The evils of Bank of America

**Palooka** · 09-08-2009, 12:39 AM

Okay, first Niko's signature cracked me up.

I always hear really bad things about BA but I am curious to know what exactly is horrible about them. The only thing I really know is that they got bailed out.

Also they bought out countrywide and they have our mortgage. We pay our house payment so obviously no troubles we have experienced with them. (so far) Makes me wonder though if something really bad happened and we missed a payment or something....what we would be facing.

Is it just that they won't work with you at all if one gets in a financial mess?

Curious what you know since our house loan is through them now.

TIA

**frugalfranny** · 09-08-2009, 02:26 AM

I don't have any mortgage or anything through them........(credit cards only)

I haven't liked them for years.......prior to any bailout.

I was in CA in the 80's and witnessed what they did to their employees during the last slump.....they were AH's. Permanently laid off people that were just a few years.....sometimes MONTHS away from retirement.

Then....they started buying out all the banks that I had credit cards through......okay...no biggee......I cancelled a few of them but I pay them off so I will use their money I don't care. Then, lo and behold, since I hadn't used one of their cards........they cancelled it.....and here comes an Amer. Exp. in its place!! WHAT??? We all know that after the "introductory suck in" they have a fee...and I am having none of that! Well, longer story short, I called and bitched and then they sent me another MC and cancelled the AE. Gees......wonder what all this did to my credit rating.........(if I cared!)

They are just such sweethearts....I would be REAL CAREFUL to read any fine print on the items you get.

B of A has been buying up the places I had credit cards through.......and Chase bought out Wash. Mutual............I bank there too..........I'M SCREWED!!! My mattress is looking pretty good if this keeps up!

**Palooka** · 09-08-2009, 02:39 AM

Your post reminded me that I forgot my MIL worked for a small town bank for I think like 26 years and BA bought them out and laid her off permant and many others!

**Palooka** · 09-08-2009, 02:43 AM

I have no credit cards with them at all, just the mortgage that was out of our hands.

**Preston** · 09-08-2009, 05:47 AM

1) Whenever I call their customer service, they answer "Thank you for calling Bank of America, This is Satan, how can I help you?"

2) they call themselves bank of america but they continue to outsource jobs to india

3) they are a$$sholes. When shopping for a house I noticed that almost EVERY foreclosure we saw was through them.

4) They couldn't handle their finances to the point of needing to be bailed out -- then bought countrywide which had a ton of toxic assets.

5) They cut my credit limit from $8000 to $500 for no reason I can think of.

6) They threatened to close my account when I sent them a message saying 'go to hell'

7) I have a problem with any business that is 'too big to fail' that continues to buy out other businesses.

that is just a partial list of reasons I hate them without getting into a big story... and it's probabliy better I don't right now.

**Preston** · 09-08-2009, 07:34 AM

also, they are complete imcompetent jackass who don't even treat you like a human being...

check this out...

http://www.wtsp.com/news/local/story...storyid=112587

I rest my point

**NikoSan999** · 09-08-2009, 10:31 AM

Originally Posted by Palooka

Okay, first Niko's signature cracked me up.

I always hear really bad things about BA but I am curious to know what exactly is horrible about them. The only thing I really know is that they got bailed out.

Also they bought out countrywide and they have our mortgage. We pay our house payment so obviously no troubles we have experienced with them. (so far) Makes me wonder though if something really bad happened and we missed a payment or something....what we would be facing.

Is it just that they won't work with you at all if one gets in a financial mess?

Curious what you know since our house loan is through them now.

TIA

HI, I'm glad you like my siggy. I have an earfull to let you in on but just found your post and don't have time right now to answer you and do it justice. Get prepared for a long read. BUT bet you get an earful here before I ever get the chance. Check back for MY response later this evening when I have enough time to do it justice. Thanks

**jas** · 09-08-2009, 12:08 PM

just closed my account this morning. we had our EF with them we werrn't charged any maintinance fees and all of a sudden we were getting hit for 8.95 a month the statement came the other day and of course another 8.95. I zipped down this morning to take the money out and put it either in our ING account or our savings with our long term bank.

Well we had had a savings acct with BoA, didn't ever have any money in it really they opened it at the same time with the checking. Before I could close my account I had to fork over another 10.00 for service fees on the unused savings account. My EF went from having 1000.00 to about 975.00 in two months. I got my money out and moved it.

We have our car payment through them but that is no biggie I hope. So far so good.

**NikoSan999** · 09-08-2009, 03:54 PM

Ok, going to start this and will finish later. Our world started crashing last year on Oct 10th. We called in November to ask for some kind of help on the house. We weren't late on anything yet. This was just the start. They said there was nothing they could do but we could loan you another $10,000 and stretch the 28 + years back to 30. Hubby said $10,000 wouldn't do any good, didn't need it and they said use it to pay off credit cards. Yeah right, 30 years to pay off credit cards.

So called them back end of Dec and asked for help yet again. He said there was nothing they could do because we weren't late. To call back after the first of the year. Obama the great had a program going to take effect for those behind. I asked him if he was suggesting we get late. He says no but they couldn't help otherwise and to call back. I asked my question again..are you suggesting get late. He whispered and said that is the only way they could help after the first. As in read between the lines. I told him didn't want to be late. So called back January end of. Still can't help because we're not late. SO...

Our business went steadily downhill not just month by month but day by day. March house payment was made last week of March, not trying to be late but didn't have it. I was laid off mid Feb and on unemployment. Didn't have Aprils nor Mays. They called ME first of June and I told them the story. They put me thru to hardship or whatever. Nice people however now they couldn't help because we were late and the credit report showed late payments on everything but she specifically said house payments.

Story #2. Business checking, mortgage and all business credit cards thru Bank of Hell. For no reason the cards were raised from 9.99 to anywhere from 20.99 to 29.99. And we're NOT talking a couple thousand here. Damn place was ran on credit cards without an LLC or S Corp or anything. He was in business with his parents until they died about 3 years ago and it is in credit card debt out the wazoo. But no late payments.

Back to the house...we caught it up by borrowing from family and the business and believe me the business couldn't afford it but we did it. Not on credit cards tho. Get that straight.

While on the phone telling the lady we were sending the 3 months in and confirming she informs me that since we were already 2 months behind ( now not 3 months which would have started the foreclosure process but 2 months ) that we would not ever be able to be late again ( in 28 years left to pay ) that the foreclosure would start all over again...would pick up where it left off. I asked about whether they issued 1099's on short sales and she said no, they do not write off. What this means is that what they do is come after you for the difference in what it eventually brings and what is owed in a deficiency judgement. If you have a paycheck to garnish they can do that up to 25% of total pay before anything taken out ( if you are still lucky enough to have a job ) plus they can also put a lien on anything else you own. You will NOT walk away from them even if you have nothing. At the least you will get a 1099 for the difference of what they sell it for and what is owed including all the garbage they all tack on and you will owe the IRS as if the difference were income. Now if it sells and you have no job how are you going to pay the IRS. But the IRS will expect it to be paid.

Bank of America requires you to sign a paper stating that you WILL be responsible for the difference and will pay it back. Or they won't short sale. So at any given time they can yank your chain.

Now I realize that that part is not just Bank of Hell but all of them. BUT some don't do either one. After you read the link you will see what I mean.

I pulled the mortgage papers and REALLY went over them...yep,,,there it was buried...exactly what she said. That's why they don't want you to read the papers when you sign them. Just shove them under your hand and sign here and sign here. Also in there is if it goes into foreclosure YOU are liable for THEIR attorney fees and court costs. This is probably standard practice tho as I also got to read a friends mortgage paper and all that garbage was in theirs also and it was not Bank of Hell. Man were they shocked. Two years ago they would just have shrugged their shoulders and said so???? Won't happen to me....now adays...nobody knows.

We wasted all that money really and I know that because I know not just in my heart but in my head that we will not be able to keep it up. I am going to post a link below this to go to a Bank of Hell forum about forecloses/shortsales for them. Take the time to read thru some of them. These are horrible. Bank of America is the worst. I can't even start to tell it all in one post. But read the link I'm posting for a sample.

By the way just in case anyone is interested the Debt Forgiveness Act does NOT include a refinanced home unless it was used for remodeling to up the value of your home. Something else also but forget right now. So medical, college etc disqualifies for the forgiveness act.

http://www.loansafe.org/forum/short-...ible-debt.html

**Palooka** · 09-08-2009, 11:01 PM

Wow Niko, that is some scary stuff and thank you for sharing.

I guess with the 1099 and owing the IRS is a way the gov't can get their money back since they did bail them out?

**frugalfranny** · 09-08-2009, 11:49 PM

Originally Posted by Palooka

Your post reminded me that I forgot my MIL worked for a small town bank for I think like 26 years and BA bought them out and laid her off permant and many others!

My point exactly..........that is what they do......on a regular basis I would assume........it was really sad what I saw!

**frugalfranny** · 09-08-2009, 11:57 PM

Originally Posted by Preston

1)
5) They cut my credit limit from $8000 to $500 for no reason I can think of.

that is just a partial list of reasons I hate them without getting into a big story... and it's probabliy better I don't right now.

Preston, if you hadn't been using the card.....that is 'the new thing' that the cc co. are doing now.........heard it called 'chasing the balance' when they were explaining it on tv......if you haven't used their card they drop your balance by a large amt.

Paypal did that to me. The only reason I got it is because they said I had to do that or give them my bank acct. no. to shop on ebay. I used it twice and when I got their bill there was such a short time that I literally had to sit down THAT DAY and get the check back in the mail to get it back to them in time.....after twice I said no...and went back to using my Disc. card on ebay......which I had been doing anyway! Guess it pi$$ed them off......so....are you ready for this??......my 'credit allowance' is now.......$124........yep that is the TOTAL that I can charge.......I laughed UNTIL I realized that if I slip up and forget to switch it to Disc. when paying.......or go over......then I am for some fees! More ah's!!!

**Palooka** · 09-09-2009, 12:35 AM

I forgot to mention that today I saw a new commerial for BA and it was so friendly and cute. It showed this little circle of percents and how much they work with you with your finances and it tells you everything online. The couple was smiling while clicking on the site. Yeah right!

**frugalfranny** · 09-09-2009, 12:47 AM

Three pages of reading here.......if you can't find any better reading........some interesting stuff.....

http://www.americanbadbusinesslist.c...complaints.htm

**Palooka** · 09-09-2009, 01:45 AM

Just wow! That's just crazy stuff and how do they get away with all of this.... I know there is other banks/creditors that don't pull this kind of crap.