Angry Bank of America customers—and even some former employees—are using online video to trash the bank. How does the company deal with the fallout?
Bank of America’s online woes
The nation’s largest bank by deposits, Bank of America (Stock Quote: BAC) is, well, huge. They have 243,000 employees and a $137.5 billion market cap. I’ll put it this way, they’ve got enough money that they cut a $45 billion check to the government this week to repay their share of the bank bailout. Partially because of its size and high visibility, it is an easy target for online detractors who are outraged by recent financial industry practices. I want to be clear here that Bank of America is not the only one getting its share of heat ... other big banks such as Chase (Stock Quote: JPM), Wells Fargo (Stock Quote: WFC) and Citi (Stock Quote: C) have their critics as well. But for this article we are focusing on five videos critical of Bank of America. Some are from customers and one from a disgruntled former employee. We also sought official comment from Bank of America executives. We asked them to check out the videos in question. We also wanted to hear about how the bank typically deals with negative online coverage—do they actively reach out to those who post videos? Do they have some sort of social media strategy in place to respond? Their response is included later in this article, though Bank of America declined to respond specifically to any of the videos mentioned here. They did, however, suggest a more effective way for you to get your issue resolved—without posting a video of you tearing your hair out, and causing all sorts of bad PR for them. But first, the accusers… Photo Credit: neubie