Clipped this one from Reddit:
I think they are doing the customer a favor in the long run. I think I read that even Warren Buffett sold all his Wells Fargo stock too.
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Maybe they have 7-figs at BA and Merrill. I didn’t read it though either. My co-worker really likes the Merrill and BA combo, he’s on the highest reward tier, and gets nice perks. I guess it’s not bad if you are a self-directed investor at Merrill, which he is.
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I’ll certainly never do business with them again. My dad had a safe deposit with them. After he died, I closed the box in spring of last year. Still received a rent invoice last fall. Called and the rep said they would get it fixed. Fast forward to this fall - received yet another rent invoice. STILL in the process of getting this resolved. In my opinion, the worst bank ever.
Sounds a tad naive’ to me, I’d give it a 50% chance the “notice” was a scam not from BOA.
While it’s not that unusual to have six figures in a single bank account in the middle of something like a house purchase, if you don’t give them a heads-up they are likely to put the brakes on it.
I had a local bank start charging me a fee because I was not accessing the account in a few months. I had thousands of dollars in it and used it each season to pay laborers. I asked the clerk and then the manager to reverse the fee to no avail. Even after showing them that I had $35,000 coming into the account from a government grant, they still would not remove the charge. I immedietly closed the account and moved it to the credit union across the street. Two days later I also deposited that big check.
Banks…
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Bank of America closing your account without reason is concerning. Seek clarification from the bank and consider alternatives. If even Warren Buffett is divesting from Wells Fargo, it may signal broader industry issues.
Just before we sold our private residence once, we opened an account at a local credit union because it was going to be easier to transfer money to another state through their network of NAFCU member CUs. We asked them to put a note on the account that we would shortly be making a large deposit into the account.
Two days later our house sale closed and we walked into the credit union office with a $450,000 check, handed it to a young man at the teller’s counter and asked him to deposit it into our account. It turns out that it was his second day on the job.
He first glanced down at the check and got a puzzled look on his face that appeared like something between a smile and a frown, he held that expression for about 30 seconds staring at the check. Then he looked up at us and said “excuse me, I have to see the manager” and walked away. He returned in a minute with the manager in tow and completed the deposit.
It was a funny thing to watch someone just beginning a career to have such a jolting experience on his second day on the job.