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Bank of America Private Banking

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John of Prairie Village KS writes (10/6/01):
We arranged with Bank of America investment services to manage our retirement accounts. Immediately, they sold all funds we had invested with Fidelity on low-market days rather than cost averaging the sales over a period of time as agreed. Then they invested our funds into their Bank of America mutual funds.

Within eight months, they lost over $200,000 (over 20%) of our retirement funds while continuing charging us monthly fees for their poor services. We were informed that our investment fund manager (P. Cubbage) had left Bank of America's employment during this time period, thus the likely lack of management of our accounts. However, Cubbage continued to be listed as our fund manager until we withdrew all our investment funds from Bank of America and returned to Fidelity Investments.

After contacting upper level management personnel in Bank of America they both denied any wrongdoing and refused to refund any of our lost funds. We believe Bank of America failed to provide us with competent and appropriate financial management services.

Lost over $200,000 of our retirement funds.

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