-19 pandemic. I pointed out that I was taking a deliberate four pronged approach: 1) executive escalation including letters to both the CEO and investor relations 2) communication with Congressman Jody Hice, GA 10th District 3) formal complaints to the bank regulatory agencies and 4) public forums and news outlets to spread awareness. BlackBerry and Baidu Target Autonomous Driving Safety Market, Biden's Plan to Take U.S. Fleet Electric Renews Interest in EV Stocks, Epic Games Is Private, Valuation Nears Publicly-Traded Companies, Shipping Container Stocks Are on a Dip, Might Be Worth the Buy. The company has 1,720 fewer branches than it did in June 2008. Bank of America wants to devote all of the necessary resources to help ensure clients' and staff members' personal safety while maintaining all of its banking services. I jumped on the chance to plead my case, knowing that this was my chance to tell my story and get someone to listen. ", I am an economist at Boston University, a Fellow of the American Academy, an NBER Research Associate, and President of Economic Security Planning, which markets maxifi.co. Click arrows next to headers to sort in Ascending or Descending order. Dr. Kotlikoff, I read your Forbes article on the issues related to the PPP Loan — especially related to the experience with Bank of America. Bank of America temporarily closes 50 Central Florida branches amid coronavirus pandemic By Austin Fuller, Orlando Sentinel 7/6/2020 Protests: … Some people will always prefer to deal with cash, checks, or speaking to a physical person compared to digital banking. Back in April, I wrote about Bank of America's horrible handling of Payroll Protection Loans. I'm wondering if the Bank has returned the money it apparently confiscated from the other 147 complainants. Get answers to the most popular FAQs and easily contact us through either a secure email address, a mailing address or our customer service phone numbers. Three local Bank of America locations temporarily close amid coronavirus spike (WITN) By Staff. Sections. U.S. Bank, which was founded in Oregon and based in Portland until 1997, will close nine branches in Oregon outside the metro area, five of which will close … Capitol One has closed the following branches in the following locations until further … Even worse was the literal threat that "This may affect your ability to open an account at other financial institutions for up to five years. Colleen Haggerty, senior vice president of media relations for Bank of America, spoke about the temporary closures early on. Six months later, many local Bank of America branches across the U.S. are still closed. Bank of America spokesperson. With this in mind, we have temporarily closed some of our financial centers, which may result in longer wait times at other locations. There was no answer so I asked to speak to a supervisor who also treated me as a likely criminal. U.S. Bank will close more than 300 branches over the next two years as it adapts to the changing ways that people get services from it and other financial companies, executives said. But wait… My account was closed and the system did not recognize that number. Bank of America is closing some of its Orlando-area branches temporarily due to the Covid-19 pandemic. I did an interview with a local consumer investigator from our TV station today. Comerica: Branches … The company shifted 72 percent of its total workforce to a work from a home model and pledged a robust $100 million commitment to support communities facing challenges due to the COVID-19 outbreak. Tax Pros, Leave Your Bad Habits Behind You. 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