BANK OF AMERICA Savings Account Rip Off St. Augustine, Florida
I took my 14 year old son into the Bamk of America on CR 210 St. Augustine in December 2009 to open a savings account and get him started down the right path. Little did I know that this bank would charge him a $5.00 per month service fee for his account. It ended up being $10.00 total from December until February 6, 2010.
I knew there would be very little interest paid but I never thought they would rip off a minor what amounts to 5% per month just for "saving" money in their bank. They knew exactly what they were doing and I think it is pathetic when these greedy bandits feel it is necessary to basically steal from a young man.
When I closed the account this morning they gave me all $100.00 and I promptly gave them back the $10.00 they originally charged with the hope that they use it to keep their lights on.
My son now has $90.00 of the original $100.00 but a valuable lesson has been learned for the $ 10.00 spent.
5 Updates & Rebuttals
Karl
Highlands Ranch,Colorado,
USA
MT,
#6Consumer Comment
Fri, November 30, 2012
When you feel that your son is old enough to learn another important lesson, have him 'Google' this- JOSIAH STAMP, 1ST BARON STAMP- WIKIPEDIA, and read more about him.
Mr. Stamp was a director of the Bank of England. If you 'Google' this- WHO OWNS THE FED, and go to the site with the five charts you will see that the Bank of England sits at the top of 'Chart 1'.
Feel free to read the two quotes that were made by Josiah Stamp. They are available at the wikipedia site. One of them starts like this-
QUOTE: "Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take away from them the power..." - Josiah Stamp
*It appears that Josiah Stamp was correct in what he stated in the above quote, wouldn't you agree? The Federal Reserve in the USA and the IMF in Europe are doing precisely what Mr. Stamp said, correct? They are printing more money in order to "buy it back again", right?
I believe that the youth of America should learn more about who really controls the banking system, Wall Street, and even the U.S. government. Once they understand the truth it will allow them to make better decisions in their lives, wouldn't you agree?
Happy Holidays!
Karl
Highlands Ranch,Colorado,
USA
MOB SONG 4.....
#6Consumer Comment
Wed, October 12, 2011
will be submitted at this website soon.
Just type in 269041 at this site to see if it is available in the consumer comments section at Ripoff Report #269041.
Thank You
***CREDIT CARD ALERT: Don't forget to stay at this site and type in all of the following and read the Ripoff Reports for valuable information if you have a credit card in the USA-
GM CREDIT CARD SERVICES
MASTERCARD
VISA
DISCOVER
AMEX
AMERICAN EXPRESS
CREDIT
CREDIT CARD
Karl
Highlands Ranch,Colorado,
USA
*THE HARVARD BUSINESS PROFESSOR PROVIDED A "VALUABLE LESSON" TO HIS CLASS OF EXECUTIVES IN LATE 2004 WHEN HE.....
#6Consumer Comment
Thu, February 11, 2010
conducted that class, wouldn't everyone NOW agree?
Robert
Irvine,California,
U.S.A.
A valuable lesson?
#6Consumer Comment
Sat, February 06, 2010
Let's see. Your have your Son open up an account. You find out they are charging him $5 a month so you close the account and withdraw the money. They REFUND the $10 and give him the full $100. But you say "Sorry Son even though they gave you your all of money back, you have to give them the $10 that they refunded to you". Yea, sounds like you taught him a real valuable lesson.
Actually in all seriousness there is a lesson here that both you and him have hopefully learned. To READ the terms and fees of the account. In the opening packet they give you one part will be the fees for the account. For their Custodial Savings Accounts if you have under $300 they charge $5 a month, there is no fee if you have a balance of over $300.
http://www.bankofamerica.com/deposits/checksave/index.cfm?template=save_minor&context=tabpage_Features
So when you go to open up another account this is something you MUST ask about. Some banks will have no fees for "custodial" or "minor" accounts, some will waive the fees if there is a minimum balance, and others will waive the fee with a minimum number of deposits or transfers a month.
Edgeman
Chico,California,
U.S.A.
Indeed...
#6General Comment
Sat, February 06, 2010
This is an opportunity for your son to learn a valuable lesson. The question is - will he learn the correct lesson?
Your son should note the importance of reading legally binding agreements and to pass on deals that are not in his best interests. He should also be aware of the consequences for signing contracts without knowing and understanding the terms behind those contracts.