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Super Contributor
marty56
Posts: 5,696
Registered: ‎10-06-2007

Re: I see a lot of hate towards Bofa

My experience with them is legendary in this forum.  To be honest though I won't do business with any large bank since CUs rule.

11/28/2014 FICO: EQ: 796 EX:788 TU:803
Established Contributor
scenery_guy
Posts: 936
Registered: ‎07-24-2012

Re: I see a lot of hate towards Bofa

Yeah I will dish plenty of non love on them. Platinum level customer (for what that's worth) 15+ years with personal checking and savings, Merrill Lynch investments, mortgage and business checking accounts. Nearly $900,000 in combined deposits in past year. Applied for an auto loan ($50,000 vehicle but paying $24,000 down) and was declined. Fico was 768 on decline letter. Dealer ran credit and got my loan thru Chase instantly on stupid low rate. Literally sign and drive away, no additional verification needed. 

I had a 401K with Chase that I just ignored and when I got the auto loan I stopped in at a local branch to open a simple personal Checking account so I could auto pay for the auto loan. During the set up and they asked more about me and offered a few things to "lure me away" from B of A. Totally free checking and savings accounts based on minimum balance that will always be in the account - and was at B of A. Same for business. Less expensive wire transfers. Free checks. Personal banker at the branch who I could call direct (and who calls me every couple of weeks if he has not seen me recently). Then they offered business credit cards (could not get one at B of A and I was beginning to think I just sucked). They knew my name by my second visit (everyone at the bank).  A few months into the new relationship they suggested I add another business credit card and a personal card so I did and was approved (they could see how much I was paying AMEX so they stepped up). The Chase Ultimate Rewards might be better than what AMEX offers on CC spending. 

They have even offered free checking accounts for my employees with direct deposit. B of A never did that. 

My bankers at Bank of America are nice people, very helpful but no matter how much they thanked me in the end I felt... used. So I left (or am in process of leaving once my Merrill Lynch investments are transferred). If they work for you good, just don't keep the blinders on. Look around and see what others will offer. Chase has made my life so much better with a great auto loan, personal and business credit cards and great service above and beyond that of B of A. 

Frequent Contributor
QAMngrGirl
Posts: 463
Registered: ‎11-28-2012

Re: I see a lot of hate towards Bofa


QAMngrGirl wrote:

I contacted them a week ago about the HP's they did when I graduated to unsecured (I was told it would be a SP for the review), and the inquiry was removed :smileyhappy:


Same here. :smileyhappy:

Start: Nov'12 EQ 699/EX 685/TU 696 / Current: April''14 EQ 715/EX 709/TU 709 * Goal 750+


Established Contributor
scenery_guy
Posts: 936
Registered: ‎07-24-2012

Re: I see a lot of hate towards Bofa

Another B of A issue this morning. I received an email from Experian alerting me to a potentially negative Change on my report. It seems they closed a credit card that I have as an AU on my wife's account due to potential compromise of a vendor who had access to account numbers (great, thanks whoever you are). For some reason it reported to my credit report as a lost or stolen card (I still have the card in my pocket). I was able to obtain a free copy of my EX report and sure enough it was on there so I started the dispute process. Meanwhile the wife calls in and finds out about the potential compromise and that new cards have been issued and are on the way with a letter explaining the situation. She mentioned the potential negative on my report and the CSR seemed not to care and blew it off. Really? This was not our doing at all and you let it report on our credit reports like this? I can only imagine that thousands of people will face this same issue over this security breech. 

Step up B of A. Even though this potentially negative will be easy to explain to other creditors I should not be faced with dealing with it at all. We did nothing to cause this but have to deal with the consequences of your actions. 

I have to pay off the mortgage this year so I can be free from them once and for all. 

Moderator
Revelate
Posts: 9,735
Registered: ‎12-30-2011

Re: I see a lot of hate towards Bofa

[ Edited ]

scenery_guy wrote:

Yeah I will dish plenty of non love on them. Platinum level customer (for what that's worth) 15+ years with personal checking and savings, Merrill Lynch investments, mortgage and business checking accounts. Nearly $900,000 in combined deposits in past year. Applied for an auto loan ($50,000 vehicle but paying $24,000 down) and was declined. Fico was 768 on decline letter. Dealer ran credit and got my loan thru Chase instantly on stupid low rate. Literally sign and drive away, no additional verification needed. 

I had a 401K with Chase that I just ignored and when I got the auto loan I stopped in at a local branch to open a simple personal Checking account so I could auto pay for the auto loan. During the set up and they asked more about me and offered a few things to "lure me away" from B of A. Totally free checking and savings accounts based on minimum balance that will always be in the account - and was at B of A. Same for business. Less expensive wire transfers. Free checks. Personal banker at the branch who I could call direct (and who calls me every couple of weeks if he has not seen me recently). Then they offered business credit cards (could not get one at B of A and I was beginning to think I just sucked). They knew my name by my second visit (everyone at the bank).  A few months into the new relationship they suggested I add another business credit card and a personal card so I did and was approved (they could see how much I was paying AMEX so they stepped up). The Chase Ultimate Rewards might be better than what AMEX offers on CC spending. 

They have even offered free checking accounts for my employees with direct deposit. B of A never did that. 

My bankers at Bank of America are nice people, very helpful but no matter how much they thanked me in the end I felt... used. So I left (or am in process of leaving once my Merrill Lynch investments are transferred). If they work for you good, just don't keep the blinders on. Look around and see what others will offer. Chase has made my life so much better with a great auto loan, personal and business credit cards and great service above and beyond that of B of A. 


Well TBH, both Chase and BOFA have free checking products with direct deposit anyway :smileyhappy:

 

I have moved most of my own banking to Chase as well, and definitely I suspect their auto lending practice is way ahead of BOFA's.  I don't get BOFA's underwriting on autos sometimes; in your case I probably would've asked "yo, what's up with y'all?" to an underwriter as your denial just seems goofy unless you claimed no income or something.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Moderator
Revelate
Posts: 9,735
Registered: ‎12-30-2011

Re: I see a lot of hate towards Bofa


scenery_guy wrote:

Another B of A issue this morning. I received an email from Experian alerting me to a potentially negative Change on my report. It seems they closed a credit card that I have as an AU on my wife's account due to potential compromise of a vendor who had access to account numbers (great, thanks whoever you are). For some reason it reported to my credit report as a lost or stolen card (I still have the card in my pocket). I was able to obtain a free copy of my EX report and sure enough it was on there so I started the dispute process. Meanwhile the wife calls in and finds out about the potential compromise and that new cards have been issued and are on the way with a letter explaining the situation. She mentioned the potential negative on my report and the CSR seemed not to care and blew it off. Really? This was not our doing at all and you let it report on our credit reports like this? I can only imagine that thousands of people will face this same issue over this security breech. 

Step up B of A. Even though this potentially negative will be easy to explain to other creditors I should not be faced with dealing with it at all. We did nothing to cause this but have to deal with the consequences of your actions. 

I have to pay off the mortgage this year so I can be free from them once and for all. 


This sort of thing happens quite a bit with virtually any lender.  The lost/stolen tradeline will be removed eventually, and if the tradeline is positive anyway (no lates) then it's a straight bonus to your credit report while it's reporting twice unless it's an incredibly short tradeline compared to the rest of your report.  

 

It's not something to worry about as the notation means absolutely nothing.  I'll admit there's plenty of reasons to be annoyed or outright furious with BOFA over, but I would suggest this is not one of them.  Personally I'm a big fan of BOFA's security and anti-fraud measures, twice it's happened to me, twice BOFA caught it with no issues whatsoever and I didn't have to do anything to argue the fraudulent charges even.  

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Contributor
scenery_guy
Posts: 936
Registered: ‎07-24-2012

Re: I see a lot of hate towards Bofa


Revelate wrote:

scenery_guy wrote:

Another B of A issue this morning. I received an email from Experian alerting me to a potentially negative Change on my report. It seems they closed a credit card that I have as an AU on my wife's account due to potential compromise of a vendor who had access to account numbers (great, thanks whoever you are). For some reason it reported to my credit report as a lost or stolen card (I still have the card in my pocket). I was able to obtain a free copy of my EX report and sure enough it was on there so I started the dispute process. Meanwhile the wife calls in and finds out about the potential compromise and that new cards have been issued and are on the way with a letter explaining the situation. She mentioned the potential negative on my report and the CSR seemed not to care and blew it off. Really? This was not our doing at all and you let it report on our credit reports like this? I can only imagine that thousands of people will face this same issue over this security breech. 

Step up B of A. Even though this potentially negative will be easy to explain to other creditors I should not be faced with dealing with it at all. We did nothing to cause this but have to deal with the consequences of your actions. 

I have to pay off the mortgage this year so I can be free from them once and for all. 


This sort of thing happens quite a bit with virtually any lender.  The lost/stolen tradeline will be removed eventually, and if the tradeline is positive anyway (no lates) then it's a straight bonus to your credit report while it's reporting twice unless it's an incredibly short tradeline compared to the rest of your report.  

 

It's not something to worry about as the notation means absolutely nothing.  I'll admit there's plenty of reasons to be annoyed or outright furious with BOFA over, but I would suggest this is not one of them.  Personally I'm a big fan of BOFA's security and anti-fraud measures, twice it's happened to me, twice BOFA caught it with no issues whatsoever and I didn't have to do anything to argue the fraudulent charges even.  


Thanks Revelate after a couple of days I feel a bit calmer (but we are still working to fix this issue). It's our oldest line of 16+ years with a huge history and a one time $100,000 limit (oh the good old days...) that was reduced a few years ago to $46,000. No lates ever, decent balance carried for a year or so but now PIF monthly. We would love to keep this line open but the wife is beyond pissed and I do not think this will end well. She's a former (Washing Mutual and Chase) banker and can see right thru this type stuff. No patience. 

We have both been customers for what seems like forever. They have all of our contact info (home #, cell #'s and email) but never seem to get it right. We still wonder why someone didn't call about this issue. I get calls about questionable debit card purchases sometimes when I actually swipe the card so something like this warranted a call. 

As of this evening the line is reporting as closed by grantor on our reports with something about lost or stolen card. Her CSR conversation assured us that the line was not closed, simply issued new cards. Cards and letter coming in the mail. We have no choice but to wait it out and then work on a resolution once the documents arrive. Oh, it's not reporting twice, same as it always has just showing "closed" in January. 

I just found some fraudulent changes on a Chase business card and the process was actually easier than what I have been thru with B of A. No forms, just one call. Letter followed just a few days later. Funds credited back to line in less than 8 hours. But I agree up to this point B of A was spectacular with these issues. 

Established Contributor
scenery_guy
Posts: 936
Registered: ‎07-24-2012

Re: I see a lot of hate towards Bofa


Revelate wrote:

scenery_guy wrote:

Yeah I will dish plenty of non love on them. Platinum level customer (for what that's worth) 15+ years with personal checking and savings, Merrill Lynch investments, mortgage and business checking accounts. Nearly $900,000 in combined deposits in past year. Applied for an auto loan ($50,000 vehicle but paying $24,000 down) and was declined. Fico was 768 on decline letter. Dealer ran credit and got my loan thru Chase instantly on stupid low rate. Literally sign and drive away, no additional verification needed. 

I had a 401K with Chase that I just ignored and when I got the auto loan I stopped in at a local branch to open a simple personal Checking account so I could auto pay for the auto loan. During the set up and they asked more about me and offered a few things to "lure me away" from B of A. Totally free checking and savings accounts based on minimum balance that will always be in the account - and was at B of A. Same for business. Less expensive wire transfers. Free checks. Personal banker at the branch who I could call direct (and who calls me every couple of weeks if he has not seen me recently). Then they offered business credit cards (could not get one at B of A and I was beginning to think I just sucked). They knew my name by my second visit (everyone at the bank).  A few months into the new relationship they suggested I add another business credit card and a personal card so I did and was approved (they could see how much I was paying AMEX so they stepped up). The Chase Ultimate Rewards might be better than what AMEX offers on CC spending. 

They have even offered free checking accounts for my employees with direct deposit. B of A never did that. 

My bankers at Bank of America are nice people, very helpful but no matter how much they thanked me in the end I felt... used. So I left (or am in process of leaving once my Merrill Lynch investments are transferred). If they work for you good, just don't keep the blinders on. Look around and see what others will offer. Chase has made my life so much better with a great auto loan, personal and business credit cards and great service above and beyond that of B of A. 


Well TBH, both Chase and BOFA have free checking products with direct deposit anyway :smileyhappy:

 

I have moved most of my own banking to Chase as well, and definitely I suspect their auto lending practice is way ahead of BOFA's.  I don't get BOFA's underwriting on autos sometimes; in your case I probably would've asked "yo, what's up with y'all?" to an underwriter as your denial just seems goofy unless you claimed no income or something.


I claimed what I could document and used same info on both apps. It was a head scratcher for sure. ALL of my personal and business funds were in B of A accounts and should have been visible to anyone considering application. In the end it's all good. Chase has been super to me and if I would have received the B of A loan I would not be where I am today. 

Valued Member
agent_bob
Posts: 49
Registered: ‎02-22-2013

Re: I see a lot of hate towards Bofa

I don't have any hate against BofA, but personally I have seen a difference in how certain banks treat their customers (in branches). As it always depends on where you go, but in Southern California I have noticed a big difference in Chase, Wells Fargo, US Bank, etc treat their customers.

In all honesty I think YMMV. I just felt used when going into BofA branches. The way that CSR's would speak to me. Things of that nature. I ended up switching banks from BofA to Chase. I still have my accounts open at BofA, but never really use them.

 

I can't hate on BofA for giving me my first credit card which ironically has the highest CL of the two cards i have.


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Senior Contributor
Open123
Posts: 4,219
Registered: ‎02-23-2011

Re: I see a lot of hate towards Bofa

[ Edited ]

You know, I've had a BofA account for 20 years.  I've had it ever since my freshman year in college.  

 

In these 20 years (for my personal banking), I've walked into a branch maybe 3 or 4 times, and called their CSRs maybe 10 times.  With online banking, I never write a check, use a teller, and don't even use ATMs anymore with mobile deposits.  This is true for *every* bank I use.  For me, reading how something is done is far more reliable than asking them.  These days every bank keeps impressing upon me the value of "private" client services (not to be confused with real private banking) with dedicated personal banker, and I just don't see the point, since I can always do thing faster, more accurately, and more efficiently on my own through online banking.  As with everything, cut out the middleman and your results will improve.  

 

Banking is no different.

 

 


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