B of A Sucks Official Thread

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Account Closed
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
15y

When I think of customer no service, instantly B of A pops up. Some time ago B of A was my bank. For some time I had a good personal banker that got things done and followed through. They promoted him and everything went down hill from there.

Needless to say I pulled everything I had in BofA and went to another bank that was happy to work with me.

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  • Cheryl C.
    Investor · Reston, VA · Member since 2011 · 683 posts · 191 votes
    15y

    Will, I didn't mean to doubt what you relayed. I just believe that there must be more to the story. The Bank can't just Deed the property back to themselves. From a practical standpoint, they need the new owner to execute a Deed or they need a Court Order.

    As to paying them off, I may just do that. At this point it's all going to principal so I'd rather not. My original loan was only 80K. How they can force me to insure for 250K is beyond me. I got nowhere when I called. I'll have to read the trust and note. For me to incur legal fee's would be as costly as the added insurance. Catch 22.

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  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y
    I am sure that was their intent, knowing you would have to bite the bullet. I agree Bryan, and am doing exactly that this week. I am pulling all my business funds from Chase and moving to a small local bank. Screw the big boys and their BS. Just like in the movie, "let me get this straight, these banks practically brought down our entire financial system and we can't impose restrictions and regulations on the $700B we are giving them becasue, . . . they might not take it?!" Screw them all, I am done with them.
    10 banks now hold over 77% of all deposits in this nation - that is scary.
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  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    15y

    Amplify Credit Union is getting all of my deposits soon. Wells still has a little bit.

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  • Ryan B.
    Investor · -, IL · Member since 2010 · 409 posts · 616 votes
    15y

    Have not seen the HBO special yet, but from the sounds of it, reminds me of a documentary I saw on Goldman Sachs. No joke, I felt sick to my stomach and wanted to vomit just from watching it. Sometimes a log shack, off the grid in the middle of the woods sounds like paradise when I see stories like this.

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  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    I hear that Ryan!

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  • Cheryl C.
    Investor · Reston, VA · Member since 2011 · 683 posts · 191 votes
    15y

    I've got that! Just need to stop working!

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  • Clay Zaccaglini
    Carlsbad, CA · Member since 2011 · 14 posts · 1 vote
    15y

    Avoid them like the plague. They cut off credit lines on people who are in good standing and pay their bills, then start sending you letters and spam to refinance your home with them for 10K.

    We are land developers who build homes, and yes, we are making a few slow sales. Tell your buyers to stay away from BA or you will probably be looking at 90 day escrows or longer. They are disorganized and never return phone calls or escrow instructions. I spent more time on the phone with them on behalf of our buyers than anybody else in the transaction to keep documents moving. They also rarely answer the phone, and they do not call you back. They also ask you for things at the last second that sometimes take weeks to resolve, or don't exist in our case concerning a CO in San Bernardino, and it is just the worst experience in the world. I am not exaggerating here, and this has honestly been my experience.

    I have to also say personally that the customer service reps in most locations are like some of the people you run into when dealing with government counters. I am not defending Wells Fargo because they have problems too, but I am always treated in a much more friendly way.

    There stock might be a good deal, but that is only my opinion and not advice.

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  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    If only there was a way for us all to "stick it" back to these guys, I would be first in line.

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  • Brandon Kamm
    Commercial Real Estate Broker · Memphis, TN · Member since 2010 · 151 posts · 82 votes
    15y

    This is really just salt in the wound. We use them as they have branches in Memphis and california, where we have many clients. The new thing, despite me sending over checks to deposit for 8 years now every month is to send them back as " they can't read the written words but just the numbers and they have to read both" Now sometimes my handwriting is doctoresqe but give me a freaking break, just a complete lack of giving a flip about your customers.

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  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    Just another of thousands of examples of how crooked this bank is:
    B of A is being sued in a large class action law suit for their previous practice of over draft fees. From 2001 to approx. 2007, B of A held a practice to apply highest to lowest in regards to transactions that would place an account in over draft. In other words, if you had a checking account and had several charges to your debit card and/or checks written, and two or more came in on teh same day, and if the highest amount of those two or more checks/debit transactions would put your account over drafted, B of A would apply the highest check amount causing an over draft fee, then apply the next highest casuing a second fee and so on, rather than paying the smallest check/debit that would not overdraft the account and move from lowest to highest. This was all done of course to increase fees they could collect.

    Unbelievable!!!!!! Can you get any more ruthless than that?
    Screw B of A, everybody in the country with an account there should close it and move to another bank!

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  • Eric B.
    Homeowner · Littleton, CO · Member since 2011 · 3 posts · 0 votes
    15y

    You know BoA sucks. But do you also know how criminal it is?

    Listen to this report of what Bank of America is involved in:

    Bird Flu Distributed by Dept of Homeland Security

    Drivers paid in cash by Bank of America

    http://www.youtube.com/watch?v=_qJQCJp4ehc

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  • Matt T.
    SFR Investor · CB, IA · Member since 2011 · 91 posts · 42 votes
    15y

    I have (well had until yesterday) a credit card with B of A. I live out of the country so rarely check statements; however, routinely pull my credit report. I noticed a $50 plus balance on my card. Called and found out there is now a $50 a year charge for the privilege of having their card. Also found out my interest rate is 19.9%! Asked for a lower rate and they said, "nothing lower is available at this time". 800 credit score and that is the best I can get? Account closed....B of A sucks

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  • Zach SikesBusiness Member
    Residential Real Estate Broker · Edmond, OK · Member since 2011 · 452 posts · 183 votes
    15y

    I hate BofA as well.

    If I have a buyer come to me with a pre approval from BofA, I tell them to go find another Realtor or use someone else. Same thing with Chase, just not as bad.

    I had a buyer that was buying a home for around 85k. Not a big deal, but nice and simple. It was an REO from Wells Fargo, and Wells countered back our original offer of a 30 day close with a 60 day close. So we have 60 days to complete the transaction. 45 days in, my buyers leave the country for a funeral. When they return, we find out their loan has been denied due to a typo on their end. We find this out 5 days before closing on a 60 day contract!

    I got them hooked up with one of my preferred lenders, ad he had it closed in 10 days, appraisal and all. Not to mention, Christmas was in the middle of the 10 days.

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  • Josh Hershner
    Real Estate Consultant · West Chester, OH · Member since 2011 · 5 posts · 0 votes
    15y

    Bought 2 short sales about 120 days ago (BOA was the short sale lender) and they have yet to record their satisfation of mortgage with the courthouse - Have buyers lined up but cant do anything until the release is recorded. Thanks BOA

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  • Darryl Dahlen
    Commercial Loan Officer · Southern Maine, ME · Member since 2009 · 782 posts · 415 votes
    15y

    I'm starting to wonder if BoA might be headed for trouble.

    Their stock has fallen 20% this week alone and is trading at just under 7 dollars a share.

    They were also just hit wit a 10 billion dollar lawsuit from insurance giant AIG. In essence, the lawsuit claims BoA sold undervalued/unverified loans. Big surprise there, eh?

    They've already paid 3 billion to buy back under performing loans from Fannie and Freddie.

    When you add everything together it doesn't look good does it?

    How much lower can the stock drop before they have to take some drastic measures? What would those measures be?

    There's been talk of massive layoffs if BoA stock continues to fall. As of late, some of the other big players have been trimming the fat.

    Wells Fargo has recently laid off thousands and HSBC is shutting down a lot of branches while selling off 195 more to another bank.

    Perhaps BoA will also be inclined to do something similar and will shed jobs in an effort to preserve their bottom line.

    I know there isn't a lot of love for BoA here, but does this means that it's a good time to buy this stock and try to make some money off of them?

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  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    @Josh - BofA took over 7 months to get my recon recorded and I could not sell without it. I certainly hope they don't take that long for you too!

    @Darryl - I would contribute a lot of that stock price drop to the entire market drop. The entire market has gooten crushed the last month or so and most stocks are down. That said, perhaps BofA has other issues causing an even larger decrease in their stock value. I certainly hope so. As to buying their stock, even if I was sure i could make some money, I would not invest in such a lousy and crooked company. Screw them, I hope their stock goes to 0 and they go out of business. I then hope that lots of small banks can take over the branches rather than one of the big boys getting even bigger from such a fall-out.

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  • Mickey Harrison
    Real Estate Investor · New Orleans, LA · Member since 2011 · 54 posts · 13 votes
    15y

    Wish I would have read this before trying to purchase through BOA...Only reason I went with them is because surprisingly they had the best rates at the time.

    Currently, been trying to close on a house for 2 months. The mortgage originator did do a nice job of getting things moving fast but since him, i've been pulling teeth.

    We were supposd to close a month ago but the final processor didn't call the title company til the day of "closing" and then told me they had to review somethings (why didn't you return my calls or tell me this before hand?). Now they are trying to tell me that my flood insurance policy isn't NFIP backed? WTF? all flood policies are NFIP backed. They said no there not? So the policy i purchased from a local agent isn't good but guess who's policy is the one they quoted me from the in house rep. Of course now since we have gone beyond the allotted time for my documents to be good they are telling me I need to resubmit more statements. For some asinine reason the final rep thought I was going to liquidate my stock brokerage account for closing. Why would I do that I have all the cash in the other accounts that you don't seem to remember looking at but you do remember me agreeing to liquidate. If i had to do that I wouldn't be buying the house. I swear it's like they didn't even look at my file til 2 months later. I could go on more but I'll spare everyone. I'm so mad with them I almost want to say forget it and go to another bank (doubt seller will be happy) or just say whole damn deal is off cause I don't want them to have my money.

    I'll get off my soapbox now.
    Time for a cocktail and beer.

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  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    15y

    @Darryl:

    I hope they bite the dust. One can only hope!

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  • Will BarnardPro Member
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    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    That is terrible Mickey, just one more example, although that is rampant throughout all lending institutions these days, they just do not want to lend at 4% rates so they make it as difficult as possible to qualify and to go through the firehoops process.

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  • Darryl Dahlen
    Commercial Loan Officer · Southern Maine, ME · Member since 2009 · 782 posts · 415 votes
    15y

    Warren Buffet just injected 5 billion into BoA which bolstered their shares by 25%.

    I knew I should have bought some of their stock!!

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  • Dennis Tierney
    Investor · Omaha, NE · Member since 2011 · 475 posts · 211 votes
    15y

    Yes, but, he bought perferred stock that gets a 7% dividend. You and I couldn't do that kind of deal. He's looking for cash flow, like a real estate investor!

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  • Dennis Tierney
    Investor · Omaha, NE · Member since 2011 · 475 posts · 211 votes
    15y

    I refer you to this explanation of Buffet's investment scheme. He is "sticking it to them" for a good profit.
    http://www.thestreet.com/story/11230957/1/buffetts-opportunistic-grab-for-bank-of-america--todays-outrage.html

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  • Darryl Dahlen
    Commercial Loan Officer · Southern Maine, ME · Member since 2009 · 782 posts · 415 votes
    15y

    I understand, but due to his action the value of the stock has gone up today.

    If I'd bought shares when I posted on Aug 10th, like I was thinking of doing, my shares would be worth about a dollar more today. Not a bad profit IMO.

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  • Bienes Raices
    Orlando, FL · Member since 2009 · 2k+ posts · 282 votes
    15y
    Originally posted by Darryl Dahlen:
    Warren Buffet just injected 5 billion into BoA which bolstered their shares by 25%.

    I knew I should have bought some of their stock!!

    A new zombie bank?

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  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    15y

    Buffet knows a good deal when he sees one. I think he has to be my enemy now though!

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