Bank of America has been tricking its customers into believing they must pay off their dead relatives’ credit card debts, Talking Points Memo is reporting.
One customer said a bank representative tried to guilt-trip him into paying his dead mother’s bills, and a former BofA employee says it’s an officially backed practice.
BofA debt collectors receive big bonuses for their work and risk getting fired if they fail, the former employee said.
According to the TPM report, BofA collectors are told to ask questions like “How do intend to repay this debt?” to make customers think they are obligated to pay their dead relatives’ bills. That’s a good trick. Someone should write that into BofA’s bailout deal: “How do you intend to pay back this money?”
This story about Bank of America is making me think up a new motto for them (with a nod to truth-in-advertising laws):
“Bank of America — We make money the old-fashioned way. We take it from you.”
“At Bank of America, we’re in the business of caring … about money. And that’s all.”
“Come bank with us at Bank of America. We already have your money. We might let you visit it.”
“We see dead people … and they owe us money.”