Now why doesn’t Bank of America negotiate this easily when it comes to money they’re owed? Have you heard the latest news? Of course not, because I haven’t told it to you yet. But here’s what’s happened.
BofA agreed to pay over $100 million back to borrowers. This is money that, according to an FTC complaint, BofA stole from clients over the years. There were all sorts of hidden fees and incidental costs that were slipped in from time to time and BofA finally got called out.
And instead of arguing the case in court, they’ve decided they don’t want the hassle so they’re just going to pay the money. So they’re pretty easy going with ill-gotten money, grabbing and giving it back. But just try and get an extension on your payments or ask them to let a bounced check go through and see how quickly they hang up on you.
It’s a pretty sad day for the banking industry. I can’t help but feel that this kind of thing is going on all the time. And it was in the middle of the crisis. When these same victims were losing their homes!
BofA would demand that these homeowners conduct property inspections, home maintenance projects, and other services. (This was of course because they didn’t want to pay for all this stuff when they foreclosed on the property!) And not only that, but they set up dummy companies to do all these things at the homeowner’s expense at almost twice the price that they’re supposed to cost!
It’s literally insane enough to make you laugh or cry. Go ahead, do both!
Well, I’m just warning everyone to watch your bank statements very carefully! Don’t get conned in by any fees you didn’t expect or hidden costs that show up out of nowhere.
Be educated. Feel free to comment on my blog and share your stories. We’ll all get wiser together.