Why Bank of America is Too Big

October 3, 2008

Bloated BofA

With all this consolidation and shrinking of competition in the banking industry comes huge corporations that are too big to provide any kind of customer service at all.

You would think that a bank as big as Bank of America would make it easy to open an account online. After all, I am trying to give them my money. I went online to open an account because there was a coupon code that I found that supposedly gives $100 for opening an account with no direct deposit requirements and $25 minimum deposit (WGSUOISI808, but YMMV – your mileage may vary). So I decided to open an account online.

First sign of trouble was a warning at the top of the screen saying that due to high volume, accounts were being processed 3-5 business later than usual. That seemed a little strange for one of the largest banks in the country. You would think that they would have the systems in place to be able to handle higher volume. But the opening process online went smoothly. I put in the code for the $100 and went off on my way.

Several days later, however, I receive an email from Bank of America stating that my online passcode was reset. That’s funny. I never even set up my online passcode. So I called the customer service number and after navigating the horrible phone tree which I could not get out of (it kept asking for my account number that I didn’t have), I finally spoke to a customer service rep. Well, guess what? He was a part of the east coast call center which apparently cannot handle west coast accounts. So after I was on hold for twenty minutes (for nothing), I was transferred to the west coast call center back in the same phone tree and on hold for another fifteen minutes before I spoke with someone else.

The CSR then asks for my account number again (which I don’t have). She verified my account with some other information. The nice lady on the other line listens to my problem and looks into it. She says that apparently when it says that the passcode was reset that it doesn’t mean it was reset. It means that my passcode was set up. Well, why didn’t it just say that my passcode was set up then? If you can’t tell, I’m a little annoyed at this point.

So she gives me my online ID and passcode over the phone (I’m not sure if they’re supposed to do this or not) and I’m able to login to my account. My advice to you: skip the hassle and the lack of customer service and stay away from Bank of America!

BofA, you can keep your $100. I don’t want it. It’s not worth it to open an account with you. Where has all the customer service gone? That’s why I opened a WaMu account way back when. Because at least they had a little hint of customer service. I hope it stays that way with the acquisition by JPMorgan Chase. The other “big” bank that had a little customer service was Wachovia, I mean, Citi Bank, err… Wells Fargo? I don’t know. Now I’m annoyed and confused. 🙂

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One Response to “Why Bank of America is Too Big”

  1. Nicholas Says:

    Exact same thing here!!! Thank you for the post, makes me feel relieved to know I am not alone.


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