Classy bunch, as always. Between the bailouts that were more about bailing out banker lifestyles than saving the banks and now this, there's very reason to do any banking with these mega banks. Their service has never been known to be good for the 99% and now they think so little about their retail customers that they're handing over sensitive customer data to the Philippines.
Besides habit and the hassle of changing, there's no good reason to stick with any of these big banks. More on the latest slap in the face to America by Bank of America at Mother Jones:
Roman Romulo, deputy majority leader of the Philippine House of Representatives, bragged to the Manila Standard Today earlier this month that the Philippines "has secured its place as the world's fastest-growing outsourcing hub." Romulo pointed out that BofA is the last of the "big four" US banks to move their business-support network to his island nation, where the average family makes $4,700 a year.
A spokesman for Bank of America, Mark Pipitone, was unable to provide additional information about the bank's offshoring plans on Friday. "We have employees and operations where we can ensure that we best serve our customers and clients," he told me in an email.
The bank's outsourcing comes amid rising concerns about the security of customers' financial data in the hands of foreign contractors. In March, undercover reporters for England's Sunday Times met in India with "IT consultants" who claimed they were call center workers and offered to sell them credit card and medical information for 500,000 Britons—including account holders at major banks such as HSBC.