Saturday, November 09, 2013

Good Riddance, Bank of America

I am very, very lucky to be able to own my house. Like most folks, we have a note to pay. We just received notice of the sale of our note by Bank of America. This is good news.

Never missed a payment, was never late. Wasn't a rock bottom rate, but it wasn't usury. But I'm really glad to be done with BoA. This is a mega bank that was too big to fail. Icing on the cake was after being informed or note was sold: we received yet another "pay us next month" bill from BoA. I suppose this is all computer generated, but on logging in to their online system, I'm told that we no longer have an account with them. And of course, their phone service is available when convenient for them. I'd just like to confirm who I'm supposed to pay, because the last thing I need is a robo-signer in my life. And BoA apparently has lots of those on staff.

I was eventually able to get a rep on the phone, and while she was reasonably pleasant, she confirmed that I wasn't subject to an elaborate scam. Indeed our note was sold, and she essentially wished me the best of luck with my new company. And in the best of BoA traditions, when I asked for a confirmation of the transaction - a copy of the transfer, perhaps a copy of the filing I'm sure they had to do in the real property records, I was albeit politely - flatly refused. No copies of receipts for me, not written confirmation of the transaction at all. "You can get that from your new company." Gee. Thanks. For. Nothing.

Run-ins with the BoA bunch started many years ago when the local Sea-First bank was gobbled up by BoA. The clownage started immediately, including refusing to recognize an inter-account transfer at an ATM, and charging a check twice (yes, a single check was debited twice.) Calls about these items were of course blamed on "policies" and were somehow the our fault. We moved all our banking out, but were stuck with the house note with them. Until recently. And this is good news. So long.

These mega-banks are "too big to fail." I rather get that, but...maybe they shouldn't be. Kinda feels nice to not be sending at least this one any more money.