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Jadam · 5 October 2011, 01:05 PM

I pay the full balance each month on my boa credit card. Happened to check my bank acct balance to discover boa had only taken minimum due out for payment. BoA system forces cardholder to type in amount to be paid, so could not have been an error on my part. Minimum was fifteen dollars, full balance was well over a thousand. Also had just double checked to see scheduled payment, two days ago.

Any other boa customers experience same issue?

hdrazor251 · 5 October 2011, 01:12 PM

Not exactly the same, but I sure Paul can give an opinion of B of A.

http://www.rolexforums.com/showthrea...ank+of+america

Dr. Robert · 5 October 2011, 01:32 PM

Banksters

s.justinlee · 5 October 2011, 01:57 PM

i heard that BOA is now going to charge $5 a month to use your debit card. charging you to use your own money. this seems so "Un-American" to me.

seand442 · 5 October 2011, 02:48 PM

B of A can go to hell. Never could find a good reason to do business with them. Took my $ to a local credit union.

Grissom · 5 October 2011, 03:50 PM

They have been experiencing system problems for the last 5 days.....probably a precursor for their financial meltdown......their stock hit $5.13 today.....close to the $3.00 low of a few years ago....

TheVTCGuy · 6 October 2011, 10:19 AM

Quote:

Originally Posted by hdrazor251

Not exactly the same, but I sure Paul can give an opinion of B of A.

http://www.rolexforums.com/showthrea...ank+of+america

OOOOOOHHHHHHHHHHH Yes.... I sure can.... But don't get me started, I'll get banned for the language I want to use... Plus, not sure I should say anything on line as the law-suit is in full swing. At least let me say this much:

B of A... Those Fu_(&^%$# Bast@#$%s!

gwalker · 6 October 2011, 10:45 AM

B of A just sent me a letter today saying they sold my mortgage to some unknown (to me) company. They are in trouble and I don't see them lasting much longer.

CashGap · 6 October 2011, 10:47 AM

Quote:

Originally Posted by s.justinlee

i heard that BOA is now going to charge $5 a month to use your debit card. charging you to use your own money. this seems so "Un-American" to me.

Read a bit about that. Google "Durbin Amendment".

You'll spot the real bad guy. And the small banks are laughing their a**** off, not realizing they are next.

Paladin · 6 October 2011, 10:53 AM

Quote:

Originally Posted by s.justinlee

i heard that BOA is now going to charge $5 a month to use your debit card. charging you to use your own money. this seems so "Un-American" to me.

You are paying for the convenience of not needing to get and carry cash, the fraud protection and insurance, extension of warranties as well as the cost to access and maintain the approval system since the federal gov has forbidden the banks to charge retailers as they are allowed to charge on credit card transactions.

Someone has to pay for the costs of providing credit card convenience to the debit card. Don't like it?? Cut your debit card up and go back to carrying cash?

FYI..the $5 per month, just by chance, adds up to the same money as you probably pay for the annual Fee to have a credit card....$60.

towernick · 6 October 2011, 10:56 AM

Not to play devil's advocate here, but do you guys really think the government would let B of A fail? I seriously doubt it. Not trying to stir the pot, asking a question.

MortgageGuy · 6 October 2011, 11:00 AM

Quote:

Originally Posted by towernick

Not to play devil's advocate here, but do you guys really think the government would let B of A fail? I seriously doubt it. Not trying to stir the pot, asking a question.

YES... this time I actually do think they will allow this to happen. This being said I do not believe B of A will fail but I believe they will soon (VERY SOON) no longer be the giant they are today. Not certain about any of their Retail Banking Operations but they have announced recently they are EXITING the Correspondent Mortgage Business Channel in its ENTIRETY and are selling this part of their business.

This is happening by year end and we have already eliminated B of A as one of our investors as wee have been selling direct to them for years.. That should tell you something IMHO

masterserg · 6 October 2011, 11:01 AM

Quote:

Originally Posted by gwalker

B of A just sent me a letter today saying they sold my mortgage to some unknown (to me) company. They are in trouble and I don't see them lasting much longer.

This is normal practice. Your mortgage lasts a couple of days with the bank before it is sold to Freddie Mac or or Fannie Mae. The bank makes their money with the closing costs and stuff like that.

BofA is terrible, but I believe it will be more expensive for the Fed to let them fail and have to take care of the bank's business ... but what do I know ... judging by my investing results, evidently not finance....

MortgageGuy · 6 October 2011, 11:03 AM

Quote:

Originally Posted by masterserg

This is normal practice. Your mortgage lasts a couple of days with the bank before it is sold to Freddie Mac or or Fannie Mae. The bank makes their money with the closing costs and stuff like that.

BofA is terrible.

Not entirely true. Yes mortgages are sold however B of A is a HUGE mortgage servicing company and not one that is usually selling mortgages until recently

Signs of the times...

towernick · 6 October 2011, 11:15 AM

Quote:

Originally Posted by MortgageGuy

Not entirely true. Yes mortgages are sold however B of A is a HUGE mortgage servicing company and not one that is usually selling mortgages until recently

Signs of the times...

I would assume B of A would sell all their conforming stuff to Fannie/Freddie and keep the NC and unsaleable stuff on their books. MortgageGuy, I assume you're a broker?

masterserg · 6 October 2011, 11:15 AM

Quote:

Originally Posted by MortgageGuy

Not entirely true. Yes mortgages are sold however B of A is a HUGE mortgage servicing company and not one that is usually selling mortgages until recently

Signs of the times...

Maybe so .... I guess I am feeling very cynical today ... I am jet lagged in Madrid ... it's 3AM, I can't sleep, have a big presentation tomorrow with and 80 or so audience and I am depressed and bummed out with the constant flow of bad news ... worst today being Steve J (which in my current state I am taking badly).

sea-dweller · 6 October 2011, 11:52 AM

B of A sucks. I hope their "fee-ridden" tactics backfire and customers leave in droves.

MB7000 · 6 October 2011, 12:10 PM

my advice is if you own any of their stock, SELL,SELL,SELL!

MortgageGuy · 6 October 2011, 12:26 PM

Quote:

Originally Posted by towernick

I would assume B of A would sell all their conforming stuff to Fannie/Freddie and keep the NC and unsaleable stuff on their books. MortgageGuy, I assume you're a broker?

Nope, I am not a broker, we are a Direct Lender that sells some of our portfolio off to Bank of America among others (predominantly FHA loans)

5 October 2011, 01:05 PM	#1
Jadam "TRF" Member Join Date: Oct 2010 Location: Belvidere,il Posts: 268	Bank of America question I pay the full balance each month on my boa credit card. Happened to check my bank acct balance to discover boa had only taken minimum due out for payment. BoA system forces cardholder to type in amount to be paid, so could not have been an error on my part. Minimum was fifteen dollars, full balance was well over a thousand. Also had just double checked to see scheduled payment, two days ago. Any other boa customers experience same issue?

5 October 2011, 01:12 PM	#2
hdrazor251 "TRF" Member Join Date: Nov 2010 Real Name: Jeff Location: Arizona Watch: is recovered!! Posts: 4,255	Not exactly the same, but I sure Paul can give an opinion of B of A. http://www.rolexforums.com/showthrea...ank+of+america __________________ 16753 GMT Master, 16613 Bluesy, 16710 GMT Master II, 16570 Polar Explorer II-Stolen & Recovered!! Card Carrying Member of the Global Assoc. of Retro-Grouch-Curmudgeons

5 October 2011, 01:32 PM	#3
Dr. Robert 2024 SubLV41 Pledge Member Join Date: Dec 2009 Real Name: Bob Location: U.S.A. Watch: 1655 Posts: 64,297	Banksters __________________ Founder & Card Carrying Member of the Global Association of Retro-Grouch-Curmudgeons

5 October 2011, 02:48 PM	#5
seand442 "TRF" Member Join Date: Apr 2007 Location: Earth Watch: 116610 Posts: 3,455	B of A can go to hell. Never could find a good reason to do business with them. Took my $ to a local credit union. __________________ NEVER ARGUE WITH AN IDIOT. FIRST THEY WILL DRAG YOU DOWN TO THEIR LEVEL. THEN, THEY WILL BEAT YOU WITH EXPERIENCE.

5 October 2011, 03:50 PM	#6
Grissom "TRF" Member Join Date: Oct 2010 Real Name: Nathan Location: US, Latin America Watch: GMT IIc 18K/SS Posts: 3,349	They have been experiencing system problems for the last 5 days.....probably a precursor for their financial meltdown......their stock hit $5.13 today.....close to the $3.00 low of a few years ago.... __________________ *(Member NAWCC since 1976)* 116713LN GMT-IIc 18k/SS (Z) + 116520 SS Daytona (M) + 16700 GMT Master (A) + 16610LV Submariner (V) + 16600 Sea Dweller (Z) + 116400 Milgauss White Dial (V) + 70330N Tudor Heritage Chronograph Grey w/Black Sub Dials (J) + 5513 Submariner Serif Dial (5.2 Mil) Who else needs an Intervention? (109 297) (137 237) (73 115) (221) (23) (56) (229) P-Club Member #5 RIP JJ Irani - TRF Legend

5 October 2011, 01:57 PM	#4
s.justinlee "TRF" Member Join Date: Jun 2009 Real Name: Justin Location: california Posts: 349	i heard that BOA is now going to charge $5 a month to use your debit card. charging you to use your own money. this seems so "Un-American" to me.

6 October 2011, 10:45 AM	#8
gwalker "TRF" Member Join Date: Jul 2011 Real Name: Gunter Location: AL/NJ Watch: DSSD; 116610LN Posts: 5,509	B of A just sent me a letter today saying they sold my mortgage to some unknown (to me) company. They are in trouble and I don't see them lasting much longer.

6 October 2011, 10:56 AM	#11
towernick Banned Join Date: Oct 2008 Location: Los Angeles Posts: 880	Not to play devil's advocate here, but do you guys really think the government would let B of A fail? I seriously doubt it. Not trying to stir the pot, asking a question.

6 October 2011, 11:52 AM	#17
sea-dweller "TRF" Member Join Date: Oct 2007 Real Name: Dennis Location: Bay Area - 925 Posts: 40,018	B of A sucks. I hope their "fee-ridden" tactics backfire and customers leave in droves.

6 October 2011, 12:10 PM	#18
MB7000 "TRF" Member Join Date: Dec 2008 Real Name: Marcus Location: Chicago Watch: Day-Date,Deepsea Posts: 266	my advice is if you own any of their stock, SELL,SELL,SELL!

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