Banks and Fraud: Bank of America Better Than Expected?

Comments (scroll down to add your own):

1. All these ratings are easy to manipulate so that you get the results you’re looking for. It’s especially fishy when they don’t detail the criteria they used. You just have to change the weighting of the criteria and you can have any set of results you want.

   Comment by Fiscal Musings — Mar 7th 2008 @ 8:26 am

2. Hmm…that is interesting. So a customer is protected against someone else being fraudulent but not from BofA trying to take your money. I say this after hearing about how BofA have raised their credit card rates ridiculously for some of their good customers.

   Comment by FFB — Mar 7th 2008 @ 10:58 am

3. I’ve never had a problem with BOA. Maybe it’s because I have extremely low expectations for a bank.

   Comment by Kyle — Mar 7th 2008 @ 3:18 pm

4. I actually closed my BofA account because their online “security” measures became a hindrance to banking. Multiple, mandatory security questions, choosing photographs, heightened security when connecting from a new IP… I’m not worried about fraud, I’m worried about being able to bank in peace and simplicity. WaMu doesn’t have any of those measure in place yet. If they add them, I’m probably off to find another new bank.

   And don’t even get me started on “Verified by Visa”. The credit cards I actually use online are now all MasterCards out of self defense, whenever I can control it.

   I’m a geek and can handle my own online security. Instead of coming up with true solutions to the security problems, these companies are just setting up additional hurdles between consumers and services.

   Comment by Ethan — Mar 8th 2008 @ 1:24 pm

5. What an interesting point about the discrepancy between the rankings and the real-life performance. For my two cents, I’ve never had problems with any bank EXCEPT Bank of America. Two separate credit card accounts through them created numerous problems throughout the years. In one case, they said that my payment was late every single month (when it was well within the payment due date) and I would have to call every single month to speak to customer service to get it taken care of. I wasn’t in a position to transfer the balance so this went on for several months until I’d paid it off in full. Annoying!

   Comment by Kathryn — Mar 9th 2008 @ 5:39 pm

6. I’ve actually been impressed with BOA’s online security features. It’s the only authentication scheme I’ve seen that shows the user confidential information so the user can verify that they’re not on a phishing site. And the “Safe Pass” feature always gets the pin to my mobile in under 5 seconds.

   Now, if they would just stop raising the minimum on my biz checking account…

   Comment by ding — Mar 9th 2008 @ 9:09 pm

7. I’ve been behind the scenes at BOA and seen their security procedures first hand. Top notch in my professional opinion.

   Comment by Jim — Mar 10th 2008 @ 11:46 am

8. I would think that BoA would be tops in securities. They can be annoyingly so. They’ve called me about very mundane transactions if I’ve made a transaction one state and then traveled abruptly so to another. This is good, and I appreciate that kind of attention. At the same time, i’ve seen friends get frustrated because their account gets shut down. Trying to take too much money out in Vegas for example. It’d be fine if things could then get easily straightened out, but often times it takes time. That’s why I’m a big fan of multiple bank accounts, and credit card options.

   Comment by dong — Mar 11th 2008 @ 3:39 am

9. Not long ago I read a story that shocked me because it went “stealth” by the media very quickly… the story you are asking?

   Well it is TDAmeritrade security breach. They get hacked and the database of their clients get stolen, TDA clamed it was only the e-mails, yet the same database (server, hard drive, hardware) hold all the data they had including e-mails. But that is not the shocking news. The shocking news is that TDA did not disclose that until some customers took legal action a year later.

   Now…, you probably ask what the link between TDA case and the banks is. Link is, that banks have your data to, and lately they try to get rid of the paper trail, “go paperless”, let suggest you do go paperless, where is your prove you did have money in that bank? Their server has never been hacked if you ask them. You have no ways or means or legal documents in that matter of proving otherwise, and they to embarrass themselves by admitting so, why would they do that? so think twice.

   Recently Feds lowered rates, not ones but twice, mortgage rate went up. So let me see, when banks wish they transfer loss to their customers, taxes, fees… any that you can think of, they feel free to do and do so. Yet when they get a break they keep it for themselves. Don’t you think that is unfair?

   Let get back to the TDA, I’m not scared from crooks who try to rob me, that is what crooks do, isn’t it. I’m scared that those crooks start hiding behind the law, wearing suits, talk fancy, and legally rob me. No sir I’ll pass. I’m curious how long the government and the people of USA will carry these self absorbed punks, instead to let them bankrupt, and by that clear the path for better banking and finance practices? And that is not the only field of business where the case is present. Boeing is complaining that they didn’t win a government bid yesterday… well, you suck, and that is why. If you were that good your offer would win, wouldn’t it. I happened to watch C-span hearing on the tankers case, just by accident, and followed the story in the printed press. My opinion is that they get what they deserved.

   I’m feed up by the political and economical mishmash in the last several decades. It will bring us nowhere. Bribing and lobbing doesn’t nurture innovations, it nurtures more bribes instead. And that is why the news today are the way they are.

   Comment by Nick — Mar 11th 2008 @ 5:24 pm

10. I don’t have credit cards. I use CASH and I don’t rely on banks. I provide my own security. My life got much more enjoyable when I weaned myself off credit/banks, etc.

    I have an excellent credit score, but frankly, I couldn’t care any less because I don’t borrow money.

    Comment by Larry — Apr 10th 2008 @ 1:33 am

11. Just two weeks ago my checking account was hacked and all money was taken away from it…
    My account is At Bank Of America. All Transactions against my accout occured out of state.
    My account now in negative ballance and will not be closed untill I will cover the negative balance or untill the investigation is over. Bank Of America promises to reimburce? get my money back after an investigation but they have no Idea how long it’s going to take

    Bank Employee Can’t even distiguish a real ID from one state from fake one

    Therefore I do Know that BOFA is not the Fraud Proof

    Comment by Eugene — Jun 9th 2008 @ 8:47 pm

12. bofa is evil. I hope they fall on their face.

    Comment by iris — Aug 7th 2008 @ 3:21 pm

13. Ethan, you’re an idiot. You pick the worst credit card out of self defense, and are not afraid of fraud. Its people like you that makes people from Ghana think that American’s are an easy target for fraud.

    Comment by abc — Aug 7th 2008 @ 3:59 pm

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