Bank of America — b.o.a. closed my credit card account
S
Shauna
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I agree with the name change. I have a Bank of A credit card and I paid most of it off with a check for 10, 000.00. Well this week my car needed repairs, which came to 1, 000.00. I figured I would use my CC and just pay it off in February when I get my bonus. Well the card was rejected so I called and they lowered my limit to 500.00 and told me they sent me a letter. Well they didn't. If I had known this I would have waited to get the repairs done. My car is now sitting at the shop as I did not have the money and it will take me a few days to get it transfered from my 401K account. I hope all the jobs at BOA including the top executives get outsourced to India
I am a builder using a line of credit. The bank I originally took the line out with was bought by BoC. I had the credit line for six years with all payments having been paid on time at both banks. A line of credit loan is typically renewed every year, when the renewal date came up, BoC stated they were not going to renew the note ( the note is for $1, 000, 000) they gave no reason except, they were not making that type of loan to builders any more, and I should find some other lending institution to get a loan from to pay BoC. Until they get paid BoC also raised the interest rate to 9%. They wanted me to put up more collateral in order to keep the loan with them. They already had $1, 800, 000 as collateral. I'm still fighting with them. BoC did extend the line due date six months, and lowered the rate to six and one half present, even so, too short of time and very high interest rate. Don't ever give more collateral, that just makes it easier to foreclose on more property. I believe the bank should be named BANK of ###.
Bank of America
Were I a stockholder in Bank of America I would be very concerned. We recently tried to buy a foreclosure owned by Bank of America. The Bank of America Asset Manager listed the property requiring pre approval for a mortgage from Bank of America. We applied and were approved for a little more than a third more than our offer on the house. The house needed some repair (and will need substantially more if B of A doesn't put a tarp on the roof), and including the retail price of the needed repairs our Bank of America approval was still 20% more than what the house would need. Our actual costs would be less because I am a contractor. We submitted the high bid for the house, ($12000.00 above the asking price) and received a counter offer from Bank of America accepting the price, but requiring that we show proof of available cash for all closing costs, the down payment and the retail price of all repairs, even though B of A had already approved financing to cover the repairs. Appraisal values should not be an issue, repaired the house should be worth at least double the investment. Essentially, Bank of America won't accept a pre approved mortgage from Bank of America as payment for a house owned by Bank of America. So they loose additional money on the property, as well as on the revenue that they would earn on the mortgage. Even having taken Trillions in TARP funds, with irrational management how do they expect to stay in business and compete? Also, if they don't take the best offer for the property that they need to dispose of, how can we expect the housing market to ever recover? If I were a stockholder, I would be very concerned about the banks ability to maximize my value. Do they need to be broken up, so that somebody accountable actually runs the operation?
a verified customer
We may be able to help. Visit www.myVArefinance.net. We are a bank and not a broker.
I am a disabled Veteran, and lost my job and had to get a new job with less pay. I fall behind and was able to give some money to bank of america but still have not been able to catch up. I get all this mail from them on contact us for help and all I get is a computerized system wanting to collect a payment. If there is no way to contact them why offer it. Bank of america gives you a form to fill out for a representive to call you in 3 to 5 business days it has been almost a month. It seems to me bank of america only wants to put families on the streets then try and help them.
a verified customer
My home is in foreclosure. My income was drastically reduced, applied for a loan modification. After months of going back and forth with BAC, submitting the forms twice, being told to just keep checking, being told by three different reps on three different times my paperwork was finally with the underwriters, then being told by another it wasn't, I was then denied and told to try again. By this time, I'm three months late. I truly believe I got this mortgage that I really should not have been approved for to begin with. When my numbers didn't fit, the rep told be how to "fudge" it and what to write. When the appraiser came, the numbers were inflated to meet the requirements. Now I'm in a mess and I think that's were BAC wanted me in the first place. Anyone else who is in the same position and feel that they "helped you along" when getting approved, please contact me. Maybe there is strenght in numbers.
contact me at [email protected]
We have been dealing with BANK of AMERICA since March 2010. We are current on our morage payment, but not for much longer. Our payment went up $500 since Sept. Escrow is and has been from the start (March 2010). That's another story. My husband has lost $800 a month for a year now, due to cut backs. I'm self employed and have lost clients as well. We've just cut back on everything to keep good credit.
We have gotten the run around from BANK of AMERICA for way too long.
We got into one of those 1oo% financing loans in 2005 for 5 years. So we knew with or without my husbands hours cut who will give use a loan when your UP SIDE DOWN ON OR HOUSE. We have even paid two other out side company's to help. One of them Pro City Loan Modification. Which pre- approved us and that's what got use going into this process in the first place. If we didn't have a chance to quailfy we would never paid that company, and start the forcloure.
They loose faxed papers over and over again. Even when they copy each incoming fax. Tell you your approved financially and waitting for a trial payment to telling you your credit will get hit while on trial period. To getting Fed Ex from BANK of AMERICA telling you your not approved because we are current on or loan and don't have a hardship.
THEY HAVE KNOW FROM THE START WE ARE CURRENT. IT TOOK ME ALL DAY TO GET A PHONE NUMBER FOR PEOLPE CURRENT ON THERE LOANS. WHAT A JOKE THIS HAS BEEN.
We still qualify for the hardship loan modification and have been told from BANK of AMERICA over the phone time and time again we have been approved and waitting for the next step, to tell us something different.
I HAVE KEPT A PHONE LOG WITH ALMOST 40 CALLS SINCE THE END OF MAY 2010.
As I've been hearing for BANK of AMERICA if you get approved, that the difference in your payment will be put at the end of your loan. Us everyday people don't understand how people who are behind 2 plus years, plus the shortage on the modification will own all at the end. IS IT WORTH IT ? HOW LONG WILL IT TAKE TO GET THAT VALUE BACK?
WHY DOESN'T THE GOVERMENT JUST SELL US OUR HOMES BACK TO US AT FAIRE MARKENT VALUE.
HOW CAN HELP US.
OUR GOVERMENT HAS BLINDERS ON. They need to get off there ### and do something to help.
THEY CAME UP WITH THIS IDEA.
a verified customer
I called in to get an overdraft charge returned, as I have not had on in an extremely long time. I was told they will no longer be allowing more than 1 PER 12 MONTHS. There has been a management change I was told. I was discussing this topic with Rachel, the Supervisor in Nevada, and she then started making jokes such as " I don't have time to have a general discussion about the weather with you", and then laughs. I never mentioned anything about the weather. She made a joke about my finances. It was very alarming. I recommend people stay clear of Bank of America. For additional confidence in my suggestion, refer to the stock price of the company and what the amount it has declined since the changes have been made, in June. Wells Fargo is a better performing Financial Institution and I will be giving my business to Wells Fargo after this awful experience.
BOA raised my interest from 7.99% to 25% because as they said they had lost alot of money due to people not paying their bills, I HAVE NEVER BEEN LATE WITH A PAYMENT AND ALWAYS PAID MORE THEN THE MIN. DUE, I made a complaint with the FTC and goit it lowered to 18.99%, WOW i feel blessed
My current mortgage is with BoA for 30 years. I contacted them about refinancing my home for 15 years, but was concerned about the Loan-to value amount. The loan officer took my information and found a program for me. We filled out all the paperwork, paid fees to them for multiple items and were asked to pay for additional items (to a Savings and Loan company) to process our second deed as well as the usual Faxing multiple items for taxes, payroll etc. After the last call for information to be sent to them I received a notice that the property did not have sufficient value for them to close the loan. What is morally incomprehensible is to charge me nearly a $1000.00 to find out they would not alter my original loan with them to a 15 year term. My home value did not change in two months. What altered the terms and why did they take my money and then "discover" I didn't qualify for the program that they put me into? I would like to see how much and how often they have stolen money from other customers in this fashion.
a verified customer
Give the banks more money, buy more insuance, buy less insurance banks need bailed out. don't you get it? banks only abuse you because you give them your rainy day funds. when you take out a morgage you are borrowing your own money. insurance premiums are the banks capital. the interest provides the banks with an income. you have a 20-30 year morgage because that is how long it takes the bank to collect it from you. the only thing banks are afraid of is an insurance boycott. what are you more afraid of? being without insuance or money?
a verified customer
This lending company is ruthless. We were having some financial troubles a while back and tried to get help from them. In return we got treated terribly. In a nut shell - My husbands hours were reduced and we started to fall behind on our bills. We turned to Bank of America for help. We tried to get a home modification loan and that was awful. They drug it out for months. I called ususally on a weekly basis, faxed them everything they needed (3 times) and stayed on top of things. We fell more and more behind, because it took about 3 months for them to do anything. Then they said we qualified for the forebearance program and were given 6 months with just paying 1/2 our payment. We were never told or given documentation that after the 6 months we would owe the the lump some of the other 1/2 payments. What good was that!!
We then owed over $3, 000, which they wanted right then and called us at work and at home and with mailings. They again threatened to take our house. We borrowed the money from relatives and were able to keep our house.
a verified customer
My friend, I hear you.
- Bank of America makes nearly 40% of their annual profits from fees, charges, etc. to their "valued customers", and will soon be charging around $9 to speak to a teller at any branch. -As stated on CNN in October, 2010-
Unfortunately, I am not surprised in the least at what I read from you. I have had my share of horrible experiences with them, and actually just finished up with the latest doozy on my wife's BofA account.
Months ago in May, a company called "Passport to Fun" charged her account without her realizing it until a couple of weeks ago when she noticed a second charge from the company. We filed a claim at the local BofA branch (HELL of a process) and they said the claim would be processed and the charges reversed within 7-10 business days.
Come to find out as I investigated today, they reversed all but ONE charge which was an "extended negative balance charge"- not to mention they just closed out her account due to the neg. balance. She only had the negative balance due to the unauthorized transactions that took place, and BANK OF AMERICA'S ADVERTISED POLICY is that you, the account holder, are not responsible for ANY UNAUTHORIZED TRANSACTIONS on your account.
After my many phone calls to several different departments of BofA, I found out that the company that charged her out of the blue (Passport to Fun) IS AFFILIATED WITH BANK OF AMERICA!
This backs up your statement about the "dubious scammers" Bank of America does business with.
I will leave you with this final statement/personal opinion.
Bank of AMERICA puts shame to our name. AMERICA: Land of the free, home of the brave, and everything in between.
-Ryan
Another victim of the system
a verified customer
December 2009 I noticed an attempt to access my online account and being out of the country I called Bank of America and instructed the Bank to block my online account, cancel all cards including the one I had and to issue no card till i appeared in person.In june 2010 the Bank in patnership with someone I do not know issued a debit card on my account and used it to take $34, 000 from my account.I just got back to America and they claim they cannot refund my money as I made no report within 60days.Whereas I left them a sealing instruction on the account only for them to find their way in, issue a card to an unidentified person to steal my money.
Bank of America is a fraudulent Bank and have no regard or respect for Customers.It is in no way a safe place to keep your money.The Bank in lousy.
a verified customer
Bank of America has a Recovery Fund Service within their banking structure. They helped themselves to my checking account and took out $833.57 leaving me with next to nothing. This is not the first time that the bank did this to me. They seem to feel entitled to just dipping their greedy hands into someone's personal checking. I had a 30+ year relationship with Security Pacific and then I inherited this miserable bank. I am going to another bank and will not have anything else to do with Bank of America. Legal robbers of consumers hard earned money!
I f you bought a home 5 years ago at the height of the housing boom, then Bank of America didn't steal your $80, 000, the economy did. Banks do not foreclose on property when you make your payments on time. The fact that your husband was laid off, although a sad situation, does not relieve you of the responsibility to pay your mortgage. Can you imagine lending someone $200, 000 and then instead of paying you back, they tell you that they got laid off? You would want your money, wouldn't you. You would have a right to it.
The fact that you put ANY faith at all in anything that Obama says is sad. Obama is the one that stole your $80, 000. But you know what? I'll bet you'll vote for him again. Pay your bills!
Five years ago we put $80, 000 down on a home in Flowery Branch Ga. We always made our payments but then my husband was laid of and we applied for the "Obama" plan. Bank of America sent us papers and I filled out everything that was needed, I never had a clue that my home was being foreclosed on. They made us believe that everything was fine. Then on the 28th of July I got a paper in the mail stating that my home was in the fore-closer process. I tried to call but the said it was fine, "computer generated" and not to worry that I had until the 18th of Aug. to get the paper work that they needed in. They sold my home on the 2nd of Aug. I have four children and had no place to go... They stole $80, 000 from me and my family. What should I do???? Please help me! Michelle Vansickle [protected]
My Bank of America credit card charged my checking account twice with its autopay feature in September. The second time it overdrew my checking account. Once I discovered what happened, I contacted B of A and they admitted their error and refunded the second withdrawal back to my checking account, though it did take about two weeks to see the money in my account again. Soon after I found a "return check fee" in the amount of $25 for the second withdrawal that overdrew my account, not from my checking account's bank, but from B of A on my credit card. Again, I explained the situation and they reversed that charge.
Then, a month after all this, I get a "cash advance interest fee" for the refund they gave me in the amount of $90.03. I told them of their error, the confusion, to multiple people, and they absolutely believe they're in the right and it's a legitimate charge. I have nobody to turn to because normally when I get hit with a fraudulent charge, the credit card company covers it.
If Bank of America agreed in writing to close the short sale. Your realtor of record should pursue recourse on Equator.com. This system is what Bank of America uses on line to process all Short Sales. Their home office is in North Carolina, where all top officers are located. You may also write a letter to the office of the Comptroller for the United States Government. You must state the address of the property, escrow information, Realtor, and Loan numbers.
The realtor should be able to go in and demand response from the Vice President of Bank of America. through the Equator System. The Comptrollers' office will respond within 24 hours. Complaints may be filed on line. Good Luck, Jan, Palm Desert, Ca. Keller Williams Short Sale Specialist. [email protected]
I have paid more than the minimum monthly payment and on time. My interest rate went from 7.99 to 13.99 to 19.99.
I have called Bank of America to ask to lower my interest rate since my financial circumstances have changed since I opened the card. Each time I have been refused.
Those who pay in a timely manner are penalized for those who have stopped paying on their cards.
I vaguely remember that BOA had a television commercial saying they would help those who were having financial difficulties because of the economy. I must have been dreaming.
a verified customer
I applied for a remod on my home mtg Bank of America gave me the trial period which was affordable in my situation due to loss of income. They reg
said papers and has until Aug 4 to send on July 20 they sent out a denial
letter, Now they are threatening to foreclose also getting harassing and threatening phone calls I do not know what to do know. I have mentioned to
them that my financial situation will change by the end of October but was told by the rep they only consider whats happening now With all the foreclosures now and they are not really helping with the programs
a verified customer
I do not even know how to make this a short story. Basically BOfA has made my life *** for almost 2 years.They give me the run around I literally have spent up to 20 hours a week on the phone. Trnsfrd & given diff stories. I qualified for modification & made my payments, yet now they are still saying im in forclosure & some say I never got a modification while others see the modification. They cannot explain actions on my accounts where funds were moved around and missaplied. They cannot tell me anything and now they will not xcept payments!!!??? I dont know if i will even have a house at this point. its a nightmare. I cannot get anyone to help me. I literally have talked to 12 ppl just this week and got 12 different stories and no answers!
I have gone to the bank for the last couple of months to make my payment. well it appears that when you make the payment in the bank they are to put the payment towards your mortgage account. RIGHT? well no they play with the money don't know where it goes??? so then they finally realize it's the house payment they put it in the account but now I have a late payment. keep your receipts from the bank. I had this happen 3 times already. they assure me this never happens?? well it happened 3 times already plus this last payment i did it over the phone "check over the phone" and they made a type-O error instead of the 2, 017.64 she made 2, 017.14 so according them I owe 50cents and a late charge...crazy huh. but they removed it but i was on the phone over 3 hours different days clearing this up...closed by personal accounts already. to bad they have my mortgage acct.
Bank of America sells personal data of their customers to 3rd party scam telemarketers.
They're trying to sell BoA's products like "credit monitoring", "credit reports" and "credit protection programs" by calling you 5-10 times a day. They won't take no for an answer. They just keep calling - if you're not interested, they will simply increase # of calls.
But don't blame the telemarketers - it's all Bank of America trying to make extra money by 1) selling leads (your personal data) and 2) collecting $$$ for the "product". Bank of America should be renamed to "Scam of America" - those people are pure evil. If you want them to stop selling/sharing your info - you have to fill out a form buried deep inside their website and then wait 12 weeks to be processed. Of course by then your data will be available to 100's of scammers so it's pretty much all pointless.
a verified customer
Same story with me with one BIG exception.
B of A closed my SECURED credit card for no reason. Had a $1, 500 line of credit. I have always paid on time like everyone else. Since it was an Alaska Airlines credit card, I tried to do all my spending on it (car payment, groceries, gas, etc.) to rack up miles. I have enough miles right now for a ticket anywhere, but now I don't know what's going to happen.
Plus, I'm sure this will hurt my credit too because there is no way that I am going to send them $1500 when they have my deposit account and I've read all the horror stories of people not getting their deposit accounts back.
a verified customer
I successfully received a permanent modification from B of A in June. All payments before, during, and after the trial period were made on time. I have my transaction history and confirmation numbers to prove it. Yet B of A says I still owe two payments, and I've received 3 threatening letters of foreclosure. B of A Payments Research Dept. acknowledges all payments have been made, but they see that the modification dept. didn't apply them all correctly and I must get this corrected through the mod. dept. I've made no less than 15 calls including all the transfers, and have made no progress. I speak to someone new every time and there is no accountability. Even when someone says, yes, they can fix it and they'll call me back, I never hear from them again. I don't know what to do since I can't sit down with a human being and discuss this. I'm thinking I'll have to make 2 payments again to stop the threats, then take all my documentation to small claims court. HELP!!!
a verified customer
Bank of America is a joke when it comes to this Making Homes Affordable I have been going through the process for 2 yrs now.I wasn't behind on my payments just took a 20% paycut 2 yrs ago.That is when I started the process sending, faxing and signing every document they wanted.Just to be told every fews months the lost it or never got it.Then after a year of calling them every few weeks to see how thing were going the finally said we need to start this whole thing over again and lets start you on a trial period loan payment now.That was the first time anybody had even offered that trial period to me.So the process started again I would call every few weeks to see how things are going the would tell me it is still in review.Then in June I get a message saying I needed to call them.I call them they tell me I have been denied due 2 things 1 was divorce was not a good reason and I had to much reserve money.I told them divorce was only part of the reason that the pay cut was the big reason.Then the lady tells me that I needed to move my reserve money somewhere like a credit card or just take it out.I was told then I can reapply which I did.So I asked them which payment do I make the trial period or my orginal payment they said the trial payment till I recieve a letter stating I have been denied.About a month later I get a package in the mail saying I had been approved for MHA and had to sign and send a certified check with the amount of my new payment back with the paper work within 5 days or it would be void.I did a all that checked and saw that they had recieved it.Called a every few weeks to make sure everything was going ok was told had not been transfered to the system yet.Asked when wil I see a payment book or coupon to make my next new payment wa stold not sure what is going on with that but you can make one over the money so you won't be late so I did that.Then yesterday I get another package from BOA saying that I had been denied the modifactions due to reserve money the samething they told me in June.So now which letter do I believe the one saying I was apporved or the one saying I was denied.
I am complaining that Bank of America is careless to protect their customers. The tellers did not question or verify those large amounts of Cashier checks since they know that there are a lot of fake cashier checks out there and it got me in dept right now. All my account balance in NEGATIVE and Credit cards declined. I received Cashier checks from this company called “Mystery Shopping Provider Association” for the amount of $2900.00, $5420.40, $7420.40 and $7420.40 to cash at my bank for Evaluation at different Credit Union. I cashed first check on 09/20/2010 for $2900.00 and on 09/23/2010 I cashed another check for $5420.40. No tellers question or verify this check even those on that 9/23/2010 the bank showed my $2900.00 check is bounced. I did not know until 9/24/2010 regarding the check bounced. All these cashier checks are fake, but it is too late. I just received two more Cashier checks for the amount of $ 7420.40 each. If I take to the bank, they will cash for me. I should not be the victim of the scam if the bank do their job to protect customer.
I will submit complaint for those scam later
I have been a B of A customer since 2003, and am now looking to closet account. Not only have I been a victim of account fraud (which resulted in them sitting idly by without sending me the propped forms while I ran around like a maniac trying to get my money back), but I have also been charged overdraft fees on a positive balance, had a monthly fee charged to my account for what should have been a free student checking account, have had my transactions rearranged as to make as much as possible in overdraft fees and have also had holds placed on my account despite it having a positive balance and no recent overdraft charges. It seems to take them at least two business days to process a payroll check deposit and no matter who you talk to, you get contradictory information on when your fund will be available. I was told by a customer service rep that using the phone and online banking services are complimentary to us, and yet they aren't always accurate. No matter what the reason for calling, you will always get a run-around with the same "I'm sorry but we can't do that" line. Do yourself a favor and pick another bank. B of A is not worth the time or stress, and your hard earned money is too precious to have stolen by these money grubbing corporate bums.
a verified customer
Ah yes concerned consumer 2010: BofA has just gotten TOO BIG for their pants!!
a verified customer
my my the same sad song. My story is the same. closed for no apparent reason... What can be done ??? No use calling politicians as boa has them in there campaign contributions pocket. Cant really call the BBB another government run facility.. Cant wright the president hell he bailed em out... What to do, the only rational thing being to just close out all boa accounts and move on. The damage is apparently done, not even if they reinstate the accounts does it help the negative impact on your credit rating will be there for a decade. Thanks boa for showing your true colors as more and more honest people become aware of your shady practices they will leave and you will be left with what you really deserve, overwhelming bad accounts. good luck in your get rich schemes cause all good willed americans know that you will fall flat on your face... Good By
BANK OF AMERICA WANTS TO STEAL YOUR MONEY. THEY NEVER HAVE THE INFORMATION REGARDING YOUR HOME INSURANCE AND THEN THEY CHARGE YOU ASTRONOMICAL AMOUNT FOR BUYING INSURANCE FOR YOUR HOUSE. AFTER YOU PROBE THEM WRONG, YOU STILL HAVE TO CALL AND SPEND 30 MINUTES ON THE PHONE FOR THEM TO ACKNOWLEDGE THEY RECEIVE YOUR PROOF AND ANOTHER AMOUNT OF TIME FOR THEM TO FINALLY UPDATE THEIR RECORDS. YOUR BEST OPTION, GET RID OF THEM AND GET A SECOND LOAN WITH SOMEBODY ELSE.
a verified customer
I just had a experience with B of A that just irks me to no end. I started a Short sale on a Property here in Glendale AZ in February 2010. All the necessary documents, forms etc were sent in on time. This home had a BPO done and after four months, the middle of May it finally went to the next level, the closing dept. A t this point they wanted a July 5th or 6th closing date and they approved the HUD 1 and wanted another updated one 5 days before closing. We were waiting for several weeks for letters of commitment from B of A. I emailed and called several times during this period, most of the time the mailbox or voice mail box was full and when I did get leave a message for this I received no response. This was done all by phone and email on Equator, their chosen web site for this type of transaction. Finally I went back one step and the lady I spoke too said it was sent o the closing dept and she would check on it. When she called me back she apologized and let me know that the file had been assigned to a person that no longer worked for that company. She also mentioned it was set for auction and she would rescind that and get the file completed as soon as possible.. On July 22 2010 we received the letters of commitment from B of A with a Aug 22nd COE. At this point he buyers ordered appraisals, home inspections, termite etc and had to make repairs required by the appraisal and had invested close to 2000 dollars at this point since the seller had no funds.. I received closing instructions on August 4th from the B of A closing dept.. On August 6th I received a call from the B of A processer with a big OOOPS, Im sorry we sold that home by accident on July 28th at auction. I am sorry we will see if we can do anything.. YEAH RIGHT.. FNMA now owned the property and they sold it for 20 k less than our purchase price. Steve Pedersen WEST USA Realty, Phoenix, AZ
a verified customer
I signed up for a home modification to avoid foreclosure and take care of a past due balance. I was "approved" for the plan and sent modification paperwork to sign and return. I made my new payments as prescribed in the modification agreement, and was told it would take a few weeks to update my account.
After 5 months, 13 phone calls dealing with 4 different departments, and assurances that everything was in order, I found out they cancelled my modification without notifying me. The person I spoke to said the reason they cancelled it is they didn't receive all of the required documentation. She also stated that it didn't make any sense because she could view all of the required documentation I sent in on her computer.
After making payments for the last several months, I have had people come to my house to verify I still occupy it, and they are proceeding to foreclosure. This is AFTER I was approved for a modification and signed and returned all required documents, as well as made all payments required under the new agreement. Only in America can my tax dollars bail these ### out, and then they pull something like this.
On May 17 I contracted to sell my house in North Carolina to a buyer who was prequalified by BofA on May 14. The house was supposed to close on July 16 to provide the buyer ample time for meeting the requirements of a VA loan. All appraisals were conducted and I was told they were better than anticipated, being above the contracted price. I was assured by my real estate agent who spoke with BofA that the loan "was fine" prior to moving from the home so that the buyer could take possession on the day of closing.
On July 15, my realtor informed me that the deal was not closing because BofA had not processed the loan. She was told by BofA that the bank decided to close all of the "government rebate" mortgages first, but that my buyer's loan would go to the top as soon as those loans were finished.
The following week, I was told that the loan was held up once again because the buyer needed to provide proof of child support and that she did the day it was requested. We set another closing date.
That date came and another excuse from BofA - something about everyone in the Jacksonville office walking out and more documents still being needed from the buyer. Once again we were assured that "everything was fine." Once again we set a closing date - today at 7:30 AM EDT.
Once again, no closing. This time I was assured that the underwriter has the loan, but no one call tell me or the buyer what is going on and when or if the house will go to closing. The constantly shifting explanations for the delays and the inability or unwillingness of BofA to expedite and finalize this loan are causing me emotional distress and are costing me money.
Had I know that this company was going to so mishandle this loan, I never would have contracted for this sale. While I do not expect that BofA will approve every loan for every buyer, I do expect that prequalification means more than BofA will accept an application. I also do not expect BofA, or any other bank for that matter, to take almost three months to approve a loan or close on a house. Most importantly, I do not expect BofA to continually fabricate excuses to explain what I can only conclude at this point is incompetence or negligence in processing this loan application. My conclusion is thus that BofA treats its customers with such disrespect because it is not only “Too Big to Fail, ” but it is also “Too Big to Give a Damn.”
As of today, I have paid 20 days of interest, taxes, and insurance that I should not have had to pay. With no closing date, I face the possibility of having to put the house back on the market. Since I have moved to my new home, putting my house back on the market will mean an unknown amount of additional monies for principal, interest, taxes, and insurance.
I have been with BofA for approx 2 months, I have made weekly deposits from the same issuer and in the same amount. The deposited checks have never bounced and are from a local business bank. BofA places holds on my check every week for three business day which happenes to close at 5pm. This practice has caused me to have checks returned because of this hold. I call BofA and spoke with Michelle from costomer solutions, who could not explain why a hold was placed every week. I asked for the hold to be remove so I could access my founds. Of course she was a robot and could not think outside the box. I feel they place holds on checks in an attempt to get over draft fees. I would shop around before banking here at B of A.
a verified customer
My mortgage was transferred from Countrywide to Bank of America. Just before the end of the year I talked with BofA about alternatives for financial hardship. I was sent the paper work for Making Home Affordable over a month ago and returned it. I qualify on basically all levels. Having not heard anything in a month I call BofA spent the better part of 3 hours back and forth while being told no one could find my paperwork. My ultimate complaint is that I spoke with a service rep name Ingrid who was basically nasty and spoke to me as if she was reprimanding a child. Lastly I was told to wait for a call within 48 hours.
My husband and I have (well, had) 2 accounts with Bank of America. The first had a $22, 000 credit line, and the second has a $7500 credit line. We used the card with the larger credit line to waterproof our basement 3 years ago. We were offered 0% interest for 15 months. We paid that account off and have not used it since. Our other card has approx $5500 on it due to my husbands unemployment last year. We have always paid more than the minimum and have never been 1 day late with any payments. I actually intentionally pay it early. In February 2010, I called to make sure that our card with the $22, 000 credit line was ok, as we are adoptiong a child and that was the exact amount of money that we needed...we did not want to take out a loan. The rep stated that all was well and the card was available with a $22, 000 limit. As we were going through our adoption process, we received a letter from Bank of America not less than 2 weeks later stating that they have closed our card because we have too much debt (we make a combined salary of $100, 000 per year, and have no car loans, and no debt other than our other BOA credit card, a Lowes card which has $900 0n it, and a Chase credit card that has $2600 on it). Funny when we opened our BOA card we had over $30, 000 in debt and my husband made half of what he makes now..but we were still approved. So whatever..they closed our card. We called customer service but they refused to do anything. I guess another bank wants our $22, 000 in business. I called BOA last week to find out if they could lower the interest rate on our other card. They refused and told us we should contact someone in their credit counseling division???? For what..we don't need credit counseling, we need our interest rate lowered. Gave that a shot and got a lecture about using credit responsibly. After that phone call, I was emailed a survey about my experience. Of course, I was not very nice. I then received an email yesterday that our other card's limit was reduced for the same reason they closed our last account. We have approx $5500 on that card and they lowered the limit to $5600. I beat them at their own game and called up our trusty Discover card (which we have no balance on). They were able to increase our credit line, and gave us 1.9% for the next 12 months on balance transfers. I guess they need the business, or are more willing to help their good customers. I have since closed my other BOA credit card and refuse to do business with them in the future. Beyond our few small cards that we will be paying off this year, we will be using nothing but cash. The experience with BOA has proven to me that the banks do not deserve our hard earned money...oh wait, we already gave them our hard earned money when we all BAILED BANK OF AMERICA OUT OF THE HOLE THEY PUT THEMSELVES IN WITH BAD MORTGAGES. PERHAPS THEY SHOULD FOCUS MORE ON THE PEOPLE WHO ARE NOT PAYING THEIR BILLS AND LAY OFF OF THE ONES WHO ARE. SHAME ON THEM FOR MISTREATING THEIR CUSTOMERS.
Not sure how this is possible...My husband and I are attempting to buy our first house. It is a short sale through Bank of America, risky I know. They signed the contract in April 2010 along with the seller and our selves. The terms were very clear and stated several times in correspondence with the bank. The day before we were to close, Bank of America (the BAC office - whom is very difficult to reach) is now saying they will not agree to the terms. We were supposed to close by the end of June. Breach of contract right? We may loose the few thousand that we've put into pursuing this house all because Bank of America changed their mind? If we changed our mind we would have to pay fees to the selling and listing agents.
If we have to start all over and are still looking at short sales and foreclosures we will not even bother if it's owned by Bank of America.
a verified customer
I have been with about four years, and everytime my account is over draw by at least .92cents you are charge a fee of at least $35.00 dollar to start and after 5 days you are charge another $35.00 dollars. This is a on going problem and when you call to see if this problem can be fixed you are treated like you are robbing the share holder are the bank. Bank Of America customer Service is the worst, they will always try to out talk you and disk respect you and I as a consumer will not but up with any even If it has to go to the FTC are the FTC or the ATT/GEN this the last draw, for overdraft fees because of the way Bank Of America regulate their Banks In other words ripping off the consumer This the fifth time for me. Before closing never have someone get a hold of your debt card number because you have to do the leg work not Bank Of America as I found out in Dec, 2009, they return my money after I found out who the person was, and all I got from the bank was how did you get that information.(funny) how come you could not get the same information.