Bank Of America
Reviews and Complaints
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Verified ReviewerMortgage Process
1/15/2021
Seniors Beware!! Bank of America Mortgage Practices are not ethical to Seniors and are misleading when you apply.
Don from Redondo Beach, CA
I have been a BofA customer since 1971 opening my first account at the Woodland Hills, Branch.
The Loan Officer indicated that I was a good candidate for my refi mortgage and encouraged me to apply. They charged me for a credit report and Appraisal that was over $1100. Then the BofA Mortgage process was a disaster and put me through a series of paperwork, uploads, downloads, rejections, cancellations, and the online program never worked properly, lost documents, deleted documents and asked for duplicates.
Nobody at BofA listened to me about what was going on with their online system and treated me like an old frustrated senior. Everyone should stay away from any thought of doing business with BofA concerning Mortgages.
- Terrible to seniors
Preferred solution: Let the company propose a solution
User's recommendation: Do not use B of A Mortgage Finance
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Verified ReviewerClosed account due to inactivity while sick with Covid
- Headaches
- Shuts account down if you get covid
Preferred solution: Apology
User's recommendation: Do not bank with this company
Mail in checks not being deducted from my credit card account
- Boa once had a good name
- Long wait
- Automated telephone answering system
- Bank policies
Preferred solution: i want my payment deducted from account
User's recommendation: do not reccomend average person to deal with BOA
Terrible changes
User's recommendation: BANK AT ANOTHER BANK
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Verified ReviewerBanks failure pay on a death claim
- Way they do business
Preferred solution: Deliver product or service ordered
User's recommendation: RUN, don't walk away from this bank. There are lots of honest ones out there.
Car loan
Bought a car in 2017 and got a little behind on the payments but trying to get them caught up. But the car got stolen in November of 2020 and the Guy that stole it ran from the law and he wrecked the car and the ins.
co deemed it a total loss and payed most of the car loan and so I thought maybe that would have caught the payment up but no the bank said all that went on the principle and they added more interest to it and now I'm weighting on the gap to pay on it but the bank is dragging there feet to get me the paper work so it can get sent to them and every time I call them they are but wholes and I paid a thousand dollars on it and yes i understand I do have to pay.
but i would think a payment is a payment no matter where it comes from. And I talked to the Bank president and he told me there's nothing he could do So what do you think Thanks
- Unreasonable time for crediting deposited funds
- Late loan processing
Preferred solution: take the late payment off
User's recommendation: watch were you get your loans try to get them at credit unions interest is a lot cheeper
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Verified Reviewer | Saint Louis, MissouriBanks failure to pay a POD claim
User's recommendation: RUN don't walk to any bank other than BOA.
Poor service and more
User's recommendation: Find another bank, any bank!
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Verified ReviewerHorrid customer care
Bank of America closed my credit card account with no warning due to inactivity. It was my card with the largest credit limit but no rewards such as cash back so I saved it only for emergencies.
I would put a small transaction on a month to keep it active but didn't for the last few months. That's all it took. I've never carried a balance on it, it's never been in default. They just closed it.
Which is going to do a number on my FICO score.
So I'm removing my funds from both checking and savings accounts I have with them and going elsewhere. They do not treat their customers like valued customers.
- Availability
- Online ability
- Convenience
- No reconsideration offered
- Poor customer service
- Overall failure for a good long term customer
Preferred solution: Let the company propose a solution
User's recommendation: Look elsewhere
They are Idiots
I am retired and am worth millions. I have a credit score in excess of 800.
Never missed or been late on any mortgage payment (ever), even the one I had for years with B of A. I pay every one of my credit cards on time and in full. I asked B of A to refi my existing loan at (which it solicited monthly ) at a lower rate than and hundreds of dollars a month less than what I had been paying these *** for many years. The loan I was seeking was less than $240K, no cash out, was less than the amount I could have paid off with a check the next day and was about 30% loan to value.
Duh!!!! Those idiots turned me down because I could not show that I had liquid assets (which they discounted by 40% for whatever moronic reason) sufficient to pay every payment due all 30 years of the loan even though I am over 70 years old and will not live that long. I could pay off the loan tomorrow by check, but still they decided I was not a good credit risk.
Their own loan officer said he was shocked at the stupidity of the bank's underwriting department. [Can't imagine why he still works there.] B of A turned down an existing customer with impeccable credit history who would pay far less than he was already paying its own loan each month, who had excellent credit, had ,many hundreds or thousands of dollars in equity above the loan requested, who could pay off the loan from his checking account and who would obviously pay off the AvoidAloan before he would ever let a greedy bank take his property.
Preferred solution: Apology
User's recommendation: Avoid these idiots at all cost
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Verified Reviewer | Virginia Beach, VirginiaAppauling lack of concern
- How it used to be
- Very bad costumer service from manager to employee
Preferred solution: Golden rule practiced
User's recommendation: Find a bank that cares
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Verified Reviewer | Alpharetta, GeorgiaClosed Branch Locations
User's recommendation: Try someone else.
Statements
I got an email from the bank saying my "mail...ie, statement(s) could possibly be delayed due to the delays in the Postal Service. In reality, Bank of America wants everyone to get their statements vi email.
I happen to like having a statement in my hand, and with the interest plus "annual fee" for my Alaska Airlines Visa through Bank of America, I do not want to sign up for "paperless statements". With the money they are making off me, I want &;; am entitled to a monthly statement through the mail!
If I "go paperless" and want a statement, I'll have to print it myself which will "save the bank money", but cost me even more money in addition to what i'm paying them already. The "mail delay" message/email the bank is sending, I believe, is a "ploy" to intimidate and get everyone to "go paperless" so the bank can save/make even more money!
User's recommendation: only go paperless through personal choice & not dictatorship/intimidation
I feel I was taken advantage of
Last Jun 2020 I requested a 3 month sabbatical from my monthly payment which was quickly granted. At the time I was led to believe that these 3 payments would be added to the end of the loan.
This was quite the relief because of income at the time. These 3 months were over in August and mortgage payments were to resume September 1. It was at this time when we started receiving a LOT of mail from BOA, most of it was not understandable by either of us. (Note that I am a college graduate).
Also note that due to the pandemic we were only getting our mail once a month so a lot of things were late. After several attempts to reach someone at BOA and also LONG waits on the phone I finally got some answers. It seems BOA wanted us to immediately pay back the 3 months! We were finally given the "opportunity" to move the payments to the end of the loan but it was going to cost us over $600!
They wanted to renegotiate the entire loan. Note that this was a very bad time for most of America as well as us and finding this money was not going to be easy. We did not want to redo the entire loan either. So finally I got pissed at them and let someone have it!
I told them I would just pay back to money over time and if they didn't like it , TOUGH. Haven't heard much from them since.
All their kind words of help during a bad time was all a scam to get even more money from us. I would NEVER tell someone to have any dealings with BOA for anything.
- Saying one thing and doing another
- Terrible communication
- Very confusing paperwork and mail
Preferred solution: Deliver product or service ordered
User's recommendation: Have a lawyer with you at any time you have to deal with BOA as they love to confuse you with "lawyer speak" to keep you from understanding.
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified ReviewerDeducted $ without informing speaking to me
- Lack of customer service
- Stole my money
- Unprofessional
Preferred solution: Price reduction
User's recommendation: Use another bank!!!
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Listen, if you're not carrying a balance, you're not making them money. This means you're worthless to them.
They aren't in the FICO score business nor concerned with your struggles. When you signed up, YOU agreed to this possibility. YOU did READ and UNDERSTAND the terms right? Clearly not as you're here whining like a child.
Banks only have so much credit to offer, they took your unused limit and poof.. Someone magically got a credit line increase.
This is business, stop taking it personally. OK say it..." you must work for them."