Bank of America
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Category: Business & Finances
Contact Information
Austin, Texas, United States
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Bank of America Reviews
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January 21, 2008
Fraud!
Fraud: me and my wife both have an account with bank of america but the accounts are separate no joint. I make a payment to a company for $300. But the company with only check extracted. The $300. From my account and another $300 from my wife account, so the total amount taken out of the account was$600. When i asked the bank reason why this would happen the bank said that the routing number were are alike. After that information the bank suggested. That i made claim, so i did, a few days later a letter direct to mi wife came in the mail from the bank explaining that it wasn't necessary to make a claim to the company and that the $300. Were returned to my wife's account. That sane day i went to the bank to make a withdrawal and noticed and overdraft in my account $300.,when i called the bank looking for an explanation they told me.that the money returned to mi wife's account was taken out of my account.as far i knew when a claim is made they should talk to the company so that the money taken out the account in the first place was replaced,that's what is called """"fraud""""" thank you.
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January 17, 2008
Scam and fraud!
I did a wire transfer using bank of america in baltimore MD johns hopkins branch to my own account in India using SWIFT codes. I was told that india is a slow to pay country and it takes about 3 weeks and no investigations would be don't till then. It has been 2 and a half months and it hasn't gone through. My bank in india has not received any information regarding this from bank of america and the bank of america is not willing to help. Every time i contact them they tell me that they are sending e-mail to the bank in india to find the status and that the money is in india and nothing can be done about it and it is possible that i lose my money. I have no clue as to how to go about it.
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January 10, 2008
No fee mortgage!
I had recently applied for the no fee mortgage plus with Bank of America. They had their advertisement every corner of the street and they told me no PMI, appraisal fee blah blah... It took me a solid four weeks to get all the formalities done as per the guy who was assigned to me (Mr. J). After that came the appraisal. After a couple of days I get a call from Mr. J saying that the appraisal was $60,000 shorter than the value I had quoted.
I was wondering how could this be? He tells me something might be fishy about the seller!!! I was damn convinced about the value as I have been living a few blocks from the property for the past 5 years. No amount of evidence I provided could make BOA change its stance. I was stuck, everything got stuck, thrown out of whack -all my remodeling plans. Thanks to BOA.
If BOA didn't want to give a loan to me they might as well come out and say instead of finding some shit fault with the appraisal etc. I got it financed through Wells Fargo now. It took one week exactly to complete the formalities. The APR everything was more or less the same. I apis $400 for appraisal - no biggie.
Stay away from BOA.
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December 23, 2007
Terrible experience!
I had opened a Bank of America credit card with an APR of 13.99%. In April 2007, the APR had increased to 27.99%. When I called to find out why, they told me that because I had been making minimum payments, the increased my APR. What kind of logic is that??!? By increasing the APR, they are making MORE money off of me and less of my payment is going to the balance. I am trying to get it lowered and so far nothing. However an article written Dec 4, 2007 quotes Bank of America spokeman stating that customers have a right to say no to an increase YET I was given no warning and I certainly didn't give permission.
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December 13, 2007
Terrible experience!
This is more out of general wondering than anything else. My wife and I opened a joint checking account in early November. I have direct deposit, however, at this point in time, she does not. I have been with Bank of America since 2001. In the past year at least, I have been depositing her paychecks via ATM into my personal checking account. As long as I deposited it before the cut off (it was 6 PM, now it is 8 PM), the check was posted/cleared and funds were available at 12:01 AM the next day. However, my wife deposited her paycheck on a Tuesday morning. The date of the check had the date of the deposit on it. She used a deposit slip and went into the branch. The check posted at 12:01 AM Wed. morning, but the funds were not available (actually, 100 bucks were available).
I have been going back and forth on mail w/BoA and they said it says on the receipt that the funds won't be available till 2 days after the deposit was made, and after 5 PM. My wife said that the receipt does state the date, but no time. Is this legal to do with a payroll check? This has never happened before, and I am wondering what people think is the real issue. I can't find anything in the agreement we got as a welcome package that mentions holds. I always thought it depended on the amount (the amount is under 4 figures).
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December 8, 2007
Bank of America Breaches Equity Line Contract
Fixed Rate Option at Bank of America unulaterally breached
in Home Equity Line, without notice.
The Equity Maximizer loan is a Bank of Am. line of credit with a variable rate which can be converted to fixed rate at any time (supposedly).
That is the marketing. That is the disclosure form explanation. These provisions are in the loan contract.
Exception? Any time your line of credit is in "suspension". Can BOA suspend at any time it wishes? Legally, NO. Does BOA suspend transactions on Equity Line accounts in order to deny the consumer the Fixed Rate Option in order to lock them in on a variable rate + interest only repayment plan - YES. Do consumers have a right to refuse payment? YES. This is a breach of contract by Bank of America. When the Bank breaches the loan contract provision as to fixing the rate,
the consumer is under no further legal obligation to pay interest only variable rate repayment terms sent in their billings. You will need to file a Biling Error Dispute. You will need to file notice of breach of contract to the BOA. And you will probably need to go to court to enforce the contract or BOA or enforce a cancellation of the contract for BOA's breach.
On the other hand, if BOA can refuse the fixed rate option whenever it decides to "suspend" an account, then the consumer does not have the right to Fix the Rate AT ANY TIME as marketed by BOA account reps, misrepresentation, which can lead to the contract being found void under applicable State Law in the jurisdiction in which your home is or loan was taken out.
It appears BOA is acting in an arbitrary manner to refuse to fix the rate on request and billing, collecting never ending high interest only payments from consumers. The motive?
You guessed it. And do not forget the leverage of having your home on the line. If you do not agree with BOA and insist on only paying Fixed Rate or refuse to pay the interest only false billings, they'll send you notice of foreclosure. BOA says: we'll force you to accept our breach of contract and fraud.
Only one problem for BOA. The consumer have some leverage too. It is known as a Class Action Lawsuit, which any ONE (1) consumer may bring on behalf of all others similarly situated. Have you heard of Class Actions, BOA. Ken Lewis,
CEO of BOA, has heard of Class Actions before.
A punitive damages claim may also be a problem for the giant bank. When a company does something like this knowingly
or without regard to the consequences, a punitive damage claim may be assessed against BOA by 12 angry jurors - all consumers in one sense or another.
Others interested in a Class Action against Bank of America
for refusing to Fix the Rate on request resutling in overcharges, false charges, or foreclosure threats or acts,
post to this site.
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December 6, 2007
Retailation
In 2005 I bought a new Dell computer from Costco here in San Jose. I had a Internet account prior to the purchase and decided to sign up with AOL's free trial 60 day promotion. I cancelled the AOL Account three days later after getting my regular internet provider installed on the new computer. I went to Bank of America and opened up a new checking account to keep the AOL and other purchase's seperate fro my regular banking. I kept recieving NTSF notices from B of A for six months in a row until I requested and recieved a paper copy of my checking account. AOL had developed a SECOND AOL account and was charging me full price each month! I notified AOL after numerous tries "32 times" and there responce was "Yes we can see you never used your account after three days but we will only credit you for 2 months only. I took the responce to B of A and the telephone official stated that B@A will credit all NTSF charges to mt checking account, a total including NTSF charges of over $ 562.90 dollars.
Upset with my so called B@A policies I closed my account and low and behold B of A reversed their deision! I recieved two collection notices, one from AOL and one from B of A. In both cases I forwarded a copy of the overbilling by both AOL and NTSF overcharges by B of A. I have tried since to open a new banking account at five different banks and was advised that B of A has filed some type of banking notice that I CANNOT OPEN A BANK ACCOUNT UNTIL 2012! Talk about abusing taxpayers and leveling unreal retalitory measures aginst anyone complaining about B of A business practices!
If it is that easy to do to me @ 68 years old and completely disabled for the past five years, then you know B of A is doing this to allot of other citizens.
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December 2, 2007
OD FEES on DEBIT CARD transactions
My 19 year old son has a BOA checking Acct... no checks only a debit card... he's pretty good at keeping tabs on this account online... but yesterday he was charged 175 dollars on an overdraft of less then 24 dollars.. I have a debit card from my bank (not BOA) and if I have no money in my checking and use my debit card it'll decline it, which is what I thought it should do.. that is why people like debit cards I do!, anyway I came to a conclusion why its not the case with BOA... they have it set that way so even a $1 overdrawn incurs a $35 fee ... now that is extortion! no friendly reminder electronically to inform your balance is low!
In my sons case they charged it 5 times... telling me its set that way it never declines a debit card charge.
I have written online to customer service but I feel it will fall on deaf ears... the kid will pay it from his next paycheck and close his account.
Thanks
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December 1, 2007
fraud
three times now i have paid my credit card bill into a bank of america.the payment has been made on the due date but the money has not been posted untill 3 days later making me suffer a late payment fee of $39 plus a raising of my interest rate. when i raise the issue at customer service their reply is always this is the way we do business.surely this is fraud? my issue is when i go in the bank and pay my credit card on the 1st of the month,why do they stamp my receipt for the 3rd of the month?
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November 29, 2007
Theft of funds!
The Bank of America is making new headway in the area of ripping off its' customers. Not only do they purposely clear and post deposits and withdrawals in a manner to overdraw your account they do it in a fashion to specifically charge the most in fee. This has happened to me on several occasions where if given a timeline it would have been fine but using their method cost me hundreds. On top of this when closing the account they took a check that had cleared and bounced it. This left my account open causing chaos to my bill pay. What is crazy is they let me close the account with the amount of the check in it but then said that the money left hadn't cleared yet. It makes no sense how they come to that conclusion but they were able to get 35 last dollars out of me. Please consider other banks as this is one of a hundreds horror stories I have heard about them.
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