The US spent Billions bailing out the banks from a mess that they created with sub-prime mortgages, risky investment strategies, and overcompensated executives. So giving thanks for that bailout BOA fired most of the US call center, it cannot be to a lack of need considering the huge number of foreclosures (which are very labor intensive), the very lenghty and convoluted negotiations involved in short sales, and the extremely more difficult to obtain loans.
But now they are replacing those US jobs with a massive call center in the Phillipines. So have created an even larger problem with less jobs, more unemployment, more foreclosures and more short sales. This seems like a revolving door cycle.
Now it can be argued by BOA that this is merely a cost cutting measure to keep the bank fiscally healthy. I spent hours on the phone this weekend with airlines trying to arrange a complicated travel schedule. During this time I had to ask the operator to repeat themselves repeatedly to be sure I could understand them, their english and their meaning. It probably took me 3-4 times as long to make the arrangements as necessary beasue of this. And I will be spending more time double checking that the arrangements are made correctly. Add to that the spector of rampant identity theft, outright fraud and other intangibles experienced in these less developed countries, and the lack of ability to legally pursue these problems and the costs to the consumer and BOA mount. I would propose that any savings realized by “cheap” labor are offset by these types of problems. Yet our government contiues to enact taxing strategies for this outsourcing. AND BOA should be forced to consider their actions on the US taxpayer, who bailed them out. Now it is time for BOA to repay the US taxpayer for their generosity. In the long run big picture this is good for BOA.