I've been banking with Bank Of America for 10 years. Since they accepted the bail out money I've gone to Bank Of Texas but still use Bank Of America as a spending account and have my merchant services deposits go in there. I keep a typically low balance, about $500 and transfer more money when needed. Anyway, I woke up to 6 $25 fees but I had not overdrafted. My account fell to $65 and then I transferred another $500. After arguing with the CSR for about an hour we broke down every single transaction and they had to admit they were wrong. What happened was a merchant (over a week ago) authorized my card twice, once for products without shipping and once for products with shipping but the authorization fell off the next day. But they deducted this authorization from my balance and hit me with fees 7 days later when I would have overdrafted had the transaction actually been paid. (I know, it's complicated, but it's highly fraudulent). After they corrected the six over draft fees of $25 each I wake up the next day and find TEN overdraft fees of $35 each! The first set of overdraft fees caused me to overdraft FOUR more times, which is true but why TEN charges? Nobody seems to know! After another hour on the phone this was taken care of. So I cynically wrote the bank an e-mail asking for $500 worth of credits towards my account for wasting my time. I made the point that if I had overdrafted by mistake I would not be able to deposit the difference and say 'I'm sorry' I would have to pay $500 worth of fees!!! They wrote me back with 'We've researched this account and found that you overdrafted blah blah blah'. I wrote back with 'apparently you didn't research this account because xxx and yyy'. They wrote back again with 'Oh. You're right. Sorry'. It just drives me so mad! First, they use a fraudulent fractional reserve system and create money out of thin air! The Federal Reserve is about as Federal as Federal Express and then they have the nerve to assess fraudulant fees on the public! Let me tell you how money is created. No, it's not backed by gold, it hasn't been in DECADES! The United States Government decides they need $10 million dollars. So they print up some fancy looking treasury bonds. Then they call up the Federal Reserve (who is a private corporation) and they print up some more fancy pieces of paper and give it to the US government. That's it! 10 million was just created! Oh but it gets far worse than this. The new created money has to have value and since the only thing regulating the value of money is how much is in circulation 10 million dollars has stolen value from the money you have in savings causing inflation! Now imagine 700 Billion being created out of thin air and given BACK to the bankers! And you wonder why gas is $2/gallon when a barrel of oil is going for $35 (it should be $.75 at the pump!) It gets worse! The fractional reserve system requires banks to only have 10% of their reserves in holding. This means they can loan out 90% of their reserve. So what happens to the $70 Billion of bail out money? It goes into bank accounts. Not $70 billion has because 7 TRILLION!!! Thus causing MORE inflation! And if you really want to realize how you're getting screwed let's factor in INTEREST! The US government doesn't just give the bonds to the Federal Reserve but the bonds are promissory notes that the US government will pay back the Federal Reserve with INTEREST! But if the Federal Reserve made the first dollar where does the money to pay back the interest come from? You got it! Print more money and borrow more money from the Federal Reserve! Causing a never ending cycle of inflation! Inflation is a tax on the people. Look at cars for a minute. In the 80's a new car cost an average of $7000. Now it's an average of $20, 000. Did things get more expensive? No! The value of the dollar has been chopped down to a third while wages have not even doubled! So you save a million dollars to retire on. When you retire that million dollars will have the buying power of $250, 000 if your lucky! And to top it all off.. they hit us with overdraft fees! We need to hit THEM with overdraft fees for bankrupting this economy and creating money out of thin air! And if you really want to hear the truth watch two movies on google video. America: From Freedom To Fascism The Obama Deception And speaking of Obama, lets take a look at the stimulus package for a moment. WE've already established the Federal Reserve printed 700 billion for the bail out right? OK. Well, we authorized the bail out money to be printed and we (the people) took responsibility for the debt, the interest and inflation. Then Obama writes a 700 billion dollar stimulus package. So what does the Fed do? They loan the US 700 billion dollars at INTEREST! AAAAAHHHHH! They're not even using Vaseline!

I don't know if this is the correct forum but I feel rather helpless at this point and am grasping at straws now. 

In mid to late 2009 I applied for the Obama Administration's Making Home Affordable Home Loan Modification Program with my mortgage holder, Bank of America.

For almost 8 months I went through hell with BOA representatives just trying to get my application through! Although I provided EVERYTHING they asked for, during the first 3 months I heard nothing about my application.  Then after my repeated calls, they began telling me over and over that either they never got my documents, they were "incomplete, " or I needed to update them.

Each time I would re-send the requested documents via FEDEX Return Receipt Requested AND GET THE RECEIPT BACK. Yet I would hear nothing for weeks and then when I called to check my status I would be told again that I had "missing or incomplete" documents- the SAME ONES!- despite the fact that I had the signed receipts!!

This went on for MONTHS!

Finally, I went on a Trial Modification Program in March 2010 which was supposed to last about 3 months while they reviewed my file to determine if I could receive a permanent modification.

During the next 6 months I went through hell AGAIN...the SAME scenario...BOA reps claiming I wasn't supplying the correct documents, or they lost them or some nonsense.  Each time they would tell me I was in danger of being DENIED the permanent modification if I didn't straighten out the paperwork!  But how can you straighten out a mess that's being made IN-HOUSE!!?

This ridiculous back and forth FedEx signed receipt "I don't have the right documents" mess went on until August 2010.

Then, in early August one of the BOA reps told me I had NOTHING to worry about because my loan app was sitting in the "approved" Dept and I would soon be receiving an "offer" letter for my "new loan modification." I was so happy and relieved.  She ASSURED ME that all the NIGHTMARE was OVER!

A couple days later Fedex was at my door with a package.  I was happy.  I thought "Finally! After all the hell I've been through! Here's my modification offer!"

Imagine my SHOCK when I opened the package and found a LETTER OF DENIAL, stating the reason for the denial was "MISSING OR INCOMPLETE DOCUMENTS!" To add insult to injury it made some reference to the fact that they would get in touch with me later about possible foreclosure info!!!

I was LIVID!  First, I had just been told I'd been APPROVED 2 days earlier! And 2nd, how DARE THEY even MENTION foreclosure to me YET?!! I had not MISSED one single payment on my mortgage in the 20 years I'd lived here!

I immediately got on the phone and called them.  Guess what they said!?  "Gee, I don't understand why you got a Denial Letter. Everything here looks good. All your documents are in order." Yet they couldn't guarantee that the Denial Letter wouldn't "stand!"

So I then wrote my Senator and I wrote Brian Moynihan, President and CEO of BOA.  To his credit, within one week Mr. Moynihan had a rep contact me for details.  And within two weeks I received my new Loan Modification offer/Agreement.  I signed the Agreement/contract and sent it back.  In addition I also requested a SIGNED letter from Mr. Moynihan's office stating that I had been APPROVED for the new loan, which I received via FEDEX.

I HAVE the new loan/agreement AND the signed letter in my possession as of this writing.

As a result I have been paying my new loan amount under this agreement since August 2010.

However, all of a sudden, yesterday, when I called to dispute the amount of interest BOA sent me on my 1098 for 2010, the rep that answered the phone informed me that I had NOT paid my April mortgage AND that I also owed a late fee!  I said "NO, I paid my April mortgage on April 1st!"

After some more review of my file she said she saw that I DID pay the money but the money was sitting in the holding area.  I asked why.  She said "because your modification was declined."

WHAT!!???!  I explained that I've BEEN in a modified loan for almost a year.  She said she could only go by the CODE she sees.  And the code says I'm DENIED.  OH MY GOD!!!  NOT THIS AGAIN??!!!

She said she would check something and get right back. When she came back she said she could see that I had been paying on a modified loan and wasn't sure why they didn't apply my April payment. She said she would transfer the money right then and remove the late fee.  But she said I'd need to talk to someone in another area about that CODE and why it was there.

She then transferred me over to discuss my tax problem.  While discussing my interest/tax problem, that rep and I discussed my Decline code.  I said the other rep had at least made sure my April payment got posted.  He said NO SHE DIDN'T.  He told me I was showing up as NOT HAVING PAID MY APRIL MORTGAGE STILL!!! AND that I owed a late charge!!

So what DID that other rep actually DO?  Nothing?!

He said he could NOT credit my mortgage payment as long as that DECLINED CODE was on my file!!!

So here I sit, having faithfully been paying on a SIGNED LOAN MODIFICATION AGREEMENT since last year, having faithfully PAID MY APRIL mortgage, yet being told I'm DECLINED for a mortgage modification ? Being told I'm delinquent for my April payment? Being told I owe late fees because BOA is HOLDING MY MONEY and NOT applying it as they were supposed to??!!

I can't get ANY decent or logical answers from BOA reps because when you call them, one Dept NEVER seems to know what the OTHER Dept's are doing!!! And when one Dept writes something in your file, another Dept has NO CLUE WHY, or what it means!

Now here's the BIG dilemma, among all the possible dilemmas:

Even though I PD MY APRIL MORTGAGE, I'm being told it's not being applied but in fact is sitting in a "holding" area because my modification was DECLINED! As long as it sits THERE, I APPEAR to not be following the rules of my NEW MODIFICATION/AGREEMENT, which could ultimately cause me to be KICKED out of the program through no fault of my own!!!

BOA has been happily collecting my monthly loan mod payments under the AGREEMENT for almost a year now!  Why have they STOPPED this month!?!

Why can't BOA get their stuff together so that the right hand knows what the left hand is doing at all times? Instead of making the customer SUFFER things like THIS!!?

What is BOA trying to "PULL" now?  It really makes me wonder!

The BOA rep that worked on the tax problem is looking into this for me but it's really NOT HIS AREA.  So he didn't seem real positive about what he might be able to do about this "decline code" for me.  But at least he, unlike the majority of the BOA reps I've talked to, has been willing to TRY.

My next move, just like before, will have to be my Senator and my Congressman.  And this time I'm taking it to the news media as well.  

Financially, I'm in a very bad place right now.  My home is all I have.  I will NOT let BOA put me through that nightmare again and try to make excuses for taking my home.  It is all I have left. It is the one thing I have ALWAYS paid for, even at times, not getting medications I've badly needed (I'm on disability), just to pay my mortgage!

I hope that someone reads this and helps me before BOA starts my nightmare all over again.

And I hope people realize that I'm probably one of thousands that BOA pulls this on daily.  I know I was one of thousands they pulled the "missing documents" scam on in order to try to discourage customers from participating in the home modification programs!

Sincerely,

Patti Bright

Cc: 
-Congressman Steny Hoyer
-Senator Barbara Mikulski 
-Brian Moynihan,               PRES/CEO, BOA
-Charles Holliday, Chairman of the Board, BOA

I had been a customer of Bank of America for quite some time when out of nowhere everything went down the toilet with them. My rate on my credit card skyrocketed to 24.99% when I had never made a late payment. At about the same time they started screwing up my checking account balance so that no matter what I did I was always bouncing checks and they were raking in $30-$50 NSF (non-sufficient funds) fees left and right to the tune of hundreds of dollars.

I called their customer service and was told that I was considered a higher risk so they had to assess me a higher interest rate on my credit card. I haven’t done anything to deserve that at all in my original rate was around 10%. To switch to 24.99% from 10% is a huge change. Then on top of that I was finding that every month I was having around $150-$200 in bounced check fees or what Bank of America refers to as NSF or not sufficient fund fees.

This was really hurting me as each of these was costing me several hundred dollars a month. And the funny thing is I hadn’t done anything wrong. I had not made one late payment. I had always paid my payments on time. And there was nothing wrong with my credit history or anything like that. If anything I had gotten older and maybe my credit report should’ve gotten better – at least that’s what I’ve heard when he hit 30 that you’re considered lower risk rather than higher risk and that’s why car insurance companies charge lower rates or drop your rates as you get older.

Is fraudulently trying to take advantage of their customers. For no reason they up your interest rate by more than double on their credit cards regardless if you paid on time or carry a balance. Then they somehow conveniently screw up how your checks get paid, cashed and processed so that the odds are really increased so that you will not have sufficient funds in your accounts and be subject to numerous NSF fees.

April 13, 2011 RE:"Making Home Affordable Act"

Like yourselves I have spent countless hours on the phone trying to work with BoA. The following is the complaint I wrote to congress after finding out our request for home modification was declined.
Dear Mr. John Boehner Speaker of the House, Senator Cornyn and Congressman Lamar Smith,

Seven months after applying for a home modification through Bank of America, BOA has declined our request for help, and noted on our account we had to be 91 days delinquent before they would intervene and modify our loan. With the help of a qualified home counselor, we submitted all required paperwork requested by Bank of America three times (although 2x's according to BOA our paperwork was never received). In nine years we never missed a payment for our 1500 square foot home, and we have done everything asked of us by BOA and we will lose our home anyway, and that in itself makes no since.

We are trying to save our home by reducing the loan because of two hardships, one being in 2006 when I was involved in an automobile accident and the other in 2009 when my husband was laid off work for over a year. He is working again but took a grossly reduce cut in pay. Furthermore, our most recent news from our daughter who is in the Airforce seventeen years announced she would deploy in six months as well as the father, and I am the Guardian of the both their children and may not have a home.

The reason for my correspondence is I want my congress and Washington to know the new "Making Home Affordable Act" is ludicrous in that it does NOT work. I can't help to think of all the American people who may have lost their homes because of this new law with all its rules, regulations and red tape that goes with it when a perfectly good system worked.

After submitting the letter to congress I began searching for a modification application on line from BAC Home loans Servicing, LP. In my search I stumbled across your site. Your mails are a huge, I mean huge eye opener. I would like to know who is BAC and why is BOA using them for load modification?

I have been looking for someone to help me with BAC and their stone walling. I have been in limbo for 2 years now. And BAC ruined my credit.

It started when I asked NACA to help me in Sept of 2009. I never heard anything from NACA, after a few months I called BAC and they told me NACA had me on a hold with them for a loan Mod. I emailed NACA several times and no-one could find any info on me. So out of the blue I get called from Affordable Finance LLC out of New Jersy saying they could help me. 3000.00 and they could get me the loan mod. Well to make a long story shorter a little, I did the paper work for them, paid them, one and a half years later I found out the lawyer I was working with was replace by another one, and I had to fill out ANOTHER Power of Attorney paper for the new guy. I filed a complaint with the New Jersy ATT Gen, after several months they told me I was SOL on that gettin my money back. I have tried to work with BAC on my own to get the Loan Mod. Gave them the papers 2X and finally was told We make too much money. I live on Social Security Disability (BIG MONEY HUH?) My wife makes 9.50./hr. I have a interest only loan, I owe 121, 000.00 on the loan. I was with Countrywide but got bought out by BAC. Ever since I have been in hell. They have ruined my credit, I have made EVERY single payment but BAC says I am thousands of dollars behind in payments. I have the canceled checks to prove this. I can't get BAC to make my credit current and post my payments on their accounts. My money seems to be dissapering over there.
I want to file suit against BAC. I don't know who to get help from. Or even what to do. Can you gide me to someone that could help me?