BofA using SWAT to prevent bank run

[NOLA556]

BofA in St. Louis is using police force to stop people from entering the bank and withdrawing money.

http://www.youtube.com/watch?v=Db_P0wHsSz0

[sledge]

BOA isn't in good shape.  I feel for this guy.  Luckily his deposit is insured by the Fed.  Unless of course they call in a Swat Team to keep people from getting their money too.

What's that saying, possession is 9/10ths of the law.  Meaning if they have possession and you can't drag it away from them, it's theirs.

The sad thing is that what they are in possession of are merely numbers in a computer somewhere. 

[Kentactic]

thats a new one. if i was him id be driving to a different BofA ASAP.

[Ghost]

That is fucking ridiculous.

[Veritas]

Funny thing is that this happened back in August.

http://www.shtfplan.com/headline-news/swat-teams-in-st-louis-protecting-bank-of-america-refusing-customer-withdrawals-directing-customers-to-broken-bofa-web-site_10042011



I've actually been in the process this week of closing my BoA account and moving to a local bank.  They are pretty ruthless when you try to do it in person.  Kinda like a bad telemarketer that won't shut up.

In the end I told the lady:

1.  I don't like the role your company played in the 2008 crisis.
2.  I am infuriated when I call the 800 number and hear "Press 8 to send money to Mexico".
3.  I don't believe that myself and other loyal customers should now have to pay an additional $5/month to fix your executives' fuck ups.  (she blushed when I said fuck. lol)
4.  Your company is sitting on a financial time bomb form your forced acquisition of Countrywide.
and finally....
5.  Your company is exposed to about 3000% of your net worth in the derivatives market.   That will not end well for anyone.

She then asked who I was going to bank with.  I told her a local bank not too far from here.

(here's the funny part)

She then asks me "Are they hiring?"


 

[thatGuy]

I can't do videos so I have no clue what it showed but are they trying to run on that bank or is it one person who wants there money?

Seriously thinking about implementing a mandatory description of video links, you guys drop them like they were hot.

[thatGuy]

I don't buy it.. needs more sources.

This is a key indicator of when to button up. Lets make sure that we are 100% when we post anything about Bank Runs. No point in being Alarmists.


Whether you got credible information or just dirty rumors you have an moral obligation to the rest of us to report it honestly. I'm not trying to single you out NOLA you just posted what you saw, this is general reminder for the community that we need to be really careful of what we say because this is the real deal here.

[sledge]

I can't do videos so I have no clue what it showed but are they trying to run on that bank or is it one person who wants there money?

Seriously thinking about implementing a mandatory description of video links, you guys drop them like they were hot.

It's a guy talking about how BOA wouldn't let him in the bank to close his account.  There are barricades set up with a few cops behind them.  On a side street there are a large group of cops in riot gear assembling.

I'm not sure if the bank won't allow anyone in because of the Wall Street thing or because they are worried about a run.  Apparently they told the guy he could close his account online.  A checks in the mail kind of thing.

[sledge]

Funny thing is that this happened back in August.

http://www.shtfplan.com/headline-news/swat-teams-in-st-louis-protecting-bank-of-america-refusing-customer-withdrawals-directing-customers-to-broken-bofa-web-site_10042011



I've actually been in the process this week of closing my BoA account and moving to a local bank.  They are pretty ruthless when you try to do it in person.  Kinda like a bad telemarketer that won't shut up.

In the end I told the lady:

1.  I don't like the role your company played in the 2008 crisis.
2.  I am infuriated when I call the 800 number and hear "Press 8 to send money to Mexico".
3.  I don't believe that myself and other loyal customers should now have to pay an additional $5/month to fix your executives' fuck ups.  (she blushed when I said fuck. lol)
4.  Your company is sitting on a financial time bomb form your forced acquisition of Countrywide.
and finally....
5.  Your company is exposed to about 3000% of your net worth in the derivatives market.   That will not end well for anyone.

She then asked who I was going to bank with.  I told her a local bank not too far from here.

(here's the funny part)

She then asks me "Are they hiring?"


 

That's funny!  lol.  I guess you worried her.

[Veritas]

Again, this video took place in August, well before the Wall St. protests.  From what I have been able to find on-line, there have been no other incidents reported. (that are credible, anyway).

Basically it's a guy who wanted to cash in a CD he held @ BoA, and wanted to take his money to a local bank.  He was told that he could enter the bank, and then was told that he couldn't.  In the background there seemed to be a barricade of some sort.

In more recent news, Bank of America's website has been having problems on and off since the beginning of last week.  Their homepage has been replaced by a few links to get into on-line banking with an apology and your standard "technicians are working on it" statement.  It seems to be a lot slower during the day than it is at nighttime.

When I set up my account at the local bank this week, the lady told me that I was the 6th person that day to come over from BoA.  I think a lot of what we are seeing with the website issues are people trying to get in and move money out.  I don't think this is a classic "bank run" where people are lined up around the block.  (that happened to Wachovia back in autumn of 2008).

A lot of people are using the $5 debit card fee thing as an opportunity to explore other options.  My opinion is that a most will stay on and eat the fees.  In my line of work, I've sat down at hundreds of kitchen tables over the years and talked with people about their finances.  Your average family has about a dozen or so automatic drafts coming out of their checking account every month.  They pay their mortgage, cell phone, life insurance, little league fees, credit cards, car loan, paypal, etc.  This takes effort to switch, and the bottom line is that most people are just fucking lazy.  They would rather pay $60/year then spend an afternoon on the phone.  Pretty fucking sad if you ask me.  Even sadder is that if you gave them a check for $60 right there on the spot to switch banks, they'd do it in a heartbeat.  If they taught math in our schools, they would realize it's the same thing.

Before this turns into a rant, I'll end it with saying this.  Buy local if possible and know where your money is.

[WhiskeyJack]

I will be pulling my accts from BOA this week first savings and when i set up a new direct deposit then checking. At the very least i refuse to pay another 5 dollars for the privilage of using my own damn money. I know it would start some real bad shit but i almost hope they fail huge and their board members go to prison. But not if it means a larger depression for regular folks.