Complaint Review: Bank of America

type in 411913 at this site and read what is posted in 'Consumer Comment #17' at Ripoff Report #411913, entitled- *5th GLOBAL ALERT!!!!!

Here is how that consumer comment starts-

Quote: "A Professor at the Harvard Business School for executives said that the money is only there once it is realized."

Your Ripoff Report seems to be a good example of what the Harvard Business Professor was trying to convey to his class of executives back in late 2004, wouldn't you agree?

Good luck to you!

Thanks for the Tip. When I wrote the complaint, I did not

realize that my statement would be construed as an exaggeration. Your right, I

should not exaggerate, and I did not mean to. I was attempting to keep it

simple. I didn't include many of the little details. But when the account was

set up, it paid interest daily, not monthly. My statements ran from the middle

of the month to the middle of the next month (not the 31st). Therefore I assumed

that I was entitled to interest in March for the days that they continued to

hold my money. If this situation was reversed, if I were paying off a loan, the

bank prorates the days in the month and charges the consumer.  (I should also

note that when I closed an account at a different bank, that interest was paid

up untill the day that the money was removed. Apparently there is no

standard).

My December statement, dated December 17 2010 for the period

11-16-10 through 12-17-10 had interest posted to my account on 12-17-10. My

January statement for the period 12-18-10 through 01-14-11 had interest posted

to my account on 01-03-11. My February statement for the period of 01-15-11

through 02-11-11 had NO interest being posted to my account. I have not yet

received a March statement for the remainder of February and the beginning of

March.

But that's not really the point. I couldn't care less about the

interest that would have accumulated for a couple of days in March. All of these

little details are distracting facts away from the purpose of this complaint.

The point is that a savings account is a low yield, low risk, highly liquid

place to keep your money. The basic principles of a bank is to return funds upon

demand. All the money in the account was transferred in from a linked checking

account and could have been transferred back out the same way in a matter of a

few business days.

The main purpose of the complaint is to let other

consumers know that Bank of America is getting away with unfairly holding money

for months after a request to close an account. Opps! there I go again, if I do

not count the time it took the check to arrive in the mail, they didn't keep my

money for months, just barely over two months.

EXAGGERATE POEM

Don't ever lie
Don't ever hate
And please don't
Ever exaggerate
Be cool and calm
You'll feel much better
Just mail the Fed
A complaint letter
This poem's over
He's feeling great
He got his money
But had to wait.

End.

Anyone can type in 271771 at this website and go to 'Consumer Comment #2' at Ripoff Report #271771 and read the last thing stated in that consumer comment, which was posted on September 2, 2007. Here is the last thing stated-

"Write a letter, you'll feel better!" - 9/2/2007

"no interest being paid from January through March"

Today is March 12th and you have already received your money so you did not earn interest "through March." The funds would have to be there until after March 31st to qualify for that. Your complaint loses credibility when you exaggerate.