Complaint / review text:
I've had a various personal checking and savings accounts with Bank of America (formerly Seafirst) for about 25 years and had been a satisfied customer. About six months ago, I opened a business checking account and savings account at the Stone Way branch in Seattle. They encouraged me to open a business IMAX account, since I would get a "much, much better interest rate" than with the standard business savings. They assured me that although there was a minimum balance, they would waive this requirement for my account.
For the first three months, I was penalized for a minimum balance violation each month. Each month, I complained about this, and was refunded the penalty promptly. It was a hassle, but the customer service was okay. After that point, I maintained a balance over the minimum, and this no longer became an issue. However, I noticed the interest I was receiving was 0.1%, far lower than the rate I was initially quoted. I called the branch and asked what kind of interest rate I could receive if I opened a business IMAX account and maintained at least the minimum balance. They said 1.0%. When I said I recently opened just such an account and am receiving 1/10th that rate on more than the minimum balance, they said: "Your account is in a different pool and the rates have been lowered for that pool. However, we can transfer you today to a pool with a 1.0% interest rate."
Keeping on top of what should be a very simple banking arrangement was becoming a part time job. I will be moving my business to another bank as of today, due to what I perceive to be a combination of dishonesty and incompetence. They obviously have much more short-term concern for shareholders than customers if they have to resort to bait-and-switch business practices. They've lost my trust.