DebbieM
04-12-2007, 02:35 PM
OK I have some verbal clarification on what is happening.
I decided to call the wealth management center again yesterday as I had received no response from BoA. I explained the situation and asked them to clarify the criteria for chosing the customers to transfer. I was advised that this change affected all Non Permanent Resident Alien clients who were Private or Premier Banking customers, USC and Green Card holders were unaffected.
I then asked him to clarify what criteria was required to be a Private or Premier Banking client. Private account holders have to have $1m on deposit and Premier Banking (PB) account holders have to have $200,000 on deposit.
I advised him that I hadn't had that sort of money on deposit since we purchased our house two years ago, but was told that my current financial status made no difference and that I had been selected because I was a PB customer.
I then questioned why ALL accounts associated with me, my business and my family were being affected, even though it is only my personal checking account that has PB staus. His response was that if there was any link to a PB customer then all accounts that were connected would be transferred.
Consumer banking clients are not affected by this change, hence why regular checking account holders are being advised they are 'safe'. I asked if I could therefore close my PB account and open a regular checking account and I would then also receive the same status as a consumer client. He advised that there would always be a way round a situation but he would not advise me to do that.
So it would appear that the majority of you guys are OK but given that I was advised of this change back in November last year and given assurances by my Client Manager that I wouldn't be affected by the change (I made it quite clear that I wouldn't be happy if I was) I personally have lost all faith in what I am being told by BoA.
I hope this puts minds at rest for the time being although I'd put money on that there will be more changes afoot. They appeared to be spearating all International accounts and I have a feeling that we are the first wave of the attack.
Another warm "welcome" extended to those of us who chose to uproot our families, sell the family silver and come and live legally in this good, great county which appears to look after its own and illegals.
I'll stop ranting now.
Debs
I decided to call the wealth management center again yesterday as I had received no response from BoA. I explained the situation and asked them to clarify the criteria for chosing the customers to transfer. I was advised that this change affected all Non Permanent Resident Alien clients who were Private or Premier Banking customers, USC and Green Card holders were unaffected.
I then asked him to clarify what criteria was required to be a Private or Premier Banking client. Private account holders have to have $1m on deposit and Premier Banking (PB) account holders have to have $200,000 on deposit.
I advised him that I hadn't had that sort of money on deposit since we purchased our house two years ago, but was told that my current financial status made no difference and that I had been selected because I was a PB customer.
I then questioned why ALL accounts associated with me, my business and my family were being affected, even though it is only my personal checking account that has PB staus. His response was that if there was any link to a PB customer then all accounts that were connected would be transferred.
Consumer banking clients are not affected by this change, hence why regular checking account holders are being advised they are 'safe'. I asked if I could therefore close my PB account and open a regular checking account and I would then also receive the same status as a consumer client. He advised that there would always be a way round a situation but he would not advise me to do that.
So it would appear that the majority of you guys are OK but given that I was advised of this change back in November last year and given assurances by my Client Manager that I wouldn't be affected by the change (I made it quite clear that I wouldn't be happy if I was) I personally have lost all faith in what I am being told by BoA.
I hope this puts minds at rest for the time being although I'd put money on that there will be more changes afoot. They appeared to be spearating all International accounts and I have a feeling that we are the first wave of the attack.
Another warm "welcome" extended to those of us who chose to uproot our families, sell the family silver and come and live legally in this good, great county which appears to look after its own and illegals.
I'll stop ranting now.
Debs