ORANGEVALE, Calif. — Today's Why Guy question from Greg Jourden, who asks, "Why is Bank of America closing so many of their branches now? Not too long ago there were issues in getting the SBA loans out to those that really needed the help given the COVID pandemic. 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." J.P. Morgan Chase is "temporarily" closing 1,000 bank branches, or 20% of its locations, effective Thursday amid growing coronavirus concerns. Three tries later and I was actually able to talk with someone who listened long enough to help. Right now, in-person banking isn't as possible as it used to be, but times are changing. I received an email address to which I could capture and share my rants. You may opt-out by. Some people will always prefer to deal with cash, checks, or speaking to a physical person compared to digital banking. After a very tense conversation, I was told I could escalate it to the Office of President and was transferred. Now, we see financial institutions reaping billions of dollars in fees for processing loans to only their "best" customers. In short, the byzantine system that protects companies like Bank of America has been corrupted and perverted. ", 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. Three local Bank of America locations temporarily close amid coronavirus spike (WITN) By Staff. Six months later, many local Bank of America branches across the U.S. are still closed. I jumped on the chance to plead my case, knowing that this was my chance to tell my story and get someone to listen. ", 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. Jim, as he writes, is leaving Bank of America as soon as possible. All Rights Reserved, This is a BETA experience. Turns out they were completely wrong and have since apologized. I then asked Jim to describe in detail exactly his experience. 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. Find current open/close times and locations offering drive-thru or video-conferencing services. After my column appeared, I received one email after another written by business owners who experienced the same nightmare. Bank of America's vast network of branches fell to 4,411 at the end of June, compared with 4,542 a year ago. Bank of America hours have been updated due to the coronavirus. 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. Tax Pros, Leave Your Bad Habits Behind You. Ask Larry: Can My Wife Claim Social Security Spousal Benefits On My Record If She Files At 62? 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?" But it was the generic customer service line which "demanded" that I provide an account number. Many residents have reached out to News Channel 3 about this concern along with the trouble of using the ATM machines. Dr. Kotlikoff, I read your Forbes article on the issues related to the PPP Loan — especially related to the experience with Bank of America. 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. 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. Which means even more pressure on branches and staff. 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. I was told that this letter has been drafted and is in legal review. 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. Bank of America Corp. reports financial results Wednesday, April 15, 2020. U.S. Bank of America spokesperson. Dear Larry, Knowing that you shared your own horrible experiences with getting a PPP loan through Bank of America, I wanted to share my own story as it relates to the other side of the funding machine. That's a 28% drop. I'm wondering if the Bank has returned the money it apparently confiscated from the other 147 complainants. Capital One: 341 branches are open, while 120 locations and all Capital One Cafes are closed. U.S. banks and thrifts continued closing branches across the U.S. in November, shuttering 268 locations while opening just 54, according to S&P Global Market Intelligence data. The decision was made to protect the health and safety of the bank staff. Bank of America is closing 16 local branches—10 percent of its area footprint—in July. 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.". Colleen Haggerty, senior vice president of media relations for Bank of America, spoke about the temporary closures early on. 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. 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. I also demanded a formal letter of release to ensure that their ability to harm my future banking capabilities is removed. The planned … Bank of America has closed some of its locations temporarily. By now, I had plenty to share and did so in several carefully constructed emails to plead my case. Capital One. Several Bank of America branches in Florida will temporarily close due to the spike in coronavirus cases. Finally, she did agree to submit my account back to the analyst for "further review.". Bank of America has closed dozens of branches across Central Florida, including 12 local area branches in Volusia and Flagler counties, according to the … Jim was able to get his money back. 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. The number of bank branches peaked at 100,000 in 2009, falling below 88,000 last year, according to the FDIC. Published: Jul. I then asked Jim to describe in detail exactly his experience. Bank of America said the purpose is to care for the well-being of employees. Politics ... and there's no immediate plan to close 10% of the bank's branches, said Bank of America spokesman James Mahoney. On June 26, Bank of America sent a letter stating that they closed my account without any explanation and that "Our decision to close your account is final and may affect your ability to open an account with us in the future." ", When the first "real" employee answered, I was given a gruff answer that my accounts were closed… And? © 2021 Forbes Media LLC. The farm was that path and we have been blessed ever since. 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 also the eighth-largest bank in the world. ... Colonial Bank: Montgomery: AL: 9609: Branch Banking & Trust Company, (BB&T) August 14, 2009: Dwelling House Savings and Loan Association: Bank of America customer service information is designed to make your banking experience easy and efficient. On June 10, my SBA loan request was funded by direct deposit from the Treasury to my Bank of America deposit account. 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. ... "Closing branches … The Charlotte, North Carolina-based bank shuttered nearly 40 locations … As branches open, more workers are returning to the field. I wrote about a case I knew — my own. In fact, the bank's website shows a clear desire to keep its customers connected during this time. Problem is — both hard copy letters that I received in the mail were threatening — insulting — and just an outright slap in my face. Bank of America will continue to devote the necessary resources to help ensure your personal safety, while maintaining the services you count on. Bank of America is one bank where people can access their unemployment money. 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. Search The home-buying process can be exciting, whether you are considering new or existing homes or … MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation. 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. Bank of America temporarily closes 50 Central Florida branches amid coronavirus pandemic By Austin Fuller, Orlando Sentinel 7/6/2020 Protests: … 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? Consumers want to know if their money is still safe. Filed today and saw that there's a database of complaints that yield this information. There was no answer so I asked to speak to a supervisor who also treated me as a likely criminal. I was able to push enough buttons to get past that layer of security and have someone answer the phone. See his response below. 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. Most of Bank of America's staff members have been working from home. Most of Bank of America's staff members have been working from home. The bank closures include about 50 branches in … 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. If You Don’t Have It - Get It. 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. 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