Bank of America came to us not by choice because we did have Countrywide as our mortgage company. Well in the midst of the change and all, we were trying to refinance or remodify our loan. Well we fell behind when my husband and I both lost our jobs. It took me months of begging for BofA to send us papers for the "Making Homes Affordable" program, which by the way is a JOKE as well (started in June 2009). What BofA didn't tell us was that our credit score would go down significantly, and it showed we were making partial payments.
Well, we made our NEW payment of what "Making Homes Affordable" told us to make and said we have to make them on time for 3 months. Well, almost a YEAR later, here we sit not knowing if we get to keep our house. Making Homes Affordable program kept telling us they didn't have all our information and I faxed them almost 400 pages which included all the paperwork numerous times with the confirmations of confirmations of confirmations that they received it. Then the program failed to let us know that they gave our case back to BofA.
There it sits since December of 2009. We were supposed to have a new loan payment in October of 2009. It is now April 2009 and all we get are phone calls from BofA asking we need updated information on "why you fell behind." Well, they have almost 400 pages to read. We have been lied to and we're going to be checking into a lawyer. Don't know how much help it will do.
BANK OF AMERICA only wants your money and does not help you out. They make you sit and wonder if you will have a home. They think this is a big game. They want as many people out of their homes because they are banking on the housing market to go up and all these empty houses they are sitting on, they will charge an arm and a leg for. I am pretty sure they also are waiting around for the unemployed to get jobs so they don't have to remodify anyone's mortgages. GREEDY, GREEDY people!! Glad I don't bank with them.
I started my process in April 2009 and have been getting the same run around as everyone else. They recommended that I pay half my mortgage for 3 months as part of a 3 month trial period prior to beginning the Making Home Affordable process. After the 3 month trial period was completed in August, I received a very nice letter from the Sr VP of the Home Retention Division who seemed excited to assist me and recommended I call them right away to get started with the MHA! Yeah! It has been a nightmare ever since... I gave them my financial info over the phone. Three months later, I was told I was supposed to fax it and then later, I was told to mail it.
I have over 30 phone calls to date trying to get qualified. In December, I finally had an agent assigned who told me I needed to set up an escrow for taxes and insurance in order to proceed with the qualification process. On December 28th, I was denied qualification due to an agent error who doubled up my mortgage and car loan payments which created an excessive monthly expense and thus disqualified me. They are now in process (supposedly) of re-reviewing my qualification after recognizing the error.
Here's the kicker... Due to the erroneous disqualification, they have done the following: a) sent me a letter demanding payment of my 3 month half mortgage balance due by January 27th or default; b) blocked my access to my mortgage information online with a notification that I am delinquent on my December and January mortgage payments and will go into default if not paid by February 11; c) calling me daily via automated voice response saying I am delinquent and need to remit payment immediately; and d) best of all, they have erroneously doubled my escrow amount on my next mortgage payments.
Bottom line, instead of assisting me with a reduced mortgage payment, they have made matters worse by increasing my payment with an erroneous escrow. All they care about is BAC profits - I got nothing and now they're going to hold my money all year for escrow and make 20%+ interest on some other poor soul. I GOT DUPED!!!
There is something extremely not right about the way Bank of America is doing business. Bank of America was in the second lien holder position and due to their delay, my home was forced into foreclosure. I had a property that was in short sale status. I had a buyer that was willing to pay cash. The paperwork had already been reviewed by the first position lien holder and accepted. I provided the paperwork to Bank of America and they, were extremely slow to review. The paperwork was sent to them with over 3 month prior to any foreclosure date, I even negotiated extra time with the 1st position lien holder, but that still wasn't enough for BofA.
The first BofA negotiator held on to it for at least 60 days. When I called to check status, I was told that the more I called, the more that my file would be delayed, even when I relayed the urgent timeline. After the first negotiator looked at it, it had to go and be reviewed by another negotiator, and they told me she had an additional 60 days before she had to get back to me with a decision. 2 negotiators 60 days each - that was their process, take-it or leave it.
In Calif., the second lien does not get anything back if the home goes into foreclosure, so I would think it be in their best interest to try to proceed with the short sale, and avoid the foreclosure. The first lien holder finally turned down my second request to extend the date. They said they had already extended the foreclosure once and was not in their best interest to wait any longer. The home ultimately went into foreclosure.
I felt like someone spat in my face. I didn't understand why BofA was making it so difficult to avoid foreclosure? Please if anyone is in a position where they can create change, do so. Bank of America bought Countrywide, who had my lien, but now, they can not service those loans. They bought a troubled asset to get government help, without owning up to the responsibilities...sorry if I added my 3 cents, but what they are doing is WRONG!
I've a AAA gas rebate Bank of America Visa credit card and while I was looking at recent monthly statements, I found how Bank of America grossly misleads customers and collects interest through devious methods. Here is what happened in my case and same must be true for all customers, therefore good cause for class action suit, and request all customers to look closely your statements if you took cash advances any time.
Initially AAA card was offered to me with low interest rate balance transfer. After the initial offer period, interest rate on my balance transfers and purchases gone up to 13.99% and now I've cash advance interest rate of 19.99%. Looking at my recent statements I took $300 and $400 as cash advances. I took second cash advance way back in Nov '08.
Even though I never missed single payment, cash advance amount now shows $1064 instead of $300+$400 - prorated monthly payments applied to cash advance amount of less than $700. When I spoke to customer representative, reasoning he gave me was every month though I make monthly payments regularly, they add 19.99% interest amount accrued monthly on cash advance to original cash advance amount.
That means to start with, I had $700 as cash advance, next month it became 700+11.66 =$711.66 as interest added to original amount. In next month statement, they calculated 19.99% interest rate on $711.66 so the cash advance amount now became $723.51 and goes on and on, even though I make my monthly payments. Monthly paid amount is applied only to balance transfer/purchase amount, whereas cash advance amount keeps growing leaps and bounds.
This is kind of charging interest on interest every month, which is kind of deceiving customers with hidden charges. Customers will have no clues unless they drill down and see or find out through some analyst. This is like daylight robbery by same big bank which was bailed out by our tax $$$. This greed should come to an end, else most of American end up in debt trap. Govt should act fast and stop this bleeding.
I have been a Bank of America customer since 1999. I have personal and business checking accounts with them and have been increasingly disgusted with their practices. Lately, it seems apparent how they will make up the $34 billion CNN reports they need to raise. NSF FEES. The computer programs are designed to treacherously maneuver credits and debits to create NSF situations.
When the account has a lot of funds, charges come in, pend, and are paid within a few days. When the account is low on funds, charges raise past the pending stage and quickly post to create a NSF situation which they will happily "cover" for you while charging $35 as many times as possible. The only way to document this is to printout your bank statement 3 times each day for a few months and you can then prove this is happening. Two days ago, my business account dipped to $67.95 and a $45 check came through and was paid. Close but not NSF. My account balance was then $22.95.
Later I received a NSF email alert on that very check and again checked my account. It still listed a balance of $22.95 with no pending charges. Since it is nearly impossible to make phone contact with your local Bank of America, I drove to the nearest branch 20 minutes away. It took 30 minutes for the bank representative and internal phone support to tell me we'll all have to wait until the following day and see if the charge shows up, then they'll remove it because there's no reason for it. This morning I see a $35 fee even though the account never was in the red, pending or cleared.
What does this prove? The computer program holds dominance over bank personnel. Doesn't it seem like a simple thing for the Bank Rep and Internal phone support to see the wrong and correct it immediately? Rather, they have to wait until the next day to credit my account. As a business owner, I might be too busy to spend an hour or two fussing about $35. In the past, I've just overlooked this type of thing and wrote it off being too busy to worry about it.
What is the solution? A class action lawsuit. If enough Bank of America customers printout their online bank statements 3 times each day, it will become crystal clear to any judge that the Bank of America Executives feel the best way to rob a bank is to own one.
LAS VEGAS, NEVADA -- Can you believe this! My Attorney's client who was issued a settlement check drawn off the Lawyers Trust Escrow Account (25 years old) with B of A walked into the main downtown branch here in Las Vegas and offered the $15,000 check to the teller to be cashed. 1st, he was told they could not cash the check because he did not have an account with them. After protest, they reconsidered and then told him they do not have that much cash on hand and could not cash his check.
After much protest he asked for $5,000 in cash and a $10,000 bank cashier's check. They informed him that he must have account with them to be issued a bank cashier's check. After another protest to see the Bank Manager who stated that his State of Nevada DMV Photo ID Card along with his Original Birth Certificate and his Original Social Security Card WERE INSUFFICIENT IDENTIFICATION for Bank of America. The client called his Attorney who's signed the check it was drawn on.
The Attorney went round and round with the Bank Manager, telling her that he recognizes his client's voice and would okay the check for cashing. Also B of A makes everyone get finger printed and charges $5 as well but to no avail was the check still going to be cashed. The Bank Manager insisted for a Passport ID, or a Federal Gov't ID, and or a Major Credit Card ID. The lawyer's client produced 4 forms of valid identification and the check was telephone verified by the issuer. The client agreed to be finger printed, pay the $5 check cashing fee, accept a partial cash payment now, with a Bank Cashier's Check on the balance.
Can you believe the lawyer has to get the cash from his bank in person himself with the client and handle this fiasco at his bank. I would say Adios Bank of America. Where the hell is customer service? Good Riddance B of A. You should not be bailed out, but butted right out of business for good!
In May 2008, Bank of America decided to outsource its BillPay check writing to JPMorgan. Under the new system, JPMorgan cashes the checks on the "Deliver By" date and holds the money until the creditor cashes the check, which now takes 5 days to clear. If the check is lost or the creditor doesn't cash the check, JPMorgan holds the money until the BofA client complains and cancels the check. BofA BillPay executives now expect clients to reconcile their bank accounts by calling creditors individually to ask if they have cashed their checks and credited their accounts. Using the BillPay system, there is now no way to verify that the creditor has cashed the check, because JPMorgan, a third party, cashes the check on the delivery day and subsequently sends its own check to the creditor.
Under this policy shift, JPMorgan in essence creates a buffer fund of cash it can used to earn interest. It holds BofA client money from the "Deliver by" date to the date the check clears, five days after the creditor deposits it.
There are a number of issues that come up with a policy like this. One, bank reconciliation is now virtually impossible. Two, lost or uncashed checks are unknown and can not be easily tracked. Three, in the event of a lost check, the BofA client is still liable to the creditor, even though on a bank statement, it will say that the BillPay creditor check has been cashed. In any other system, if the bank statement says the check has been cashed and the creditor did not cash the check, then one immediately takes action to investigate fraud. In this case, one has to contact BofA to get their money back from JPMorgan, and then investigate if JPMorgan says their check was cashed too.
Everyone should be aware of this policy shift if they are going to continue to use Bank of America Online Bill Pay.
STATEN ISLAND, NEW YORK -- It started 3 years ago, my husband died and the mortgage was in his name but the deed in both of ours. I gave them everything they asked for and wouldn't put mortgage in my name. I paid every month and then hurricane Irene happened. My house got destroyed. I put all my husband's life insurance into my home so we can live there. I became behind on my mortgage but was waiting on the insurance check and then I'd be current.
Well, hurricane Sandy came and I don't have a house anymore. My 4 year old and I just moved back a month before to be evacuated again. All this time BOA will not talk to me cause I'm not on the mortgage but insurance on the house is in my name. February 2013 happens and I have $44,000 in checks for Irene and about $100,000 for Sandy. The bank refused the checks and said the house was gone so they definitely couldn't accept Irenes checks cause they couldn't inspect the work. I have have receipts they don't care.
Now, I find out they served a residence I lived 10 years earlier foreclosure papers, that they said were delivered to me. Never happened, I didn't get them. We have been fighting back and forth so BOA decided to sell my mortgage to Nationstar as of June 1, 2013. I just found out on March 24th 2013 BOA got my insurance checks reissued to them (needs a dual endorsement) and cashed them through Wells Fargo bank without my signature - and I didn't even know about it. They didn't inform me, my lawyer found out.
So they got almost $100,000.00 and they didn't even own my mortgage anymore. Wouldn't take the checks so I would've been current but made me struggle all year. I couldn't even get help from the city cause I wasn't current… what can I do??? Finally they handed the money over to Nationstar but they're saying they didn't have to tell me and they don't have to put it in escrow or have my name on it? What the hell, am I in the twilight zone... I paid years for that insurance to help me and I'm getting screwed.
My debit card info (debit card is in my possession/not lost or stolen) was compromised over the 4th of July holiday and caused my rent check to bounce and other transactions to be denied. I was charged overdraft fees left and right. When I called Bank of America to cancel my card immediately and file my complaint, the customer service representative began to give me a list of places where my debit card number was used... these were all unauthorized charges of roughly $550 plus $200 in overdraft fees. Bank of America only refunded me $541.
They said it would take 90 days to investigate and they gave me a claim number to refer to when I call back in 90 days. It has now passed the 90 day period and I just routinely checked my account only to discover that Bank of America had not only taken the $541 back but charged me a $35 overdraft fee and are now showing me $565 overdrawn. I called to see why they took the money back and was told that someone had to been in possession of the card even if I did not know who it was and this is not considered identity theft...my debit card was in my possession the whole time, just the card number was being used.
After 90 days of waiting to see what they found out they are trying to make me out to be the bad guy and in my opinion they are now the thief... they have now taken my money and then charged me $35 to do so. Now after 90 days they are telling me to go to the police and have them go to the different merchants so that tapes can be pulled showing the person who was using my number. I could have done this in the beginning instead of trusting them to handle to no advantage to me.
I have waited 90 days to end up right back where it all began... minus the money that was taken from me. I have been with this bank for seven years, this is my first major complaint and I am treated like a criminal.. will not EVER recommend them to anyone.. closing account Asap!!
PALM BEACH GARDENS, FLORIDA -- I am writing to make a formal complaint regarding Bank of America and its unethical practices to customers. I think this bank is a fraud, and cares nothing about customers. I don't understand why the bank will not just pay a check for a customer, if they are going to charge the customer $35.00 on a returned. I believe it's unethical for a bank to allow a merchant to present a check up to 3 times, and charge the customer up to $35.00 x 3 on the same check or transaction.
It would make more sense to pay the check, and charge 1 fee. This would protect the customer and prevent the customer from enduring fees from the bank and the merchant. I have recently paid $105.00 in fees from Bank of America, on a check for $141.00. In this past year, I have paid over $1000.00 in bank fees, due to loss of employment and drafts from my account, causing fees from the bank.
The bank refunded some fees; however usually stand by the same statement, "it's not a bank error.” The bank allowed the merchant to draft up to 3 times on some items, and charged me $35.00 each time for the same transaction. The merchant then charged me $50.00 for the returned check. A total of $ 155.00 paid in fees on top of the $141.00 check. Something is very wrong about that!
If the bank paid the check the first time, and charged me one $35.00 fee, it could have saved me well over $100.00 in additional fees from the bank and merchant. In this economy it is unfair to treat people and customers this way. Bank of America's practices should be reviewed. As a customer I am disgusted by the treatment, and lack of consideration for their customers. I wouldn't recommend this bank to my worst enemy, and I am looking forward to taking my business elsewhere very soon.