Bank of America DOES NOT accept U.S. DOLLARS as payment on mortgages

Originally posted by EvolEric
People still use cash?
Actual paper money?
Wow thats like an old person thing right?

Went to a Post office sub station a few days ago... paid with a twenty... Clerk said "Are they still accepting these?" He was joking... right? Seems people in the line didn't get his humor

Of course not. They're not set up for that. I paid off my Wells Fargo loan a couple of years ago, but absolutely could not do it at the local branch. Not only could they not accept payment, they had no idea where to send it. That's because, of course, it's one division as opposed to another. If you just do what they ask, like go online and fill out a form, they tell you exactly how much money to send and where to send it. So I went to Bank of America and scheduled a wire transfer to be sent to box XXX on date YYY. A couple of weeks later Wells Fargo posted a notice of reconveyance at my county auditor declaring the loan had been paid in full, and I've not heard from them since.

It's easy of you follow directions. Also, the interest rate is lower if you allow automatic deduction from your bank account. I only have two bills left that don't allow automatic deduction, garbage & water. They're both small outfits that just haven't gotten their act together yet.

Originally posted by JibbyJedi
It is almost every company, not just mortgage holders.
Vonage, Sprint, Verizon, Comcast... ALL of them have basically lied about what their monthly payments were supposed to be.

What happens is the BASIC charge is correct but there are addition fees

Go rent a car for a week... they quote you say 189.00 for the week (I just did this over xmas)

Nice deal... then add the insurance $28.00 a day, location fee, tax, license portion fee and a few others final bill was $520.00

Companies are now even charging if you pay by check or phone in a CC or debit card number. Only automatic transfer is free but the bank nails you for that

I am glad Wamu sold my mortgage to Wells Fargo before they sold to Chase

They take cash no problem and use the machine to count it in seconds. Zero late fee if paid by the 15th... $30 late fee if paid between 16th and 30th. They will also take a partial payment and you can make it up next month.

On top of that there are no fees on my checking account because my mortgage is with them

Now where do I get my commission check for advertizing them

This is a government / IRS rule. To stop the illegal activities, such as drug sellers who deal only in cash, they will not take large cash payments DIRECTLY against a bill (mortgage, car purchase, etc). They want you to put your cash into your checking account first, so that the IRS can see that income source, and then see how and to who it is dispensed. If you own more goodies than your claimed income can support, then that is considered proof that something illegal is happening.

reply to post by loam


mmmmhm I smell a lie not a hoax.
I pray for the day the PTB wants to change out us dollars for a new currency.
My mortgage is in US dollars.
I'll pay off everything with the new toilet paper AKA US dollars.
Plus if your bank will not accept US dollars, send it registered mail, then it has to be there and on time.
I think the makers of the vids want attenton and hits.

I'm out of town for the weekend, just popped in to see what ATS is up to, and found this. Interesting.

[*Bump to watch videos and read articles later]

well video tape it, leave the cash on the counter, say that is your payment and walk away.

then show the video tape at court. you don't need a lawyer for that.

reply to post by zorgon


The base amount is correct, usually. But the final payment is always an unexpected surprise with all the add ons not mentioned.

Every cell phone contract I signed up for tacked on at least $10 more in extra crap, I expected such. I think many companies are taking cues from Comcast, the slow boil increase back door approach to charging more post contract.

"Base price, fees, and taxes are subject to change".... we've all seen that written in our contracts, but don't really think much about it. It's their legal way of raising the price once you're locked in a contract with whomever. Companies like Comcast raise their prices in small increments and aren't really noticed.

I pay around $75/month JUST FOR INTERNET with Comcast, includes modem rental. Two years ago when I signed up it was around $60 /month with modem rental... nothing changed with my service just their price. Back in 2000 I was paying $20 /month for internet. Did the internet get harder to deliver to homes since 2000? Is Comcast getting less efficient as technology advances... like the Electric utility companies?

reply to post by JibbyJedi


It is simple for me to spot the motivation here, they do not want the payment, they want your property! They back up their position with their hired thugs, aka the police.

reply to post by JibbyJedi
to me the first screen shot of that asian dudes face says it all American money is worthless...mabe BofA is now chinese owned.lol

I can't say what BoA mortgage loan servicing practices are but I can say that a bank can absolutely refuse to take a partial payment (cash or otherwise) on a mortgage in arrears. That is what is most likely what is going on as far as I can guess. He got behind and the amount he was trying to pay is less than the current total due on the loan. I am guessing that the bank figures that the mortgage loan papers that he signed set the payment fees and schedule and that he can't just pay what he wants to pay when he wants. I hope he got it all sorted out.

Originally posted by isyeye
One thing I'm curious about......most banks require you to have a checking account with the bank before they will issue a loan. While I don't agree with the bank not accepting cash, why did they not write a check? Something is off here.

This is the reason I will only us my independent local bank. I could take them pennies for my house payment, and they would smile and say thank you.

Stay away from big banks.

edit on 4-2-2012 by isyeye because: (no reason given)

That Or go to wal-mart and get a money card to pay the bill.

I use money cards for Everything. I do Not use banks. I get paid in cash or check that is promptly cashed at the writers bank. I own my own home and have everything the Jone's do - cash only or through a money card. Banks and credit cards equal debt. I have No debt. I have no restrictions. People should REALLY learn to live without those two huge sources of trouble. As a Nation we would all be better off and a lot richer in the long run.

I work at a "major home security company". We cannot accept cash as method of payment for the security systems either.

It has to do with leaving a traceable trail of payment i.e. credit cards, checks, autodraft. If people pay with cash, in theory, there could be issues with sales people just pocketing the money and quitting. Their word against yours. But with credit, checks, autodraft there is a recorded paper trail.

I might not totally agree, but I at least understand the concept. Especially in these days and times.

Originally posted by ajay59
reply to post by JibbyJedi

 

It is simple for me to spot the motivation here, they do not want the payment, they want your property! They back up their position with their hired thugs, aka the police.

You got that right. My mortgage holder made it very difficult for me to make payments "when I was near the 30 day late mark", when I paid right on time it was fairly easy though. Like everyone else who suffers from "what if this breaks down" unforeseen payments that come up, sometimes the mortgage has to be slightly late so you can have a working car to continue going to work to make the money to make payments.

One month my mortgage payment was almost $300 more than what it was suppose to be, I tried calling a rep., was on hold HOURS just to get the same thick Indian accent on the other end who couldn't speak 2 words of English! Now I can't afford the new payment OR my cell phone bill from being on hold during peak minutes. Endless cycle of sucking blood and money from us all.

reply to post by JibbyJedi


?? Who the hell tries to pay their mortgage at a bank? Bank tellers don't process mortgage payments, I don't understand why that's so hard to get? Besides the fact that the guy wanted to be cool and make a video.

Bank of America happily takes my Dollars from my checking account every month. Then again I've never been an ignorant asshat who tries to use a wad of cash to tell a bank teller I'm trying to pay my mortgage. Yay ignorance!

PS: I HATE Bank of America though.. they bought my mortgage (4th bank in 2 years) and these guys charge me $5 to pay my mortgage. $5 to pay a bill? What stupidity is this? *sigh* .. the guy in the video is still an ass.

reply to post by JohnPhoenix

I use money cards for Everything. I do Not use banks. I get paid in cash or check that is promptly cashed at the writers bank. I own my own home and have everything the Jone's do - cash only or through a money card. Banks and credit cards equal debt. I have No debt. I have no restrictions. People should REALLY learn to live without those two huge sources of trouble. As a Nation we would all be better off and a lot richer in the long run.

I'm there too. I have no debt, no credit cards, and no mortgage payments. I bought a foreclosure property really cheap, paid for it in full with what I made off the sale of my previous home. All I owe now are the damn property taxes that are going up with no end in sight.

My new battle now is with the taxes on my home. My home's tax valuation is 10X MORE than what I paid for it, granted it was a foreclosure property, but it was a fixer upper at the time, and if it was in perfect condition, I wouldn't get anywhere near what they value it at. Everyone in my small NH town is enraged, and way behind, with their tax bills. The town clerk recently had bullet proof glass installed in her office just in case one of us yokels get a little too angry at our tax rate and manipulated property valuation.

To be honest that guy is annoying as hell..

On the other hand I'm surprised that they let him tape them. Try that camera stunt in Greece or in Germany. They'll use that cam to punch your teeth in.

He said in the last video, "thanks to all our fans" ? Now he thinks he's a Rock star, too..

reply to post by JibbyJedi


Just don't pay anymore. I filed bankruptcy on a house 4 years ago, and they still haven't done anything with it, so I rented it back out. From what the attorneys tell me, it might be 20 years before they do anything, and then they will probably settle for the principle balance and waive all the fees and interest. Screw em, just put the money in savings, let it draw interest, fight any foreclosure proceedings, and when it comes down to the wire, offer to settle for the appraised value. Put all the money you saved as a down payment, and refinance with a little local credit union, and screw BofA!

reply to post by getreadyalready


That's tempting. It doesn't work all the time though, you have no idea if the bank will decide to come after you hard and fast on a foreclosure or if you'll be put on the back burner. Some people go through years of foreclosure proceedings. Other's are removed from their home within months. Even if I am underwater on my mortgage I still put a hell of a lot of work into it and then there's the amount of money I poured on the mortgage its self. And by the way.. I took my mortgage out from my credit union. Who sold it to a regional bank. Who sold it to Wellsfargo. Who sold it to Bank of America.

reply to post by Rockpuck


Ah, that sucks. Wells Fargo is very nice and easy to work with, and any local bank is good, but BofA is the devil incarnate! They are horrible to work with.

All mortgages now have mandatory mediation, on my house, I showed up for the mediation, they sent some little file clerk girl, it pissed off the mediator, she threw them out, and I haven't heard from them in years.