Bank of America is a completely horsh*t company. We had wind damage to our property and received a check from USAA insurance within a week. The check was written out to us and Bank of America. We endorsed the check and Fed Exed the check to Bank of America for Endorsement immediately. Since we had missing shingles I purchased the materials and hired a contractor to re-roof our house as soon as possible with out of pocket money. After 10 days of not receiving the check back from Bank of America I called to inquire what the hold up was. We we went through the usual W-9 b.S., followed all the guidance they gave us and still no check. Next they required an inspector to come out to verify the work was done, still no check. I called again and they said they would release the check after I made the current monthly payment... Did that, still no check. Called again and they said they needed notarized affidavits that the contractor would not place a lien on the house... Still no check. It's been almost 90 days... They blame it on the "investors" requirements which in our case is Fannie Mae. I told them I want interest on the money they are holding but was told that only applies in New York. I just searched Fannie Mae and found a link that requires in all cases that the borrowers will be paid interest on the insurance disbursement held. This bank sucks and should be dismantled. I will refinance with a small local bank or credit union as soon as possible and will never do business with these a*holes again!
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