Bank of America's incompetence creates mess for soldier's family
Filed under: Banks
Here's a story that will make you want to storm your local Bank of America branch with a water gun: A soldier stationed in Afghanistan got a mortgage for his home through a now-defunct lender and the loan has since been acquired by Bank of America.
Bank of America isn't keeping track of the payments, and they won't talk to the solider's family -- even though they have a power of attorney.
She calls Dave Ramsey who proceeds to throw down the gauntlet. After urging her to call JAG for help, he says "Wow. Gosh folks. . . If you continue to do business with these mega banks. . . Citi and Bank of America and Chase when they continue to act this way to the consumer on a daily basis, why would you do that?. . . Why would you continue to do business with a bank that is that idiotic?. . . It comes down to just gross incompetence. . . It's like you're dealing with the federal government. It's ridiculous. . . As consumers, you have a vote in this. You can vote with your wallet."
So here's what I have to say: If the notion of Bank of America messing around with a soldier stationed in Afghanistan and his family doesn't make you mad as hell, there's something wrong with you. If it does make you mad as hell and you continue to do business with these banks, there's something wrong with you.
Bank of America isn't keeping track of the payments, and they won't talk to the solider's family -- even though they have a power of attorney.
She calls Dave Ramsey who proceeds to throw down the gauntlet. After urging her to call JAG for help, he says "Wow. Gosh folks. . . If you continue to do business with these mega banks. . . Citi and Bank of America and Chase when they continue to act this way to the consumer on a daily basis, why would you do that?. . . Why would you continue to do business with a bank that is that idiotic?. . . It comes down to just gross incompetence. . . It's like you're dealing with the federal government. It's ridiculous. . . As consumers, you have a vote in this. You can vote with your wallet."
So here's what I have to say: If the notion of Bank of America messing around with a soldier stationed in Afghanistan and his family doesn't make you mad as hell, there's something wrong with you. If it does make you mad as hell and you continue to do business with these banks, there's something wrong with you.
Reader Comments (Page 1 of 1)
10-23-2009 @ 8:59AM
Lara said...
This is such a naive statement, it's amazing Dave Ramsey made it at all. The bottom line is that when one has a mortgage, that mortgage can, and most probably will be, sold between financial institutions. The mortgagee doesn't have a whole lot of say in when/where their mortgage is sold/bought. As a matter of fact, the mortgagee has NO say in the matter. So to question why people would do business with XYZ institution is, as Dave would say, "stoooopid". He can't possibly be this unaware of reality.
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10-23-2009 @ 10:25AM
Pam said...
In answer to Dave's question as to why people continue to do business with Bank of America, it is because they do a lot of things well. No bank is perfect. My husband and I have banked with Bank of America for 15 years. Yes, they raised our interest rate on our credit card at one time, which we only got lowered a small amount after many phone calls. We had never paid late and we were angry. We paid that off and closed it.
We continue to do business with Bank of America because overall we have had the one problem in 15 years and excellent service otherwise. We had a home financed at one time through Bank of America. We do have problems with another bank we use and may move that account to Bank of America also.
As far as the comments about the government those are unfair at this point also. I did not vote for Obama and do not support many of the things in the Administration. However, there are many things that are being done that are good too. Those things need to be recognized. No administration has been perfect.
I also own stock in Bank of America because I believe in them. I believe in what you do too Dave but you missed it on this one.
Yes, the family needs help about the mortgage but the way to get it is not by bashing Bank of America or the government.
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10-27-2009 @ 7:40PM
Joshua R Hollon said...
I applied for a mortgage with Fifth Third Bank in April 2009 and they have messed my paperwork up so back that I had to reapply 3 times. I have a complaint with Federal Reserve Bank which they are working on but Fifth Third is now trying to blame me and said my paperwork was never completed correctly when they are the ones that reviewed it and said everything is okay and we must wait now. Seven months later they are contacting my current employer to verify my start date. I think they may now try to turn me down since I reported them. Anyone know how I could sue them if they do turn me down now?
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10-29-2009 @ 7:22AM
Jim Crickenberger said...
Bank of America is somewhat a misnomer.
I just finished a closing that B of A was the Lender...Big Mistake. The process took over 2 months, they asked for all documentation related to my finances at least twice, poured over the fact I own 2 properties, have over 300k invested make way more than required for the loan, locked in a rate, which I never got, they reverted to the Truth in Lending doc prepared 3 weeks before the lock in rate. They missed closing 3 times with their beau racy and when it did finally occur they had to redo the HUD-1 three times in two hours. They cost me over 3k in additional lost closing paid by the seller. Oh I forgot to mention I never received any updated financial information in this entire process. The first look at all the numbers was with the closing agent. Security and Exchange commission; are you reading this? No Problem, I'll send you a more detailed blow by blow.
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10-29-2009 @ 11:18PM
andy said...
Anyone else out there who had a Countrywide mortgage, had it modiffied, make the payments then had Bank of America cancel modification and ask for all monies and interest past due and theaten to forclose? Is there any class action out there?
Andy
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