I had large six figure chunk of change ( after the sale of my home) sitting in B of A. I was looking to put some of my cash into a CD. They had a great CD rate that was available on the internet only and not at the local branches. Huh?
OK, so I went along with it. I tried moving my money into a CD using the internet but found the proceedure a little confusing and required what I felt was excessive documentation, especially since I already had an account.
I phoned B of A up and asked if they could give me the “internet only” rate since I already had an account. They steadfastly refused — even when I threatened to withdraw all of my money.
So I withdrew every last penny.
Maybe it’s cheaper for them to have customers open accounts on the internet, but sheesh — sorry to use a cliche but that’s penny wise, pound foolish. What a stupid business plan. I’ll never bank with them again.
