I have been with Bank of America (BOA) for over a decade watching charges climb and service degrade. However, what happened just recently has convinced me to move to another bank. What happened you ask? Well that's a story, here is the short version.
My wife and I were pre-approved for a loan at another banking institute and we negotiated a price on a Short Sale (don't let the name fool you, there is nothing "Short" about a Short Sale). We had a realtor and a bank negotiator that worked with Bank of America. It took time but we got the contract signed by the soon to be previous owners (we thought) and agreed to by Bank of America.
After we had the contract, we noticed that the property was up for auction the day we were supposed to close so we asked the negotiator about it. They inquired at the bank and the president told them "Don't worry it is not going to be sold", I am not sure this is the same person that "Accepted" our offer. We then spent $500 on an appraisal, $300 on an inspection and about 2 days time (1 day for my Wife and 1 day for me). All told this is about a $2000 cost to us at this time between leave and money we spent on the appraisal and investment. Then just before we were to close Bank of America sold the loan to another mortgage company! This of course voided the contract that we had. We were able to work the deal with the other mortgage company and then one of the owner decided not to sign. In the end we had to let this property go and loss $2000.
The negotiator was absolutely stunned by BOA's actions as well as the realtors. I for one am shutting down all dealings with Bank of America and will not deal with them again. If the bank is too big to care about their customers then they are not too big to fail as was stated during the bail-out. They are too big too succeed and they should have had to deal with the market's assessment of their practices like every other business!
Bank of America ofcourse, says they can give us a certain rate and so much money for closing costs. After 3 weeks of them sending an email EVERYDAY asking for a new piece of information (like I live by a fax machine), and mishandling several steps in the mortgage process, they call us 3 days before closing and say the "numbers aren't matching up" and they have to increase the interest rate and decrease the amount they were contributing towards closing costs. This call came from the loan processor who only ever called us between 8pm and 10PM and no he was not in Hawaii, he was in the same time zone as us. They screwed us last minute on the interest rate and closing costs because they knew we were on the hook for the house anyway, what could we do? You wont believe what happened next though. The loan officer said we were good to close on Friday, everybody showed up except the bank never sent the paperwork or registered the sale with the county. Everybody showed up for closing but it didn't get done! Futher muckers! Can you believe that is even a possibility for a bank to do? After getting on the phone with some upper level management, since we couldn't reach the loan processor all day, we are told that the loan processor was told by the underwriter we couldn't close on that particular day but because we were pressuring for that day he told us yes even though he knew he couldnt do it! What a coward! We hope to close on Tuesday but had to cancel movers, plumber, gas activation, Verizon, etc. I hate Bank of America and when we refinance in 1 year (because my wife will then have 2 years of self employment under her belt), we will be moving all of our accounts (investments, business accounts, personal accounts, business loan and home mortgage) OUT of Bank of America! Never again B of A, never again.