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Bank Of America / fraud and scam

1 Puyallup, WA, United States Review updated:
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I have a Bank of America account. I deal with the bank nearly always by the Internet or telephone as I travel often. Awhile back I ordered a CD that paid 5% interest. I knew roughly the date when the CD would mature, but not exactly when, as the bank didn't include details of it in my bank statements. I received a letter from the bank that my Cd had matured and the bank had rolled it over to another CD paying only 1.59%. I hadn't asked the bank to roll the CD over, they do it without asking.

I could see on the Internet that the Bank of America was at this time offering interest rates of 2.5% on CD's. I applied online for another CD with the higher interest rate. Knowing that if I changed the CD that the bank had given me within 10 days there wouldn't be a penalty.

After a wait of several days the bank emailed me that I couldn't apply for a new CD online, but had to contact my personal bank for one. Seems the online offers are for attracting new customers. I contacted my representative by email asking for the CD to be changed for one with the going interest rate. There wasn't a response from her, I inquired again a few days later and was told that I had exceeded the time limit and would be penalized three months interest if I changed CD's.

My sister, who also has a Bank of America account, had the same experience. The bank must save a lot of money by paying less than the current interest rate. Another thing about the Bank of America is their horrible computerized telephone system. It's very difficult to get to speak to a human, and when you do they never know anything and can't help. They say they need to transfer me to another person to help. I plead with them not to put me back on the telephone computer system, but they mostly do.

I really dislike this bank and am searching for a better one.

Va
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Comments

  • Va
      16th of Jun, 2008
    0 Votes

    For nearly 30 years, I maintained what financial institutions call 'excellent credit'. I've borrowed and satisfied close to a half-million dollars in various loans. Never defaulted on a single one. Always made payments on time. In 2003, I started a small business and then the following year, purchased a house. The credit was good enough to take out a 90K (unsecured!) mortgage loan in my name alone. As a result, Bank of America, suddenly and without explanation or prior notice, raised my 9% APR to 26% on two credit cards having a combined balance of cloe to 30K outstanding. I had always paid more than the minimum monthly payment until the minimum went from averaging around $350/mo to a combined whopping $800/mo. and RISING!

    For the record, I am a long-term customer of Bank of America. Carrying everything from savings and checking (business and personal) accounts to investments, Certificates and major credit cards.

    Last year, I applied for and was turned down by Bank of America for four different home-equity-type loans, even though I have sufficient equity in my home, to consolidate bills and lower my monthly payments after expenses relating to the illness and subsequent death of my mother, followed by a rash of necessary home repairs necessitated using up the last of my savings (cash-flow insulation.) and I am now faced with the following options: bankruptcy, giving up my business, yanking my daughter out of college and/or possibly losing or being forced to sell my home.

    Is this fair or even legal business?

  • Va
      15th of Aug, 2008
    0 Votes

    In January 2008 my mortgage increased $347 due to a shortfall in escrow. With the slow down in the economy it became difficult to cover this increase and I fell behind. Bank of America will not accept partial payments which I sent and thought showed good intent to pay on the account. The balance was paid at a local branch of Bank of America and I did not receive credit for that amount for two months.

    Then in May 2008 I arrived at an agreement with a representative in the customer service department to spread the increase over two years instead of one year. This gentleman, Bill, indicated the new rate would roll back to January 2008. I received a new payment book for the agreed amount and made my next two payments using the payment coupons. At the time this agreement was made I requested a letter of confirmation but all I received was the new payment booklet that indicated the change of the monthly amount.

    Then I received a letter they wanted more money over and above the amount on the payment coupon. I wrote them twice detailing what I have paid and what was due based on the agreement made in May. (I request such a break down from them but never received it.) After reading another posting on this site it appears that one person does not know what another person has done at Bank of America. My figures show I owe $60.62 plus the current month at the new rate.

    I cannot understand why it is so difficult to deal with this bank. Do they really want to put homes in foreclosure when peoples with loans with them are making an effort to pay a reasonable monthly rate? One never speaks to the same person twice so this leads to further confusion.

    My original mortgage was through a different bank and the loan was taken over by Bank of America. Bank of America was not my choice as a mortgage company and I would not recommend them to anyone for any kind of transactions after seeing how customers are treated.

  • Rb
      5th of Jan, 2009
    0 Votes

    I agree with everything you have said I, a business owner have had many problems with Bank of America from deposits not beening posted to charge fees to my accounts, transactions posted then returning to a pending status, how can that happen the bank reps. (customer service) dont even know. I, have files a complaint with the FTC, but there has to be more than just one to get the ball rolling, so you need to file a complaint asap the phone # is 1-877-382-4357 the only problem is they don't regulate the banking institutions. So anyone that has had problems with Bank of America call the FTC...

    Richard

  • St
      20th of Feb, 2009
    0 Votes

    BofA used to be the best bank, In the last 3 years they have stolen money from us also. my husband and I are both on Social Security, our money was direct deposited into the accounts and we made large deposits when we took out loans on our home. I have been with bank of America since I was 2 years old. My mother worked there for several years. When I called to have several charges investigated, they told me that they would do so, and I used to be able to rely on that. They returned the money to my account and then took it back out with no warning, then they charged me more nsf charges, besides the ones that were in question, they sent me paperwork to fill out and we did so and sent it in. We received a letter stating that it would take 90 days to complete the investigation, then a few days ( not weeks or months) later is when they reversed everything again. They keep letting fraudulent companies try to run our card numbers and keep tacking on nsf fees and then they tell me they can't reverse them unless money is actually taken from the account, because they don't keep a record of whose trying to get money from our account unless the money was actually taken. Aside from the fact that we are paid by the Federal Government, this has to be illegal to even charge a fee for something that no one got. I would understand it if it were bad checks, but they don't even try to find out who is fraudulently attacking our accounts, how are we supposed to stop these companies if we don't even know who they are? For all I know, bank of america is doing this to us themselves. I am writing this in response and sympathy to all the complaints I have read tonight. I am going to see if there is a class action law suit against bank of America and if I find one, I will post the information. The person who posted the complaint I am responding to, they did the same thing to one of their own bank managers, right before they started shuffling all the employees around. She had to get a loan somewhere else to pay off her bofa cards and then she cancelled the accounts and shredded the cards. This is so sad that they are hurting so many people financially in our worst hours.

  • He
      4th of Jun, 2011
    0 Votes

    i think everyone wants to bail out of bank of america.i know i do.

  • He
      4th of Jun, 2011
    0 Votes

    they've changed here.new people.new rules.

  • Ah
      8th of Jun, 2011
    -1 Votes

    Bank of america's service of our loan, originally through Greenpoint, then through countrywide, and now with BOA is of the poorest quality of customer care whatsoever. They are too big to even get their files and facts straight. There are so many people working there that no one takes responsibility for anything whatsoever, and they don't even meet internal checklists or promises they make during the recorded sessions we spend time in trying to resolve financial issues. They mis apply funds, then promise to fix the problems and don't. We applied for modification and they lost the paperwork, and as a result have mis applied funds and reported us late for months on end, charging us for additional fees. In the last 4 attempts at resolution, Bank of America has been unable to follow through, after we are re-assured over the phone that the repairs will be made. We again requested to apply for a modification program, and were finally told that the reason they just dropped the last process was due to the "investor" changing their mind on participating in the program on our loan. What an insane amount of wasted time and inefficiency. I am planning on moving my loan elsewhere and boycotting all business transactions with Bank of America. They are too big to care. They route you to umpteen different departments who have differing and in-correct records. They tell you whatever they think you want to hear to get you off the phone, then do whatever they please. Poor form Bank of America. Shame on you. After loaning out monies which didn't exist at all anyway, you scam poor Americans out of the money they Earned through real action and hard work. Bank of selfishness, bank of profit, Bank against Americans. Boooooooooooo..boooooooooo..

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