Your Account Is Never Really Closed At Bank Of America  

Paul writes, "Did you know a "closed" checking account is never really closed? Today I walked to the local BofA for the third time to close a checking account that every month seems to magically re-open with a $5.95 account fee. What the manager told me was quite shocking."

While checks that come in for a closed account will "bounce," any electronic credit or debit will automatically reopen the account. So that one bill-pay with the electric co-op you forgot to change? Yep, that'll reopen your account. That one direct deposit of the two cents of interest you earn on a CD? Yep, reopened. Or in my case, the $5.95 account fee that the first two people who "closed" my account forgot to turn off - yep, reopens the account. "All we're doing is honoring the electronic debit agreement you signed with other merchants," he told me. "So," I said, "ten years from now if someone I had an agreement with previously decides they want to try and electronically deduct $200 from my account - that would reopen it." "Yes," says he. Seems like the transactions should just "bounce" and I should have to fix whatever problem it creates. I hate this idea of the bank trying to "help me." At least this month the guy waived the $6 fee. Last month they made me pay it to close the account and I was in too big of a hurry to put up more than a 2 minute fight. I live in Charlotte - maybe I should pay Mr. Lewis a visit and ask him why he thinks this is good for consumers.

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