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. 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. With several banks closing up and moving to an all-digital model, time will tell if Moynihan is able to keep his word. Many traditional banks are under pressure to move to an all-digital model or at least a mostly-digital one. 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. ... "Closing branches … Obviously, I did not find this to be an acceptable answer so I asked to escalate it further. At Bank of America, we can help you achieve your home ownership goals. An OECD Tax Reform Project Update, It’s IRS 1099 Time, Beware New Gig Form 1099-NEC, Gig Workers Could Get A Nasty Surprise This Tax Filing Season—Particularly On State Returns. With this in mind, we have temporarily closed some of our financial centers, which may result in longer wait times at other locations. I live in Orangevale and the only branches … Dr. Kotlikoff, It is unreal. Six months later, many local Bank of America branches across the U.S. are still closed. Bank of America will continue to devote the necessary resources to help ensure your personal safety, while maintaining the services you count on. Sections. The bank did not provide a list of branches that will close Tuesday, ... Any branches that close or reduce services will say so here. 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. Maybe? I also demanded a formal letter of release to ensure that their ability to harm my future banking capabilities is removed. Part 3: Competence - You Need It. But wait… My account was closed and the system did not recognize that number. 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. Bank of America has closed some of its locations temporarily. On June 10, my SBA loan request was funded by direct deposit from the Treasury to my Bank of America deposit account. Bank of America has slowly reduced its branch network, which lowered the bank's non-interest expenses by 5 percent last quarter. Opinions expressed by Forbes Contributors are their own. 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.". 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. After a very tense conversation, I was told I could escalate it to the Office of President and was transferred. America's Top Givers: The 25 Most Philanthropic Billionaires, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Tax Court's New Document System Achieves New Low In Transparency, IRS Rolls Out Online Option For Submitting Authorization Forms, Here’s What You Need To Know About The Earned Income Tax Credit In 2021, Tax Refund Chart Can Help You Guess When You’ll Receive Your Money In 2021, New Year, New Tax Rules? Bank of America has closed dozens of branches across Central Florida, including 12 local area branches in Volusia and Flagler counties, according to the … Facebook Share. 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. 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. I asked. ... Colonial Bank: Montgomery: AL: 9609: Branch Banking & Trust Company, (BB&T) August 14, 2009: Dwelling House Savings and Loan Association: Capital One. The farm was that path and we have been blessed ever since. Bank of America hours have been updated due to the coronavirus. Now, we see financial institutions reaping billions of dollars in fees for processing loans to only their "best" customers. He's going to let me know if the story gets picked up. After my column appeared, I received one email after another written by business owners who experienced the same nightmare. As branches open, more workers are returning to the field. Bank of America was been very responsive to the COVID-19 pandemic. U.S. Back in April, I wrote about Bank of America's horrible handling of Payroll Protection Loans. 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. Consumers want to know if their money is still safe. Several Bank of America branches in Florida will temporarily close due to the spike in coronavirus cases. 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. Some people will always prefer to deal with cash, checks, or speaking to a physical person compared to digital banking. Days turned into weeks, which turned into months and many banks remained closed to the public. Really? That's a 28% drop. I jumped on the chance to plead my case, knowing that this was my chance to tell my story and get someone to listen. Morgan Stanley and Citigroup also promised not to have layoffs during the coronavirus outbreak. J.P. Morgan Chase is "temporarily" closing 1,000 bank branches, or 20% of its locations, effective Thursday amid growing coronavirus concerns. Tax Pros, Leave Your Bad Habits Behind You. 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. © 2021 Forbes Media LLC. Capital One: 341 branches are open, while 120 locations and all Capital One Cafes are closed. I was able to push enough buttons to get past that layer of security and have someone answer the phone. 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. 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.com, maximizemysocialsecurity.com, and analyzemydivorccesettlement.com -- all financial planning tools. For the second straight year, we are the @GFmag Best Consumer #Digital Bank in the U.S. because of our client-first approach to innovation and commitment to making financial lives easier. 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. Shutting down branches allows traditional banks to cut costs. Comerica: Branches … Search The home-buying process can be exciting, whether you are considering new or existing homes or … While branches are closing, Bank of America's CEO Brian Moynihan has committed to no layoffs — or furloughs — in 2020 companywide. Mobile banking and ATMs are still available. Jim, as he writes, is leaving Bank of America as soon as possible. You may opt-out by. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation. Ask Larry: Can My Wife Claim Social Security Spousal Benefits On My Record If She Files At 62? 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. Turns out they were completely wrong and have since apologized. Colleen Haggerty, senior vice president of media relations for Bank of America, spoke about the temporary closures early on. TAMPA, Fla. - One of the nation's largest banks is temporarily closing dozens of locations around Florida because of coronavirus concerns. Bank of America said the purpose is to care for the well-being of employees. As of Nov. 30, there were 87,411 active bank and thrift branches in the U.S. I wrote about a case I knew — my own. 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. 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?" I then asked Jim to describe in detail exactly his experience. We will see what their attorneys say but I'm hopeful that this will protect me against their threat conveyed in the first letter suggesting that they might report me to ChexSystems and this might affect my ability to get an account at any financial institution for up to five years. Over the last 12 months, U.S. banks and thrifts have closed 3,109 branches while opening 1,001. The number of bank branches peaked at 100,000 in 2009, falling below 88,000 last year, according to the FDIC. Updated: July 7, 2020 10:13 AM EDT Several Bank of America branches in Southwest Florida are closing due to COVID-19, but some ATMs at the locations will remain open. At the height of the COVID-19 pandemic, 150,000 Bank of America employees worked from home, which is … So, why is the second-largest bank in the U.S. locking the doors on so many of its branches? 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. 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.". Study / October 19, 2020 How America Banks ... Failed Bank List This list includes banks which have failed since October 1, 2000. All Rights Reserved, This is a BETA experience. ORANGEVALE, Calif. — Today's Why Guy question from Greg Jourden, who asks, "Why is Bank of America closing so many of their branches now? On June 26, Bank of America closed my two deposit accounts on suspicion of fraudulent activity. Three tries later and I was actually able to talk with someone who listened long enough to help. Finally, she did agree to submit my account back to the analyst for "further review.". The Charlotte, North Carolina-based bank shuttered nearly 40 locations … Most of Bank of America's staff members have been working from home. 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. To find a list of financial centers that are open, click HERE. But it was the generic customer service line which "demanded" that I provide an account number. The virus restrictions have taken hold just as banks face record-low interest rates and higher loan losses. 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. The decision was made to protect the health and safety of the bank staff. And to wait on hold again to continue this abusive treatment? But to add insult to injury, for small business owners like myself that did get funded, there is another trap looming right around the corner. I found out that it's the CFPB that is the right agency for these types of complaints. https://t.co/DeftzhtMmO pic.twitter.com/JIieWMpbyf. ", 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. ... 2020. I received an email address to which I could capture and share my rants. Wells Fargo, scrambling to cut costs and offset soaring legal expenses, plans to pull the plug on 800 more bank branches by 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 … Which means even more pressure on branches and staff. Dr. Kotlikoff, I read your Forbes article on the issues related to the PPP Loan — especially related to the experience with Bank of America. In short, the byzantine system that protects companies like Bank of America has been corrupted and perverted. ", 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. Bank of America is closing some of its Orlando-area branches temporarily due to the Covid-19 pandemic. Right now, in-person banking isn't as possible as it used to be, but times are changing. 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." I'm wondering if the Bank has returned the money it apparently confiscated from the other 147 complainants. Chase : The bank has closed 20% of its 5,000 branches and reduced hours. Last week, I received the following from Jim Thiele. Most of Bank of America's staff members have been working from home. 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. I did an interview with a local consumer investigator from our TV station today. Bank of American hasn't made any announcements regarding its imminent closure. 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. This shows that since March 1, 2020 there have been 147 complaints about Bank of America "closing checking accounts." 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. I've demanded (and gotten them to agree) to put in writing that this was an error on their part. Problem is — both hard copy letters that I received in the mail were threatening — insulting — and just an outright slap in my face. Three local Bank of America locations temporarily close amid coronavirus spike (WITN) By Staff. Click arrows next to headers to sort in Ascending or Descending order. In fact, the bank's website shows a clear desire to keep its customers connected during this time. If You Don’t Have It - Get It. Capitol One has closed the following branches in the following locations until further … 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. Bank of America is one bank where people can access their unemployment money. Bank of America customer service information is designed to make your banking experience easy and efficient. 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. The planned … Most of the funds were used to increase medical response capacity, address food insecurity, and boost access to learning in the wake of nationwide school closures. 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. Many residents have reached out to News Channel 3 about this concern along with the trouble of using the ATM machines. Not too long ago there were issues in getting the SBA loans out to those that really needed the help given the COVID pandemic. Since then, Bank of America has become the second-largest banking institution in the U.S. after JPMorgan Chase. "What does that mean?" I will get my money back and end my relationship with them but what about the "common man? 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. Bank of America temporarily closes 50 Central Florida branches amid coronavirus pandemic By Austin Fuller, Orlando Sentinel 7/6/2020 Protests: … 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. ", 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. Recent books: Get What's Yours – The Secrets to Maxing Out Your Social Security Benefits (a NY Times Best Seller with Phil Moeller and Paul Solman), The Economic Consequences of the Vickers Commission, The Clash of Generations (with Scott Burns), Jimmy Stewart Is Dead, and Spend 'Til the End. 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. It is backbreaking work and very costly, but the goal was to create a working farm that will serve as our legacy. By now, I had plenty to share and did so in several carefully constructed emails to plead my case. 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. 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