Bank of A**holes Fires Employee After Helping Customers.
Bankof America fired Jackie Ramos after she took a stand against the bank's$15 "convenience" charges and $39 over-the-limit fees so she couldsleep better at night.
"There was something inherently evil about my job," the 23-year-old said in a YouTube video she uploaded on Nov. 27, two days after her termination.
Ramos, of Fairburn, Ga., worked as a "customer advocate," whichinvolved calling people who fall behind on credit card payments andeither encouraging them to pay or modifying their accounts. But not allcustomers qualify for modification programs that will help them, andRamos grew tired of saying no after six months on the job.
"So I stopped denying people," said Ramos. "I helped people get onprograms that they didn't necessarily qualify for but who definitelyneeded the help."
Bank of America declined to comment on Ramos's video but confirmed her account of the firing.
"Ms. Ramos clearly violated some bank policies, particularly aroundmisrepresenting customer information," said spokesman Tony Allen."Perhaps more egregious, she encouraged customers to misrepresent theirinformation."
Allen said that as of Oct. 31, Bank of America has modified over onemillion customer accounts totaling $10 billion in outstanding debt bylowering interest rates or modifying monthly payments. He said the bankexpects to modify between 1.2 and 1.5 million consumer and smallbusiness credit card accounts in all of 2009.
In an interview with HuffPost, Ramos emphasized that she did notmake the video out of any bitterness toward Bank of America, and shesaid that she does not consider her former employer any worse thanother credit card companies -- she's angry about the whole system.
"I feel like there's a real credit problem in this country," shesaid. "Too many people are complacent... Slavery was also legal at onepoint in time. It was the law. Now we have 30 percent interest rates,$39 late fees and over-limit fees. I want the laws changed. I want thefederal government to protect its people and do what it's supposed todo."
YouTube has been an effective venue for bank customers outraged thatan industry kept afloat with taxpayer dollars is raising fees, interestrates and minimum monthly payments. Ann Minch of Red Bluff, Calif. wona reduced interest rate after she declared a "debtors' revolt" in September. Her video spawned imitators such as former Bank of America employee Ben Frasier of Douglas, Ore., who said "Bank of America will stop at nothing to turn an insane profit at your expense."
Personal finance guru Suze Orman hailed the "debtors' revolt" and said banks should take notice.
In her video, Ramos said she'd never forget one customer inparticular -- a 24-year-old mother with cancer who'd recently lost hermom and husband but still wanted to pay off a $6,000 debt. The womandidn't qualify for any program that would help her.
"She sobbed on the phone telling me she couldn't afford the 30percent interest... that we had her account on. She couldn't afford the$39 late fee, the $39 over-limit fee. She told me that we were herfirst credit card when she turned 18, we were her only credit card, andthat she was a loyal customer. And given the time to be on this earth alittle while longer she would have always remained a loyal customer.
"According to Bank of America, she doesn't have enough income to beput on a program, but she can however keep paying the high interestrates on the account, and fees, because at the end of the day, it isher account, she did rack up the debt, she was late, and she diddeserve the 29.99 percent interest rate."
Ramos lives with her fiance and two-year-old son in Fairburn, Ga.
FACILITATOR: I added the following comment to the above article appearing in the HuffingtonPost:
You are not alone. We believe that it is "BETTER THAT 1 BANK GO BANKRUPT THAN 1 MILLION AMERICANS". DO YOU? Don't hold your breath for Congress. See www.Better1Than1Million.com for what you can do. Stop felling victimized by legalize loan sharking, greed and powerful lobbyists. We have the power but need your power, too. Together we CAN SHUT these banks down. Join us.
I am astounded by the arrogance of those who call you and me stupid.
I am astounded by the arrogance of those of you calling others stupid and paint everyone with a broad brush stroke. Have you even thought you might just be wrong? Probably not.
I am for free enterprise but not when it comes to community services, such as police and fire departments. When a service is needed by all citizens and easily abused by business owners, such as utilities and sewerage services, then government owned and operated or quasi-government or non-profit organizations provide better services without abuses.
I have never thought of banks falling into this category, but now I do. I have gone from believing the government should not take over the banks this past year to now supporting a public role in providing banking services. The abuse of changing credit card % from 12.99% to 29.99% and cutting people's credit limits in half for not justified reason directly affecting their credit score without any cause on their part is more than exercising the rights of free enterprise. It is clearly abuse and greed causing deep harm to innocent and decent customers who assume the banks would continue to deal fairly and reasonable in providing credit and services. With banking services being an essential service for everyone in today's society, basic banking services have become more like an essential utility. And, the banks, including credit unions, have clearly abused their customers with unreasonable charges, fees and rate changes. When one sees that these same institutions and their lobbyists essentially control the rules of the game through Congress, then the average person does not have a chance to control their destiny. Don't give me the crap about people should not carry a balance on their credit cards or over extend themselves or people can change their banks., because that is just horses**t used to justify that the free enterprise system works if people stayed within their means. You and I know that the banks control the elected officials and that corporations in general control Congress. It no longer matters who is right or wrong. The average American is feed up with this abuse and hopefully will start taking actions to create a publicly owned non-profit banking alternative that is based upon decent rules of conduct and do not abuse decent hardworking Americans. If you feel this comment is hogwash, good for you, just move on and leave us alone to do our business, but if you are sympathetic to the bank abuse of the average person then join us at www.better1than1million.com where we believe it is better that 1 bank goes bankrupt than 1 million Americans.
Save 50% on credit card debt - More Wisdom and Experience from David
Speaking of credit cards, I have another tip you wish to pass on to your readers. I would have posted it under the comment sections of your blog but I don't think it would get much visibility there. If you want me to post it on your blog myself, let me know where. Anyway, here's the story --
Awhile back, I had some financial problems with credit cards that were due to both mistakes on my part and their shady business practices. I was using four cards to pay for daily expenses and dividing the costs between them. I was tempted by the zero percent interest rates some offered and was making payments on time. At that time, two the banks merged and instituted policies that I wasn't aware of which effected two of my cards. The result was that when I went slightly over limit on one of the cards, they froze not only that card but another one as well and raised the interest rates on both! The previous policy never froze the account but just added a modest fee. This ruined my cash flow and things spiraled out of control after that with the other cards following suit when I made late payments to them.
Here is my tip for those who may find themselves in a similar situation.
It got to the point that none of them would negotiate and lower the interest rates so I stopped paying them. After you stop payments for six months, they're willing to settle and will accept 50% of what you owe and forgive the rest of the debt. If you negotiate harder with them, they will forgive more but 50% was fine with me so I raided my retirement fund, paid them off and suffered a huge hit on my credit rating. You'll notice I said MY credit rating but NOT my wife's. Since most of the credit cards were in just MY name, it was only MY credit rating that got hit. When my wife and I had to refinance, we did it in her name and got a favorable rate. After getting out from under the credit cards, we were able to pay everything on time so my credit rating has recovered. Recently, we took advantage of the lower interest rates and refinanced under better terms using both our names.
The lessons to be learned are:
1) Never include using numerous charge cards as part of your financial plans - even for a short time.
2) If you HAVE to use credit cards and are married, DON'T get them under both of your names. Let one person take the credit rating hit.
3) Pay attention to changes in your credit card policies. I never used them much and wasn't used to cards that changed interest rates and credit limits for no reason.
4) Forgiven debt is taxable! Be prepared for the tax hit on your extra "income" on your 1040 form.
5) Don't get too greedy in your negotiations. Eventually, they WILL take legal action so you want to strike a bargain while it's at your advantage.
I hope this helps.
Keep up the good work Don.
Dave
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Maybe part of the negotiations could be for them not to report blemishes on your credit rating. Since they have ruined my rating by dropping limits, I don't care any more personally, so i am not planning on paying anyway. Let them spend the money to take me to court and collect.
Don
Banker says he wants to help.
"I just want to help you with what you're doing. This is part of the solution."
CITIBANK uses the Good Customer ploy
Asked if there was a problem.
I said no, i don't have a problem, you do. You raised my rate to 29.99% and I am not going to pay you any more.
Then the rep said something like maybe we could work out a payment plan.
I said nope, I am not going to pay you any more. You can do what you have to do or take me to court but I am not going to pay you any more.
Then the rep started to say maybe we can help you or something along those lines.
I said, nope. You didn't want to help me before and I don't trust you any more.
Good-by and hung up.
CHASE will NOT let me close my account,!
I told the bank rep that I would not be responsible for any payments they made from this account and handed him a letter to that effect (see below). He then said it did not matter, CHASE will continue to pay any automatic payments submitted and charge over draft fees, to boot.
So, you see, CHASE told me that I could not close my account and will be charged fees should they pay out something from it by THEIR choice.
All I can say is, GET YOUR MONEY OUT OF THAT BANK ... NOW!
************************************************************************************************************************************
The letter I left with CHASE reads:
The bank rep said that they will still pay any automatic payments because they have a contract with the party submitting such payments. We went back and forth a little and he then said well I am not going to argue about it that is the way it is. I said we will see and left. You cannot even close your account according to CHASE and will rack up fees and charges although you removed your money and closed it. So get your money out of there ... NOW!
"To Whom It May Concern;
I wish to close my account on Friday, November 27, 2009.
To my knowledge there are no outstanding checks or debit charges.
Since I am closing my account today, I will not be responsible for any advances or payments you make from this account in the future since it will no longer exist. If you do so, you do so at your own risk and I will not be liable for such payment for I no long longer have a business relationship with you and no longer authorize you to make any payments on my behalf. Should you do so, I will also not be liable for any overdraft fees or related charges since I will no longer have an account with Chase."
Response from Readers
Now, that makes two of us. ANYBODY ELSE!!!
I cashed out my OSU Credit Union account today and have cut my debit card transactions to about 1/3 of what they have been. I will soon only do cash until I set up a new account somewhere and will only get a debit card if it is MC and not VISA and only use it sparingly so as to not generate debit fees for the greedy green giant. Without any effort in the past couple of weeks I have decreased computer payments, increase check and cash transactions and cut debit card transactions to 1/3. I have also not used a credit card for any transactions.
Just got another email from a reader stating that MC, Discover and American Express is just as bad why boycott VISA?
I agree they are all stink from the same sewer but I felt that we had to focus on one to concentrate our efforts and show results. If we can impact one of them, the others will perk there ears up really quickly and listen to us. Please shift your purchases to avoid vendor credit card and debits card fees that feed the sewer rats. Use cash or checks. As I mentioned above, I am proud to say the I have cut my use fees by 2/3rds and soon by 90%. Avoid VISA at every step. Pay bills in multiple check payments, especially to the credit card companies. Increase banking costs, transaction volume, mail volume, keep them on the phone more often and longer, slow up the lines. Rumple your checks, especially the numbers at the bottom so they have to be hand processed, make separate deposits instead of all in one. You get the idea.
Get This from CHASE
So Friday or Monday I will drop off a letter and close my account as of that day. If they retain any amounts waiting for the pending amounts to clear then they understand that no other amounts submitted will be my responsibility and if paid by them it is at their own risk. I am not responsible for any additional amounts paid out because I am not authorizing any amounts above my balance and will also not be liable for overdraft fees because I have closed my account.
Another Suggestion by David
I was surprised and pleased that you posted my email on your site.
Here's a technique my wife uses that I thought you may want to pass
along to your readers.
Many department stores require you to use their credit cards in order to
get advertised discounts. Since many of these cards are run by Citi,
they have huge interest rates and late payment fees. The idea is to
entice you to use the cards to get the discount but to get it all back
when you miss a payment!
What many people don't realize is that you can make payments on these
cards AT THE STORE!
The way to get the discounts and not the card penalties is to buy your
items with the store credit card, and then PAY OFF THE CARD BEFORE YOU
LEAVE THE STORE. This way, you have no credit card bill, you get the
discount, and you don't buy more than you can afford.
I hope this helps and keep up the good work.
Dave
Letter to my Oregon Senators and Congressman
RE: Usury laws and lending practices
Dear Senators and Representative:
I believe you are out of touch with what is really going on in the financial markets and are out of touch with how upset Main Street America is about the inability to get business and real estate loans.
I do not remember in my life-time when such excessive
lending rules and restrictions existed.
All of the bailing out of the banks and the emphasis on lending has
failed to result in banks lending once again.
Wall Street may be giving you a sob story but
On top of that, Congress’s failure to pass usury laws and
quick credit card controls has resulted in people getting their credit card
limits slashed for no reason which automatically decreases their FICO scores
and increases their credit rates. With
no change on their part, people are getting hit with 22.99% and 29.99% interest
rates. The Fed policies, lack of
control over the financial system and your unwillingness to protect the public
from predatory practices and usury is having a snowball effect. Did I say that people are very angry? Did I say that I am seriously considering voting
anti-incumbent for the first time in my life?
I would hate to see that happen in
