Bank of America and US Bank are Scams! – Disclaimer
(Disclaimer: The content contained in this article is fact checked to stringent standards. Although it may contain some personal opinions, 90% of the content is hard fact and truth. I will fight to the death for my 1st amendment rights to free speech. Everyone should. You agree by reading this article to hold Joshua Crum and RRC, both harmless. There will be no (0) repercussions for the truth and facts. I tried to be kind. But, they must stop harming consumers if they expect kind reviews. I will continue to be bluntly honest and truthful, no matter who is upset.)
Warning and Introduction
First, the details that I am about to do an in-depth unveil on are downright unnerving and shocking! So, once I tell you what is happening behind the scenes you will be just as outraged as I. The United States’ second-largest bank, Bank of America, is a giant scam! While some of their agents are kind, the machine they represent is not. This giant machine of a company is destroying America! Back off Bank of America! Some of us actually love this country. We are building it up, not tearing it down! However, BOFA makes lots of money by hurting people just like us.
So please, sit tight and listen closely. This article may save your credit file and lots of your money! Read on to see how a bank destroyed my credit singlehandedly and illegally. But trust me, once you read my story and the others, you surely won’t trust most banks, either! Know your credit score. I’ll begin with my story and then six brief, shocking horror stories of others.
BOFA Credit Card
So, I finally met their strict qualifications and got my unsecured credit card. However, due to immediate red flags, I never used it. First, they gave me a pathetically low limit. I had a 6k, 5k, and 4k credit cards already in great standing with low utilization. My interest rate from one was 14%. What did the evil bank want from me for interest? A whopping 21.74 APR! Sorry evil bank, I’m not dumb enough to use a card with that high of an APR. So, we see my credit file is due for a 5k average initial limit. What did the shady bank give me for a credit line? $1,500. It was tiny and one of the lowest limit cards in my possession. As such, it was filed away and nearly forgotten.
Credit Card Offer Mail Stalkers
Next, just checking the mail, I get offers all the time. Many different offers. But, the general wording of these mailings is the same. Many banks use them and it is a trap. 0% interest! Limited time! Use these checks now! They were literally stalking me down and begging me to spend money on this card! Every time I opened the letter, looked at the high-interest rate, and laughed at these clowns. I bet you do get some people. Not me. I don’t need your money that badly enough. Lots of people are lulled into a false sense of security by the 0% offers. However, they do not last long. Just long enough to get you to spend the money. Then, the high-interest rate hits you like a ton of bricks. I did not fall into their trap as I have in the past with other cards.
My Over-Utilization Mistake
So, I’m not above telling all about where and how I messed up. I made a reasonable, under the conditions, mistake. An emergency c-section birth had my typical full-time working wife off for months. Mother and baby both nearly died. Times became very expensive when our income tanked. Also, at nearly the same time, I was informed of a business opportunity. I had to take it. Advanced training and education that would take me much further. So naturally, I had to jump on it with everything. Last but not least, we had to pay our entire down payment savings to the sellers of our home.
Otherwise, we would be unable to keep the home under contract during our purchase. But, having sufficient credit, I mitigated what would have been a major loss of our home purchase into a slight loss of over-utilizing a credit card. I cut our bills and made everything happen with cards. But, there were consequences as balances went up. My overall revolving credit utilization increased.
I chose high-quality investments for my family, education, and future. But what did I know? I am not a Bank of America supercomputer. That BOFA program has to be smarter than a human, right? Hah! Nope. As time will continue to tell, the BOFA computer made a big mistake underestimating me.
The Machine Strikes Again
My on-time payment percentage is 100. Many accounts, few with balances. Over 400 on-time payments. No collections, liens, judgments, nothing negative at all. This is a very solid credit file. But, there was a machine crunching numbers out there. The evil bank’s computers detected a red flag on an account review. A credit bureau reported, “Balances to credit limits are too high on revolving accounts.” These criteria are a red flag. The evil bank flagged my account as a risk and instantly closed it. I received a disingenuous “sorry” letter. “Due to tough economic times…” I bet a scam bank is having tough economic times. Your tough economic times are likely to continue and expand as more people know it’s a scam. As such, the scammer bank struck again. Yet, another blow.
Fast Credit Score Drop
So, if you’re ever in the market to drop your credit score, overuse your cards. My scores were nearly 800s and dropped to barely able to hold 600, even with many other accounts unused and more than enough available credit. So what, I was using around 35% of my total available revolving credit. Well, that is one sure, fast way to drop a score! Want to know another? When the scam bank closed my account, they were sure to attack again. They marked the account as “Closed by Lender.” This did not seem like a big deal to me, at first. But, then it hit. Why did my credit score just drop 50 points?! Wow! That’s a big drop! What in the heck caused that?
Thanks, Bank Scam of America for sabotaging me again, because account “Closed by Lender” makes me look bad, with the added ‘benefit of a large score drop. But wait, there is more! Closing an account I planned on keeping for many years has the added effect of sabotaging my account age. Another critical portion of my credit file is harmed. Allegedly, from my research, “Closed by the Lender” does not drop a score. But, I saw counter results, personally.
Not an Isolated Incident
When I first started to go public with this story, I asked on my personal page if anyone else had bad experiences with Bank of America. I was shocked by the response! On my personal page, people, rapidly, came out of the woodwork. There were many stories of undue hardships caused by this fraudulent bank. Predatory loans, ‘mistakes’, and much more. I’ll let the people who experienced it give a few sentences in their own words. I will mask their names to protect their privacy. Also, to protect them against any BOFA backlash. I represent the voices of the voiceless. The unheard masses who have had terrible experiences. I feel for these people. None deserved the situations they encountered. But, that is how it is plain to see they are a scam. Read on and see why.
Don’t just trust my experiences. Read on to hear the stories of six other people affected by this monster.
Six Horror Stories about Bank of America Scams:
Horror Story One
“First, I can’t get through to them on the phone! There is no option to hold or leave a message. I had to go online to complain. For all the good it will do. They do not care. CD rates are much lower than most places. I’m done! I’m transferring my money, elsewhere!” ~J.B.
Horror Story Two
“So, I had a huge problem with them long ago. Something to the effect of giving out excessive loans and jacking interest rates. But, it has been so long ago that I can’t remember the exact details. I just refused to pay them. I will never trust Bank Scam of America again.” ~J.G.
Horror Story Three
“Back in 2007, I had major issues with Bank of America. All I know is that I had money deposited into my account. So it was showing my money as an available balance. Yet, when I went to do some shopping, I had big problems. I used my debit card three or four times that same day. Later on, I went to check my bank account. When I got home, Bank of America had taken out fees three times for overdrafts that did not happen! I called and called customer service so many times. It took at least ten or so people to get anywhere. Well, only one person was able to see my issue. So, after my repeated contact, I finally got someone to see my point of view. I made them refund all of those overdraft fees back into my account.
“My money was in my account! But, everyone else was saying that I had over drafted! So my whole point was if I had no funds in my account, why would my debit card even go through? It would not have! With three separate transactions!? These people make me laugh because they are so crazy! I was seriously happy to see Bank of America run out of my town and closed.” ~B.M.
Horror Story Four
“I made a settlement offer with Bank of America. We had a verbal agreement that I paid most of the debt and they would delete the negative information they posted. Well, I paid it and they are still reporting it on my credit report years later! I took their word that it would be marked as paid and then deleted. Instead, they didn’t delete or even update the reporting! Also, I never got any proof that I paid them. No receipt, nothing! But, I was smart enough to keep proof. I have a copy of the canceled checks on my end. My debt was only $600. They inflated it to thousands. I paid my debt off eight years ago. Yet today, it’s still illegally showing up doing harm on my credit reports as bad debt. Thanks, Bank of America, for ruining my credit and lying to me.” ~A.D.
Horror Story Five
“Bank of America is holding my 50k house down payment. They have been holding it so long they may let my home mortgage contract expire! Imagine our dismay. The home we picked out, now we cannot purchase due to a Bank of America error.” ~ S.A. (After immense pressure from RRC and affiliated parties, the funds were returned just in time to meet the contract.)
Horror Story Six
“I bought my first home. That’s the American dream right? Well, Bank of America took us to the cleaners on our house. They forced a predatory interest rate. Our first rate was 6.25%. High, but still manageable. Without notice, they changed the interest rate to 12% on our mortgage! Even with making the larger payments on time, our balance increased every month! We begged them to not steal our home. Still, they would not budge or do a modification. Bank of America turned our American dream into an American nightmare! They destroyed our credit and stole our family’s home.” ~M.M.
Scam Banks Beware
In summary, you should beware of Bank of America. Most importantly, scam banks are best to beware of RRC. I will continue to advocate for my family, friends, and readers like you. People should not feel they were at fault. Do you want Bank of America to steal your home or ruin your credit? If the answer is no, then do not trust them. Sadly, tales like the horror stories highlighted here happen every day. This problem with BOFA was much larger than I first anticipated. I would steer clear and never let them control a dime of your money. Surely, they will get you, too, eventually. One way or another. My experience has shown that I should never trust this bank and neither should you!
A Final Note
Once again, Bank of America does not have your best interests in mind, only theirs. They do not want you to have a better credit score. They want to harm your file and drop your score. Interest rates are too high. Credit lines are too low. Account reviews are only done to decrease your limit or close your account. What a scam! This fraudulent company will find their end-all on their own. The scams they are running will be outed on a continuing basis until they close their doors. That is fine with me. Lack of concern and respect for your customers? You do not deserve them!
Highly Recommended Awesome Banks
I dislike talking negatives about anyone or anything. There are much better places to bank. I would recommend your local credit union as they are nonprofit and generally provide the best rates. Other great banks from my vast experience include Synchrony Bank (Owner of many store-brand credit cards.), Discover, Capital One, Commerce Bank, and Liberty Bank just to name a few. I am well sure these banks can provide a superior experience. If you need a credit card, Synchrony, Commerce Bank, and Discover offered me the highest initial limits and Commerce Bank gave me a respectable limit and a low-interest rate. Liberty Bank is a great all-around, yet smaller bank. They have been rapidly growing for great reasons. Cheers to these great banks! Thank you for being awesome and the respect, love, and care to treat your customers like people, not numbers.
Enacting Positive Changes for the Future
Open Door Policy and Research
If you represent these banks and wish to speak about these issues, I am open to contact. However, many quoted parties wish to remain anonymous in fear of you. I am not afraid.
As always, do your own diligent research. https://www.consumeraffairs.com/finance/bofa.html and https://www.consumeraffairs.com/finance/us_bank.html Here you can see both banks are very low rated. This means they likely do not treat their consumers well, exactly why I wrote this article. I hope these banks change their minds and begin helping not harming consumers.
Final Thoughts On Bank Scams
To conclude, please know I’m always thinking of you in all consumers best interests. So, I immediately went to bat for many upcoming homeowners and I told Bank of America they will stop predatory home lending or I will stop them, personally. So my exact quote was, “If I continue to see home loans at 10% interest and up, I am coming with everything because I will unite the masses Bank of America has exploited.” How horrible do you have to be to sell a family a home knowing you will steal it back from them? Welcome to Bank of America. Yes, BOFA, I am very passionate about this topic. Finally, please, stop destroying America! Be sure to check your credit score now with a safe trusted source.