By now, I had plenty to share and did so in several carefully constructed emails to plead my case. While branches are closing, Bank of America's CEO Brian Moynihan has committed to no layoffs — or furloughs — in 2020 companywide. Bank of America customer service information is designed to make your banking experience easy and efficient. Politics ... and there's no immediate plan to close 10% of the bank's branches, said Bank of America spokesman James Mahoney. 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. But wait… My account was closed and the system did not recognize that number. All Rights Reserved, This is a BETA experience. Tax Pros, Leave Your Bad Habits Behind You. Over the past six years, my son-in-law and I have worked hard to reclaim the soil from timberland by digging out stumps, smoothing and plowing the soil, and planting pastures. Three local Bank of America locations temporarily close amid coronavirus spike (WITN) By Staff. He's going to let me know if the story gets picked up. But…that is where the rest of the story begins. Ask Larry: Can My Wife Claim Social Security Spousal Benefits On My Record If She Files At 62? TAMPA, Fla. - One of the nation's largest banks is temporarily closing dozens of locations around Florida because of coronavirus concerns. Wells Fargo, scrambling to cut costs and offset soaring legal expenses, plans to pull the plug on 800 more bank branches by 2020. ... Colonial Bank: Montgomery: AL: 9609: Branch Banking & Trust Company, (BB&T) August 14, 2009: Dwelling House Savings and Loan Association: Chase : The bank has closed 20% of its 5,000 branches and reduced hours. Consumers want to know if their money is still safe. Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. On June 26, Bank of America closed my two deposit accounts on suspicion of fraudulent activity. Search The home-buying process can be exciting, whether you are considering new or existing homes or … Jim, as he writes, is leaving Bank of America as soon as possible. At the height of the COVID-19 pandemic, 150,000 Bank of America employees worked from home, which is about 72 percent of its total workforce. 2020 Elections. 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. 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 … Turns out they were completely wrong and have since apologized. Dr. Kotlikoff, I read your Forbes article on the issues related to the PPP Loan — especially related to the experience with Bank of America. 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. I was able to push enough buttons to get past that layer of security and have someone answer the phone. Three tries later and I was actually able to talk with someone who listened long enough to help. In reality, BofA has admitted that they made a mistake — but only because I have been calmly bellowing about this since I received the first letter on July 1. As of Nov. 30, there were 87,411 active bank and thrift branches in the U.S. 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?" Shutting down branches allows traditional banks to cut costs. Full disclosure — I went to West Point and have always tried to live above the line when it relates to integrity so you can imagine this was quite the shock. Since then, Bank of America has become the second-largest banking institution in the U.S. after JPMorgan Chase. The farm was that path and we have been blessed ever since. 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. Bank of America hours have been updated due to the coronavirus. ", Update: Even after escalating this and getting the answer that this was all a huge mistake and that "we’re back to normal," I received a follow-on letter dated June 30, 2020 that, in bold letters, stated "We’ve closed the above account" and that "[a]t this time, any remaining balance won’t be returned to you. I jumped on the chance to plead my case, knowing that this was my chance to tell my story and get someone to listen. 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.". I live in Orangevale and the only branches … You may opt-out by. Maybe? With bank branches closing due to the coronavirus (COVID-19) threat, cash from the ATM is only one of your secure options. I have a similar story but it's really another case of "bad behavior" and I was wondering if you had heard of this new wrinkle recently. Part 3: Competence - You Need It. Many traditional banks are under pressure to move to an all-digital model or at least a mostly-digital one. Right now, in-person banking isn't as possible as it used to be, but times are changing. I did an interview with a local consumer investigator from our TV station today. 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. After a very tense conversation, I was told I could escalate it to the Office of President and was transferred. Mobile banking and ATMs are still available. I asked. Last week, I received the following from Jim Thiele. We moved to the outskirts of Atlanta and my wife and I raised our daughter while I worked in and around the restaurant industry on the technology side. Really? Sections. Finally, she did agree to submit my account back to the analyst for "further review.". Bank of American hasn't made any announcements regarding its imminent closure. Most of Bank of America's staff members have been working from home. At the height of the COVID-19 pandemic, 150,000 Bank of America employees worked from home, which is … 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. To be clear, while some locations are closed, Bank of America customers can still access money through online banking, ATMs or other locations that remain open. The bank closures include about 50 branches in … But what makes this not so funny was the letter I received last night (after fighting this with their pitiful customer support last week) where there was the line "... any remaining balance won't be returned to you." As soon as I get this letter, I am going to withdraw my funds, close my accounts, and head to a local bank where I can see where my money is going. Bank of America said the purpose is to care for the well-being of employees. That's a 28% drop. Filed today and saw that there's a database of complaints that yield this information. Bank of America was formed through NationsBank's acquisition of BankAmerica in 1998. Bank of America temporarily closes 50 Central Florida branches amid coronavirus pandemic By Austin Fuller, Orlando Sentinel 7/6/2020 Protests: … I've demanded (and gotten them to agree) to put in writing that this was an error on their part. Bank of America spokesperson. Facebook Share. Capitol One has closed the following branches in the following locations until further … Opinions expressed by Forbes Contributors are their own. The representative struggled to explain why — reading cryptic notes on screen stating that there was "a mismatch in the data" on my account and it was flagged. Updated: 6:13 PM EDT Jul 6, 2020 Bank of America announced Monday that it has temporarily closed approximately 50 branches in Central Florida due to the coronavirus pandemic. The number of bank branches peaked at 100,000 in 2009, falling below 88,000 last year, according to the FDIC. My name is Jim Thiele and we own a small 130-acre farm an hour south of Atlanta, Georgia, where we raise Black Angus cattle. Of course I fully expected that someone would call me back and tell me that it was all just a mistake but when I asked about this, the supervisor laughed and said no and that I would simply have to call back tomorrow. It is backbreaking work and very costly, but the goal was to create a working farm that will serve as our legacy. Bank of America is one bank where people can access their unemployment money. Jim was able to get his money back. This shows that since March 1, 2020 there have been 147 complaints about Bank of America "closing checking accounts." ... "Closing branches … Back in April, I wrote about Bank of America's horrible handling of Payroll Protection Loans. This is my harrowing saga of getting the loan funded but then getting it illegally seized by the bank without due process, explanation, or cause. Dozens of Central Florida Bank of America branches close due to coronavirus 60 branches closed amid COVID-19 spike Published: July 6, 2020, 9:24 pm Updated: July 7, 2020, 6:11 am The planned … Dear Larry, Knowing that you shared your own horrible experiences with getting a PPP loan through Bank of America, I wanted to share my own story as it relates to the other side of the funding machine. Bank of America is closing 16 local branches—10 percent of its area footprint—in July. U.S. banks and thrifts continued closing branches across the U.S. in November, shuttering 268 locations while opening just 54, according to S&P Global Market Intelligence data. With this in mind, we have temporarily closed some of our financial centers, which may result in longer wait times at other locations. 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. ORANGEVALE, Calif. — Today's Why Guy question from Greg Jourden, who asks, "Why is Bank of America closing so many of their branches now? Most of Bank of America's staff members have been working from home. Not too long ago there were issues in getting the SBA loans out to those that really needed the help given the COVID pandemic. Follow me on twitter @kotlikoff, Circle me on Google , check out my website, kotlikoff.net, and ask me Social Security questions by clicking Ask Larry at the bottom of www.maximizemysocialsecurity.com. Bank of America's vast network of branches fell to 4,411 at the end of June, compared with 4,542 a year ago. On June 26, Bank of America sent a letter stating that they closed my account without any explanation and that "Our decision to close your account is final and may affect your ability to open an account with us in the future." Some people will always prefer to deal with cash, checks, or speaking to a physical person compared to digital banking. I'm wondering if the Bank has returned the money it apparently confiscated from the other 147 complainants. I also demanded a formal letter of release to ensure that their ability to harm my future banking capabilities is removed. 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. I was told that this letter has been drafted and is in legal review. 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. Several Bank of America branches in Florida will temporarily close due to the spike in coronavirus cases. Over the last 12 months, U.S. banks and thrifts have closed 3,109 branches while opening 1,001. The company has 1,720 fewer branches than it did in June 2008. Bank of America Corp. reports financial results Wednesday, April 15, 2020. Problem is — both hard copy letters that I received in the mail were threatening — insulting — and just an outright slap in my face. However, like many companies that deal with the public, Bank of America is being cautious about how many employees and customers are allowed in its brick-and-mortar locations. ", Knowing that this had to be a mistake, I called Bank of America and faced the gauntlet of customer no-service options with a variety of messages stating that "We are experiencing high call volumes. 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. In fact, the bank's website shows a clear desire to keep its customers connected during this time. ... 2020. Bank of America CEO Brian Moynihan said that the bank won't have layoffs during the COVID-19 pandemic. 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.". And to wait on hold again to continue this abusive treatment of release to ensure that their ability harm! Only one of the story begins designed to make your banking experience easy and efficient number of bank America! But what about the `` executive relations department '' I was told this... 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