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Bank of America review: scam and fraud! 457

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I did a wire transfer using bank of america in baltimore MD johns hopkins branch to my own account in India using SWIFT codes. I was told that india is a slow to pay country and it takes about 3 weeks and no investigations would be don't till then. It has been 2 and a half months and it hasn't gone through. My bank in india has not received any information regarding this from bank of america and the bank of america is not willing to help. Every time i contact them they tell me that they are sending e-mail to the bank in india to find the status and that the money is in india and nothing can be done about it and it is possible that i lose my money. I have no clue as to how to go about it.

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457 comments
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HMWagner
, US
Sep 21, 2009 2:18 pm EDT

This is similar to what happened to me, except that it happened at a time when I had just qualified and settled on my first ever home.

I filled out one of the BOA Option checks (max credit line of 26000) for 10, 000 for the purpose of re-arranging some debts. Then I found out I didn't need that extra money after all, so I re-deposited the money back to the account, bringing my balance back down to the original 13, 000. When I received the next month statement, they correctly showed the redeposit of the money, but had kept my payment due as calculated for the higher amount of 23, 000. When I called BOA and talked to a representative, he refused to do anything about reducing the monthly payment, because he said, I shouldn't be able to afford my monthly payments with the house now. So I was unable to change their mind over the monthly payment, but I thought, whatever else, I'll be paying that debt down much quicker now, so I left it alone.

But then to add insult to injury, BOA has now reduced my credit line to one-half of what it originally was, not only on that account, but also on two other accounts that had originally been opened with MNBA, which BOA later took over through their financial aquisitions.

I'm already in my first house, so that's a done deal and not in jeopardy.

However, BOA has done damage to my Credit rating by reducing my limits with no reasonable cause. I've not been late on any payments to them or ever given them cause to regard me as a difficult customer. Having just been through the loan approval process, I'm now familiar of how loan officers look at these credit accounts (50% or less of limit is acceptable). This unwarrented action on BOA's part impacts my ability to get proper approval on a Home Loan or HELOC, which I was counting on since I purchased this Bank-owned forclosure.

It seems to me that BOA want's me to fail, after all.

What can I do? Class Action Lawsuit anybody? Write the President?

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clinares
Dallas, US
Sep 18, 2009 12:53 pm EDT

I've had constant problems with BofA.

I call and complain and they return part of what they purloin.

I filed a complaint with the better business bureau and The Office of the Comptroller of Currency. below are their web sites where you file a complaint electronically. I also found this organization and filed a complaint with my congressman.

everyone here should do the same.

http://www.bbb.org/us/Find-Business-Reviews/

http://www.helpwithmybank.gov/complaints/index.html

http://www.affil.org/

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clinares
Dallas, US
Sep 18, 2009 12:47 pm EDT

I've had constant problems with BofA.

I call and complain and they return part of what they purloin.

I filed a complaint with the better business bureau and The Office of the Comptroller of Currency. below are their web sites where you file a complaint electronically. I also found this organization and filed a complaint with my congressman.

everyone here should do the same.

http://www.bbb.org/us/Find-Business-Reviews/

http://www.helpwithmybank.gov/complaints/index.html

http://www.affil.org/

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clinares
Dallas, US
Sep 18, 2009 12:37 pm EDT

I've had constant problems with BofA.

I call and complain and they return part of what they purloin.

I filed a complaint with the better business bureau and The Office of the Comptroller of Currency. below are their web sites where you file a complaint electronically. I also found this organization and filed a complaint with my congressman.

everyone here should do the same.

http://www.bbb.org/us/Find-Business-Reviews/

http://www.helpwithmybank.gov/complaints/index.html

http://www.affil.org/

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clinares
Dallas, US
Sep 18, 2009 12:07 pm EDT

I've had constant problems with BofA.

I call and complain and they return part of what they purloin.

I filed a complaint with the better business bureau and The Office of the Comptroller of Currency. below are their web sites where you file a complaint electronically. I also found this organization and filed a complaint with my congressman.

everyone here should do the same.

http://www.bbb.org/us/Find-Business-Reviews/

http://www.helpwithmybank.gov/complaints/index.html

http://www.affil.org/

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jb0708
Nashville, US
Sep 17, 2009 3:53 pm EDT

We are in the same boat. We decided to initiate the refinance of our home on March 16th at a local Bank of America branch. Here it is September 17th and we are still waiting. They have sent out an appraiser twice to our house. (first in April and the second in August). Our credit has been ran 3 seperate times. They have requested bank statements 3 seperate times. They projected us to first close on May 15. Then July 17 and now I just don't know. We have contacted and discussed our concerns with manager's/reps on many occassions and nothing is ever resolved.. They can only offer an apology and tell us they are still working on it. Here it is 6 months down the road and we are still waiting. What can we do?

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Hatethoserobots
Jersey City, US
Sep 16, 2009 11:58 pm EDT

They are doing that to all good customers in order to pay off the debt of the dead beat customers.

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clinares
Dallas, US
Sep 11, 2009 6:57 pm EDT

The same thing happened to me. I called and complained and they returned a fraction of what they purloined as fees.

I filed complaints with the BBB and the Office of the comptroller of currency.

I doubt that will help but at least I'm doing something about now.

I also filed a complaint through AFFIL. Check them out. You can contact your Congressman through them about this.

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Pilpushr
Mahopac, US
Sep 04, 2009 8:30 pm EDT

I am approaching my 4 month mark of re-fi process and they dont even contact me! I leave messages, even contacted a VP and it seems as though they totally ignore me. I actually contacted the BBB to complain. Only then do I get a message saying "Oh, we are sorry, but we are very busy." What good does that answer do me? They cant even provide a timeline for completion. This isnt right. It's a damn shame the govt is willing to give them our money and not even follow up to ensure its getting to the people. The customer service at BOA is absolutley the worst I have ever come across in any industry.

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paigec
Los Angeles, US
Sep 03, 2009 1:16 pm EDT

As a research Bank of America I find that they are seriously scamming their customers. They have charged peoples bank accounts over and over again that were supposed to be closed. Check out this site.

http://boascam.blogspot.com/

What are we going to do to try and stop this!

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Bofa BOne Head
Clinton, US
Aug 26, 2009 6:40 pm EDT

I'm Right there with you. They suck to no end! They got there bailout and now they are giving everybody the business. If it weren't for us there would be no BOFA. If they went under tonight i wouldn't care less. Good riddens!

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mmary14
San Pablo, US
Aug 26, 2009 2:23 pm EDT

Bank Of America is the biggest bank crooks in America. They charge you extended overdraft fees (twice) for the same amount that is overdrawn if past 5 days not paid. And the Secured Credit Card is awful too. In this recession you would think that they would not be so greedy. I have moved on to Chase Bank and they are fabulous.

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satish kumar sura
, IN
Aug 17, 2009 12:40 pm EDT

THESE BANKS NEED TO BE TAKEN TO TASK, THEY PROMISE A LOT AND DELIVER NOTHING.

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Slagathorn
, US
Aug 11, 2009 2:04 pm EDT

I think there's some miscommunication.
I've deposited checks as small as $2.00 into my BoA account. So, I know you can deposit small checks into your account.

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20george09
Midpines, US
Aug 10, 2009 12:20 pm EDT

I have a similar story, so I refinanced my 15 yr BoA mortgage with another company at a lower rate for 10 yrs and included enough money to pay off the BoA credit card debt. I pay less each month than before, have no credit card debt, and BoA lost 2 accounts with a very low-risk customer. Although I can't say I screwed them, I can say they didn't get to screw me. I now have a credit card from my local credit union.

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amftgb
Phoenix, US
Jul 29, 2009 10:12 pm EDT

To be frank, your personal relationship (or lack thereof) with your ex has nothing to do with the fact that his name is on the loan. Under those situations they cannot just cancel his name at your request because he evidently pulls just as much weight as you do regarding responsibility of the loan agreement. Would you like it if he got your name kicked off the loan?- probably not. This is not a bank issue although I must admitt I am amused at the death certificate request issue.

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amftgb
Phoenix, US
Jul 29, 2009 10:05 pm EDT

Clearly you owed them money and weren't making any payments on your account. If I lent you money and you didn't pay back as agreed I'd take the money from you too! :(

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Slagathorn
, US
Jul 29, 2009 5:48 pm EDT

Why did they take your funds in the first place?

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ZTC0420
Aiken, US
Jul 20, 2009 9:42 pm EDT

I have had nothing but trouble from Bank of America - please go with another bank! If enough people leave this awful bank, then it will eventually go under.

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cnoblefl
Belleview, US
Jul 20, 2009 7:28 am EDT

consider yourself blessed and move your account to Wachovia-BOA is probably the worst bank out there!

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linda13
Holiday, US
Jul 02, 2009 5:57 pm EDT

I REALLY THINK YOU SHOULD BE CHARGED A DOUBLE FEE FOR BEING SO STUPID THAT YOU SHOULD SPEND WHAT YOU DON"T HAVE> BY A CALCULATOR YOU STUPID @#$%^& OR MAYBE GO BACK TO SCHOOL AND LEARN HOW TO BALANCE A CHECK BOOK. NOT ALL TRASACTIONS MAKE IT TO THE WEB . YOU MIGHT CHECK OUT THE (HOLD) SITE ON YOU"RE BANK SITE> IF YOU ARE SMART ENOUGH>>>>>BUT I DON'T THINK YOU ARE

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linda13
Holiday, US
Jul 02, 2009 5:39 pm EDT

It would be really smart if people had a calculator and had a clue what they had to spend before they TRIED to spend it. You are all a bunch of idiots. Get smart before you waste our time on this site. DUH! Stop and think about it ...If you can't relate...I am so scared that you are part of our future...

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ha.miller00
Columbia, US
Jun 17, 2009 10:42 am EDT

It is MONEY, not monies. When your account is force closed like that is can take up to 8 weeks to get your money that was in your account. The $60 fee was charged because the account was force close like that.

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A. J. Cahoun
Trenton, US
Jun 16, 2009 5:55 pm EDT

If you can get friends or family to assist you, picket a branch handing out summaries of your experiences. Put a fish in your safety deposit and go on vacation.

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Ex-employee
Bitmingham, US
Jun 16, 2009 5:55 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

I was one of those people who played by the rules. I always paid my credit cards on time, and more often than not, I paid over the minimum amount. I had a very good credit score. But none of that mattered, even to companies who had done business with me and/or my husband for years, and every credit card we had either increased our interest rate, or lowered our line of credit. One card that was paid off even closed due to lack of activity. The bill that clamped down on these interest rate hikes and other credit card company tricks came a little too late for me. I can't wait for any of that to go into effect.

Luckily, credit card debt is one of those debts that can be negotiated... but not without hassles and damage to one's credit score. But when a good customer is forced into making minimum payments, which do nothing to pay off their debt, and still have no cash at the end of the month, debt settlement seems the lesser of several evils... the others being total default, treading water for years, or bankruptcy. While you may still be hounded by credit card collection departments for awhile, they eventually stop after being notified that you are in a debt settlement program, and they have to deal with the company you have chosen. This is what I chose to do... and freed up some of the cash I was paying each month.

I believe in paying what I owe... with interest. But I quit caring about my credit score about the same time the credit card companies did. The government has not bailed me out. I haven't received a huge bonus. So I am saving my cash. The credit card companies will get what they are owed in due time. And I am learning to live without credit, for now, and a less than perfect credit score.

I look at this way, if my excellent payment record and my business meant so little to the credit card companies, then someone had to look out for my best interest (no pun intended) ... and not at 27.99%... I knew that someone had to be me.

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A. J. Cahoun
Trenton, US
Jun 16, 2009 5:49 pm EDT

The best way to deal with Bank of America is to rent a safety deposit box, buy a fresh fish, put it in the box and leave. This should close the branch down for 2 to 3 weeks. Someone did this with moth balls and B. of A. had to bring in the folks with white uniforms and masks. If you can get a friend or two to put fish in their safety deposit boxes in the same branch as yours, then it will drive them nuts trying to figure out where the smell comes from.
This is legal as they can not limit what you put in your safety deposit box

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Peter
Encinitas, US
Jun 10, 2009 1:29 pm EDT

I agree 100% that Bank of America is corrupt. I wonder if some kind of class action suit would work? They constantly charge fees whenever they can. They just recently changed their policy to where the charge overdraft fees even if the online banking shows a positive balance. They delay posting credits to the account to create more overdraft fees, and they deduct the highest debits first then the lowest creating the most overdrafts possible. I really can't believe how corrupt they are. I've been charged thousands of dollars over the last 6 years. I should have closed my account years ago, but everytime it happens, I just can't believe that they would do it again. And recently, the changed their policy to where your account doesn't even have to be in the "red" for them to charge overdraft fees. They have their own behind the scenes system that works to their advantage and I'm certain they make millions a year on fools like me. I have to close my account now but it's such a pain because of all the direct deposits and automated stuff I've got going on with them including merchant accounts etc. I wish Bank of American would have to pay for their greed, not get bailed out by the governments.

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GG11
Atlanta, US
May 24, 2009 11:24 am EDT

I, too, had a horrible experience with Bank Of America due to over-draft fees that accrued partially due to THEIR mistake!

Too long of a story and cause my blood pressure to rise to go into it, but after it was all said and done, I paid over $400 out of pocket after several visits to the bank and almost 11 hours on the phone (mostly on hold and re-telling the situation each time I was transferred to no-where).

They made a mistake, but was told "I should have caught it"?
WTF?

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Ozlow
, CA
May 21, 2009 1:11 pm EDT

Having worked 2years at MBNA-BOA, here' smy 2 cents to help out. (if it does..)

The thing about BOA closing accounts unexpectedly is all about risk factor. Higher balances tend to be harder to pay off or longer to pay off. The idea of borrowing money is to pay back as quickly as possible.
Understanding that payments are made on a monthly basis in good faith doesn't necessarily mean you are paying "good enough" for them. If you keep making the simple minimum payment rather than doubling or tripling the payment over a year or so, banks tend to lean towards that "risk" factor I mentionned. Credit cards are considered "unsecure' loans thus making credit card companies a little paranoid...

Now, about rates...o ye thy damned rate!
Terms and agreements state clearly that rates can be increased without notice. The increases can be due to cost of funds (cost of doing business etc...it costs money to give money!) Cost of funds usually only goes with rate of prime or economy. The other rate increase can be due to, and you probably won't like it if it happens, risk based repricing.
Your credit history with cards is kept in check by credit watchdogs (Equifax or Transunion, in Canada). If something dings your credit report in a bad way, either because you've revolved a high balance for numerous years or your payments history lacks good faith, that can trigger alerts to credit card companies that you're a risk and the bank needs to cash in before you cop out or file bankruptcy. YES I understand that some people out there are good payers but still, banks don't know that 100% about you, they always assume the worse. That's how they make money.
In MOST cases, you can ask for the rate to be lowered to something more sensible. "risk based repricing" rates will almost always end with .98% or .97% instead of the regular .99%

Hope this helps you understand a little, I for one didn' t have a clue about credit until i worked for MBNA-BOA.

Cheers!
Ozlow

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Dan Bell
Pasadena, US
Apr 28, 2009 1:30 pm EDT

We are casting a documentary about unfair bank policies. Looking for stories with complaints about banks. If you are cast we will pay you. If interested contact bellmartel@sbcglobal.net for more information. Casting needs to be concluded by May 1st, 2017.

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Richard
Lake Worth, US
Apr 12, 2009 2:15 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

Does anyone know of any class action lawsuit I can join aginst BofA?

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Lisa
, US
Apr 08, 2009 11:28 pm EDT

Bank of America has performed in my humble opinion a criminal act against most of its consumers. Credit card customers have had their rates increased by an obscene amount. Generally without any rhyme or reason behind it. Except for the lame excuse that it is because of the economy. Apparently there are to be regulations imposed by our government to stop this type of obscenity that some banks and credit card companies are doing. What I'm curious to know is WHY is our government WAITING until JUNE 2017 to impose these regulations? Why is our government not putting limits RIGHT NOW on this type of criminal practice that B of A and other credit card companies are doing to the American public! Why wait until 2017? Funny how these banks and credit card companies are being given a "head start" of sorts. I wonder who is profiting from this "wait". It sure isn't anyone that I know.

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Florida Guy
, US
Mar 13, 2009 11:25 pm EDT

They call remote family members to pass along information and try to intimidate them into giving information about you. Did this even while they had a direct line and were in contact with me on bills. Very unethical behavior in my opinion and needs to be investigated by the Comptroller and Federal Trade Commission. The supervisor argues that if you respond you are "threatening" them. One of the most unprofessional and dissappointing corporate operations I have seen.

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shawn craig
Coconut Creek, US
Mar 02, 2009 11:15 am EST

Just had my credit line frozen.Had 186, 000 available, now nothing .My balance is $990.They will not let you talk to the person who made this decision.Zillow estimates homes worth at 380k, balance owed is 217. Never late with a payment. Customer for over 10 years.Didn't the federal gov(us) give them a bailout? INCREDIBLE!

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jojo
Ware, US
Feb 10, 2009 11:34 pm EST

Welcome to the wonderfrul world of Bank of America. There is no attorney, government agency or person that will ever be able to rectify the years of destruction this bank has caused to normal people. God help us all.

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Laurie
Haslet, US
Dec 08, 2008 11:49 am EST
Verified customer This comment was posted by a verified customer. Learn more

There is a reason - ITS THE CREDIT CRISES.

Don't let them lie to you and tell you it your credit report.

ALL THE CREDIT CARD COMPANIES ARE DOING IT and then lying to their customers stating it was due to changes in their credit reports

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doggysaywhat
,
Nov 29, 2008 5:46 am EST

I agree completely. Their customer support is terrible. I tried to open an account with them through the online application on a Friday. On Monday, I received a phone call from a global consumer's fraud department during work hours and when I returned the call it was after hours since they are in Florida. I live in California. I contacted the representative in California from the number given in the emails and they were unaware of any notes on my new account and said that I would have 30 days from creation to make an account and that nothing was wrong with the account. A few days later I get another call from the Florida fraud department at home when I'm at work. The next day (Friday) I take an hour off work to contact them and see why they're trying to reach me. It turns out they closed my account since I was unable to be reached... I talk with the lady on the phone concerning this issue and she apologizes and tells me to contact my local branch and have them call her to deal with this situation. I go in to my local branch on Saturday and they tell me that they can't deal with this situation on Saturday because the department that handles this is closed on the weekends. They tell me to come back next week. I come back on Wednesday and am told that the bank manager is on vacation and to come back on Friday. I return Friday and am referred to the risk management department. They tell me that since I was unable to be reached they feel I'm a credit risk and will not re-open the account.

Then, the Executive Bank Manager tells me that their online applications are very bad and that I should have opened the account in person. She also tells me that this could negatively effect my credit rating. Finally, she says this happened to another person and that they were able to deal with it by having that person put up a $10000 year long cd and that might be an option for me.

All of this because some ### in the California branch couldn't tell me that there was a problem with my account.

I also never received any notifications through email or any other phone messages regarding what was happening other then to contact the Florida number at my earliest convenience.

Do not ever use this ### company for you banking purposes...their customer service representatives are rude, unhelpful, and grossly incompetent. They have little to no communication between their various departments and local bank managers have no control over problems created by a computer glitch or a crack in the system.

After nearly spending 3 full days to deal with this mess I took 20 minutes of my time to go to Wells Fargo and open an account.

So far...not one problem with them...

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Millicent Carroll
,
Nov 18, 2008 11:36 am EST

The B in BOA should be replaced with Bully. Is there a government agency to contact regarding their "prey on the poor" policy? At one point in time a bank could not charge more than 2 or 3 overdraft fees in one day. Now with the popular use of the debit card, they can keep Americans drain of their cash, starve their children, and increase the homeless rate all in a day worth of fees.

In today's economy, is it wise to prey on the customers or Americans for that matter (after all it is called Bank of America)?

Yet, I really would not want to put their golf memberships in jeopardy to help families can feed their children! Therefore, there must be a solution both the bank and the customers can live with -- without this bully situation BOA has created and govern by.

BTW -- I had to pay $35.00 or $0.01 transfer error. I transfered one penny short from my savings to my checking. What type of instution is this ___. Well I will let you fill in the blank.

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ronni mandell
,
Oct 31, 2008 3:33 pm EDT

Submit Free Press Release

[protected]:00:00

Connecticut Woman's Heartfelt Letter to Kenneth D. Lewis, CEO, Bank of America was never even acknowledged.
Despite her sincere attempt to communicate with Mr. Lewis directly, he simply sent it to the mortgage department of Countrywide Home Loans in California, where no real solutions are available.

(PressMethod) - It was a 3 page letter stating all events leading up to the existing situation of her being a distressed homeowner seeking many solutions to keep her home.

Mrs. Mandell has been working with U.S. Senator Dodd of Connecticut, Attorney General, Richard Blumenthal of Connecticut and many other lawmakers, government departments in trying to resolve something viable that will help you unusual and trying situation which looks rather dismal at this point, especially when the letter was just shuffled out of Mr. Lewis's office to California.

When a CEO of Mr. Lewis's stature simply ignores a woman's plea for help, it just illustrates the atmosphere of corporate America as being strictly business and uncaring to the hardships faced by middle America.

If there is anyone in out there that can supply real assistance and who will take the time out of their busy day to read or listen to her story, please contact her at: [protected].

I am a friend of her and her husband and I took the time to call the executive offices of Bank of America in North Carolina and that is when I was told that her letter was received and just sent to California by a woman in Mr. Lewis's office that I can only descibe as not being a contender for Ms. Congeniality.

Mrs. Mandell is under great stress and is reaching the breaking point, especially after having to withdraw her funds from her dwindling 401K plan to catch up with the payments and the stock market declines are taking care of what is left by slowly eating it away. Truly a formula for disaster and heartbreak for Mrs. Mandell and her husband.

This is the same company that has vowed to make every effort for all homeowners that they serve to keep their homes even if it means lowering interest to 2.50%, considerably lowering the principal on homes that are sinking in value by the day and eliminating pre-payment penalties with terms of up to 5 years or all three of the above unconditionally. They've even promised to make sure the payments do not exceed more that 34% of the monthly income of the homeowners. Tall promises by a company that has a lot to prove since they've taken over the helm of the infamous Countrywide Home Loans.

Many people in this country are facing the same challenges more or less and it's up to the government and the lenders to provide real help after shelling out large sums of money to bailout all the culprits that lived high on the hog while they drove the economy into the ground.

Can they meet the challenge and do they want to? We must all stand in judgment of their sincerity and only time will tell.

William Pappas
on behalf of Mrs. Ronni D. Mandell

CONTACT INFORMATION

Mrs. Ronni D. Mandell

Email Us

[protected]

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so sadd
, US
Oct 30, 2008 12:16 pm EDT

you're right- corporate america gets rich off the rest of us. BOA is too big. they have the worst customer service, wish they would go bankrupt. Oh yeah, the gov't would bail them out anyway.