on 9/25 I signed off on a refinance loan with BofA (they held my original loan after aquiring Countrywide). the loan was paid off on 9/30. On 10/02 BofA drafted a mortgage payment out of my account on the paid off loan.
When I called them to get my money back I was told in 7-10 days you will get your money back that's our policy. when I stated that was unacceptable I was told it is my fault for not telling them to NOT draft the money on a paid off loan.
I waited until 10/7 called them again and was told we reversed the payment on 10/02 @ 4:34 pm, are u sure it's not in ur bank account, I assured them I am 100% sure it is not in my bank account. The BofA representative then proceeded to have a 3-way call with myself and my bank to verify the funds, ...and we verified that I do not have the funds. My bank stated well it may take up to 5 business days.
the 12th was a holiday so on the 13th I called BofA back and was told I don't know y u were told we reversed the funds we don't do that we send a check. I was told the representative I was speaking with would follow up within 24 hours , of course she didn't.
I called back on the 15th and was told again by yet another representative he would follow up, none of them have ever followed up.
today I was told sorry u keep getting the wrong information, our policies change weekly and perhaps all the people u have spoken to didn't know the policy.
We issue a check 14 business days from when we receive the funds on a paid off loan and then u have to allow 3-5 business days for the mail!!!
So mayb by Halloween my refund will show up in the form of a check. I highly doubt this bank's policies change on a weekly basis, and I absolutely do not understand if they do how that is the consumer's fault !!
I have filed formal complaints with the appropriate agencies, but that is doing me no good considering BofA has my money and clearly has no intention of getting it back to me or apologizing for their error instead of blaming me for it.
Product or Service Mentioned: Bank Of America Mortgage.
Monetary Loss: $585.