Bank of America - BAC Bad. worst. poor. complaints. violations. scam, rip off, steal, take, gouge, monopoly Charlotte, North Carolina

DOOMSDAY BUNKER POEM

Cash for banker
 Cash for clunker  
   Spend their cash
 On doomsday bunker
Going fishing
 Catch a carp
  Cash for big-shots
 It's called TARP
Poem's over
 Time to hunker
  Watch T.V.
 Some Archie Bunker.

End.

Anyone can 'Google' this- DOOMSDAY BUNKER SALES RISE, and read the related articles on the web.

Thank You

that could take place by flushing more & more 'terrorists' out of Afghanistan and into Pakistan where many of them are currently residing. It would be terrible if Pakistan was overthrown by the PEOPLE of Pakistan and the 'terrorists' who are there right now, wouldn't it? If that happened, then Pakistan's nuclear weapons could be used by the terrorists against other countries, right? I watched the PBS station last week & many Pakistani people were out on the streets and had picket signs telling America to GO!!! (Go away!) The people of Pakistan are MAD!!! They want America to GET OUT of the area. The way I see it, it's as if somebody in America wants some type of an event to take place. I hope I'm wrong.

We know the banks were bailed out with billions of dollars in TARP funds.

So..was the intent of bailing out the banks to cancel credit cards...and in exchange use "overdraft" protection as a credit line substitute?

I mean I can see the banks side...four digit interest rates in event of an overdraft...all those fees in the banks pockets...and no more credit cards...

That ought to help "stimulate" the economy...from recession to depression..thank you again banks. Good to know they are now going after those with perfect credit histories as well, and causing them to have a lower FICO scores as a bonus. Thank you again banks..thank you very much. See you in court.

Just a few quick points and you'll be pleasantly surprised. First of all, how do you know I'm not quivering in my boots at the thought of someone responding and once again proving me for the fraud that I am with all of my flawed logic and harmful advice? As has been told to me before by many a 'bank defender'. I digress.

You actually made a very good point. I hadn't looked at it like the bank lending their money in advance as a credit line, which they have every right to revoke at any time. You're right, except for one other little problem. How does it make sense for BofA to turn right around and then give this same customer another $1,000 credit line, but in the form of mandatory OD protection? I already explained the difference in my previous post. Annual Percentage Rate. I know this is not a part of this report, but if this OP is a BofA checking customer, you can be sure they have it, like all of BofA's customers.

By mandatory, I didn't mean the customer is forced to use the OD protection, but it is required to be setup on the account. And if a customer is not aware, since they didn't request or consent to it, and thinks their card will stop working at zero balance, they may inadvertently trigger it. That takes me to the other advice given by the 'bank defenders'. Simply stop using the debit card and only use your Credit Card for everything. Whoops! Sorry for the OP, who has no more Credit Cards in spite of the impeccable payment history. The same is true for millions of other customers whose Credit Cards are being canceled as fast as they're being auto-enrolled into mandatory overdraft protection. I wasn't questioning BofA's right to cancel the CC. I'm questioning their logic of giving that same customer another credit line in a different form. You know, since they're so concerned about them being a credit risk, and all.

This post is for informational purposes only, for the record. Regarding the information presented in this post, by all means, anyone please feel free to respond but in no way feel obligated to respond.

Okay Edward I am sure you were just waiting with baited breath for someone to try and answer this.  While I feel that this will only make sense to the other "bank defenders", I figure I would give it a try.  Hopefully you can get something out of it.

First Credit Cards and Checking Accounts are totally different, covered by different regulations.  As you(I believe) like to say that is like comparing Apples and Oranges.

Canceling the credit card.  Once again you have to remember that this is NOT the card holders money.  It is the bank's money that they have agreed to allow the person to borrow.  As part of that agreement, the bank is allowed to take that privilege away at any time and for any reason.  If you don't like it then don't get ANY credit cards.  I'd have to refer you back to a much earlier post, where I could agree that it was perhaps bad customer service to not notify them in advance.  However, the other terms they used such as "stole" and "monopoly" defiantly do not apply.

Think of it this way.  Say you loan a good friend $1000 and they pay it back to you on-time.  Do you want to be FORCED to loan them another $1000 because you have loaned them money in the past?  Would you then want to be accused of stealing their money because you wouldn't lend them another $1000.

Okay that was the Apples, let's go to the Oranges, even though I did not see anything about this in the OP or the update.  Overdraft protection is NOT a credit line.  It is not and was never meant to be a "short term loan", regardless of how "responsible" ;-) someone thinks it is.  Again Checking accounts are covered under an entirely different set of regulations. 

In closing let's talk about conflicting logic.

The customer still has a credit line they can use, if they so choose. Except now that credit line is mandatory Overdraft Protection with

So this is MANDATORY only IF THEY CHOOSE to use it..Ummm.  So just how would they choose to use it?  I think we all know the answers to that one.

Ronny G, you took the bait. After being craftily lured by the bank employee in disguise, you have conveniently left the real fight, to go offer your assistance with the nuclear arms race, which was the whole intent. Mission Accomplished, as I've been trying to tell you.

Let me see if I can steer this vehicle back on its proper course. Please also note this is my first post on this thread. If you go back and read the ** ORIGINAL POST **, can someone please explain this logic to me?

You have a long time, loyal 6 year customer with an impeccable payment history, never being late. And you're going to cancel both CREDIT LINES to this customer because of 'worries' of them being a credit risk. And at the same time, you're not only going to offer them Overdraft Protection, you're going to FORCE them to add it to their checking account.

The end result? The customer still has a credit line they can use, if they so choose. Except now that credit line is mandatory Overdraft Protection with, let's just say a slightly higher annual percentage rate than their original credit lines on their impeccably maintained credit cards.

That my friends is the ripoff here. As we steer this ship back on course.

Well I don't want to pass judgment on you to the point of calling you crazy...but your "premonition" or prediction of the economy collapsing did not exactly take a Nostradamus to foresee.

However..your "vision" of a nuclear attack is subjective..I think anyone who reads and watches the news understands there are nukes or could be nukes in the wrong hands. I can't add any credence to your nuke attack vision solely based on your prediction of the current economic collapse..but regardless in this case, lets all hope you are wrong.

that we're in Afghanistan to PROVOKE a nuclear attack by the 'terrorists'. Here's what I believe: I believe that our economy, & other economies are going to COLLAPSE, even though there's been plenty of 'stimulus' money & 'bail-out' money injected into our economy & others. I believe the amount of money that's really needed to keep things afloat is in the TENS of TRILLIONS of dollars. So the ones who created the mess, in my opinion, don't want to take all the BLAME for what's happened. And in order for them NOT to take all the blame, they need an event to take place that could DESTROY all economies.

I don't feel right devoting much of this posters complaint space discussing politics with you. But I will state for the record..I did Vote for Ron Paul...and briefly list the reasons..

1) He understands we are in some deep s**t if we keep printing money to cover national debt..we are de-valuating the dollar at an alarming rate..and no longer use gold or anything but our "word" to back up our currency. If our "word" ever becomes worthless..what does eveyone think is going to happen to our currency..and our economy.

2) He thinks all these wars and hostile takeovers in the middle east were stupid..and unnecessary..I agree with that..and also believe these attacks we are doing are costing not only too much in money..not only increasing any threat to this country..but costing way to much in lives. And when they realized they could not even find a pea shooter in Iraq..that perhaps we should have said "oops"..and got out of there. Not to mention we attacked a country that did not pose a threat to us...we brought this whole mess on ourselves. The 9/11 attacks were done by Radical Islamic fundamentalists..not any "Country"..so how does Bush and Obama see the attacks as an act of war? Don't ask me or Ron Paul.

3) Abolish the IRS...end the Fed....need we say more.

It's in the voters hands if we are to achieve any real "change"...baby steps Karl..baby steps.

voted for Ron Paul, correct? Did you see Ron Paul being interviewed by Aaron Russo in the documentary entitled- 'America: Freedom To Fascism'? If not, simply 'Google' this- AMERICA: FREEDOM TO FASCISM, and watch it on the web. That documentary was done before the 'MELTDOWN' of the U.S. economy, wasn't it?

TRICKED & SCAMMED BY THE SYSTEM WHICH CONTROLS MOST OF THE ECONOMY IN THE USA, known as the BANKING INDUSTRY.

However are you comparing the current recession to the great depression of the 1930's? Because if so..I would agree. But as far as recessions of the 20th century go..this one is pretty bad statistically. Now I am too young to remember a worse time..so I can only judge by what I experience and witness...and statistics.

However, I was very close with my Great Grandmother before she died..and helped her write a biography..and learned a lot about the great depression from her. Stories of an entire apartment building in NYC having to share one chicken for sustenance..stories like that. So yes..compared to that..we are very blessed. As hard as times are..there is opportunity if you have a lot of motivation..and a little bit of luck..and yes, I have food and clean water so i can't compare it to my Great grandmothers experiences.

Now I am not an economist..but I can read..so here is an excerpt of an article pasted from CNN Financial news...

Even though it may seem obvious to most that this is the worst downturn since the Great Depression, the economy has experienced other serious recessions in the past, particularly in the mid-1970s and early 1980s.

But this recession dwarfs those two for several reasons.

In terms of length, the longest post-Depression economic decline was 16 months, which occurred in both the 1973-75 and 1981-82 recessions. This recession began in December 2007, which means that it will enter its 17th month next Wednesday.

The current recession is also more widespread than any other since the Depression. The Federal Reserve's readings show that 86% of industries have cut back production since November, the most widespread reduction in the 42 years the Fed has tracked this figure.

What's more, every state reported an increase in unemployment this past December, the first time that has happened in the 32 years that records for unemployment in each state have been kept.

see what's REALLY happening. In July of 2007, Countrywide started to show the signs of a COLLAPSE that was soon to follow. Countrywide's stock was around $45 a share in the period of July of 2007. Then the problems started to be revealed at Countrywide. They were in DEEP trouble. Foreclosures were taking place at alarming rates. So Bank of America, for some odd reason, decided to buy Countrywide. (I believe it was a FORCED sale by the Federal Reserve & others.)

CNNMoney.com article, correct? 

I appreciate everyone input on this matter, including those that seem to support the banks position.

Let me first start by saying that Yes this action by BAC Bank of America did do damage to my credit.

By canceling the credit and reporting to the agencies it decreased the FICO score - sorry for the spelling earlier

I am made to suffer a decrease in my credit scores because the Bank of America would like to eliminate persons that they feel are not creditworthy.

What they could have done is to send a letter stating the cards would be canceled and to please contact them. This would have given me the option of canceling them myself so it would not affect the score as much.

1 week after they decided to cancel my cards I got the form letter from them that stated "proactive arpproach to credit review" "closed accounts"  "currently owe sufficient amounts on your revolving accounts" "no longet extend credit" To sum it up.

Keep in mind that my revolving account balance is actually lower than it has been over the past 3 years. I have a total of 4 other credit cards. Only 2 have a balance.

I have 2 mortgages with BAC Bank of America (started with Countrywide) one a rental property that is actually making money. I have never been late on either payments.

 I have a steady job and have been in the same field, for 16 years with steady salary increases each year.

Regarding the Consolidation loan. It was a signature loan used to consolidate my credit cards. I took the debt that was at 18% and reduced it to 6%. This loan is in good standing and is decreasing quite fast.

During the time I got the signature consolidation loan, I also paid off several other debts. Doing so reduced my total monthly payouts by $500.

To be fair I did have 2 purchaces that had to go on credit, one a boat, another a new solar panel pool heating system for my primary home. Still with these payments and debt my payments are $300 per month lower than what they were prior to the purchases, and the total balances of all revolving accounts is lower than it has been over the past 3 years.

What upsets me about this whole thing is how I was treated by them. Several times I have talked with them over the years, I was always called, "a valued customer", "great to have you with us", etc... and then without notice, I am no longer valued by them, even though they still hold 2 or my mortgages.  I was treated very rude by their staff when I called them to question why the cards were canceled.

Now how do you think I feel about them holding my home notes ?????

Prior to all this (several months earlier)  I called them and asked what could be done to refinance my home. Not because I was late or having troubles, but to get a lower rate. My current rate is 6.2 percent. Isnt that what a responsible consumer is supposed to do. Find ways to reduce debt?

They told me they could not help. That even though I was at 81% loan to appraised value on paper, my home was actually worth less than what it would appraise at. They quoted 60,000 less than the average appraisal in the neighborhood. They also said because of this they would not take off the PMI when it hits the 80% mark very soon.

They said that if I wanted that to be done (take off the pmi) then I needed to send them $375 to get and appraisal on the property, and then there is no guarantee that they would agree with the stated value of the appraiser. But thats a whole other issue with them.

I have had it with them.  I shouldnt have to be treated like dirt by them. I understand that they can decide to do what ever they want to do with their credit cards. Thats their option. But as for me....

Now I Have A Few Ideas What They Can Do With Them.

The economy Is pretty bad but not like,  how It was In the.   But It wasn't as bad like the last recession.   I heard on t.v..  People should be thankful to have a roof over their head,   like I am.

We should be thankful we have the internet,  so we can moan & b***h.   We still have It alot better then the people who are living across the oceans.   We have fresh drinking water.

Its the little things people take for granted,   we are very blessed.   To be born In the united states.   But lots of people aren't grateful.   I used to be like that.

Until I started being thankful for the fresh & clean water,   I get to drink everyday.   And started being thankful for every little thing.

Just be thankful for what you have during,  these bad times.   I bet some homeless people are wishing,  they had beein for thankful & blessed.   Besides being bitter & angry.

I had to get over that,  & I have started being thankful for everything I have.   Like fresh water to drink everyday.

many ways, wouldn't you agree? Simply take a look at how the U.S. government is handing over HUNDREDS of BILLIONS of dollars in TAXPAYER'S money to CORRUPT companies in order to keep them afloat! I'm sure you've already 'Googled' this- COUNTRYWIDE WHISTLEBLOWER REPORTS LIAR LOANS, and watched it. Countrywide was one of the largest providers of mortgages in the USA, & now it is owned by Bank of America, correct?

I am not the original poster...but I do commend you on leaving a respectful reply..with very good advice. I only hope you report back when B of A either raises your interest rates..or closes the VISA card altogether..as they have done to many here for little reason. But best of luck..you seem very sincere and appear to be a good honest hardworking American..God bless.

I am much much younger then you...and I am completely debt free. I don't even have a car payment. I have one unsecured credit card that has not changed my rates or lowered my limit..yet..I use it and pay off regularly to maintain a credit rating. I have a debit card from 2 banks..and one Paypal VISA for my home based ebay business.

I learned pretty early in life NOT to be shackled and chained with debt...I own my things..they do not own me..and that's how I will keep it until my dying day if all goes well.

The economy is in sad shape..I have never in my life seen anything like this. Almost everyone I know is suffering from it one way or the other. The last thing we need is to lose faith in our Government..our financial institutions..and our economy overall..and ALL those 3 have been letting us down. The fees these banks are charging are literally taking much needed money out of circulation where it can help..and that bothers me almost has much as the hardship it is causing so many who simply made a mistake..or were unaware of the banks policies and tactics...hopefully the changes that are coming will give the lower income and working class a fair chance..after all they footed quite a large portion of the "loan"  to save many of these banks with their tax dollars for the TARP bailout..wouldn't you agree?

And I agree with you to wait until purchasing a house..we may not have hit bottom yet..I don't care what some "economists" say..who are more often wrong then not..anyone with a brain can see the signs.

Lets get the "specifics" out of the way to avoid this turning into an endless debate..well all I can do is try...

Here is exactly what I posted about my friend copied and pasted..

"Now..not only is the current appraisal well under $300,000..but because the bank gave him a mortgage without an inspection...he realizes the house has many serious issues..the in-ground pool leaks, the garage which was converted into a 3rd bedroom is flooded from something leaking..the water heater needed replacement....the roof has issues..well lets just say an inspection before the mortgage was approved would have been a big help."

Now I can understand that you can take this statement has if i am placing the blame on the bank..for my friend buying a house that needed some work and had hidden and undisclosed damages etc...The last sentence of the statement sums it up..it "would" have been a big help if an inspection was done before the mortgage was approved.

Now as I stated before..and there is no argument that my friend was ignorant and knows he was a fault for just about every detail in the purchase. Although the house has some problems..it is a very nice house in great neighborhood..and the houses were selling in the area not too long ago in the $600's.so when the bank approved the mortgage..well he was like a little kid who found candy.

I was over the house when he was telling me about some problems that were coming up. I asked him "didn't you have an inspection done?" He told me no. I asked him how on earth was the mortgage approved then? You know it's a law..the last owners can't sell it without an inspection..what bank would do this?

I asked to see all the documentation...and in the documentation..was an inspection report. I asked him if he signed this and he said no. But it was signed.

Without getting into too much detail about this specific case....and he is going for some recourse...seems the last owner..who was actually the agent as well...is no where to be found....hmmm...

Now normally I would not hold the bank or banker responsible in any way IF they were unaware of the forged documents..but supposedly the banker and this "agent" were friends...and this whole deal was not done in a bank office..but the documentations look like bank documents to me..we will see where this goes.

Bottom line..this house was sold without an inspection..not legal my friend unless the house is purchased "as-is" and paid with cash. Do your homework.

hello,
I am a happy BofA Customer, since 1991 here and long before that.
The credit industry is retracting and taking many steps.
Sorry these steps, hurt you.

but I had 4 cards.  and all but BOF VISA , tripled my interest rates.
I had 7.9% cards.  I have a top credit score. 

BofA did not limit my card ,nor do I hold a balance.

I never barrow money unless it is an emergency. 
I learned 40 years ago , I can not barrow my way to prosperity.

The contraction is heavy.
They are dopping holders in lower sector , and increasing fee's and interest.
It is not your fault but theirs for loaning money to people that have no jobs, income, savings or real assets. (not saying that is you , but in general).

It is their fault because they know better than to loan money to people that can ill afford to pay it back on time or quickly.
They know that if you are in debt that this hurts peoples lives.

This bank will come out stronger as a result and many other banks are doing worse things. 

This information is on the wall street journal wsj.com and is nothing new.

Most folks are paying down debt and hoping we can survive the very bad recession.

You do know you can transfer your card balance to any other bank at any time and in fact get a special rate for doing so.  right?

some even offer 0% interest for 1year or for life of balance.

What a deal that is.

I just retired today at 61.
I did that by not going into debt, in fact every month I pay myself for the interest not paid to banks.  The compound gains after 40 years, is substantial.

Get out of debt , kick off the chains, and LIVE !

Best wishes
jtgh


PS: dont buy an house for 2 more years.  7million + on the blocks for sale.
Wait for the lower price in 2 years.
You have 2 years to mend your score. 
Just google that, for the answer, its no secret.

I am a Engine mechanic and electronics technician and no bank employee.

I have no other name for what you do..which is consistently and blindly..defend the banks. If you take any kind of insult to it..then cease partaking in the activity of DEFENDING the banks..otherwise you subject yourself to be called out for what you are doing. I agree people need to take responsibility for their actions..but ponder this for a moment...

Is being a sucker a crime???

Is being a fool a crime???

Is an institution or it's employees that approved a mortgage knowingly using falsified and fraudulent documentation to do so legal..in any state?

I know you know the answer to these questions.

And I know you would love for me to post my friends personal information and documentation regarding these charges..but legally I can't even mention the name of the bank or the employees involved...yet.

So just google the previous information and you will have some idea how the mortgage scam works..and how some banks AND bank employees have played a part..or go visit them in jail and ask for yourself if you do not like to read.

Your "bank defender" label is getting old. I have no love for banks, nor a pressing need to defend them.

 That said, there has to be a point where people take responsibility for their own financial decisions. The bank is not your mommy. If you expect a bank or any other profit making institution to watch out for your interests, you're setting yourself up for a fall.

 "But tell me Flynrider...is it legal in the state of Florida for a bank to approve a mortgage without an inspection/appraisal? Tell me please..because if you do not know the answer to that question..you have NO business defending the bank..or criticizing my ignorant dopey friend."

 First of all, there is a huge difference between an appraisal and an inspection. Appraisals are often (but not always) required by banks for mortgage loans, depending on the amount being borrowed. They are not required by regulation in Florida or five other states that I know of personally. They may not be required in any state, but I don't have my hands on that kind of documentation. As the one who was making the accusation, I would have expected you to know that. But, you don't appear to need any actual facts to go on your bank blaming tirades, do you?

 In most cases, appraisals are quick and dirty, drive-by affairs that only assess the condition of the property in a very basic sense (i.e. is the house falling down) in order to assign a ballpark value .

 Home inspections are a completely different animal and are designed to root out the specific problems associated with a particular property and to protect the prospective buyer. This has everything to do with common sense and nothing to do with a bank.

 Bottom line, a bank has zero responsibility for ensuring that a home is free of defects before issuing a mortgage. Why you feel the need to blame the lender for your friend's irresponsible actions is beyond me. Other than the fact that you seem to be willing to grasp at any straw in order to further your bank bashing. You really need to get over yourself.

 Banks are faceless, soulless corporations that exist to make money from their customers. They are not your friend or guardian. My posts advocate treating them as such. The idea that people should rely on banks to watch over their financial well being is ludicrous and is well documented on this site. You're not doing anyone any favors by telling them that their financial troubles are always someone else's fault.

Two Bank Insiders and Others Sentenced

The subprime mortgage crisis and the current upheavals in the banking industry have led to enormous scrutiny by both state and federal regulators seeking to hold banks accountable for mortgage fraud, financial misconduct, and other illegal practices.

In the current political and media climate, indictments against banks and bank officers bring prosecutors immediate and enormous public approval.

Monday, September 28, 2009 Former Bank Employee Pleads Guilty in Mortgage Fraud Scheme

Federal Bank Bailout Forces Victims of Mortgage Fraud to File Predatory Lending Lawsuits

Aww..I guess Flynrider is upset and fed up about everyone picking on the poor, poor banks...and has had enough.

Flynrider..Mr. "this is a bit much" missed the point..again....

"Now..not only is the current appraisal well under $300,000..but because the bank gave him a mortgage without an inspection...he realizes the house has many serious issues..the in-ground pool leaks, the garage which was converted into a 3rd bedroom is flooded from something leaking..the water heater needed replacement....the roof has issues..well lets just say an inspection before the mortgage was approved would have been a big help."

 "So, all of your friend's problems with this house are the bank's fault? When did it become the bank's responsibility to ensure that there are no problems with a house? Your friend did something very stupid. He bought a house without having it inspected and now is having to live with the consequenses of that decision."

First off...I explained in the reply that I only said what I said to demonstrate that home ownership may not be the best investment right now..and the "American dream"???..for some..not so much... Which is why I requested the bank defenders not jump on my friend about this..whether it's the banks fault or not is not the issue or my point..but since you opened the can of worms..I might as well delve into it...

Let me start by saying..yes..my friend is a big DOPE. No argument there. This was his first time buying a home and he was taken advantage of in so many ways I can't even type that much without getting carpel tunnel syndrome. But I will state this. He is a good honest person that would give you the shirt off his back. He is a very hard worker..and a very ethical person. But with that said..he was very ignorant with the hole deal purchasing this house..there is outright FRAUD and FORGERY involved...the seller/agent and banker were in cahoots and nailed my friend hard.

I wish he would have spoken to me before he purchased the home..because although I am not a real estate lawyer..nor a licensed real estate agent..many in my family are..and I would have INSISTED he consult a lawyer before signing anything.

Now as far as the bank approving the mortgage without verifying his income...I can understand government pressure on the banks would allow them to overlook this "minor" detail in order to get more mortgages approved. But tell me Flynrider...is it legal in the state of Florida for a bank to approve a mortgage without an inspection/appraisal? Tell me please..because if you do not know the answer to that question..you have NO business defending the bank..or criticizing my ignorant dopey friend. I can get away with saying that because I know him..and the situation..you on the other hand know NOTHING but to kick people when they are down like some kind of sadist, and yet defend the ever loving oh so very innocent ethical banks..that are always on our side..am I right?.

Bear in mind south Florida is probably number one in mortgage scams, schemes and fraud..taking advantage of the elderly..and the morons (like my friend)..there are so many indictments and jail terms handed out I can''t even count..as Karl would say.."anyone can "google" this"

So I hope I cleared this up. My friend is responsible for the predicament he is in now..he knows it..I know it..you know it...no big disclosure uncovered here. However..does this release the bank from all or any of its legal responsibility in regards to approving mortgages without an inspection?

"Now..not only is the current appraisal well under $300,000..but because the bank gave him a mortgage without an inspection...he realizes the house has many serious issues..the in-ground pool leaks, the garage which was converted into a 3rd bedroom is flooded from something leaking..the water heater needed replacement....the roof has issues..well lets just say an inspection before the mortgage was approved would have been a big help."

 So, all of your friend's problems with this house are the bank's fault? When did it become the bank's responsibility to ensure that there are no problems with a house? Your friend did something very stupid. He bought a house without having it inspected and now is having to live with the consequenses of that decision.

 Even most first time buyers know that it is wise to have a home inspected before purchasing. Not because the banks require it (most do not), but because it defies common sense to buy something that expensive without getting it checked out first.

At what point is the consumer responsible for the decisions they make?

Now as I stated before...sure the bank has the legal right to cancel the card, but would it not be in everyones best interest if the bank simply explains to the customer that they are losing money on the card by it not being used..so can you kindly use it or we will have to cancel it in such and such an amount of time?

- Yes IF the reason they are closing the card out is inactivity then it would be nice if the bank actually sent out a notice informing the card holder before hand.  But I think that it did have more to do with the consolidation loan(yes opinion).

A couple of items about consolidation loans.  What you take out of it is up to you, but hopefully it will cause people to really think about how they handle debt.  Their debt is lower and they are paying less out...agreed that this is good. 

The consolidation loan puts all bills into one payment with a LOWER interest rate.  IF the goal was to get out of debt they would have taken the same amount they were paying with the separate bills onto that one bill..NOT paying less because they can.  Statistically paying less means that they were struggling with their bills and they needed to "free up" some money for other items.  Had this person paid the same amount they were paying out before for the last 2 years there is a good chance that the loan would actually be paid off(or the balance a lot lower).  Again we do not know about this person's specific situation, but if you ask debt counselors or other people who work with debt they will tell you the same thing. 

But even if this is a bad customer service issue or they are caught up in "statistics" of other account holders.  That does not seem to match up with the title of the original report.

BAC Bad. worst. poor. complaints. violations. scam, rip off, steal, take, gouge, monopoly

I'd give them their opinion that it was poor customer service.  But where in the world did they Steal anything, where is the gouging or violation(and of what), and last time I checked they are not the only credit card in town so where is the Monopoly. 

Ronny we are actually not that far off in the goal, although definitely by different means.  So call me(and others) "bank defenders" if you want, as I guess you think that is supposed to be some derogatory term or not that takes away from our view.  For if you see it as defending the banks I guess nothing that is going to be said is going to change that thought.  As for your last comment, what exactly did you expect us to say about your family and friends situation?

'A house is not an investment. It's simply a place to live.'

Before the bank defenders come here and start bashing my parents and friends..which I would expect..there is no point...

The reason of the reply was only to reinforce the fact that home ownership..which has been so heavily pushed in us forever as a "must do"..is not stable anymore.

It is causing loss now..and not a secure investment..not at this time. It's one thing if it is stable...or goes up and down a little here and there..but when it drops 20-30-40% in such a quick time..right after they had it so easy for anyone with a face to get a mortgage..well times are not looking good for the home owners right now...

The American dream has become a nightmare for many..and if unemployment continues at this rate...well ..need I say more?

Since my parents and many others have made millions in real estate..for them owning and selling homes was the American dream.

But now that the economy sucks..my parents have an apt in Manhattan that was worth about a million a couple of years ago..now they can't even get $700,00 for it. They recently sold a business and retired. They want to move but are stuck in Manhattan with that apt. ..and have no idea if it will regain value..or lose more...they are stuck in a gamble with their money due to economic collapse. My parent s told me that once they realized real estate prices were dropping in Manhatten..that this was a serious crisis..since real estate has been increasing there for decades.

A friend of mine purchased a home in Boca Raton Fla. a few years ago..nice area. The house is now worth 50-60 thousand less then he paid..and the bank gave him a mortgage without checking his income status...or having an inspection done on the house...now how was that legal? So now due to the economy his hours were cut...his equity loan was denied..and his 401K had to be used to keep the house...now what if the value falls more..and his job is lost..or more hours cut? This is a hard working honest man..he didn't buy the house to "turn over" .....he just wanted a place to live for a long time...and now may lose it. He asked the bank to work with him..and need I say what the bank told him to go do? Not fit for typing here.

'THE TALMUD AND THE GHETTOES' at least 3 or 4 times, very slowly, yet?

I understand that can sometimes point a compass towards financial difficulty...but since the OP is not in the habit of going over limit..or paying late..perhaps a reasonable fair minded logical person can draw this conclusion..

That the OP was smart enough to consolidate their debt, a wise financial decision..which often can save money..and make multiple accounts easier to handle.

Now we do not know the reason the OP has a consolidation loan..but we do know it was 2 years ago.and the customer now has less debt and is paying less out.

I don't see how if this information is accurate..that the bank feels the loan in itself is a reason to cancel the card..not with the history this customer has.

Now as I stated before...sure the bank has the legal right to cancel the card, but would it not be in everyones best interest if the bank simply explains to the customer that they are losing money on the card by it not being used..so can you kindly use it or we will have to cancel it in such and such an amount of time?

I will try to be non argumentative in my response..but it won't be easy...

"Regardless of what you think Ronny the only "defense" of the bank is that they closed the card per the agreement that the OP agreed to.  The less people rely on Credit Cards the better they will be."

Whether you "feel" this is true or not...you nor I have do not have any place to tell another person if they are better with....or without a credit card.

Lets not forget how Donald Trump made all his money (remember OPM??) aka "other peoples money"...many people are saved by a credit card in a financial bind..and many people start a successful business using credit..it is the American way..is it not??

Now when you use the term "rely" I guess in your defense that can be taken either way..of course it goes without saying that people will be better off not having to rely on credit cards...but in reality, this is not always the case.

"I am not fighting this with you either.  But you say that they were not "right" in closing their account, I see that as inferring that you think they should keep it open.  So if they the bank should keep it open but don't want to, would it be "right" for anyone(or any government) to force a company to keep it open against the companies wishes?  Isn't that how we got into this mess in the first place with the Government forcing banks to give out loans...Just look up the Community Reinvestment Act for some interesting things to look at."

I will never agree that many things the banks do to it's customers are "right"..and by right I just mean "harmless"...not meaning "right" in the legal sense.

Where I don't see eye to eye in your previous statement is the overall "argument"..about "keeping the account open". I understand the bank can cancel the account at any time per the signed agreement..but I still feel this customer has a right to complain due to several reasons...one, the banker saying the poster was NOT a credit risk...two, the customer had 2 credit cards with this bank for 6 years and never had a late payment or overlimit. three, the customer requested to transfer a balance to the card and was not allowed, and a bank they own holds their mortgage and the customer never had a late payment as well.

I feel the customer was willing to make reasonable effort to keep the card...I feel the customer has displayed NOT to be a credit risk..so in this case although I agree the bank was legally able to cancel the card..that it is wrong..and causing harm the the customers FICO score, it's like the customer has no rights at all..even with 6 years of good faith and no problems with the card. It is like the customer is being punished for doing all the right things..is willing to work out a compromise with the bank to keep the card..and the bank tells the customer to go pound sand..nice work bank.

"You also wonder how my comments helped this poster.  Well if explaining why it was closed and why it could happen again with other creditors didn't help them then sorry I tried.  But I could then ask you the same thing.  Other than agreeing with the OP(and making comments on other people who tried to explain why) what exactly did you do to help the OP?"

"So let me ask this, as this is not to argue with you and really the only question I am interested in.  What exactly do you think would have been the approriate thing for them to do?"

If everything the OP stated is true..the bank should have explained what actions needed to be taken to keep the card open..and gave the customer the opportunity to do said actions. If the customer did not comply..then I feel the bank would be fair in closing the card. Maybe I am expecting too much from the bank?

Regardless of what you think Ronny the only "defense" of the bank is that they closed the card per the agreement that the OP agreed to.  The less people rely on Credit Cards the better they will be.

I am not fighting this with you either.  But you say that they were not "right" in closing their account, I see that as inferring that you think they should keep it open.  So if they the bank should keep it open but don't want to, would it be "right" for anyone(or any government) to force a company to keep it open against the companies wishes?  Isn't that how we got into this mess in the first place with the Government forcing banks to give out loans...Just look up the Community Reinvestment Act for some interesting things to look at.

You also wonder how my comments helped this poster.  Well if explaining why it was closed and why it could happen again with other creditors didn't help them then sorry I tried.  But I could then ask you the same thing.  Other than agreeing with the OP(and making comments on other people who tried to explain why) what exactly did you do to help the OP?

So let me ask this, as this is not to argue with you and really the only question I am interested in.  What exactly do you think would have been the approriate thing for them to do?

that video on the web, correct? And anyone can 'Google' this- AUTO DEALER LOUIS F HARRELSON TO PLEAD GUILTY, and read that article, right? And anyone can 'Google' this- CAR SALES: TRICKS OF THE TRADE- CONSUMER ALERT, and watch that video & see how Tori was scammed, & how the bank that received her LOAN DOCUMENTS was scammed too, correct? And anyone can go to the NISSAN page of this site and read one of the most recent Ripoff Reports & see copies of the LOAN DOCUMENTS that were altered, right?

I didn't reply here to argue with you about credit card policies..as a matter of fact..I don't believe in them and am 100% debt free..it feels good. I have one credit card I use sparingly to keep my rating good..as society has made it almost impossible to make it without a credit card or good FICO score..unless you choose to live off the fat of the land..which there is not much fat left..but in response....defend this bank defender...

Since they were not making money on this loyal customers credit card.

- Your right Ronny this customer was so loyal that they had a $0 balance and hadn't used the card for at least 6 months.  What exactly do you think they should have done?  Keep the account open?  Asked their permission to close the account?  Perhaps they could have given them the option to pay an Annual Fee on the card to keep it open.  I wonder how concerned the OP would have been with their FICO score then once they found out they had to bear the cost.

Well would you have preferred if this customer was maxing out the cards..making minimum payments..until they just apply for bankrupcy from being trapped into paying off interest for the rest of their lives? I am sure the banks would love that. I never realized it was criminal to not use your credit card..or keep your balance paid up..guess times are a changin...

But with that said...too bad the banks don't have a "FICO" score..since perhaps they would have been considered a "credit risk"..and would not have received 700 billion in "loans" from the American taxpayers...defend that oh worshiper of the banks...

"- Exactly.  In this crisis the bank is reducing their risk.  As was stated before giving out credit like candy is what got a lot of people into this mess in the first place.  This person admited that they got a consolidation loan, and that this card is unused."

Yep..I guess this customer paying off the cards allows the bank consider them a "risk"...I understand.

"If they got a consolidation loan the last thing they need is additional credit, especially if they are still paying it off.  Because there is a very common trap.  A person gets a loan to "payoff" debt.  But within a couple of years a high percentage of these same people charge their accounts right back up.  So now they not only have a consolidation loan to pay off, but the credit cards are back at the same level.  Effectivly doubling their debt.  While the OP may think it is rough now, in the long run this actually may save them from themselves based on statistics."

It wasn't "additional" credit..the card was valid with the customer for 6 years. Look I don't want to argue this with you as well..because you CAN'T win..you can only smoke screen and detour the issue..yes we all agree the bank had the right to do this..but if you think it's "right"..then I don't understand your "value" system at all..and never will.

I still would like to know what help you are offering here..and what your motive is..I mean how have you helped this poster??? By defending the banks actions for doing a horrible thing? Okay fine..you have succeeded..now take a bow.

Everyone applaud Robert the bank defender.

Since they were not making money on this loyal customers credit card.

- Your right Ronny this customer was so loyal that they had a $0 balance and hadn't used the card for at least 6 months.  What exactly do you think they should have done?  Keep the account open?  Asked their permission to close the account?  Perhaps they could have given them the option to pay an Annual Fee on the card to keep it open.  I wonder how concerned the OP would have been with their FICO score then once they found out they had to bear the cost.

what have they done to help this customer during an economic crisis?

- Exactly.  In this crisis the bank is reducing their risk.  As was stated before giving out credit like candy is what got a lot of people into this mess in the first place.  This person admited that they got a consolidation loan, and that this card is unused. 

If they got a consolidation loan the last thing they need is additional credit, especially if they are still paying it off.  Because there is a very common trap.  A person gets a loan to "payoff" debt.  But within a couple of years a high percentage of these same people charge their accounts right back up.  So now they not only have a consolidation loan to pay off, but the credit cards are back at the same level.  Effectivly doubling their debt.  While the OP may think it is rough now, in the long run this actually may save them from themselves based on statistics.

LET THE BANKERS CONTINUE TO CREATE MONEY & CONTROL CREDIT." - Josiah Stamp. Former head of the Bank of England. That quote can be found in the book entitled- 'THE SCORE', by Rudy Stanko.

    You can't complain that banks had to be bailed out, then complain that credit is harder to get.   The reason that they had to be bailed out was the free and easy credit policies of the last decade.   The fix to the problem is to tighten credit policies.  That means both raising the qualifications for obtaining credit, as well as dropping accounts that are not profitable.

    I see a lot of folks complaining about how they used to be able to file for bankruptcy, then qualify for a credit card a few months later.   Those days are long gone.  We're going back to an earlier era where not everyone with a pulse is qualified to have seven or eight open credit card accounts.  

After all their BAD business decisions that resulted in the tanking of the American economy all the banks and credit card companies are raising interest rates and cutting available credit - or cancelling cards.   It does not matter that WE their GOOD customers are being penalized for their BAD BUSINESS DECISIONS, we are the ones paying for it.

Its not right - but it is what HAS BEEN HAPPENING FOR AT LEAST A YEAR NOW!    In spite of the bailout - that was supposed to open up the credit markets again.

This is not specific to you -  but to all of us across the board who have always paid our bills.

And as others have stated - the agreements do state they can cancel your cards at any time - and you have to understand that has nothing to do with YOU and not to take personally which is what you are doing.     

Xero stated...

"As far as cancelling the accounts, they could have at least had the courtesy to call and see if there maybe was a problem or if he didn't intend on using them anymore. Cancelling them without notification is withing their rights, but if the account(s) was/were in good standing I would think a follow up or courtesy call would be in order. Especially since it is going to affect his credit score in a negative way."


The only time the banks these days seem to do anything with the word "courtesy" in it..is if it makes them money. Since they were not making money on this loyal customers credit card..as far as they are concerned he can go rot. No courtesy at all..they could care less about his FICO score, if his account was in good standing..or if them canceling it has any negative effects on the customer.

Within the banks "rights" to do this??? Apparently. Is it "right"? Not hard to answer that one.

Unfortunately this customers tax dollars were used to help bail the banks out when they were failing...so..we help them...what have they done to help this customer during an economic crisis?

She said that was all well and good, but she said that even though I was not a credit risk

, the bank was afarid that I would not pay the bills if I was to buy something with the cards. 

This makes no sense, at all, if the information you stated is correct in your complaint.

"Researching the Bank of America employee underground, they are trying to cancel any credit card that they feel is not profitable enough for them, no matter the length of time with them or record. "

  And you have a problem with that?   You do realize that they are in this business to make a profit.   Your card agreement states that they can drop you for any reason.  In this case, they actually have a valid reason and you're still whining.  Sheesh!

"I am considering a class action suite against Bank of America for damages resulting from the way they are canceling credit and reporting to the agencies. "

  Bwaahahaha!  That's pretty funny.   The are cancelling according to the terms that you agreed to.   They're also reporting to the credit agencies under the terms that you agreed to.  What exactly are you suing them for? (as if you actually would).

As far as cancelling the accounts, they could have at least had the courtesy to call and see if there maybe was a problem or if he didn't intend on using them anymore. Cancelling them without notification is withing their rights, but if the account(s) was/were in good standing I would think a follow up or courtesy call would be in order. Especially since it is going to affect his credit score in a negative way.

Seriously.  They are extending you credit, this is THEIR money not yours.  As part of the agreement they are allowed to remove the granting of credit privileges at any time.  Nothing you can do is going to force them to keep your account open, or reopen a closed account.

The fact is that you weren't using the card and hadn't had a balance for 6 months.  Except for the time line this is really no different than the past.  It was not uncommon just a few years ago that creditors would close out accounts if they were unused for 1-2 years.

By the way it is a FICO score not FICA. 

PEOPLE are the major shareholder in Bank of America since BofA received BILLIONS of dollars from the 'TARP', correct? 'TARP' is TAXPAYER'S money, isn't it? ('Troubled Asset Relief Program'). And President Obama is supposed to be the one looking out for the American people, wouldn't you agree? So perhaps President Obama should be sent a copy of this Ripoff Report so he can see what's happening to the PEOPLE of the USA, right? Here's his address for anyone to mail their Ripoff Reports-