I agree they do like the bait and switch interest rates. I had the same problem with CHASE Bank. I think we just need to turn this into a class action suit so we can re-coop some of our losses. Then that 22 figure amount would make sence.
BofA purchased countrywide. I would love to leave BofA, but since my house value dropped 60% I can’t get a refi. Meanwhile I make all of my payments on time, and this house only takes 20% of my income. Will they modify my rate? Of course not. Are other banks willing to loan me money on my home. Nope. So, I can’t vote with my wallet, and because I am a good citizen, I get the shaft.
Oh and get this. I would like to pay off the loan, but there is a clause in the loan that if I pay it before 5 years, I have to pay a penalty. So unless I want to pay a penalty (basically give them more money for free) I am stuck.
I have to add my comments and experience those already posted and i should say that it is reassurring to know that it is not just my own perception of b of a but that they have really become a corrupt financial institution and are being confronted for their wrongdoings. I was a very loyal customer of theirs for 13 yrs only to have them treat me like crap with fees on all of my account that added up to hundreds of dollars per year, hiking up unjustified interest rates on my cards and then telling me when I call them to tell them to fix it or loose my business to be told that i’m lucky they just don’t close my card altogether. What a bunch of idiots run their coroprate office. They coulnd’t even correct an overcharge in their claims dept. i actually had to to all of the work my self to resolve it after they had told me there was nothing else they could do. Even my local branch is embarrassed by their corporate office’s lack of service and seemingly senseless way of handling simple customer service matters. Employees at the branch have even been treated like they are unknown quantities in thier own banking relationships with their own employer. All of the signs are there that they are in for a major crash and in recognizing that I moved my business elsewhere. As loyal as I am I will not tolerate such communistice type and unexplained or unjustififed tyrant type banking practices. they deserve to be sued for every bit of the money being clamimed against them , If we could only all split that for all of the overcharges, fees and interest they have imposed on their customers. They should be called Bank of Afghanistan as far as I’m concerned for their terrorist type of banking practices. They will get what they deserve I hope!!
I tried to work with BOfA for the stimulus package making home affordable, for those who pay their mortgage on time, but may have a recent income reduction. I submitted all the documents and was told that my rate was currently lower than they could offer. Who the “eff” are they kidding. If you look at interest rates, they are lower than I have, what a bunch of crooks, I called them on it and of course got one their corporate weeney bs reply emails. I say sue the bastards and make it class action, how do I sign on.
Hello All: I am not a BOA customer, but I’ve had similar problems with Fifth Third Bank. And, like many of you, I have voted with my wallet and am changing banks. The last time I met with 5/3 officials, their attitude was “It’s a new ball game with the credit scoring, loan eligibility, etc., and we’ll all just have to get used to it because it isn’t going to change.” I was appalled. I think these major banks are using “credit scoring” to manipulate the marketplace. They use these scores to determine whether they will give you a loan/credit card, and to determine how much to loan you and at what interest rate. Under these circumstances, good luck to anyone who has had a creditor report a late payment (even 1 day late), or who happens to have the same name as some debtor to a creditor that is too lazy to track down the debtor — these guys just report the debt to the credit bureaus on every John Smith in “Able County” when only John Jacob Smith, Jr. of Anytown, USA owes them money. With it this easy for outsiders to impugn a person’s credit (and often inaccurately), I think it is discriminatory for lenders to hide behind these reports/scores. Who regulates the credit scorers? Are there standards for how they “calculate” these credit scores? Does anyone out there know anything about this? I find it ironic that these banks made bad investment decisions and got bailed out [by taxpayers who are their customers], and then these same banks turn around and treat their customers [who pay their fees and provide the deposit moneys they play with] like deadbeats if they ever missed a payment or disputed a debt claim. It doesn’t even matter to these banks whether the person has been a loyal bank customer for 10+ years with a good track record of paying off loans to them, etc. The whole “too big to fail” theory is scary to me. Something needs to be done to bring the banker-customer business relationship back into balance as well as getting banking regulation back into balance. I’d appreciate any comments! Thanks. [And, go get ’em BOA unhappy customers!!]
I have to say I agree with Former CW Customer, I have the same problem. They bought my home loan from CW and now we are stuck as well. Try and talk to anyone and you might just as well forget it. They have the worst customer service ever and they don’t even care. They can do what ever they want and those of us who are stuck have to take it.
I don’t get how you can compare this to frivilous lawsuits in healthcare via trial attourneys. How is this a comparison? Are you trying to say that by leaving the trial attorneys wide open in health care suits, there is something justifyable to BOA’s enormously absurd suit amount?
Or are you suggesting that govt tax dollars spent toward lawsuits in either case is OK?
In my opinoin Bank of America Deserves it!! I switched to them from chase because of issues to find myself having even more issues. I had asked the bank to hold a check for one day which they said they could do, they didn’t. The check was processed early drawing my account negitive and leaving me with $350.00 in fees. When I called customer service they were unable to help me and had no record of my request to hold the check. All they could do was credit my account $87.50 which still did not put my account positive. When I asked where they got the 87.50 from, I was told by the manager “well, I can give you $70.00 if that will make you happy”. I have never been treated so poorly even at a DMV. I’m really wondering how they became the Best Bank!!!
I was a loyal customer of Fleet bank for years before they were bought out by BOA. I never had a single problem w/ Fleet in all the years I did my banking with them. Within 2 months of switching to BOA, i was being hit w/ fees that didn’t even apply to my account! They were removed but not before a nice blood pressure spike from dealing with incompetent csr’s. Nothing worse than b.s charges, calling and telling the story to some idiot only to have them put you on hold so you can tell the story to yet another dimwit who can’t help you. They always seemed to have a high and mighty attitude on the phone as if to say “you’re lucky we’re in a good mood and rebating fees you should have never been charged in the first place”
Furthermore, the fees being assessed were total bs. I rec’d several overdraft fees one time despite my account being well funded. I can’t help but think how many people pay the same b.s fees w/o even realizing it. They probably figure if 1 out of 10 people fall for it and pay it, it’s worth it.
Solution: I closed my checking/savings and paid off my Amex and closed that too. BOA will never see a dime of my money ever again.
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I agree they do like the bait and switch interest rates. I had the same problem with CHASE Bank. I think we just need to turn this into a class action suit so we can re-coop some of our losses. Then that 22 figure amount would make sence.
BofA purchased countrywide. I would love to leave BofA, but since my house value dropped 60% I can’t get a refi. Meanwhile I make all of my payments on time, and this house only takes 20% of my income. Will they modify my rate? Of course not. Are other banks willing to loan me money on my home. Nope. So, I can’t vote with my wallet, and because I am a good citizen, I get the shaft.
Oh and get this. I would like to pay off the loan, but there is a clause in the loan that if I pay it before 5 years, I have to pay a penalty. So unless I want to pay a penalty (basically give them more money for free) I am stuck.
I have to add my comments and experience those already posted and i should say that it is reassurring to know that it is not just my own perception of b of a but that they have really become a corrupt financial institution and are being confronted for their wrongdoings. I was a very loyal customer of theirs for 13 yrs only to have them treat me like crap with fees on all of my account that added up to hundreds of dollars per year, hiking up unjustified interest rates on my cards and then telling me when I call them to tell them to fix it or loose my business to be told that i’m lucky they just don’t close my card altogether. What a bunch of idiots run their coroprate office. They coulnd’t even correct an overcharge in their claims dept. i actually had to to all of the work my self to resolve it after they had told me there was nothing else they could do. Even my local branch is embarrassed by their corporate office’s lack of service and seemingly senseless way of handling simple customer service matters. Employees at the branch have even been treated like they are unknown quantities in thier own banking relationships with their own employer. All of the signs are there that they are in for a major crash and in recognizing that I moved my business elsewhere. As loyal as I am I will not tolerate such communistice type and unexplained or unjustififed tyrant type banking practices. they deserve to be sued for every bit of the money being clamimed against them , If we could only all split that for all of the overcharges, fees and interest they have imposed on their customers. They should be called Bank of Afghanistan as far as I’m concerned for their terrorist type of banking practices. They will get what they deserve I hope!!
I tried to work with BOfA for the stimulus package making home affordable, for those who pay their mortgage on time, but may have a recent income reduction. I submitted all the documents and was told that my rate was currently lower than they could offer. Who the “eff” are they kidding. If you look at interest rates, they are lower than I have, what a bunch of crooks, I called them on it and of course got one their corporate weeney bs reply emails. I say sue the bastards and make it class action, how do I sign on.
Hello All: I am not a BOA customer, but I’ve had similar problems with Fifth Third Bank. And, like many of you, I have voted with my wallet and am changing banks. The last time I met with 5/3 officials, their attitude was “It’s a new ball game with the credit scoring, loan eligibility, etc., and we’ll all just have to get used to it because it isn’t going to change.” I was appalled. I think these major banks are using “credit scoring” to manipulate the marketplace. They use these scores to determine whether they will give you a loan/credit card, and to determine how much to loan you and at what interest rate. Under these circumstances, good luck to anyone who has had a creditor report a late payment (even 1 day late), or who happens to have the same name as some debtor to a creditor that is too lazy to track down the debtor — these guys just report the debt to the credit bureaus on every John Smith in “Able County” when only John Jacob Smith, Jr. of Anytown, USA owes them money. With it this easy for outsiders to impugn a person’s credit (and often inaccurately), I think it is discriminatory for lenders to hide behind these reports/scores. Who regulates the credit scorers? Are there standards for how they “calculate” these credit scores? Does anyone out there know anything about this? I find it ironic that these banks made bad investment decisions and got bailed out [by taxpayers who are their customers], and then these same banks turn around and treat their customers [who pay their fees and provide the deposit moneys they play with] like deadbeats if they ever missed a payment or disputed a debt claim. It doesn’t even matter to these banks whether the person has been a loyal bank customer for 10+ years with a good track record of paying off loans to them, etc. The whole “too big to fail” theory is scary to me. Something needs to be done to bring the banker-customer business relationship back into balance as well as getting banking regulation back into balance. I’d appreciate any comments! Thanks. [And, go get ’em BOA unhappy customers!!]
I have to say I agree with Former CW Customer, I have the same problem. They bought my home loan from CW and now we are stuck as well. Try and talk to anyone and you might just as well forget it. They have the worst customer service ever and they don’t even care. They can do what ever they want and those of us who are stuck have to take it.
I don’t get how you can compare this to frivilous lawsuits in healthcare via trial attourneys. How is this a comparison? Are you trying to say that by leaving the trial attorneys wide open in health care suits, there is something justifyable to BOA’s enormously absurd suit amount?
Or are you suggesting that govt tax dollars spent toward lawsuits in either case is OK?
In my opinoin Bank of America Deserves it!! I switched to them from chase because of issues to find myself having even more issues. I had asked the bank to hold a check for one day which they said they could do, they didn’t. The check was processed early drawing my account negitive and leaving me with $350.00 in fees. When I called customer service they were unable to help me and had no record of my request to hold the check. All they could do was credit my account $87.50 which still did not put my account positive. When I asked where they got the 87.50 from, I was told by the manager “well, I can give you $70.00 if that will make you happy”. I have never been treated so poorly even at a DMV. I’m really wondering how they became the Best Bank!!!
Yes. Stupid is as stupid does.
I was a loyal customer of Fleet bank for years before they were bought out by BOA. I never had a single problem w/ Fleet in all the years I did my banking with them. Within 2 months of switching to BOA, i was being hit w/ fees that didn’t even apply to my account! They were removed but not before a nice blood pressure spike from dealing with incompetent csr’s. Nothing worse than b.s charges, calling and telling the story to some idiot only to have them put you on hold so you can tell the story to yet another dimwit who can’t help you. They always seemed to have a high and mighty attitude on the phone as if to say “you’re lucky we’re in a good mood and rebating fees you should have never been charged in the first place”
Furthermore, the fees being assessed were total bs. I rec’d several overdraft fees one time despite my account being well funded. I can’t help but think how many people pay the same b.s fees w/o even realizing it. They probably figure if 1 out of 10 people fall for it and pay it, it’s worth it.
Solution: I closed my checking/savings and paid off my Amex and closed that too. BOA will never see a dime of my money ever again.
Let them crash and burn for all I care!