Dear Bank of America
If you’re reading this, you probably already know that I’m gone. Please don’t be upset. I had to do what was best for me. For both of us. The truth is, things probably would have gotten a lot worse if I had stayed, and I don’t think either of us would have wanted that.
This isn’t easy for me. I mean, when we began our relationship, I was in high school. Things were good for such a long time. You helped me out in college, waving that overdraft fee when I was a freshman. You didn’t have to do that. You were also big help when I was traveling. Even when you put a hold on my debit card while I was alone in a developing country that I told you I was going to be in, I forgave you. I knew it was just because you were concerned for my financial safety. And I’ve never had a problem with your customer service.
Like you, I had a lot invested in the success of this relationship. We’ve been together now for ten years. I wanted it to work out.
Lately, though, I’ve become alarmed at your behavior. I started noticing the way you treat other customers and your employees. A huge layoff like that doesn’t seem like a sign of financial health. I know you don’t want to hear this, but some of your mortgage practices have been frankly abusive. Since our relationship was still OK, I didn’t want to make a big thing out of it. But I began to worry about how you would treat me when it was time for us to buy a house together.
Then you started spending so much and so recklessly. You started picking up other banks, even ones with dangerous habits and serious problems. You took a lot of risks. I began to feel vulnerable. I don’t mind that you want to work with other people, but when that behavior threatened my own financial security, I realized there was a problem. Since you keep on acting like you’re too big to fail, I didn’t know how to bring it up. I just knew that if something happened to, say, your investments with Merrill Lynch, I didn’t want to be left exposed.
The last straw was when you threatened to raise fees on my debit card. That was very hurtful to me. Sixty dollars a year might not seem like a lot to you, but you know I don’t have a lot of money. That was when I realized how unimportant my needs are to you. You really don’t understand me anymore. Sometimes I wonder if you ever did. I know you apologized and said you’d never do it again, but I just can’t trust you. All of my friends are telling me you’ll find another way to raise fees. And that’s not what a banking relationship is supposed to be about.
I hope this is the wake-up call you need. Without customers like me to worry about, maybe you can take some time to work on yourself. I really do wish you well. I think if you get control of your finances and your health, and take some responsibility for your bad decisions, you’ll attract another great customer before you know it. If you need legal representation or a loan during this difficult time, I recommend the United States Government.
Oh, and I feel like I should let you know: I’ve been seeing another financial institution for a few weeks now. You’ve probably never heard of it, but it’s a local credit union with great fundamentals. That’s where I’m going. And they’re really, really happy to be with me. I hope that you can be happy for me too. I think after the dust has settled, you’ll realize this is for the best.
Take care of yourself.
Love,
NVB
