First of all, based on my experiences, I firmly believe that BofA is:
1) incompetent
2) irresponsible
3) good at making it impossible to reach anyone at the exectuive level to fix a problem.
Why do I believe this? We obtained a loan with BofA. We provided them with a voided check so that they could directly take the funds from another account each month. They incorrectly entered the routing number, and therefore could not access the funds. I never received a notice - apparently they were sent to the wrong address.
I received a call from someone at my BofA branch requesting that I bring in another check. They were "having problems" with the numbers on the first one". Does that make any sense at all? The routing numbers do not change from check to check. I went in anyway, and was told they had not been able to get the first two months payments due to their error. Yes, they admitted it.
Imagine my surprise when I pulled a credit report for a mortgage application, and found that BofA had reportedme late for those two months. I was pissed. I went to the bank, and they agreed it was their error. I got a letter from them admitting they had an "internal reporting error", and the bureaus would be notified. Well, here it is over a year later, and the reports are still not fixed. I thought maybe it was the fault of the bureaus not making the changes.
Well, after doing some research, I found that BofA had sent the credit bureaus a form with the WRONG SOCIAL SECURITY NUMBER ON IT!!! I wrote a certified letter demanding this be fixed. Guess what? I got another reply (albeit 3 years later!), admitting their error, and this time not only was the SSN incorrect but they addressed the letter to my parents, as I am a Jr. And my dad shares the same name.
I have called over 20 times to get my problems with BofA fixed. I cannot reach anyone with the level of competence to correct their mistakes.
Want to hear an even better one? I paid off a car loan with BofA in August. They told me they "lost the title". I am not kidding. It is now 15 months later, and I still cannot get a release of lien or replacement title from them. They keep sending things to old/incorrect addresses, even though I have updated them verbally and in writing at least 10 times. The last release of lien they sent me was UNSIGNED!!!
They are the most incompetent organization I have ever encountered. I have a case pending with the OCC and am considering legal recourse.
Oh, and I actively lobby my peers to steer clear of BofA for mortages, banking, etc. I am actually having some success with this. I would warn anyone to NEVER DEAL WITH THIS BANK. Do you really want to trust your money with people this incompetent?
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