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

The cops were on the right for once. If he is told to not to video / photograph he has to stop. In US the 1st amendment right to video / photograph in public does not extend to private property. They were there for that reason and not for reasons this guy makes it out to be. They clearly state why they are there too.

I have never in my life used a bank or had a credit card i am now gonna be 32 this year i have 3 kids and a wife i rent and pay my bills with a prepaid debit card and money orders that way the only money they get is what i give them and they have no access to any of my money except for what i make available go's the same for identity theft they can't take anything if i don't have any on the card i always check my balance and its worked for years.

long time follower first time poster here. I made an account just because this irritated me so much.

After watching the videos and reading what was posted I have have to say this is total bunk.

The Fed gets involved on ever transaction over 10,000. this is to counter money laundering.They dont have to take it because it could be counterfeit.

link to IRS site

the Check is an out of town check. They don't have to sign it because if its from farmers insurance and its an invalid check addresses to the guy and his wife and the bank with the guys address not the banks address or the corporate office address. The cops were right about the surveillance claims and possible casing of the bank. This just doesn't even look like any kind of conspiracy but some glory hound trying to get his few minutes in the spot light.

Just my two cents but there is just nothing here.

Originally posted by loam
reply to post by violence=answer

 

Originally posted by violence=answer
the tripod is there to take pictures to have on the new bank cards.
just like at the d.o.l.

In front of a door and seating area?

I've never seen this in a bank.

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

for bank cards probably.

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.

The bank does not want your property, particularly right now when so many properties are underwater. If they foreclose on your property, they lose millions. I'll give you one example to illustrate:

My daughter and son-in-law lived in a perfectly adequate house that cost them seomewhat less than $200K. He makes very good money in commercial construction management and they wanted to live on "the lake" which they thought would be the epitome of coolness. After a couple of years of rising proces they took out a new loan on their house and mortgaged it as far as they could, slightly less than $300K, took THAT money and made a down payment on a lake house that cost them $975K.

But wait! There's more. Prices continued to increase, so they took out another oan on the lake house for a cool million dollars. After all, their house was now worth $1.3 million! So they had a $1 million mortgage. After that the market toppled and houses in that price range weree hit very hard. Now their million plus house os worth $500K and is neglected because they moved out and stopped making payments on it. How did they do that? Well, they got divorced whereupon he quite claim deeded the house to her to stick her with the debt, which she can't repay.

So if the bank could sell the house (unlikely) for half a million, they wind up losing the other half of the loan, a full $500K.

The only amazing thing about this is that people blame the banks. Now the bank should never have loaned them this much money, but they qualified on paper because of his high income. So far the bank has done nothing, and you can see why. They are between a rock and a hard place. They can't possibly win. They'll get blamed, but they can't win. There's a lot of greed involved here, but it isn't exactly the banks. It was caused by people living beyond their means, over-extending themselves, and believing the bubble would not burst. Now they've made decisions that will last the rest of their lives.

Originally posted by loam
I think this is a hoax. Why is there a tripod and camera behind the guy? Seems like an odd thing for a bank to let someone do.

If this is not a hoax, then I think there is likely more to this story than is being disclosed.

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

Banks take Passport photos. I have seen that in several BofA branches when I lived in Buffalo, NY

I work at a TD bank.

We take cash payments on all of the mortgages and credit cards and equity lines of credits and loans ect.

So for the people saying its unheard of for banks taking cash payments for these sorts of things, its not. There is no law about it.


And as for them not accepting the check or whatever, because its an insurance check it needs to either be deposited into or cashed against an account that has both names on it. That IS a law. If he didnt have an account there with his name and his wifes name on the title then he wouldn't be able to do anything with it. Its to prevent fraud and stuff. So at least (if that really is the case) the bank was in the right on that part.

.

reply to post by battosai

the Check is an out of town check. They don't have to sign it because if its from farmers insurance and its an invalid check addresses to the guy and his wife and the bank with the guys address not the banks address or the corporate office address.

There's also a long chain of command for insurance checks. I used to have authority at Citi to give final clearance from insurance escrows.. after 2008 I'd have to be the mediator between banks bitching at eachother because no one wanted to sign the checks. No one knew who was defunct and who wasn't, even after proving funds were in escrow smaller banks would refuse to cash them, and Citibank would refuse to be the main signature if there was another bank that couldn't or wouldn't sign. This left customers standing in lobbies screaming at me for messing with their heads. Ah it's fun to work behind the scenes at banks .. you see the dysfunction and you get a clear picture of why the economy is so f'd up.

reply to post by LucidDreamer85

for bank cards probably.

Yeah, some banks you can put your picture on your debit card as an anti-theft device. I know my credit union does it, so does my main credit card (Capitol One).

Do they accept bits of string?

Seriously, you should have said,

well you just lost yourself a customer.

I'd love to see the look on their faces.

reply to post by thoraxsabre

So for the people saying its unheard of for banks taking cash payments for these sorts of things, its not. There is no law about it.

Not unheard of, but it's up to the bank, and often the individual branches. Most banks don't accept cash. Hell most banks are not even attached to their mortgage arms, which can make a cash payment difficult or impossible. I've heard of people have their mortgage checks sent to the wrong office, for instance to Citibank instead of Citimortgage. It will get where it needs to go eventually, but you end up late and confused.

reply to post by JibbyJedi


You can thank the government for those taxes. That's not Vonage's fault.

they need to update the wording on money to read -

for all debts public and private except for mortgages.

Originally posted by loam
I think this is a hoax. Why is there a tripod and camera behind the guy? Seems like an odd thing for a bank to let someone do.

If this is not a hoax, then I think there is likely more to this story than is being disclosed.

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

I don't know why but there was something about this video that just didn't ring true which left me thinking hoax. This man videotaped himself talking about what he says the bank staff said to him. I didn't hear the bank manager or the account executive make any statements it was the man doing all the talking. The manager would only complain when the camera was pointed at him but not any other time? Lets not forget the cop, his demeanor and dress didn't seem authentic to me. So, no this video didn't seem real to me.

reply to post by JibbyJedi


Crap. I take issue with anyone who purposely breaks the law the create an issue. Regardless if the bank allowed him to make a payment or not, he still made trouble for himself by cursing, yelling and filming inside of a bank. If he really had wanted to show this to the world, he should have had a hidden camera and filmed from beginning to end. He conveniently cut out his own behavior prior to turning on the camera.

As much as I dislike banks and BoA, I don't feel bad for him. There is a right and wrong way of handling things, and he did it the wrong way.

Originally posted by Gseven
reply to post by JibbyJedi

 

Crap. I take issue with anyone who purposely breaks the law the create an issue. Regardless if the bank allowed him to make a payment or not, he still made trouble for himself by cursing, yelling and filming inside of a bank. If he really had wanted to show this to the world, he should have had a hidden camera and filmed from beginning to end. He conveniently cut out his own behavior prior to turning on the camera.

As much as I dislike banks and BoA, I don't feel bad for him. There is a right and wrong way of handling things, and he did it the wrong way.

I agree, to a point. This couple seems to have been dealing with the dysfunction and chaos from BoA for quite a while now. At the sign of the first mistakes on your mortgage, there is no anger just the seeking of resolution. When you start getting marks on your credit, errors on statements, lack of customer support, and the basic run around for "months to years".... the cursing is not so easy to withhold in the face of more of the same treatment.

Cursing in the bank was definitely a mistake on his part and made his situation worse, but I do understand how he feels, I've been enraged to that point on many occasions... with Sprint, Verizon, Comcast, Cingular, auto insurance agents, my local utility companies, and my former mortgages holders. It's a downward spiral once "their mistakes" start costing you money AND ruining your credit score. The long term effects of their errors have long term financial costs to the innocent victim just trying to pay their bills on time.

Originally posted by thoraxsabre
I work at a TD bank.

We take cash payments on all of the mortgages and credit cards and equity lines of credits and loans ect.

So for the people saying its unheard of for banks taking cash payments for these sorts of things, its not. There is no law about it.

And as for them not accepting the check or whatever, because its an insurance check it needs to either be deposited into or cashed against an account that has both names on it. That IS a law. If he didnt have an account there with his name and his wifes name on the title then he wouldn't be able to do anything with it. Its to prevent fraud and stuff. So at least (if that really is the case) the bank was in the right on that part.

A Canadian based bank. I've read through this thread, and it's sad that a bank as large as the Bank of America cannot get its poop together enough to let people make a simple mortgage transaction. The way they do business and treat their clients, would not even be legal up here.
The TD bank has a good reputation, and I'm not sure what their US hours are, but up here, they're open from 8am to 8pm, 5 days a week, I think in most cities. I think the US branches have to run on Cdn rules and regulations.

If your mortgage is set up to come out of your account on a specific day, they need a couple of weeks notice to put in a stop on the auto debit. You can always pay cash on your mortgage, but the payment will ALSO come out of your account if you haven't put in the auto stop pmt on time. Or bounce if the money isn't there, because the computer expects it.

It's more convenient to make sure the money is put in the chequing account, and it'll come out when it's supposed to.

reply to post by isyeye


What??? I have a mortgage from one company and bank at a local bank..I have also had several loans from other banks other than the one that I bank from...where did you get that info? You don't have to have an acct with the bank that holds the loan.

That guy is a loud mouthed jerk who got what he deserved. I'm sure the bank manager explained everything to him in a very nice and professional manner. Because the video came across, to me, as the camera man being the bad guy. The manager was more than polite with him. I'd have busted his face had he kept on like that. Busted it with his camera. Or phone. Whatever.

reply to post by JibbyJedi


Now why on Earth would they bring a camera in if they DIDN'T ALREADY KNOW that BoA would refuse the payment? I could see them going in with a camera if they heard a rumor that the Bank didn't accept cash however the website you posted claims they were "SHOCKED" that the Bank wouldn't accept the money. If they were so SHOCKED why in the hell did they bring a camera?

Sorry but I smell something suspicious about this, not that I put it past BoA doing something like this.

Originally posted by loam
reply to post by violence=answer

 

Originally posted by violence=answer
the tripod is there to take pictures to have on the new bank cards.
just like at the d.o.l.

In front of a door and seating area?

I've never seen this in a bank.

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

Seriously, dude? You don't get out much. In front of a door? Like 10 feet in front of it. Banks will also do passport photos, or they used to. This surely is an elaborate hoax, to rent a building and convert it into a believable BoA branch.

On a side note, BoA is also my mortgage holder, and they will never be getting my business for ANYTHING ever again. If they buy any future paper, I will refinance just to get rid of any association with these criminals.