Update on Bank of America/Working Assets
Kasia May 23rd, 2008
As I mentioned in my update to the BOA/WA post, I received a combox reply from the Director of Customer Relations at Working Assets. He and I had a very courteous exchange, and I am being put into Working Assets’ system as a “do-not-solicit”. Which isn’t ideal, of course, as the perfect-world solution would involve their not having my information at all; but since we don’t live in a perfect world, I’m very satisfied with what we were able to work out.
Big Seester, meanwhile, did a little quick research on BOA. Turns out they’re being boycotted by several groups:
- Life Decisions International;
- several groups who are upset about BOA’s decision to issue credit cards to persons without Social Security numbers (if you google “Bank of America” boycott, you’ll see plenty of hits); and
- they’re apparently in the doghouse with the Rainforest Action Network.
All in all, it’s enough to make me think they don’t really need my business. Now, my main reason for closing my account is the LDI boycott. I’ve heard a lot of mixed rhetoric about the second one, and I haven’t been able to slog through enough of it to feel comfortable that I’m hitting near the heart of the issue. As for the third one, I do not know much about the Rainforest Action Network or their credibility, nor do I feel competent to make any kind of judgment about their claims.
So I’ve drafted my account closure letter, which I will tweak over the weekend and send off to Bank of America next week. I’m a little nervous, because this account is paid off and is thus currently reflecting favorably on my debt-to-available-credit ratio, but I’m just going to push off and trust in God. I’m trying not to use credit anyway.
I closed my bank account when BOA bought out my bank because the tellers, who’d had their own accounts there, were moving them to other banks. I still had a BOA credit card but cancelled when I found out about their policy regarding extending credit to illegal aliens.
After I cancelled, one of my friends told me that they’d raised her rate by more than 10% for no apparent reason. I checked my last stub and, sure enough, mine had mysteriously risen to 18% although I paid it off in full every time!