BANK OF AMERICA RIPPING OFF CUSTOMERS

July 15, 2009

We've received several disturbing reports concerning the Bank of America (BofA). Recently, this recipient of $25 billion in TARP funds, "rescue" money from tax paying Americans, has apparently begun an illegal and fraudulent program to re-open business and commercial accounts that were closed by the customer. BofA then attempts to charge the fraudulently-opened account for services (e.g., payroll, etc.) that the bank had provided when the account was open.

Of course the accounts have no funds since they had been appropriately closed by the customer, so BofA sends the fraudulently opened accounts to a collection agency. Once this has happened, all parties involved (i.e., BofA, collection agencies, etc.) begin the merry-go-round of denying responsibility and accountability. The former customer is never notified of this transaction by BofA, that is until they begin receiving harassing phone calls from bill collectors and demands for payment in the mail.

Now, taxpayers have had to bail-out these crooks in order to save their tails and in return they are trying to rob customers who tried to properly close their accounts handled by this behemoth. We are calling on the Senate Banking Committee, the FDIC, the Federal Reserve and State Attorneys General to investigate BofA in regards to their illegal activity.

These types of activities by banks must be stopped! They have failed their stockholders and Americans in general, requiring rescue TARP funds in order to stay in business. They cannot be allowed to perpetrate outright fraud on former customers.

Please Mr. Frank, initiate an investigation immediately!