Bank of America

Five years ago, I was the victim of bank account fraud. I worked with Bank of America to resolve the situation and correct my accounts. Now, five years later they decided to close my accounts based only on this fraud incident and charge me a $50 fee to do so.

In 2005, my Bank of America checking account was breached. I live in Seattle, WA and discovered a withdrawal from my account in Alabama. I immediately contacted Bank of America that told me my mailing address was changed in their system to an Alabama address. Apparently, someone was able to contact Bank of America, convince them that they were me, change the address on the account and issue a new debit card to the new address. We worked with Bank of America to close the account and issue a new checking account. The bank credited the account for the lost money and everything seemed resolved.

I have always been a very good Bank of America Customer. I conduct most banking electronically and do not run overdrafts. I own a premium Bank of America credit card and owned a savings CD. Earlier this year, in 2010 I opened a new business account and credit card. Everything was going well with the account until we received a letter regarding our new business accounts.

The letter we received said that Bank of America “has elected to close your account in accordance with the provisions of our Deposit Agreement and disclosures provided”. It then stated that Bank of America “may report the account to Chex Systems, Inc., an account verification service. This may adversely impact your ability to open an account at another financial institution for up to five years.” While the letter included a phone number for the Risk Identification Center, it provided no explanation for the account closure.

The only accounts affected were the new business checking and savings accounts. Instead of calling the number, I decided to go to my bank branch and speak with the manager that set up my recent accounts. She mentioned that everything appeared fine with all of our accounts and did not have any information why the new business accounts would have been closed. The manager called the Bank of America Risk Identification Center and the gentleman stated that the reason the accounts were closed was due to a 2005 incident involving “electronic transfers”. He did not know any details and said that “any time an account is closed by the Risk Identification department, the customer can no longer conduct business with Bank of America.”

Instead of calling the phone number, I decided to go into my local bank branch. The banking center manager told me there was nothing wrong with any of my accounts and did not know why the new business account would have been closed. The manager contacted the Bank of America Risk Identification Center and was told that the reason for the closure was due to a 2005 incident involving “electronic transfers”. They had no more information except to say that “any time an account is closed by the Risk Identification department, the customer can no longer conduct business with Bank of America.”

I explained the event to him and he proceeded to tell the bank branch manager that she could try speaking with bank management. Two days later I received a voice message from the branch manager apologizing for the policy, but that they could not reinstate the accounts. I went to the branch and visited with the manager again.

The manager told me that the Risk Identification department was formed only two years ago and was not in existence when the incident happened. She told me that if I had information from 2005 to show what happened, they could review it and possibly reopen my accounts. I told her that the bank investigated this back in 2005 and should have all of the information already. It’s apparent that the bank has very little information from five years ago wants me to provide it again. Bank of America handled the matter in 2005 and did not provide me with any follow up correspondence as to the details after. She mentioned that there was no risk to any of my personal accounts (the accounts I re-established in 2005).

I called the Risk Identification department again to ensure that there were no other reasons for closing a perfectly good account. The woman on the phone reassured me that the reason for the closure was only the event to my personal account in 2005 and it is their policy to close all customer accounts that for whatever reason, were closed by their Risk department. I told her that in 2005 I worked with Bank of America to close the account and reopen a new account. Again, she had no details about my specific event and indicated that the details did not matter. Obviously this department was not around in 2005 and they are creating blanket policies that affect all past customers with banking incidents.

The Risk department representative also had no idea about my current personal accounts (created in 2005 after closing the breached account). She was not even aware that I had other accounts. When I told her, she looked my personal account up by account number and stated that this account is probably in the stages of closure as well.

Bank of America is passing the blame to their customers. When criminals breach Bank of America security protocols and they decide to close an affected customer account, they will not allow you to conduct business again with Bank of America and will post a notice on the Chex system for all banks to see. The details of the events leading to closure do not matter and they may not even have any past records of the event. They essentially pass the buck to the fraud victim and even charge $50 to seal the deal.

Oct. 27 2009 I called in to get a payoff letting BOA know that quicken loans just approved me to get out of my 7.7% mortgage to a new fixed rate at 5.1/8%. The rep from BOA said he also had a program to lower payments. After answering his questions he said I was approved for a lower payment. Two days later a letter arrived from fedex and said make this new payment. After 2 months my credit score dropped to below 600 and it took 6 months to reverse this. Today I'm still trying to refi with them Boa and now there are stalling. They did this for greed of goverment money and to get my old Countrywide loan off there books so it can be sold as a government backed security.

In November 2009, Bank of America moved my mortgage from one BofA subsidiary to another BofA subsidiary. Since this date, Bank of America has started overcharging me interest. Bank of America acknowledges that their "software has changed" when loans were moved to the new subsidiary. And that their new software calculates interest on a daily basis. Prior to November 2009, any additional principal and/or monthly payments made before the 15th of the month, used to be treated as if they were made on the first of the month.

Thus, now if a payment is made on any day other than the first of the month, additional interest is charged upto the date the payment is made. In the past, only a late fee was to be charged, if the monthly payment was made after the 15th of the month.

Several representatives at Bank of America customer service acknowledge that an error seems to have been made. Going back at the loan history, they also agree that the method used to compute interest has changed. They also acknoledged that my loan is not a simple interest loan, but one where the interest should be computed monthly. One representative also mentioned that other customers had similar complains about overcharged interest. However, Bank of America refuses to fix the overcharges, indicating that this is how their new system works. And now their new software gives customers a breakdown of the principle and interest for each payment. In this new process, the system charges additional daily interest to each customer.

Note that I have not refinanced, or done any sort of modification to my loan. Nor have I ever been late on a payment. Just want to make folks aware that Bank of America maybe overcharging them as well. Folks need to look at their mortgage statement and calculate the principle and interest charged, and complain if they have been overcharged.

My son and I have a joint bank account with BOA. The reason for this is because my son is overseas. The Bank of America branch in Grapevine, Texas refused to let me deposit my sons Income Tax return. They asked all kinds of questions about who's check it was and etc. The manager was some mexican guy that hid behind a curtain out of full view and he was the one who wouldn't deposit the check...a government check! I wonder how many illegal aliens he asked whose SS# they had stolen and were illegally working under. I'll bet you not a one. Bank of America is the sorriest bank in the entire country. If you are searching for a bank that takes care of it's customers, stay away from Bank of America. I don't know if my son will loose his return, by the time he gets home the check will probably be void.

Last September, my mortgage was transferred from Taylor, Bean and Whitaker to BAC Home Loans Servicing, LP. During this transfer, my August payment has never been accounted for to date, even at 9 months later. I keep getting collection letters, late charges, etc... for a payment that I made. It's very disheartening to know that in these tough times, I am 100% current on my mortgage yet BAC has yet to recognize the correct status of my account. Every time I call, they keep telling me that it's still held up but all of the late charges will be dismissed once it is reconciled. They also told my that I was lucky to only have the August payment in this blackhole as others have both Aug and Sept missing. And I have called BAC a lot! I am to ignore the calls and letters per their direction but that's hard to do. Will this ever get resolved or am I destined to continue this harrassment for the life of my loan with BAC? We're coming up on a year now and especially for a big bank, I do not understand why this isn't resolved yet. Maybe that's the problem... big bank. ([protected]@yahoo.com in Thornton, CO)

June 5, 2010

Bank of America
CA6-[protected]
PO Box 5170
Simi Valley, CA [protected]

Re: Loan # [protected]

To whom it may concern:

First I would like to say that our family is being harassed by Bank of America and we are formally asking you to stop harassing us.

We did a loan modification with BofA in October of last year, it was finalized in March of this year. Your bank was kind enough to reduce our payment by 50% for 12 months. We appreciate that very much because it has allowed us to continue to make our payments on time as we have always did. In March, when we got word that the modification was done and we should start paying $269.18, we were please. I then started making that payment on time every month. Then in the late part of May I started getting calls from a loan counseling center, on my house and cell phone, sometimes up to 6 times a day. The people were telling me I was late, I knew I was not and told them there must be a mistake. The first few times they said the loan modification was not showing up and next month it would be all fixed. Well, next month came and the phone calls came along with it.

One day this past month I spent 5 hours on the phone with 2 different Bank of America departments. One department showed my loan mod was done and I had made all my payments on time and the other showed I was not making my payments and I was late. Neither one of these departments would talk to each other and they claimed they were unable to do a conference call. BUT at the end of the phone call I had a supervisor on the phone and he promised to have the loan mod negotiator call me within 48 hours to fix the problem. 48 hours came and went and I never heard from her, still haven’t. Then the calls started again! I spoke with a lady named Rosa, Rosa told me she saw everything I was telling her was correct and she was going to talk with her supervisor and get everything corrected, that never happened.

The 50% that the loan mod discounted my payment is showing late every month although I am making my payment every month and have done so since I got this loan! This needs to be figured out and corrected today. I am tired of trying to play nice and I will report Bank of America if this does not get fixed by June 30, 2010. I am doing everything I am supposed to do and Bank of America is not, you are simply harassing me and my family. Please review my account and fix it so the phone calls stop immediately!

Also, if you have been reporting this late on our credit reports I would like it corrected along with a letter of apology sent to us, just incase it does not come off the credit reports as lates!

Thank you,

Kevin and Maria Hickman

My credit went from 794 to 642, in feb of 2010.Bank of america (bac home loan) put a remark on my credit saying (paying under a home modified payment). This is not true i make the full 2470.73 payment on time every month and have not been late.I have cantacted b of a 24 times, they say there are no negative remarks on my credit report.Well my own bank will not give me a loan at the best rate.B of a sucks and i hope to never do bussines with them.I am trying to sell my home to get away from them.No body in that company knows what to do or how resolve this problem.I go to the local branch on 7th street in grants pass, oregon.EVERY ONE THERE IS JUST DRAWING A CHECK (LOST)

Hopefully everyone will read this and take it into consideration. Bank of America has set up there rules and policies to rip off the common consumer. There policy basically states that they can chose to cash a check anytime (even if its post dated or past 6 months). they can then charge you an overdraft fee or whatever fees may arise because of the early or late cashing of the check. There resolution to the problem is that you can put a stop payment on the check, which is obviously at a cost. See for yourself. bank of america.com, search deposit agreement and disclosure select number 4. click deposit agreement and disclosure. go to number 13-K. read the section regarding stale dated and post dated checks.
https://www3.bankofamerica.com/deposits/odao/popup/disclosure_popup.cfm?template=dad&RequestTimeout=300#13k

My house went into foreclosure after several months working with the fraud department also office of the President at B of A they gave me a case # but did nothing about it and then closed the case without even letting me know now my home has a foreclosure sale date March 11, several of the my loan documents were falsified I requested information and proof of this information B of A could not get me the information they told me to call the police, also I’ve been living in the wrong LOT # I for the class action against countrywide? they have already been fined 7 million or something large., the title company and the mortgage lady who was only a notary). everything the attorney general found on their practices that was illegal, they did to me. so how do I get in on the class action?

Be warned about Bank of America Mortgage Practices! Bank of America has committed mortgage fraud in our home loan contract by changing the status of our loan type and structure of the loan, by adding PMI, "AFTER" the closing, and without notification that they were changing our loan within thier system! And they most certainly have done this to hundreds, if not thousands of others throughout 2008 & 2009. If you do not pay PMI to Bank of America, then you need to conduct a thorough examination of your loan documents and run the figures through an amorization calculator. There are actually 3 different ways that they could have calculated your loan. I suggest running all 3. We found out the hard way that our loan type was changed when we tried to refinance our current loan with another bank! We had already payed for the appraisal ($350.00 dollars) and the new bank was pulling the payofff amount and found that within the BoA system, the type of loan we had was actually different than what was on our loan documents. When I contacted Bank of America about this they stated that they had payed for the PMI issucance "AFTER" our closing. The PMI department at Bank of America then stated to me that PMI costs were added into our APR and that is why the percentage rate is higher. I then ran the figures and sure enough the difference in the interest rate over the life of the loan came to within a few dollars of the amount that BoA had supposedly payed for, but had actually charged to us in the annual percentage rate! I have made complaints to the regulatory agencty that governs National Banks, the "Comptroller of the Currency Administrator of National Banks or OCC", they sent the complaint to the bank, the bank responded and apparently directed them not to discuss or release any ionformation to me about this issue. I have also filed a complaint about this with the Texas attorny Generals Office. If you suspect that you are a victim of this fraud as well, you can file complaints on-line as well. Please do so so this can be stopped before anyone else if ripped off by Bank of America!

Bank of America/BAC Home Loans Servicing LP would call my home phone every hour from 8.30Am to 9 PM looking for a Marcus M, unfortunately that person have never lived at this phone number address as I have been living here for the past 15 years. I informed Bank of America/BAC Home Loans Servicing LP and they said they would remove my number. Days later I am still waiting for this to happen, the harassing phone calls continues on Saturdays & Sundays as well.
Who else should I caomplain too!

Bank of America is a very dishonest bank, there thing is to trick you or cheat you in anyway possible. And believe me when i tell you that they are liars. I don't want to spend all day writing a book on how they have cheated me but i am going to take the time to post this so when people come to look they will find yet another person saying that the things bank of America are doing are against the law. who is going to protect the people from these bullies? they are picking on and ripping off the elderly and so much more. its disgusting to use the word America in there name.

In my last twenty year I have not experience any worst customer services which I experience on 1/22/2010. I am 20 years customer and paying my bill on time on two cards. Bank of America Visa and FIA Master Card. I called because they reduce my credit line and that effects my credit. Upon calling the ### of BOFA closed my accounts with insulting remarks for my credit report. Which was result of Furlough since I am a state employee (CA). I dont know how to deal with this.

I understand ifI am over on my account then I have to pay the fee.

BUT why do they have to hold my deposit which more than covers my purchases so that i get overdraft fees, My deposits went in first.
They also move your largest purchase even if it was you most recent to the back of the line so that all the other posting bounce as well.

I am a mother with 2 jobs and 2 girls to support and I have just got assessed a bunch of charges so basically my pay from my second job is gone.

Please tell me where to get help. Again I understand one if the recent purchase is over but to move everything around is really unfair.

Thanks you

Account pictures on request.

For the third time, Bank of America has "forgotten" to pay the real estate taxes and insurance on a mortgage that they service and for which they have a hefty escrow balance. What happens is that
(1) we receive the notice that our insurance is expiring and/or our real estate taxes are in default, (2) we have to call Bank of America and suffer through endless "push button " (for which escrow issues is not an option) and bad music, to inform them that they forgot to pay. In two of the cases, we had to FAX the bills to them, and in the most recent case (after an hour on the phone) they said that they will straighten it out without our faxing things in (we'll wait and see). Each time, they blame the problem on the County tax office and the insurance company, but this never happened with the same parties on our previous loan with BofA. The County states that BofA has not done what they need to do as a loan servicor with an escrow obligation.

We are resigned to the fact that they have a glitch in their system and cannot handle the escrow payments. I am looking forward to paying off the loan so that we can make these payments directly.

In our last call, the customer service agent mentioned that they had merged servicing systems with Countrywide and that this may have caused the confusion. The timing of our difficulties matches the Countrywide merger. While I can understand the confusion, if you have a business system with a terrible glitch and you fail to correct it, it is bad business. Once, I can understand. Twice, I wonder why they don't fix things. Three times? Bad business.

While I have had BofA mortgages for over 30 years, if I need another mortgage I will look elsewhere.

I was short selling my home, I received an approval letter from Bank of America on March 5, 2010 that approved the short sale as long as closing took place before April 19, 2010. The buyers completed their inspections, obtained financing and signed all the appropriate closinf paperwork on arround April 12, 2010 the final settlement statement was sent to Bank of America for final review as requested in thier letter and the closing agent received notice from Bank of America that they had foreclosed on the property on April 7, 2010 and that they could not move forward with the short sale even though they had supplied a letter stating that the sale was approved as long as they received their funds by April 19, 2010. I have copies of all the letters and documents and I am learning this is a common practice oc Bank of America.

I requested a replacement debit card on April 2nd, I was told it would take about 1 week to receive. On April 8th (4 business days after the reqeust) someone deposited 2 bad checks using that card at 2 different ATM in city's that are not close to me. They were both Bank of America checks payable to me, and the signature on the back was just my first name. These people then tried to use that card to purchase goods and withdraw a large sum from the ATM. I do not keep alot of money in there so those were denied. Bank of America closed my account due to fraud. The card must have been stolen from my apartment mail box or it's an inside job. I have made a police report for the stolen card. I have never received a call or paperwork from the bank after I made a fraud claim. The biggest problem is that the day they closed the account my paycheck was direct deposited. I have had the same employer for 7 years and been a customer of the banks for 17 years. Since they closed the account they mailed me a cashiers check on Friday April 16th to this day May 3rd I have not received it. When I call the department that closed the account I was told they couldn't do anything until the check has been out for 15 business days! Get real in this day it does not take that long for anything to get to you. They must be using the Pony Express! I have gone to several different bank offices and they say their hands are tied and give me the 800 number to call customer service. If you have any accounts with this bank GET OUT NOW!