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Thread: Never do business with Bank of America.

  1. #1
    Yekhefah
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    Thumbs down Never do business with Bank of America.

    Seriously, this is the most vile corporation I have ever had the displeasure of getting fucked in the ass by.



    (And believe me, there's a lot of competition in that category.)

  2. #2
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    Default Re: Never do business with Bank of America.

    Crapola. I just got a line of credit with them, literally yesterday.

    What'd they do?



    Because there ain't no tits on the radio

  3. #3
    Featured Member Hatshepsut's Avatar
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    Default Re: Never do business with Bank of America.

    They lost me with all their outrageous fees a long time ago. Washington Mutual for me!

  4. #4
    Yekhefah
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    Default Re: Never do business with Bank of America.

    I'll tell you when I get off the phone with them regarding my new line of credit. I should have known better since they fucked me so hard on a credit card awhile back (which has since been cancelled, but they still want another $10 just for shits and giggles), but today they took the same $300 check I sent them last week and ran it through twice, causing my checking account to go over the limit, and now I've been on the phone for TWO AND A HALF FUCKING HOURS and there are ZERO, count 'em, ZERO human beings working for this fucking company. I'm shaking right now, I'm so pissed off.

    That's just the beginning. There's also the fact that I was promised an interest rate of 14% on this loan, then got my first bill and the interest rate was 56% and there was a penalty on it I didn't deserve. Took me forever to get ahold of someone for that too, and when I did they basically told me to go fuck myself.

    I HATE THIS FUCKING COMPANY.

  5. #5
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    Default Re: Never do business with Bank of America.

    56% interest?



    Because there ain't no tits on the radio

  6. #6
    Featured Member lunchbox's Avatar
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    Default Re: Never do business with Bank of America.

    Is that possible without being userous? I don't know what the national bank limit is, I thought it was around prime + 25-30%...

  7. #7
    Yekhefah
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    Default Re: Never do business with Bank of America.

    It's definitely usurious. They gave me a song and dance about government fees and how it only shows up that way on the first bill. Whatever, we'll see. Right now I'm on over three hours and I still have not found a single fucking person at this entire company who will give me back the money that was stolen from my checking account. It is now 4 pm on a Friday and I'm looking at having a negative balance and overdraft fees all weekend, so I guess I won't be able to go out or buy any groceries or anything.

    Hardkandee, if you ever need to reach a human being at this company, call the mortgage division. It's the only number at the company where anyone answers the phone. They'll bounce you to all the wrong departments trying to fix the problem, but what the hey, you get to hear a live human voice once every hour or so.

    I just poured a strong whiskey and Diet Pepsi. I'm not shaking as much, but I did crack the shell of my phone throwing it, and I was embarrassed when the neighbor came over to make sure I was okay because he heard me screaming.

  8. #8
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    Default Re: Never do business with Bank of America.

    OMG, that's awful. Can you march down to one of their branches and stir up trouble? I know they are open (here) until 7pm on Fridays.

    Yek, make them PAY!!



    Because there ain't no tits on the radio

  9. #9
    Yekhefah
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    Default Re: Never do business with Bank of America.

    I finally found one decent human being at the mortgage division who tried several numbers and put me in touch with somebody. She stayed on the line through the whole call to make sure I was taken care of, and was so sympathetic; she was awesome. Unfortunately they blamed the whole thing on my bank (Washington Mutual, an EXCELLENT institution, so not likely) and snippily reminded me it was after 7 pm on the East Coast so I would just have to wait until Monday for a manager to look at it.

    So here I sit with a negative account balance all fucking weekend. Thank G-d K has some money right now.

  10. #10
    Banned Melonie's Avatar
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    Default Re: Never do business with Bank of America.

    well, Yek, you can enjoy the personal satisfaction that the money that B of A ripped off from you was probably used to offset losses on B of A's illegal alien credit card program !

  11. #11
    Yekhefah
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    Default Re: Never do business with Bank of America.

    ^^^ Oh, way to rub it in. I have just had the worst day and that made it SO much better.

    *pours the whole fucking wine bottle into her glass*

  12. #12
    Banned Melonie's Avatar
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    Default Re: Never do business with Bank of America.

    ^^^ actually, I was trying to provide you some comic relief ! After all, there really isn't anything that you can do about this until Monday.

    I'm sorry that you fell victim to the new 'f#@k the customer in any possible way' business plan of B of A. However, banks that are 'nice' to customers and treat them fairly i.e. WaMu, are now also at increasing risk of going bankrupt. WaMu's primary source of ""earnings"" in 2006 was booking some $800 million dollars worth of negative amortization on Option ARMS, which will probably translate into $800 million dollars worth of bad debt charge-offs in 2007.

    In the larger sense, this change in the 'face' of the US financial industry can be directly attributed to rising bankruptcies and subprime credit problems. The fact that you live and bank smack dab in the middle of 'bubble-land' only aggravates the problem I'm sure. Unfortunately for us, most banks are now realizing that the tightening of creditworthiness / lending standards across the industry is leaving would-be borrowers with fewer and fewer options due to fewer and fewer willing lenders - thus the lenders that remain know that they can get away with a 'f#@k the customer' business plan with little happening in the way of real negative consequences to that lender. I know that this doesn't apply in your particular situation, but for many would-be 'unsecured' borrowers the credit 'well' has now dried up to include just a few 'oasis' lenders like B of A - and these remaining willing lenders obviously intend to take full advantage of would-be borrowers who are 'dying of thirst'.

    Unfortunately, if history is any example, this situation is going to get worse before it gets better. I suspect that by next year, for many people the depression era slogan will again apply - 'the only people who are able to obtain credit are those that don't need to borrow the money !'

    ~
    Last edited by Melonie; 04-13-2007 at 08:52 PM.

  13. #13
    Yekhefah
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    Default Re: Never do business with Bank of America.

    Oh, yoy. Yeah, I've noticed a big change in banks lately. It wasn't too long ago I could just call the credit card company and ask for a lower rate and they would give me one - at one point I had a card with a 3.9% APR. Now I've got a credit rating well above 750 and the banks are sticking me with 20-56% and telling me to fuck myself. WaMu has been so good to me, but you're right, even that can't last.

  14. #14
    Banned Melonie's Avatar
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    Default Re: Never do business with Bank of America.

    ^^^ yup, I hear you. Last year, if I paid off a credit card in full I could count on the company calling me up within a matter of days offering a lower 'teaser' interest rate to transfer a balance back onto the card. Now if I pay off a credit card in full the bank drops my credit limit !

    I know that you know that even B of A will eventually have to admit that they f#$ked up, waive the fees and penalties resulting from their f#@kup, and straighten this mess out. But it's certainly not worth all of the time and effort and bile and adrenalin required to get to that point, is it ? I really didn't mean to add to it !

    It's really unfortunate that WaMu and the handful of other 'decent' banks are probably going to be forced to play by the same 'f#@k the customer' business model due to their past 'decency' allowing some borrowers to be approved for then go belly up on some big loans. The only mechanism available to recover some of these losses is of course to 'f#@k the customer'.

    IMHO the entire US banking industry is starting to 'smell funny'. It's almost like something huge is going on behind the curtain that is making everybody in banking very nervous. At any rate, at this point I have paid off every stick of debt other than my fixed rate mortgage, I have moved a good deal of my 'assets' out of US banks / brokerages, and I am uneagerly anticipating when the next 'shoe will drop'.

    ~
    Last edited by Melonie; 04-13-2007 at 09:11 PM.

  15. #15
    Yekhefah
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    Default Re: Never do business with Bank of America.

    Nah, you didn't. That was my cheeky-bleak sense of humor. I've got enough red wine in me now to be able to laugh at the ridiculousness of the situation - though I'd be right and truly fucked if it weren't for K, since he's going to have to give me some grocery money this weekend.

    I had card that was purchased last year by Bank of America, and the first thing they did was raise my interest rate from 12% to 19.99%. Then they sent me a notice in teeny-tiny print that they were raising my rate to 39.99% unless I sent them a letter saying not to. So I sent them the letter, and they said that they wouldn't raise it to 39.99% UNLESS I ever used the card again. If I charged even one thing to that card, the rate would go up to forty percent. So I took out a loan, paid off that card and some other things, and cancelled the card. They didn't even try to keep me as a customer - and today I received a bill from them for $10 for absolutely no damn reason.

    I should've known better than to get the personal loan through them too, but WaMu doesn't do personal loans anymore. I guess they can't afford to. That really sucks.

  16. #16
    Banned i.breathe.in's Avatar
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    Default Re: Never do business with Bank of America.

    i cancelled my bank of america credit card due to their dealings with illigals now. im refusing to ever pay them a dime of the 23 grand i owe them ever.

    they have fucked me over in the past also. they like to wait to cash my checks after the late period so they can charge me a late fee. i fucking hate them. i almost want to reopen my cc with them and rack it all the way up to my 30 grand limit. haha.

  17. #17
    Yekhefah
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    Default Re: Never do business with Bank of America.

    You cancelled an account that had a $23,000 balance on it? How'd you manage that?

  18. #18
    Banned i.breathe.in's Avatar
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    Default Re: Never do business with Bank of America.

    i called them and told them to cancel the credit card. they did it. i still have to make payments but i just cant charge it up anymore.

  19. #19
    Banned Melonie's Avatar
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    Default Re: Never do business with Bank of America.

    I should've known better than to get the personal loan through them too, but WaMu doesn't do personal loans anymore. I guess they can't afford to. That really sucks.
    Yup that's the reality of the situation today. If a 'decent' bank attempts to charge a 'reasonable' interest rate on an unsecured loan, the existance of a certain percentage of would-be borrowers who are contemplating / facing future bankruptcies guarantees that the 'decent' bank will take a loss on their unsecured loan program. And because of 'equal treatment' law the banks really aren't allowed to approve some applicants and deny other applicants any more based on 'gut feeling' of future bankruptcy potential. So they must choose either to reject everybody (i.e. discontinue the unsecured loan program) or accept a certain percentage of borrowers who are going to go bankrupt on them and jack up interest rates and fees for ALL borrowers to try and recoup these losses.

    I had card that was purchased last year by Bank of America, and the first thing they did was raise my interest rate from 12% to 19.99%. Then they sent me a notice in teeny-tiny print that they were raising my rate to 39.99% unless I sent them a letter saying not to. So I sent them the letter, and they said that they wouldn't raise it to 39.99% UNLESS I ever used the card again. If I charged even one thing to that card, the rate would go up to forty percent. So I took out a loan, paid off that card and some other things, and cancelled the card. They didn't even try to keep me as a customer
    welcome to subprime lending at it's worst ! But for better or worse, B of A knows that eventually some 20-30-40 percent of Americans will have no other choice but to put up with the 40% interest rates if they want to have a credit card. The proverbial 'tin foil hat' crowd would tell you that 'middle class' banking is headed for the same destination as the 'middle class' in general ... i.e. extinction ! In the future you're either going to be 'rich' enough to qualify for a platinum / titanium card and get treated fairly, or you're going to be lumped with the subprime sector, legally extorted, and told to f#@k off if you don't like it (with the bank knowing that there are very few alternative options available that won't also try to extort subprime interest rates).

    A few states have tried passing laws that cap the maximum interest rates. However, all this has really achieved for subprime borrowers is that instead of getting soaked 40% 'penalty' interest rates on their subprime unsecured loans / cards the banks in those states simply refuse to write new loans and refuse to renew cards - trading expensive subprime credit for no subprime credit.

    While were on the subject of 'tin foil hat' speculation ... there are some out there who are envisioning a financial future for US subprime borrowers that culminates in some 20-30-40% of the population operating under Chapter 13 bankruptcy rules. For the subprime lenders, this means a gov't guaranteed income stream for the five year duration of a typical Chapter 13 payment plan. For the subprime debtors, this means that their financial life will be controlled by the gov't in the form of the bankruptcy court, with a judge deciding how much of their incomes will be paid to which creditor first, vs how much of their income will be released to the subprime debtor themself thus being available to spend on discretionary items. At that point, an entire class of Americans will become little more than 'indentured servants', with the bankruptcy court doling out a 'weekly allowance' from their (garnished) paychecks as long as they behave themselves.

    ~
    Last edited by Melonie; 04-13-2007 at 10:15 PM.

  20. #20
    madmaxine
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    Default Re: Never do business with Bank of America.

    I made a vow to never do business with B of A after they refused my mom a car loan in 1990. She had a job & a house & had been an American citizen for years. WTF were they thinking? (She paid her new non- B. of A.-funded car off on time too so their loss....)

    Not to go all Political Poo on y'all here, but the spending power of illegal immigrants is harnessed(/exploited) by many American businesses. B of A is not an exception.

  21. #21
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    Default Re: Never do business with Bank of America.

    Quote Originally Posted by i.breathe.in View Post
    i called them and told them to cancel the credit card. they did it. i still have to make payments but i just cant charge it up anymore.
    You can "opt out" of credit cards like this. They hold the rate you're at but as soon as/or if you use the account again, you accept whatever terms they give you.



    Because there ain't no tits on the radio

  22. #22
    Banned Melonie's Avatar
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    Default Re: Never do business with Bank of America.

    Not to go all Political Poo on y'all here, but the spending power of illegal immigrants is harnessed(/exploited) by many American businesses. B of A is not an exception.
    this is undeniably true. However where B of A is concerned, and particularly where B of A's targeted credit card program for illegal immigrants is concerned, illegal immigrants have the huge 'advantage' of being able to change their assumed name and stated address to avoid collections attempts after their credit card account goes delinquent. In essence they can make up a new name and a new address, obtain a new Consula Matricular card, walk right back into a different B of A branch, open a new checking account under the new assumed name and address, and three months later start running up a balance on a second B of A credit card while B of A is still trying to track down and collect on the first one !!!

    While there are undoubtedly a large number of illegal immigrants who would not take advantage of B of A's program, there will certainly be a significant number that will ! And if all else fails, illegal Mexican immigrants can simply go back to Mexico for a few months and allow the collections heat to die down north of the border.

    Ultimately, B of A's targeted credit card program represents a high risk for B of A's stockholders / investors. If necessary, B of A will make up these losses by exploiting credit cards issued to US citizens who don't have the luxury of changing their name and address at will to avoid collection.

  23. #23
    God/dess FrustratedBunny's Avatar
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    Default Re: Never do business with Bank of America.

    I agree. BOA sucks ass.

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    Default Re: Never do business with Bank of America.

    Same opinion here. We just started up with Commerce. Pleasant to deal with, great rates, lots of freebies and they're open on Sundays!

  25. #25
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    Default Re: Never do business with Bank of America.

    So dammit, which bank is any good?! It sure as f$%&# isn't 5/3







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