Bank of America has gotten a bad rap with its short sale process and with good reason. Everywhere I go it seems people are having trouble on both ends of a short sale with BOA. My wife and I are no different. We have had a contract in with Bank of America to purchase a home since June 6, 2010. The home itself has been on the market since 2008 and only one other buyer has attempted to purchase the home prior to us. They got fed up with Bank of America and backed out of their contract after 6 plus months. As a buyer we have excellent credit, a buyer for our current home, and a lender ready to go. With the current economy and the threat of foreclosure this seems like a pretty simple deal. The issue at this point is a disagreement on the price. Back in September we were a week from settlement on an agreed upon price of 420K (based on BOAs appraisal of 500K). Sounds like a great deal. Our lender had a legitimate appraisal done on the house as is required and resulted in a market value of 375K. Obviously, the lender was not going to give us the loan for a house that is worth 45K less than the agreed upon price and 125K less than BOAs appraisal. Apparently, BOA does its appraisals based solely on comparative homes in the area and from across the country. Their Short Sale department is based in California (I am in Maryland) and they have never seen the house we are trying to buy. They have not had someone go to the house for the appraisal. This gives a very in accurate estimate of the true value of the home. The houses compared to the one we were attempting to buy were move in ready and not in distress. The home we are attempting to purchase has not been lived in for some time and is in complete disrepair. Walls are in desperate need of paint, carpet is completely soiled, the hard wood floors a heavily faded, meat was left in the refrigerator with the power off, the well pump is bad, and the list goes on. The house is not livable in its present condition. It is unfair for BOA to be unwilling to negotiate lower on the price when they have not done a legitimate appraisal of the home.

I applied for help with my mortgage going almost 3 years ago (march 2008 after losing my job) with the keeping your home affordable program. They sent me a package with lots of material that I had to send them and very little details about what I was applying for and what I would have to do. I was approved for a trial period in November of 2008 and I was sent information about making the payments and for how long. I was never told that by making these payments it would damage my credit report and rating and make me behind in my mortgage for six months. To make matters worse, after 5 months, they denied me and put me in for some other program. I never knew what it was, nor could I get in contact with anyone. After a year of calling and getting no word, they final denied me for the last unknown program when they found out I had a temporary job that only lasted 2.5 months. The person working the account at the time wanted me to repay the debt. I never found out was happened to the money I was sending in or if it was going to be applied to the balance owed. I tried to contact them, with no results. I got passed from person to person and no one could answer any of my questions. I wrote my senator and the president and was sent back some info on government agencies that were supposed to help me. Finally I was able to get someone through and agency that could answer my questions. I found out they had bad information on me and had been reporting me for non-payment even though I paid as agreed under the trial period. They also had bad information on my income and other things even though I had sent this to them several times. The woman I spoke with told me that I had a code put on my account that was preventing me from being put into any other programs that I may qualify for and that in order to qualify for any of the programs I had to pay back the money I owe in excess of over 6, 000.00 which I was only in debt because I was paying the amount they told me to pay for the keeping your home affordable program. I have tried several times to talk to someone because now they are threatening foreclosure on my house. None of my papers told me any of this was going to happen and I never knew I needed to continue to pay my regular payments even though they told me to pay the trial period amount instead. I am tired and burnt out after almost three years of this and I am ready to get a lawyer to settle this for misleading me into a program and damaging my credit score and endangering me of losing my house. Please advise. There is more that I left out because it would be too long for me to write in this message.

Recently, I was charged around $700 in overdraft fees from my Bank of America Checking account. The problem originally started when i made an accounting error and left my checking account with insufficient funds. I did not realize this, and used my debit card for my normal spending (many small items such as gum, drinks, etc). I used the card around 25 times and was not notified once that there was insuffient funds to cover the amounts. Therefore, i was charged around $30 every transaction. It was only when i checked my online statement that i found this out. I promptly called Bank of America to try to get my money back, however they would not budge. I asked why they would let me keep charging small items on a card when the account did not have enough funds (although i knew the answer was so that they could keep charging fees and making money). I remember reading somewhere that they made around 40% of their banking profits on overdraft fees alone, now I believe it. I have been a member with Bank of America for over 10 years and cannot believe what they are doing is not illegal. Also they raised the rates of 2 of my "fixed rate credit cards" for no reason other then "they did not like my payback habits" (although i was never late)

Shame on you Bank of America.

I'd had a mortgage with Bank of America for a little over a year when I received an email saying if I opened one of their Advantage checking accounts and paid my mortgage 3 months consecutively, they would deposit $150 cash into my account. Needless to say, I opened the Advantage account, paid my mortgage for 3 months and waited for my money. I emailed customer service 5 times asking where my money was only to hear "the promotion was declined, but call us and we'll explain". No one will answer any of my questions online or explain why it was declined. There was no reason for the decline and I am reading that many other customers have had the same problem. I left Wells Fargo for this type of service. I'm going to a locally owned bank to transfer my checking and savings accounts there. If they can refinance my mortgage for a lower rate, they might get that too.

I had an account with Bank of America for 30 years and built up a credit line of $200, 000 with them. I called to ask about my intrest rate being lowered a half a percent or so. The operator said they would review my account and hung up.
I get a letter telling me my credit line has been reduced to $200!! I can't even get a freaking tank of gas with the card. It's useless. 30 years of credit building and consistent increases based on perfect credit until I owned a 'black card' and some operator wipes it out.
The expiration date ran out and I didn't reactivate the new one. Now they call me constantly to 'survey' me on my experience with their company and beg me for business and I tell them they suck.