A few months ago I'd paid off my mortgage with BoA and decided to refinance and pay off all my other debts. BoA was helpful in moving this process forward and I was happy to pay them for this service. Since I've refinanced, the Fed has cut the interest rate several times so I figured that it would be worth my while to refinance to a lower interest rate.
BoA was happy to accept my application, and my $200.00 for the application.
During this process BoA questioned my National City equity line account that had a zero balance and told me that if I allowed BoA to close it they would extend a preferred interest rate. I asked if there was any action I needed to take and I was assured that BoA would handle everything.
It turned out that BoA is not very good at working with other banks, or with communicating with their customers. They were not able to get National City to confirm that I had closed the account in question. When I recieved a call from BoA that they weren't able to get the information from they needed from National City, I was able to get the document faxed within 10 minutes.
Later that day I got a call from the BoA account manager that I had been working with to inform me that I was going to have to pay a $100.00 rate extension fee because it was my fault that BoA had not recieved confirmation of my closed National City account sooner.
I see this as abusive, and I am willing to forfeit my $200.00 application fee rather than continue this relationship.
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