B of A problems?

12 posts / 0 new
Last post
Saffron's picture
Saffron
Status: Gold Member (Offline)
Joined: Aug 29 2009
Posts: 250
B of A problems?

I received a letter today letting me know that our home equity line of credit has been suspended due to the value of our property decreasing. What we've borrowed so far has been paid back automatically (i.e. never late,) our mortgage is also automatic and never late and our credit score is in the mid 700's (the letter is careful to specify that the "decision was based on the declining equity ... and not a result of negative payment or credit history.")

Because we've been in the house for 20 years, if sold now, we have enough equity for 2X the amount of the line of credit after the mortgage is paid off.

Earlier in the week I also received a new credit card and separately, a letter saying some of my info may have been compromised and they are just taking precautions. In years past these precautions meant a phone call to ensure myself or dh were the ones making a purchase ... this time they sent new cards with a new number. I found that odd in itself, but combined with the second letter today (both my c.c. and my line of credit are with B of A) I wonder.

Are these my own personal signs of impending economic crisis? (thank you B of A ... note to self: close accounts and move money to credit union tomorrow.) 

docmims's picture
docmims
Status: Platinum Member (Offline)
Joined: Jun 17 2009
Posts: 644
Re: B of A problems?

I closed BA account 5 years ago.  Go credit union! withdraw your money from the banks.

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
Re: B of A problems?

With the self admission from the FDIC that they are broke I'm surprised that anyone has a dime in banks.

Saffron's picture
Saffron
Status: Gold Member (Offline)
Joined: Aug 29 2009
Posts: 250
Re: B of A problems?

Ok, I admit to being lazy here. I've wanted to pull out of B of A for years, but once so much is set up automatic, it seems like so much work. For what it's worth, they only have my daily use monies, not savings. I already have the bulk of savings in a credit union. But what they do have will be removed and in it's place they'll be getting a piece of my mind.

What a sign that despite the news of "Economic Outlook Improving" that the MSM sends out, the ones in the know are not taking any chances on losing any more.

Woodman's picture
Woodman
Status: Diamond Member (Offline)
Joined: Sep 26 2008
Posts: 1028
Re: B of A problems?

I think BOA cutting credit is a sign they are finally smartening up to a crisis rooted in too much loose debt.  Perhaps your credit limits were affordable, but BOA gave me an equity line that was ridiculous.  All they did was ask on the phone what I owed on my mortage and what I thought my house was worth and set my limit at the difference.  No other verification.   Only recently did they send a letter cutting my credit limit by 60%+.  No balance on it and no plans to use it, but am just keeping my options, and I have accounts at other banks just in case.

idoctor's picture
idoctor
Status: Diamond Member (Offline)
Joined: Oct 4 2008
Posts: 1731
Re: B of A problems?

horstfam's picture
horstfam
Status: Bronze Member (Offline)
Joined: Sep 6 2008
Posts: 71
Re: B of A problems?

A friend of mine is the business manager for a large church. They have had a successful banking relationship for years, maybe decades, with B of A. Last year they paid off a large note and have decided to build an 'activities' building. They approached B of A about loaning the money for the new building and B of A flatly refused. They said, "We are no longer doing any church loans." So much for helping main street, eh? I thought this was exactly what the administration wanted- more banking at the local level. It would be good to be a fly on the wall at B of A and hear what is really going on.

Oh, my friend said she was going to move all of the church's money out of B of A. I encouraged her to use a local bank.

 

Crash's picture
Crash
Status: Silver Member (Offline)
Joined: Nov 26 2008
Posts: 171
Re: B of A problems?
Saffron wrote:

 move money to credit union tomorrow

Hi there, is the system different in the USA? Credit Unions are great, but here in the UK they still "bank" with the banks. So If I deposit all my money in a credit union, it all still ends up as a deposit in the banking cartel's machine.

Crash

JAG's picture
JAG
Status: Diamond Member (Offline)
Joined: Oct 26 2008
Posts: 2492
Re: B of A problems?

My wife and I moved our money from Bank of Satan to a local credit union just recently. It was quiet a pain, as the Bank of Satan did everything they could to make closing our accounts as difficult as possible. I think I'll recoup my losses from their excessive fee schedule by shorting their stock.

Power to the Sheeple!

compinthegroove's picture
compinthegroove
Status: Silver Member (Offline)
Joined: Nov 8 2009
Posts: 113
Re: B of A problems?
JAG wrote:

My wife and I moved our money from Bank of Satan to a local credit union just recently. It was quiet a pain, as the Bank of Satan did everything they could to make closing our accounts as difficult as possible. I think I'll recoup my losses from their excessive fee schedule by shorting their stock.

Power to the Sheeple!

My buddy finally moved all his money out of BOA, after tons of BS fees and months of me riding his a** about it.  His closing experience didn't go well either, and they charged him $35 to close the account.

I like your revenge plan.  Nice!

krishbond17's picture
krishbond17
Status: Member (Offline)
Joined: Jun 19 2010
Posts: 2
Re: B of A problems?

Well, it’s amazing. The miracle has been done. Hat’s off. Well done, as we know that “hard work always pays off”, after a long struggle with sincere effort it’s done.
--------
mgibs
Car Parts

krishbond17's picture
krishbond17
Status: Member (Offline)
Joined: Jun 19 2010
Posts: 2
Re: B of A problems?

Well, it’s amazing. The miracle has been done. Hat’s off. Well done, as we know that “hard work always pays off”, after a long struggle with sincere effort it’s done.
--------
mgibs
Car Parts

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments