Bank of America - Bank of America Business IMAX account

Posted on Wednesday, August 19th, 2009 at 8:28pm CDT by 9043b4e6

Product: Business IMAX savings account

Company: Bank of America

Location: 3601 Stone Way N
Seattle, WA, 98103, US

Category: Other

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.

However, I soon 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 today and maintained 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: "Oh, well your account is in a different pool and the rates have been lowered for that pool."

What do you have to do to get in the high-interest pool of interest maximizer accounts?! Actually, it doesn't matter, since I closed my BofA accounts today and am shopping for a new bank. They've lost my trust.

1 Comment

3eb910f2, 2011-01-08, 03:06PM CST

Thanks much for the comment, I had a similar experience with my Imax acct. among other non sense fee charges to it, I will be changing banks too.

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