How is Bank of America still in business?

My dad has some accounts with BoA and he had some online fund transfer issues and asked me to help since he’s not fluent in English. I called BoA and their customer support is so incompetent and couldn’t even find the issues. They suggested my dad to write a check and deposit it to the account instead of online transfer. I was like, dude… how the f*** you can’t event see the issues from your end!? So I installed the BoA app for my dad to do mobile deposit and surprise, there’s a $2,500/month mobile deposit limit… And I also learned they charge maintenance fee if you don’t maintain certain balance in your accounts…

Compare to the bank I’m using (Charles Schwab) or other online banks or even Citi or CapitalOne, BoA service sucks. In my experience, I’ve never had any issues with Charles Schwab and their online services are very smooth. I never have to wait more than 5 minutes to talk to a representative (normally less than 1 minute wait time) and they are always able to resolve my issues while I had to wait more than 30 minutes to talk to a BoA customer service representative today and the experience wasn’t as pleasant as what I normally have with Charles Schwab customer service representatives. I just don’t understand how is BoA still in business with services that bad… I’m thinking of opening a Schwab account for my dad and just close his BoA accounts so we don’t have to deal with all of that bs.



Seems like you or your dad didn’t read the disclosures when opening the account. All Banks have varying policies on how they deal with deposits to their accounts. It also varies on how long you’ve been a customer with them as well as how many products you hold with them. Most major banks also charge a minimum fee for the account if you do not maintain a minimum balance limit or setup direct deposit.

Whenever a person asks me which Banks would be best for them, I always ask them this question, “What do you value most? Convenience, Security, or Savings?” Because unless you’re loaded, you’re not going to get all 3 from one bank. I would recommend doing some research to see which Bank would be best for your father. It sounds like to me that he’d be better off with a Credit Union instead if all he’s planning to do is make deposits and transfers. Credit Unions don’t require a minimum balance threshold, and there’s less fees associated with the accounts.

This. The big banks typically have the best apps/online banking compared to smaller banks/credit unions. Online banks obviously place value on good apps/OLB as well, but you also sacrifice in-person services at branches, which it sounds like your dad may benefit from if he’s having difficulty on his own.

From a business perspective, the big banks want significant deposits from their customers so they can use them to lend money to their customers (i.e. how they really make money). The maintenance fees are essentially the big banks charging you for access to their services if you aren’t providing a value to them with your account balances. $500,000 in deposits is obviously much more useful to the bank than a basic account that can’t keep a min. balance of $1,500 or regular direct deposits coming in.

Having worked for several large banks I can tell you the customer service is atrocious across the board, which is a byproduct of the size and scale of these institutions.

A local bank with nearby branches to you dad sounds like a better fit for the issues he’s encountering.




if your dad struggles with online banking…..having him switch to a completely online bank account is probably not the answer. Moving him to a local credit union or community bank that he can walk in and tell the teller/banker what he wants. Maybe one with a strong presence or someone who speaks the language he is most comfortable communicating in.

He’s pretty comfortable with online banking and has been doing it for a long time. This time he added his other bank to transfer funds from that bank to his BoA accounts and had issues. I helped him to call BoA customer service and feel that they’re not as pleasant or as competent as my current bank (Charles Schwab) as well as very long wait time (more than 30 minutes. Normally I get response in less than 1 minutes with Charles Schwab). Plus Charles Schwab accounts provide more value. That’s why I’m thinking of having him moved to Charles Schwab.


FWIW: I believe BoA is having an issue with their online services at the moment. I had a member today mention he’s been trying for days to link his BoA account to his OLB with us and it just keeps scrolling, won’t finalize the authorization.



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