Instead of wasting everyone’s time and suing for seventeen hundred billion trillion dollars he could do what the rest of us “sane” folks do when a company like a bank ticks us off.
Close your account, withdraw your money and settle your debts, and vote with your wallet.
If you ever dealt with Bank of America you can almost understand why the lawsuit. The frustration level of having to deal with them on even the simple issues is overwhelming. Still a waste of time.
Yeah Joe Mama…exactly! COMPLETELY AGREE! Otherwise, its a waste of time. If you had the problem once, shame on BOA. If it happened a 2nd, shame on you for giving them a 2nd chance. If it happens a third, its more than shame…its called get a life and close the damn account!!! FOR REAL! YOU’RE WASTING EVERYONE’S TIME…including mine for taking time to real the entire article and then posting on it.
BOA ticked me off so I closed the account and I was on my merry way! It shouldn’t take an hour to get through a drive thru so evidently they’re doing something right because there’s that many people I have to wait for!!!!! GET REAL!!!! UGH!
I can absolutely identify with the anger and frustration behind the action.
BOA purchased a business credit line I had used to buy my office building so it was not small change and with never a late payment they increased the interest from 8.9 to 19.9%. No amount of pleading prevailed. Customer service to try to set up online payment option took hours and never worked. The 900lb gorilla needs to be shrunk to size.
You should see the letter I wrote the CEO about their customer service. Would you believe there is not a single ‘person’ to see ‘in person’ at BOA to talk with me about my mortgage. They took over my Countrywide note and the only people to talk with are there overseas employees in southeast Asia. They say they don’t know why I am so upset about not understanding them when they talk – are you kidding me!
They took our taxes to shore up their balance sheet and have since, taken care of only themselves, to make up for the poor business desisions of the past. Subsequantely, now tha they are healed, they have thrown crap all over the rest of us; even if we are customers.
What a joke – I can not WAIT to be rid of the BOA!
I hope the court hears the case – just to set an example of them. BOA has broken laws across all state lines and federal charges should filed immediately. BOA charges you higher penaltys and rates (or vig) then the mafia does – it is legalized loan sharking – plain and simple. Can you say RICO!
Go get them! And please let me in on the law suit!
Good for him! BofA bought my credit cards from other banks after I’d closed theirs because they ripped me off.
They gave me an approved LOC that they ‘closed’ after I’d already put that money on credit cards, getting my 20% discount for using store card and no interest for a year. Seems to me that if I’m supposed to abide by a signed contract, they should, too. Instead of $25K at 3%, I now have over $40K at 29% thanks to them.
I’d like to see someone win something from those —- well, fill in the blanks.
I think many of you are missing the point this lawsuit is trying to make. I too have moved my BOA business, but they don’t pay attention to losing one customers. I am not a lawsuit person, but they don’t listen. So hit them where it hurts. They may not have to pay a judgement but they will have to defend and I hope this Dr. has the resources to see this thing through to the end. I am so tired of the lack of service with banks, utilites, etc. I am a paying customer and I demand to be heard.
This has to be a joke. But how different than that gang of criminals called the U.S. Government giving out about $14 trillion dollars? Even a number that “low” is impossible to create.
Yes, and this is just a preview of how wonderful customer service will be after the government takes over the entire banking industry. Gee, maybe if I write a letter to my congressman I can get some satisfaction huh? Ooh! Ooh! I know what we can do! How about we “vote the bums out of office?” Look at how that’s helped so far.
Not only did we bail these scumbags out but they are STILL INVESTING IN THE EXACT SAME LOANS THAT PUT THEM IN JEOPARDY IN THE FIRST PLACE guess who just purches the majority of foreclosure loans in Colorado? you guessed it the scumbags at BAC!!!! As soon as I found out they purchased my loan I refinanced my house
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.
Bank Of America is a very poor bank. Its one thing to charge 35.00 for a overdraft fee but it is down right unaceptable to charge another 35.00 if your account stayes overdraft for 5 days. They need to be sued and customer service…wow! If you don’t get the same one everytime. Good luck getting your point across. The customer is never right in there eyes.
I lost my job in December. I had a line of credit with BOA and a credit card. I have continued to pay it through unemployment. I contacted the bank and explained my circumstances. They closed my account for 1 year and reduced my interest rate to 3.5%. I had no intention to use the account since I was unemployed and appreciate their efforts to assist me with debt reduction in these circumstances. I probably was not “in love” with BOA prior to this but I respect their consideration with my circumstances.
This is the kind of crap that gums up the court system. This guy is obviously and idiot. It should never have been accepted in the first place. Sometimes our “justice system” isn’t only blind, it’t deaf, dumb, and stupid.
well, i think you will find out that the lawyer will wind up w/the most money. this will probably go class action and then the bank of america will not have any money to give and those that are in debt, will probably not owe them a thing.
What alternatives?
BofA borrows money from US (taxpayers) at .5%. They then loan it back to US at 30%. I never missed a payment, never had a late fee, never had anything that would give them an excuse to raise my interest.
I have no issue with paying back the money I borrowed. BUT, when you were expecting to pay it back at 3% and you get hit with 30%, give me one person who wouldn’t feel that it SHOULD be illegal?
They don’t stand behind their SIGNED contracts, why should we?
I have two BOA cc’s. Tried to pay both on-line. The morons posted both payments to one card and hit me with a late fee for the other. It took hours to get them to correct it. I had the confirmations that I paid both accounts but they were insistant that their system would not make such a mistake. That I must have done something wrong.
Dawn, if you receive a notification of amended terms & conditions to include an increase to your annual percentage rate, all you need to do is sign and date on the amended contract that you DO NOT ACCEPT the new terms. Several friends have done this, and they all kept their prior APR instead of the new higher one.
You missed my prior post. I had a LOC from BofA for $35K to finish repairs to my house after hurricane Wilma – I put $28K on no interest no payment cc for a year. Paid off $10K of it- should have saved me roughly $19K or so in interest over the lifetime of the LOC. Before the no interest/payment offer expired BofA RECINDED the LOC that they had ALREADY AGREED TO. No reason other then ‘the economy’. And no, I didn’t go out and mortgage 300% of my home. I’m still at about 65-75% of CURRENT value even with the $35K they PROMISED ME IN WRITING. I didn’t cash out on my entire house.
So, if I tell you I’ll loan you $5 to go to McDonalds, then AFTER you eat I change my mind, take the money out of your bank account, causing your transaction to bounce, what would you do?
Take that $18K, add the interest that the credit cards retroactively apply to the original balance, I now have over $40K at 30% thanks to BofA. What should have saved me $19K will now cost me more then I can even begin to guess in interest. I’m trying to avoid BK, but I’m not sure I can.
If they provided formal written acceptance wouldn’t they be obligated to stand by it?
$40K at 30% in my opinion should be subject to RICO prosecution. It is usury and should be illegal. It is not “making credit available to higher risk groups”. It is loan sharking. You could make a payment equivalent to a mortgage payment and not make any progress on the debt.
Well, you think they’d have to stand by it. Guess what? It’s entirely their discretion. Cutting off LOC is the rage these days. The banks simply fall back on the ‘unstable housing market’ to shut them off. Haven’t you been reading about the homes and business LOC’s that have been cut off with no notice?
Yep. 30% SHOULD be RICO. But since our gov’t has no interest in stopping it, they can get away with it. Default is 35.9%.
Well, maybe they’re cutting off the ILOC’s because of the default rate. So many people are not making mortgage payments that it is time to pull in the reigns on credit.
They stated because of home values dropping. But, like I said, I’m still in the range that they should (or claim to) consider acceptable.
And the only payments I ever missed on anything was the same month hurricane Wilma hit my area. Power was out for a month, no one worked, no one got paid, no banks, gas, stores, etc. for weeks.
So, again, BofA made stupid loans (more than a few to illegals that skipped the country) and I got to pay for it. So yes, I would join a class action in a second.
It’s nice now, but wait until you want to open your account again. It won’t happen. As for the interest rate, watch it carefully – they will increase it. Also, check your credit reports, it will show a ‘closed account’, something that FICO doesn’t like. Yes – they are helping, in their own interests, not yours. Best of luck, I hope I am wrong on all these points – but my experience tells me differently.
BOA screwed me too, and like some others, I never contacted them for a card, I was switched to them when they bought Fleet. They are aweful and I will NEVER do buisness with them. Their so called CSR’s are a bunch of Chimps
Re the caution about closed accounts and FICO, you are right…now, but if we all start doing what is right for our personal finance and close all those accounts that hike the interest rate and start using credit more cautiously as long as the rate is open ended, the majority will win.
I have closed every account that has hiked the rate above 20% and soon those balances will be gone and since I bank locally with people who know me I can show income and debt and that will speak louder than a credit score ultimately…specially since there are no late pays in my history.
We should not be bullied by the greed mongers and their big brother buddies.
Oh yes you will be hurt. These credit scores are used everywhere for every reason. And the credit agencies use just about anything they can to downgrade you. I marveled at the news that AMEX gives a bad rating for shopping at certain stores because people that shop at those stores don’t pay their bills on time. What’s next?
That’s why I say if the majority starts walking with their dollars things have to change…not tomorrow but eventually.
Remember when bad credit derived from having too many open accounts even though there were no balances because the ratio of available credit to income put you at risk for going on a spree? Now that is reversed. Why shouldn’t we be able to close an account with a company that has not treated us well?
BOA is the worst company you can have when dealing with your mortgage problem. We had CW, then BOA bought our loan and now we have to deal with this giant of a bull! I was told that their loan modification means ” higher monthly payments because they will have to add all your missed monthly payments to the principal”, so what kind of “loan modification is that? Something is not right! They , BOA, gave us a number to reach them, but you cannot even talk to anyone. It’s all taped recordings.
Bank of america’s customer service sucks. I can never get a live person, or I’m put on hold forever. Whenever I have gotten a live person, they cant help me so I am transferred and given the same number to call over and over. Then I asked them for help with my mortgage since losing my job.. Their response was… cut back on your monthly spending… That’s it. Then I find out that the loan modification is more expensive, and you pay back twice as much.. It’s crazy. I am very unhappy with them. But what can I do?
BOA should lose that lawsuit if it is in anyway based on their customer service performance. It should however be no problem for them to pay the judgement based on the fraudulent service charges they access their customers, and the base salary they must pay the obligate mouth breathing drones they hire for their customer service dept. Anyone having problems with BOA should bypass the bureaucratic double speak of the customer service agents and call the president of consumer relations directly at (704)386-5687. Maybe if she is flooded with calls she may understand the frustration we face dealing with BOA lack of service.
What?
Instead of wasting everyone’s time and suing for seventeen hundred billion trillion dollars he could do what the rest of us “sane” folks do when a company like a bank ticks us off.
Close your account, withdraw your money and settle your debts, and vote with your wallet.
I didn’t spend 6 years in Evil Medical School to be called “Mr.”, okay?
R U KIDDING ME? Can you say FRIVILOUS LAWSUIT? No wonder there is a major backlog in our court system…get a life!
You got that right! What a waste of time and energy…..15 minutes of fame, I suppose!
These negative comments are clearly NOT from Bank of America Cutomers.
I say give it to him. In that tax bracket, he’ll owe more than he gets.
If you ever dealt with Bank of America you can almost understand why the lawsuit. The frustration level of having to deal with them on even the simple issues is overwhelming. Still a waste of time.
I say he should get together with the guy who sued the dry cleaner of his lost pants and open a law firm.
Yeah Joe Mama…exactly! COMPLETELY AGREE! Otherwise, its a waste of time. If you had the problem once, shame on BOA. If it happened a 2nd, shame on you for giving them a 2nd chance. If it happens a third, its more than shame…its called get a life and close the damn account!!! FOR REAL! YOU’RE WASTING EVERYONE’S TIME…including mine for taking time to real the entire article and then posting on it.
BOA ticked me off so I closed the account and I was on my merry way! It shouldn’t take an hour to get through a drive thru so evidently they’re doing something right because there’s that many people I have to wait for!!!!! GET REAL!!!! UGH!
I love it. Where to I sign up to make this a class action?
Haha this article gave me a good laugh! Is this guy serious??
I can absolutely identify with the anger and frustration behind the action.
BOA purchased a business credit line I had used to buy my office building so it was not small change and with never a late payment they increased the interest from 8.9 to 19.9%. No amount of pleading prevailed. Customer service to try to set up online payment option took hours and never worked. The 900lb gorilla needs to be shrunk to size.
They should pay him in pennies and demand he pick them up.
You should see the letter I wrote the CEO about their customer service. Would you believe there is not a single ‘person’ to see ‘in person’ at BOA to talk with me about my mortgage. They took over my Countrywide note and the only people to talk with are there overseas employees in southeast Asia. They say they don’t know why I am so upset about not understanding them when they talk – are you kidding me!
They took our taxes to shore up their balance sheet and have since, taken care of only themselves, to make up for the poor business desisions of the past. Subsequantely, now tha they are healed, they have thrown crap all over the rest of us; even if we are customers.
What a joke – I can not WAIT to be rid of the BOA!
I hope the court hears the case – just to set an example of them. BOA has broken laws across all state lines and federal charges should filed immediately. BOA charges you higher penaltys and rates (or vig) then the mafia does – it is legalized loan sharking – plain and simple. Can you say RICO!
Go get them! And please let me in on the law suit!
Good for him! BofA bought my credit cards from other banks after I’d closed theirs because they ripped me off.
They gave me an approved LOC that they ‘closed’ after I’d already put that money on credit cards, getting my 20% discount for using store card and no interest for a year. Seems to me that if I’m supposed to abide by a signed contract, they should, too. Instead of $25K at 3%, I now have over $40K at 29% thanks to them.
I’d like to see someone win something from those —- well, fill in the blanks.
I think many of you are missing the point this lawsuit is trying to make. I too have moved my BOA business, but they don’t pay attention to losing one customers. I am not a lawsuit person, but they don’t listen. So hit them where it hurts. They may not have to pay a judgement but they will have to defend and I hope this Dr. has the resources to see this thing through to the end. I am so tired of the lack of service with banks, utilites, etc. I am a paying customer and I demand to be heard.
This has to be a joke. But how different than that gang of criminals called the U.S. Government giving out about $14 trillion dollars? Even a number that “low” is impossible to create.
Yes, and this is just a preview of how wonderful customer service will be after the government takes over the entire banking industry. Gee, maybe if I write a letter to my congressman I can get some satisfaction huh? Ooh! Ooh! I know what we can do! How about we “vote the bums out of office?” Look at how that’s helped so far.
Not only did we bail these scumbags out but they are STILL INVESTING IN THE EXACT SAME LOANS THAT PUT THEM IN JEOPARDY IN THE FIRST PLACE guess who just purches the majority of foreclosure loans in Colorado? you guessed it the scumbags at BAC!!!! As soon as I found out they purchased my loan I refinanced my house
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!
is that more than a bujillion dollars?
Bank Of America is a very poor bank. Its one thing to charge 35.00 for a overdraft fee but it is down right unaceptable to charge another 35.00 if your account stayes overdraft for 5 days. They need to be sued and customer service…wow! If you don’t get the same one everytime. Good luck getting your point across. The customer is never right in there eyes.
I lost my job in December. I had a line of credit with BOA and a credit card. I have continued to pay it through unemployment. I contacted the bank and explained my circumstances. They closed my account for 1 year and reduced my interest rate to 3.5%. I had no intention to use the account since I was unemployed and appreciate their efforts to assist me with debt reduction in these circumstances. I probably was not “in love” with BOA prior to this but I respect their consideration with my circumstances.
This is the kind of crap that gums up the court system. This guy is obviously and idiot. It should never have been accepted in the first place. Sometimes our “justice system” isn’t only blind, it’t deaf, dumb, and stupid.
well, i think you will find out that the lawyer will wind up w/the most money. this will probably go class action and then the bank of america will not have any money to give and those that are in debt, will probably not owe them a thing.
What alternatives?
BofA borrows money from US (taxpayers) at .5%. They then loan it back to US at 30%. I never missed a payment, never had a late fee, never had anything that would give them an excuse to raise my interest.
I have no issue with paying back the money I borrowed. BUT, when you were expecting to pay it back at 3% and you get hit with 30%, give me one person who wouldn’t feel that it SHOULD be illegal?
They don’t stand behind their SIGNED contracts, why should we?
For a “ga’zillion” dollars!!
Can we make it class action? And can I get in?
I have two BOA cc’s. Tried to pay both on-line. The morons posted both payments to one card and hit me with a late fee for the other. It took hours to get them to correct it. I had the confirmations that I paid both accounts but they were insistant that their system would not make such a mistake. That I must have done something wrong.
Dawn, if you receive a notification of amended terms & conditions to include an increase to your annual percentage rate, all you need to do is sign and date on the amended contract that you DO NOT ACCEPT the new terms. Several friends have done this, and they all kept their prior APR instead of the new higher one.
You missed my prior post. I had a LOC from BofA for $35K to finish repairs to my house after hurricane Wilma – I put $28K on no interest no payment cc for a year. Paid off $10K of it- should have saved me roughly $19K or so in interest over the lifetime of the LOC. Before the no interest/payment offer expired BofA RECINDED the LOC that they had ALREADY AGREED TO. No reason other then ‘the economy’. And no, I didn’t go out and mortgage 300% of my home. I’m still at about 65-75% of CURRENT value even with the $35K they PROMISED ME IN WRITING. I didn’t cash out on my entire house.
So, if I tell you I’ll loan you $5 to go to McDonalds, then AFTER you eat I change my mind, take the money out of your bank account, causing your transaction to bounce, what would you do?
Take that $18K, add the interest that the credit cards retroactively apply to the original balance, I now have over $40K at 30% thanks to BofA. What should have saved me $19K will now cost me more then I can even begin to guess in interest. I’m trying to avoid BK, but I’m not sure I can.
If they provided formal written acceptance wouldn’t they be obligated to stand by it?
$40K at 30% in my opinion should be subject to RICO prosecution. It is usury and should be illegal. It is not “making credit available to higher risk groups”. It is loan sharking. You could make a payment equivalent to a mortgage payment and not make any progress on the debt.
Well, you think they’d have to stand by it. Guess what? It’s entirely their discretion. Cutting off LOC is the rage these days. The banks simply fall back on the ‘unstable housing market’ to shut them off. Haven’t you been reading about the homes and business LOC’s that have been cut off with no notice?
Yep. 30% SHOULD be RICO. But since our gov’t has no interest in stopping it, they can get away with it. Default is 35.9%.
Well, maybe they’re cutting off the ILOC’s because of the default rate. So many people are not making mortgage payments that it is time to pull in the reigns on credit.
They stated because of home values dropping. But, like I said, I’m still in the range that they should (or claim to) consider acceptable.
And the only payments I ever missed on anything was the same month hurricane Wilma hit my area. Power was out for a month, no one worked, no one got paid, no banks, gas, stores, etc. for weeks.
So, again, BofA made stupid loans (more than a few to illegals that skipped the country) and I got to pay for it. So yes, I would join a class action in a second.
It’s nice now, but wait until you want to open your account again. It won’t happen. As for the interest rate, watch it carefully – they will increase it. Also, check your credit reports, it will show a ‘closed account’, something that FICO doesn’t like. Yes – they are helping, in their own interests, not yours. Best of luck, I hope I am wrong on all these points – but my experience tells me differently.
BOA screwed me too, and like some others, I never contacted them for a card, I was switched to them when they bought Fleet. They are aweful and I will NEVER do buisness with them. Their so called CSR’s are a bunch of Chimps
Re the caution about closed accounts and FICO, you are right…now, but if we all start doing what is right for our personal finance and close all those accounts that hike the interest rate and start using credit more cautiously as long as the rate is open ended, the majority will win.
I have closed every account that has hiked the rate above 20% and soon those balances will be gone and since I bank locally with people who know me I can show income and debt and that will speak louder than a credit score ultimately…specially since there are no late pays in my history.
We should not be bullied by the greed mongers and their big brother buddies.
Oh yes you will be hurt. These credit scores are used everywhere for every reason. And the credit agencies use just about anything they can to downgrade you. I marveled at the news that AMEX gives a bad rating for shopping at certain stores because people that shop at those stores don’t pay their bills on time. What’s next?
That’s why I say if the majority starts walking with their dollars things have to change…not tomorrow but eventually.
Remember when bad credit derived from having too many open accounts even though there were no balances because the ratio of available credit to income put you at risk for going on a spree? Now that is reversed. Why shouldn’t we be able to close an account with a company that has not treated us well?
BOA is the worst company you can have when dealing with your mortgage problem. We had CW, then BOA bought our loan and now we have to deal with this giant of a bull! I was told that their loan modification means ” higher monthly payments because they will have to add all your missed monthly payments to the principal”, so what kind of “loan modification is that? Something is not right! They , BOA, gave us a number to reach them, but you cannot even talk to anyone. It’s all taped recordings.
Bank of america’s customer service sucks. I can never get a live person, or I’m put on hold forever. Whenever I have gotten a live person, they cant help me so I am transferred and given the same number to call over and over. Then I asked them for help with my mortgage since losing my job.. Their response was… cut back on your monthly spending… That’s it. Then I find out that the loan modification is more expensive, and you pay back twice as much.. It’s crazy. I am very unhappy with them. But what can I do?
BOA should lose that lawsuit if it is in anyway based on their customer service performance. It should however be no problem for them to pay the judgement based on the fraudulent service charges they access their customers, and the base salary they must pay the obligate mouth breathing drones they hire for their customer service dept. Anyone having problems with BOA should bypass the bureaucratic double speak of the customer service agents and call the president of consumer relations directly at (704)386-5687. Maybe if she is flooded with calls she may understand the frustration we face dealing with BOA lack of service.