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REVIEW: Bank of America

bank-of-americaREVIEW: Bank of America
★ out of 5

It is the opinion of this writer that you should just do yourself a huge favor and avoid doing business at Bank of America.

I recently completed a long-time transaction involving a real estate property at Bank of America. This review is based on that experience and my dealing with them throughout the time I did business with them.

The entire experience of banking and paying off a loan with Bank of America was frustrating. This financial institution is one of the most-complained about banks in the country, and apparently for good reason. Bank of America continued to charge me fees that I felt were not only unwarranted, but illegal. Despite going in person to the branch office on State Street in Mason City and numerous phone calls, no one at the bank was responsive to my questions. The “banker” at the Mason City branch (25 West State Street) was clueless and didn’t seem to care about my concerns. These charges covered a number of years beyond what federal regulations allow for banks to legally continue to bill for.

Making the final payoff on my loan took hours. The fools at Bank of America were mostly inept at taking a check for thousands of dollars from me. It took much of an afternoon to complete the transaction. This included a phone call to the bank’s 800 number in dealing with my product. The woman on the phone placed me on hold several times. She gave me a number of different payoff amounts before finally settling on the correct number. After purchasing the correct cashier’s check for the exact amount I owed from my other bank, and taking it in person to the Bank of America bank again at 25 West State Street, I attempted to hand the check over to close out my account once and for all and end my business there (thankfully) for good. However, it took at least three employees to deal with my transaction. It was clear they were not trained well in this circumstance as they fumbled around with a computer.

Eventually, I was congratulated on my loan payoff and thanked for my business. I skeptically made a point to ask them if this was it, my loan was paid, all fees covered, etc etc. I was promised all was right.

But, of course, it wasn’t; I got a letter from Bank of America later showing that I still owed them.

Once again, I took to the phone to deal with these people. This time, the man on the other line was very helpful and apologetic. I did not blame him for the mix-up, and I was courteous, but I did explain my complete displeasure with his employer and the total ineptitude of the local branch in simply taking a payment. The phone call took about 15 minutes out of my busy day. Eventually, I had to be transferred to another department. This woman was also very friendly. The problem was dealt with once they looked a their call logs and customer notes (at least they got those right). My loan was adjusted, the payoff was back-dated, and my account was closed.

The moral of the story seems to be, if you are not vigilant in protecting yourself from predators like Bank of America, they will short-change you, take advantage of you, and basically mess up your finances – and never to their own expense. Do not give them any breathing room until they follow through 100% with their end of any deal, and if you discover a problem, immediately pounce on them like a pit bull does to a person walking by on the sidewalk.

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