Published: February 17, 2010

After the bank bought Merrill Lynch, N.Y. officers were moved to another security firm. Rates soared, they say.

New York security guards who contend they lost affordable health insurance after Bank of America Corp.'s purchase of Merrill Lynch & Co. brought their protest to the Charlotte bank's headquarters on Tuesday.

In the merger transition, about 130 former Merrill Lynch security guards in December faced a steep increase in their health care benefits, leaving many unable to afford coverage, said Joe Eisman, organizing coordinator with a Service Employees International Union local. Another 30 lost their jobs. The changes came when guards were shifted to a security firm used by Bank of America, G4S Wackenhut, from a firm used by Merrill, Securitas.

More than a dozen SEIU representatives, mostly activists from Charlotte, held signs, chanted and called on new CEO Brian Moynihan to restore the guards' benefits.

Bank spokeswoman Nicole Nastacie said SEIU has "misrepresented" Bank of America's role. "The guards are not bank associates or participants in our benefit programs," she said.

In a statement, G4S Wackenhut said all officers were offered health benefits. The company said its family plan was more expensive than a union program but that its employee-only program was less expensive. Officers who lost their jobs either chose to leave on their own or didn't meet necessary qualifications, the company said.

Though the guards are employed by a third-party firm, Bank of America is responsible for the contract that ultimately funds the officers' salaries and benefits, Eisman contended.

The guard switch is one of many changes as the two companies have come together since Jan. 1, 2009. The number of workers involved is small compared to Bank of America's total workforce of more than 280,000.

SEIU has been a frequent critic of Bank of America in recent years, holding rallies in Charlotte to protest layoffs, executive pay practices and consumer banking fees. The national union in the past has expressed interest in organizing tellers and loan officers, but this protest was held by a local that represents security officers, janitors and doormen, Eisman said. Bank of America, according to its latest annual report, has no U.S. employees subject to collective bargaining agreements.

Eisman fired up the group by contrasting $11-per-hour security worker wages with the billions in bonuses doled out to bankers this year.

Taking the bullhorn from him, security guard Denizia Joseph, who said she lost her benefits in the changeover, belted out her testimonial.

"Our children can no longer go to the doctor without dipping into our pockets," said Joseph, 42, who has four children, ages 5 through 22, and a thyroid condition herself that requires regular medication. "We can barely afford it."

The bank declined to comment on whether Moynihan was in Charlotte on Tuesday.