St. Louis Union Withdraws $100,000 From 'Unethical' Bank Of America

A St. Louis union dumped Bank of America on Friday morning, closing a $100,000 account to spank the bank for its bailouts, bonuses and foreclosures.

"This is a really unethical institution that we shouldn't be supporting or doing business with," said Bradley Harmon, president of the CWA Local 6355, which represents some 7,000 public sector workers in Missouri. "We shouldn't be supporting Bank of America with our dues money."

Harmon said the money will be deposited with Enterprise Bank in St. Louis.

He said he was particularly appalled by the bank's performance modifying mortgages under the Obama administration's Making Home Affordable program.

"Instead of using the taxpayer bailout money to stabilize itself and help working families keep their homes, Bank of America has spent it rewarding its incompetent bosses and lobbying against legislation to help working families and reform our financial system," Harmon said.

Bank of America is not pleased.

"We regret their decision," said a spokeswoman. And BofA has a beef with union's accusation that the bank is doing nothing for the economy: "The bank is committed to supporting and stimulating the economic recovery. In the first quarter we extended almost $150 billion in credit across both the consumer and commercial sectors."

The bank also stood up for its mortgage mod efforts: "We completed more than 77,000 permanent modifications in the first quarter through all programs, and since the beginning of 2008, Bank of America -- and previously Countrywide -- has provided homeownership retention opportunities to approximately 819,000 customers."

Under the Home Affordable Modification Program, Bank of America has permanently modified mortgages for 26 percent of eligible delinquent homeowners -- the lowest conversion rate of the four biggest banks.

Harmon said he had not heard of the Move Your Money project, which encourages consumers to withdraw their money from Too Big To Fail institutions in favor of local banks.

Look for more union chapters to pull their money in the future: "We are starting to talk to other CWA locals and encouraging them to do the same," Harmon said.

Comments

[bgood0822]

10:33 AM on 05/13/2010

The new credit they're extending is at a exteremly high intrest rate.

[TeeLolly]

12:10 PM on 05/09/2010

When larger depositors, such as this union, move their money, it's bound to hurt more than when individual consumers move their typically smaller accounts.

Way to go CWA Local 6355!

[jcaunter]

02:15 AM on 05/09/2010

They are "extending credit"... Read, "making new slaves to the bankers".

Amazing that they are touting extending credit and restructuring a few loans (without cutting principle) as ways that they are "helping" people.

[PhilipTaylor]

01:07 AM on 05/09/2010

People are being SUCKERED INTO MORE DEBT BY MADISON AVENUE AND WALL STREET!

DARN!

[Carolab]

01:37 AM on 05/09/2010

It's a command economy worldwide.

[SeenItBefore]

10:15 AM on 05/08/2010

Congrats for the union's pro-active move.

We need to starve the born out of wedlocks out.

I gave W.F. the boot after 38 years. I had done this many times before and every time I moved my money, WF swallowed my new bank.

This time to a credit union and it was amazing. For ten bucks, I was given a tour of the facility, introduced to all present, including the guard, presented with a list of services longer than my arm and a carry bag for all the goodies. Soon my credit cards will arrive with a fixed 8% rate, down from the 17.9% at Cap One, 16.9% at Discover and 16.9% at BofA. My Line of Credit dropped from 14.5% to 9%.

Life is once again good. The final straw was forgetting my pocket money, debited a taco and coffee for $4 and got $70 in fees for a 24 CENT overdraft, even though I covered the short when I discovered it 15 minutes later.

Next, back away from the pasta bowl!

[tjconkster]

07:40 PM on 05/09/2010

Let me guess, W.F. ran the overdraft in before the deposit, even though the deposit was "in" before end of business..Such a scam..

[Tunghoy]

10:02 AM on 05/08/2010

The unnamed spokeswoman said the bank isn't pleased. Maybe she'd be pleased if she went to work for an honest company instead of a loan sharking outfit.

[MudBaby]

11:33 AM on 05/15/2010

I wasn't pleased when Bank of Effing America allowed a shady insurance company identified only as a 1-866 number on my bank statements to deduct over $20 per month from my checking account for ACIDENT/DISABIL [sic] insurance. This went on for MONTHS, and in spite of numerous complaints to BOFA, my state insurance commissioner, my state attorney general's consumer protection division, the FTC (for violation of the Do Not Call law), I never could get my money back.

Like SeenItBefore, I also enjoy having a low fixed rate Visa account, interest on my checking accounts and peace of mind that my credit union will never pay obscene salaries and bonuses to its top brass--because it doesn't have CEOs and fat cat board members, or rich dividends to its shareholders, because it is a non-profit institution operated by and for its members. Recently, I moved my mortgage to my credit union and locked in a 10-year mortage at a fixed interest rate of 4.125 percent.

I am baffled why anyone would still do business with a retail bank after the ways in which these greedy corporations shafted the American people during the current economic crisis, which in spite of press reports isn't over by a long shot.

[gjc1n1]

09:44 AM on 05/08/2010

I'm so gald to hear that CWA is withdrawing its money from BOA. I've been waiting since December 2008, that's right 2008, not 2009, for a home loan modification on my TWO loans with them. I've recived four answers: Yes we will, No we won't, Maybe, we'll think about and oh did I say four answers? The last answer, it's BOA saying we'll ignore all your calls, letter, faxes and e-mails. Maybe you will just go away.

[Pandaforum]

09:10 AM on 05/08/2010

this is definitely the pot calling the kettle black.

[rowzeer]

12:24 AM on 05/09/2010

Really because a union never screwed me over and B of A has

[jetskier]

08:37 AM on 05/08/2010

Not Surprising......with a name and reputation as lousy as "Yank off America" has, it is not surprising that more customers haven't stormed tthe gates, demanded their money, and opened up accounts at smaller local banks and credit unions where they actually know your name and have a greater compassion for the ordinary Joe or Jose...

[Americatheteenager]

07:51 AM on 05/08/2010

Let's not forget that if your name is Rodriguez, Perez, or (insert Hispanic name here) and you have no documentation like a passport with a valid visa, or a driver's license, or a green card, or a SS#, BOA will gladly allow you to open an account but anybody else has to prove their identity for any kind of transaction... of course because BOA will never turn down business!

[rowzeer]

12:25 AM on 05/09/2010

Never heard of that especially now....the patriot act requires identification for a bank account

[Jason Abdon]

06:31 AM on 05/08/2010

BOA is a criminal enterprise of the first order. I charge them with account manipulation and out right fraud. I think their workers children should be taken away as their parents are common ordinary criminals that should be incarcerated because they have been warned that they work for a criminal enterprise. I have no compassion for them or their families. They have lied, cheated, and stole from American families, individuals, and the American government for so long that they have zero guilt. If BOA employees all died tonight I would ring those wine crystals to toast their passage to death.

[Vladimira Lenina]

06:09 AM on 05/08/2010

Congratulations, but what took you so long?

[ckwalker]

05:08 AM on 05/08/2010

The Modification scam is even bigger.. they say they will modify you take your money then say you don't qualify and try abandonment and other sneaky ways to steal your house, i am currently still fighting a loosing battle and somehow the banks have also bought the Cali fed courts with the foreclosure mess. I was not an innocent with the ways of soft laws and government, yet the modification foreclosure, bailout deal is one of the biggest scams of ll time and it' still not being exposed..i wonder what a hold the shite house must have on the media.

[ckwalker]

05:08 AM on 05/08/2010

TY for at least mentioning a little of it, Delaney, yet there are deeper facts missed the ploys they play those 819,000 they just give them opportunities to collect more money under completely false pretenses and the permanent modifications are still only trial periods, they kick most of those again after taking more money from the struggling home owners, get their gaurd down that hey will be able to keep their house and the foreclose out from under them with their sneaky tactics.. as most properties were already secretly foreclosed upon and in MERS securities...but the owners have no way to hir lawyers to fight, and again the CA courts are ruling favor of the banks not crying that they cannot show true ownership.. and this crime will many decades from here reveal itself, when the real bottom drops out and when one reporter has enough courage to reveal whats really happening and the huge machines behind it... stealing the American dream from America, where did my little pink house go?

[DMSmith]

03:59 AM on 05/08/2010

Years ago I took my money out of Wells Fargo - by far the worst bank - and went to BofA. A few years later I'd had it with BofA and left them.
Currently, I do as little business with any major bank as i can. I'm much happier and keeping much more of my money and control over it.
I'm 65 years old and I can remember a time when most of what banks do to their customers was illegal and a banker who did it could go to jail. THEN banks could be trusted.

[MarjoleinDeJong]

04:44 AM on 05/08/2010

Yes, I understand in some states sodomy is still illegal.

[Americatheteenager]

07:52 AM on 05/08/2010

Really? Have you been living under a rock?

[DMSmith]

01:33 PM on 05/08/2010

ROFLMAO