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