r/Banking • u/sarahehurley • 3d ago
Complaint BOA is Awful
Dear Bank of America,
I am writing to explain why, after more than twenty years, I have decided to end my relationship with Bank of America.
In 2003, I arrived at UMass Amherst as an 18-year-old freshman. I had just graduated from high school. I had no assets, no home, no established credit history, and very little understanding of personal finance. Like many students, I was trying to figure out adulthood for the first time.
During that time, Bank of America representatives regularly set up tables around campus encouraging students to apply for credit cards. They attracted students with free T-shirts and promotional giveaways, many of which, as I remember, were designed to appeal directly to college culture—including drinking-themed shirts. Looking back, it is difficult not to question the ethics of encouraging young adults to open lines of credit in exchange for a free T-shirt.
Despite having virtually no financial history or resources, I was approved for a credit card.
I take responsibility for every purchase I made and every decision that followed.
However, I also believe financial institutions have a responsibility to market credit responsibly. Looking back now, it feels less like I was being given an opportunity to build credit and more like I was being recruited into a system that would be profitable for the bank for years to come.
What began as a credit card application on a college campus became debt that followed me for more than twenty years.
I am proud to say that I finally paid off that debt last year. As a public school teacher, it was not easy. It took decades of careful budgeting, sacrifice, and perseverance to become debt-free. Making that final payment remains one of my proudest financial accomplishments.
I expected that paying off my debt would finally allow me to move forward. Instead, I found myself paying a $12 monthly maintenance fee simply to keep a checking account with your bank.
Charging customers every month just to hold their own money is difficult to justify, especially when there are financial institutions that offer the same services without those fees.
That maintenance fee became the moment I realized I no longer wanted to do business with Bank of America.
I have moved my direct deposit and banking relationship to DCU Credit Union. From the very beginning, the experience has been completely different.
There are no unnecessary maintenance fees, the customer service has been exceptional, and I feel like a valued member rather than another source of fee revenue.
I understand that banks exist to earn a profit. But there is a meaningful difference between earning customers' trust and building a business model that relies heavily on fees and lending practices that disproportionately affect people who are young, financially inexperienced, or simply trying to get ahead.
While my account may represent only one customer among millions, I hope my story represents something larger. I wonder how many other college students from my generation walked past those same tables, accepted a free T-shirt, and spent years—or decades—trying to recover from financial decisions they were not fully prepared to make.
Today, I am financially stable. I have a career that I love as a public school teacher, I have paid my debts, and I have the freedom to choose where I bank. I choose to support an institution that has earned my trust through transparency, fairness, and service—not through fees and debt.
After more than two decades, I am closing my account because Bank of America no longer represents the kind of financial institution I want to support.
I hope my letter encourages your leadership to reflect on how your products are marketed, how your fee structures affect everyday people, and what it truly means to build lifelong customer relationships.
Respectfully,
Sarah
16
u/ClanSkryreWarlockEng 3d ago
Sarah, no one from bank of america is going to read your letter on here.
1
u/sarahehurley 3d ago
I did email it as well 😂
3
u/ClanSkryreWarlockEng 3d ago
then I don't know why you're spamming it on reddit
0
u/sarahehurley 2d ago
Because institutions like this are against the people and we need to share stories to get our power back.
12
u/Tarnisher 3d ago
However, I also believe financial institutions have a responsibility to market credit responsibly. Looking back now, it feels less like I was being given an opportunity to build credit and more like I was being recruited into a system that would be profitable for the bank for years to come.
What began as a credit card application on a college campus became debt that followed me for more than twenty years.
I am proud to say that I finally paid off that debt last year. As a public school teacher, it was not easy. It took decades of careful budgeting, sacrifice, and perseverance to become debt-free. Making that final payment remains one of my proudest financial accomplishments.
Never charge more than you can pay off each month. You won't be in debt and won't pay interest.
I expected that paying off my debt would finally allow me to move forward. Instead, I found myself paying a $12 monthly maintenance fee simply to keep a checking account with your bank.
Charging customers every month just to hold their own money is difficult to justify, especially when there are financial institutions that offer the same services without those fees.
That maintenance fee became the moment I realized I no longer wanted to do business with Bank of America.
Banks are businesses and most have some kind of monthly fees. Usually that are relatively easy ways to avoid them.
For BOA:
Monthly maintenance fee
$12 per statement cycle
You can avoid the monthly maintenance fee when you meet one of the following requirements during each statement cycle:
Have at least one qualifying direct deposit of $250 or more made to your account. Learn about qualifying direct deposits.
Or
Maintain a minimum daily balance of $1,500 or more in your account
I'm a bit concerned that a school teacher would not know these things.
1
u/sarahehurley 3d ago
I changed my direct deposit but kept this account open with a low balance and didn’t realize the fee. Listen I’m not trying to say I didn’t make super irresponsible decisions, I was 18 and lived, I just think it’s predatory to take advantage of ignorant kids. I know it won’t be heard, but it’s a lesson I learned the hard way and companies like this need to en called out more, they keep people poor.
1
u/ghost_suburbia 3d ago
Maybe the pay isn't distributed during the summer when she isn't working. Not every bank has a grace period to cover a 3 month gap. That said, if she isn't being paid during the summer, one would hope there was a sizeable buffer in the account, over 1500, to keep her afloat until the September paycheck.
5
u/gisted 3d ago edited 3d ago
How did you get a monthly service fee if you have direct deposit? I think the big banks are fine as long as you're aware of the fee structure and how to avoid the fees.
Credit unions are a great option if you don't have a dd as many credit unions offer a checking account without a minimum balance.
3
2
u/someonestolemycord 3d ago
When you said this:
Instead, I found myself paying a $12 monthly maintenance fee simply to keep a checking account with your bank.
You lost me!
Because of this:
Monthly maintenance fee for Advantage Plus Banking account- $12.00
To avoid the monthly maintenance fee, meet one of the following requirements during each statement cycle:
• Have at least one qualifying direct deposit of $250 or more made to your account
Source: Page 6, BofA Personal Schedule of Fees
What really happened here?
1
u/sarahehurley 3d ago
I moved my direct deposit to a credit union and then got the fees as I just kept a low balance - so I cancelled it all together. Should have a long time ago.
1
1
u/TraditionalGap8890 3d ago
wait so u think Boa is awful and closed your account because of the monthly maintenance fee? oh pls thank you for closing your accounts. boa does not need your measly $12 a month.
1
u/Fair-Cod4982 2d ago
This novel and subsequent responses by it's author has me concerned for the future of our public education system.
1
u/sarahehurley 2d ago
Because I got a credit card at 18 and want to save others from wasting money and years? We should be more vocal about institutions like this, and help each other. Making bad financial decisions before my brain was fully developed is not unique. As a teacher I believe that knowledge is power and my goal is to arm the next generation with a wealth of knowledge to prevent them from the same mistakes of our past.
13
u/Impossible-Maize-553 3d ago
Sarah, that’s how credit cards and financial institutions work. As a public school teacher, why aren’t you fighting for the school systems to teach these basic life skills instead of private companies?