Tuesday, July 21, 2009

Fighting with Bank of America

Hey there. I am on the phone, on hold, with Bank of America. We recently got a loan modification done on our mortgage to reduce the amount. We were happy when it was slashed considerably. We signed the docs and sent them back. Soon after, we received a second set of documents and that slashed the first offer even more. We were confused, at that point. Can this super low offer really be our loan payment? I started calling BofA. I spoke to 2 different representatives that clearly said that the second offer would override the first. I had them repeat that to assure that I was hearing correctly and again, I received the "second set of documents will override the first." My wife and I were thrilled at point. We started to plan out the rest of the year, with dreams of her not having to work with with this great windfall that we were blessed to receive. We even received a check by BofA saying that we overpaid in escrow fees so even more joy came over us. Until last week, that is.

We receive our statement and it says that our payment is what the original loan documents stated and not what we were told over the phone. Not cool, Bank of America, not cool and at. Now, I'm on the phone trying to get to the bottom of it. Personally, I am none too happy that Countrywide busted and BofA bought it out. I've had some awful experiences with BofA. Many years ago we had a checking and savings account with BofA. It was not something that we wanted to do but considering that there were everywhere, we went ahead and open the accounts. On top of all the fees that were assessed, even after doing the "automatic savings" thing that supposedly made your accounts, free, we had issues with them. The straw that broke the camel's back was the moment that some one by the name of "Ruth" created a check, that's right, created a check with her name and her address on it and cashed it against our account. I don't remember the exact amount of the check but I want to say that it was close to $1K. I was furious. I called and complained to BofA how my name is clearly not Ruth and the address on the check is clearly not mine and yet, they cashed this check. On top of that, they gave me a hard time. Them bastards gave me a hard time! They didn't give me my money back "the next day", as their fraud commercials stated at the time, and I had to call them everyday for a full week just to get them to admit fault and give me my money back. Of course, because I was out so much money and it was unexpectedly gone, we started accumulating overdraft fees that again, BofA said were my fault and not theirs. I fought for those to be reversed too since I told them that they cashed a check that was not issued by me and therefore I should not be held accountable for the fees. After all the yelling and all the screaming I did to supervisors and directors, I finally got the money back into my account. I immediately withdrew our money from both saving and checking accounts and vowed never to bank with them again. I bash them every chance I get, and with more than good reason, and to my surprise, others usually share their horror stories as well.

Now, it turns out that they need to research as to why my documents are not matching... Typical BofA bullshit, if you ask me. I am not happy and if I need to pay more than what my documents say, I'm going to be raising some hell. Later.

FYI... I did this whole post while I was on hold... Bastards!


  1. I despise this company, for personal reasons of course. The service is horrible and the people are rude.

    I had all of my business accounts with them and a refi and they caused me more stress than anything else.

  2. I hear absolutely nothing but horror stories from BofA, I'm glad I never opened an account with them. I almost did because there's one right across from where I used to work, and it would've been great to have a small account there so when I got money from the ATM, I wasn't being greeted with a $10 charge each time. Yep, I'm with WaMu/Chase and between their charges plus BofA's charges, I was coughing up ten extra dollars per transaction. I didn't even realize it til almost two years had passed, since the withdrawal receipt only states the BofA $3 charge. I blame my ignorance on my age, I'm 25 and haven't had a whole lot of experience with banks yet, so I wasn't studying my bank statements closely enough.

    I'm ridiculously unhappy with Chase as well though, I might switch to First Federal, my parents have a few accounts there and they're very pleased.

  3. I deal with this type of things everyday! I process modifications and I must say Countrywide/B of A are worse. Good luck my friend! If i can be of any help let me know.

    Dennys Rivera.

  4. checkout bankofamericasux.com

  5. My husband and I recently moved all of our accounts from them. We had nothing but minor issues with them for a long time and finally had enough and went elsewhere. I can certainly relate.