How Bank of America Gave Away My Money

Source please?

I grew up in an evangelical home and went to church every Sunday - and have never heard of "may his tribe increase" aside from that poem.

Bitcoin is the solution.. banking is broken for consumers because once you give a bank your money it's NOT YOURS.

That's certainly an interesting take. In all of my dealings with small banks, it was always easy to get an EVP on the phone to sort out problems. That's now virtually impossible dealing with large banks. Frequently I find that even people whose titles indicate they should have power to solve small problems frequently don't. They need to get committee approvals for anything that isn't already governed by their procedure manual. As with any organization, as banks get bigger and bigger, they have less ability to self-regulate and quickly fix mistakes.

BTW, it's not that anyone who has problems with things like the CFPB is necessarily ANTI-REGULATION. It's just hard to grasp how much regulation exists if you're not involved in this industry. And you need to consider the consequences of this kind of regulation. You can't complain that banks are too big to fail if you're simultaneously implementing regulation (even with the best of intentions) that is directly driving banks to get bigger and bigger.

> That's certainly an interesting take. In all of my dealings with small banks, it was always easy to get an EVP on the phone to sort out problems. That's now virtually impossible dealing with large banks. Frequently I find that even people whose titles indicate they should have power to solve small problems frequently don't. They need to get committee approvals for anything that isn't already governed by their procedure manual. As with any organization, as banks get bigger and bigger, they have less ability to self-regulate and quickly fix mistakes.

The EVP (or at least someone with that title) basically told me their records were correct and to pound sand. It was escalated pretty quickly when I made it clear I had a full record of my previous contacts with the bank (including a bank employee agreeing in writing I had cancelled the application) and the dollar amount was large enough I was not going to let it go.

> BTW, it's not that anyone who has problems with things like the CFPB is necessarily ANTI-REGULATION. It's just hard to grasp how much regulation exists if you're not involved in this industry. And you need to consider the consequences of this kind of regulation. You can't complain that banks are too big to fail if you're simultaneously implementing regulation (even with the best of intentions) that is directly driving banks to get bigger and bigger.

Honestly, I'd rather have _well regulated banks_ than no big banks. I don't care if some bank has 15% of the market. I care that there are at least enough competitors (10+) in the market for it to be a competitive market.

But yeah, from my perspective the CFPB is really just a separate arbitration process that keeps people from having to go to court to dispute issues + some post-2008-meltdown regulations. Sure, some problem are excessive but 90% of them likely are not.

BOA is probably the worst institutions I've ever dealt with and I never even opened an account with them.

I did get to close one I had with them though and that was a very good day for me because I was among the very 1st of many here who did the same and I got to watch what happened to them here from start to end.

They came to Branson Missouri and bought out a well loved local bank where I had my business account. I closed it as soon as I found out. As the new management came and started enforcing BOA policy people learned fast that I and a few others familiar with them weren't bullshitting about them.

Soon, the long time employees of the old bank started leaving because they weren't willing to piss their friends and neighbors for BOA and, of course, they told everyone why they left. Most went to work for one of the several other local banks here, and all their close friends and family moved their money with them.

When the last of those employees were gone everyone here started moving their accounts over to one of the still locally owned banks and in just a few years BOA didn't have hardly anyone left here to screw so they closed their doors and left town.

I will always admire my neighbors here for that. I knew people who let that bank abuse them for decades out in Los Angeles and I could never, not for the life of me, understand why.