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

I don't understand the hate for credit cards. If you have the cash, just use it and pay it off every month. That is what I do. The credit cards I have give me purchase protection, extend my warranties, give cash back, and even have promotions that save me even more money. I use them for all my purchases and pay them off at the end of each month. I actually make between 1-5% cash back on all my transactions. Plus my credit score is in the 800s.

My American Express even lets me buy travel health insurance for a mere $14/month that covers my family while we are traveling.

My Discover Card last year had a promotion where you could buy a $40 Shell Gas Card for only $20 utilizing saved up cash back bonus money, so I was able to buy enough to last me an entire year and saved 50% on my gas.

There are also exclusive deals through their shopping portals that give up to 30% back on purchases during various promotion periods, of which I have used many times to get large discounts on things I was already going to buy.

When I do have a problem with a merchant I can make 1 phone call to the credit card company, which is answered in less than a minute by an English speaking person within the United States, and the issue is addressed and resolved without drama.

I have used credit cards for EVERYTHING for nearly 20 years and I pay the credit cards off each month through a credit union and have never incurred a fee through the bank or the credit cards. I also stick to a budget that ensures I don't spend past my already planned purchases.

I very rarely use cash...

Originally posted by Laokin

Originally posted by snowspirit

Originally posted by isyeye
One thing I 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.

Or just put the money directly into his bank account for them to take out his mortgage payment.
A bank has to accept cash to go into an account if you show up at the teller, and want to put money into your account.

How can a person have a mortgage, and not have a chequing or savings account with the same bank?

Very easily.

The original holder of the mortgage sells it to BoA. That's what happened to us(my family) none of us have BoA, and the original lender no longer exists.

This is called consolidation.

OK, that makes sense now. I've heard that in the US, they are allowed to do that.

Our banks are regulated in such a way, that if the bank is able to sell your mortgage to a third party, the contract is still between the original banker and the payee, and the original bank still has to collect the payments, and keep the proper paperwork.
If a mortgage company gets completely bought by a bank or another lender, that's the only time that our mortgage is from someone else, other than the original holder. They cannot change any terms that aren't negotiated.

Our other loans can be bought and sold freely, and often are, but mortgages fall into a separate category.

reply to post by snowspirit


I don't know what the regulatory regime is like in Canada, but it is very common for a mortgagee to assign the mortgage i.e. money is paid to the new holder of the mortgage security.

reply to post by DJM8507


Credit card companies hate people like you...lol How are they going to make a profit on someone with fiscal discipline. The problem with things today is the dependence on people spending beyond their means.


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But the problem I have with this entire situation is who the hell pays their mortgage payment in cash? Usually you would just leave the payment in your bank account? No?

reply to post by JibbyJedi


If this is true, you should consider contacting The Blaze

Pretty sure this is right up Beck's alley. Big bank and whatnot. Say what you will about beck, at least he's not scared of these bar's tards.

(for the beck haters,I DON"T CARE, that is all)

Originally posted by SubAce
As far as I know if you offer legal tender for a debt and it is refused, then you no longer owe the debt. That is why people will haul wheel-barrows of pennies to the bank when they're mad at them, to make them count the pennies. If you offer the money in legal tender, and it is refused, then you are no longer liable for the debt. Learned that in Business Law 101 back in High School.

Of course I guess laws could have changed since then..

it depends. simply offering payment in one form might not be acceptable if payment by a particular means is stipulated, and courts (as a matter of public policy) do not usually automatically release people from contracts for goods or services simply because one party refused to accept payment (courts do not like people to be unjustly enriched). In any case, it would certainly be a litigable matter and one party's breach does not in and of itself immediately release you from obligations unless it is a material breach and so on ... which in any case would be an issue to be decided by a judge or trier of fact.

Originally posted by MainLineThis
reply to post by JibbyJedi

 

I eventually had to sell my home to escape the lunacy of corrupt mortgage holders because my monthly payments grew to out of my range of affordability, which was around $500 more per month than was agreed upon at the signing of my refinancing.

At the risk of sounding rude here, but....who the heck taught you how to buy a house? Did you see it a simple "how to" on youtube, or catch a 10 minute blip on the idiot box then run out and enter into a contract your were too ignorant to even read or understand?

It saddens me to here about folks who have to give up their house because they didn't understand what they were getting into, then they spend every waking moment blaming anybody but themselves for their overwhelming and WILLFUL ignorance of reality.

I don't think the world's economy would be in such bad shape if there wasn't so much financial ignorance from folks like you. But hey, you go ahead and keep renting, I have several rental properties that relies on folks that are never going to be able to own their own home, or tried and FAILED because they are just plain ignorant.

Whaa, whaaa.....it's not my fault, it's that evil mortgage company plotting against me....whaaa......I'm not personally responsible for my own actions if it involves something I don't understand.....whaaaaa.....

I didn't choose to BUY my former home, my parents were killed and I inherited the home I was raised in. So some of us didn't CHOOSE to get into a mortgage, but I still did it successfully for about 7 years before the fraud was too much to deal with.

I never bought myself anything, always paid my bills and did my duty as a landlord for my tenants. When THEY decide not to pay rent, then how does one make "on time" mortgage payments? When a tenant is short on rent, they don't give you $20 or $50, they give you NOTHING that month.

Get yourself a mortgage holder whose customer service reps are in China and India, and can't speak English. Then when they blatantly make errors on your monthly statements charging you way more than what is due, lose your pmt, make typo errors, etc., try to resolve your issue WITHOUT it costing you a hit to your credit score.

Once I was 30 days late "one time" on my mortgage, I was completely destroyed with my credit score and no banks were willing to refinance me. Tenants don't care about their landlord's credit score or struggle. People talk a lot of smack who have never been in the shoes of some of us land owners.

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)

The reason there is a tripod in the background is because at Bank of America you can choose to have your picture on your card, credit or debit. So when you use it it's another form of verification that the card you are using is indeed yours.

Originally posted by EvolEric
People still use cash?
Actual paper money?

Wow thats like an old person thing right?

ah ha ha ha ha

(Yes that was Sarcasm)

The New World sucks...

Its brilliantly FUBARed

This guy is clearly a jackass and they probably won't take his payment simply based on his inappropriate behavior in the bank.

Slightly off topic, but along the same lines..

My husband recently bought a new Toyota for me. He put $6500 down and got a pretty good deal because of that, plus he has excellent credit. So the dealership told him to wait for the paperwork that would give him instructions on paying the first bill that would be due in a month. We waited..and waited..and waited for the bill. Finally a week from its due date (and we had received every other piece of junk from Toyota since then..) I contacted the guy who sold it to us and asked how we were supposed to make a payment. He seemed UNSURE (wtf??) and reluctantly told us he needed to check. Finally he gave us a phone # he said we could call and make a payment. My husband called that number and it told him he would be charged a fee for using his debit card. He was really ticked off so he went to the dealership and issued them a check and demanded to know where he could set up an automatic deposit, because he had no intention of shelling out extra money each month to pay his bill. None of our paperwork had any info about setting it up, and we were under the impression that would be sent to us. The dealership did not seem to want to take his money, as they said it was now in the hands of Toyota Financial but they worked it out eventually and he got his receipt. TWO days before it was due received the information on payment. It specifically spelled out it was due in two days and that a late payment could disqualify him for his 0.1% APR and charge him a late fee. Unbelievable. Thankfully he is very on top of these things but I think about the people who forget, or assume that they pay it when they get the bill. Sneaky, sneaky people.
Spoke to the dealership again and another salesperson said quietly that they get that a lot, that people tell them they do not receive their first bills until right before the due date.

None of the bastards will take a partial payment if you are behind either. There was a time when I was 3 months behind on my Wells Fargo mortgage (I think it was Wells Fargo, but they sell the mortgages out so many times it's hard to keep track) I had like $900 and owed another $500, they wouldn't take a partial payment. They just want you to spend that money on something else so they can proceed to foreclose.

Originally posted by JibbyJedi
I went through similar hardships with my former mortgage holders. They made it nearly impossible to get a hold of anyone who spoke English.

My payments were always altered (higher than what was on the contract) and they use to refuse taking several different forms of payments some weeks, then accepted them other weeks, like they were playing games with me and my mortgage.

I eventually had to sell my home to escape the lunacy of corrupt mortgage holders because my monthly payments grew to out of my range of affordability, which was around $500 more per month than was agreed upon at the signing of my refinancing.

Rent... you'll be better off. No one really OWNS their homes anyway.

If they do not accept cash, why do they get so pissy when a guy robs them for said cash.


U

reply to post by JibbyJedi


This is why the old adage "read the fine print" is more relevant today than it ever was. Somewhere along the way in our society that little bit of wisdom got overlooked.

Its kinda crazy these days! In my opinion if they refuse to accept money for what they are owed then they should be forced to forfeit what they are owed. They seem to be like vampires they want to suck everything they can out of you until you have nothing.

Originally posted by MidnightTide
reply to post by DJM8507

Credit card companies hate people like you...lol How are they going to make a profit on someone with fiscal discipline.

No, they love people like him. That's why they keep offering him free money, because the amount he brings in through merchant fees makes up for it, and they don't have to worry about him defaulting.

reply to post by JibbyJedi


How bored do you have to be to waste time knowingly going against bank rules and video taping it?

This guy is just looking for a reaction...and he got it...and all of you are eating it up.

This guy is a real life troll...Bravo.

Maybe this guy never knew about bank security...it happens. Maybe he was so thrown by his believe in being slighted by BOA he never took in the thought of bank security. Maybe he did not know about banks being so purposely departmentalized that local branched do not handle estate matters.

I just do not know why he chose BOA to hold his mortgage...Shheeez...ANYONE but BOA!

I have 2 BOA company credit cards that have been sparsely use, and I am waiting for them to expire so I can cut them up and forget about ever having this bank's credit.

Just a lesson to people who trust banks to back up their mortgages...DON'T TRUST BANKS! They DO NOT WANT to be inconvenienced by your presence or in this case YOUR IGNORANCE.

Buy land free and clear...then build to suit!

So pay it in your account and transfer it.

Pretty obvious the author of the videos just wants to fight BofA regardless of what they are fighting about. I personally don't see the big deal, who in their right mind wants to pay their mortgage in cash anyway? And who goes to the bank to pay their mortgage in cash armed with recording equipment, besides people looking to pick a fight?

They didn't call the cops and ban you because you want to use cash at their bank. They did it because you are an asshole.

reply to post by loam


BofA offers to put yoru pic on the debit/credit card. All BofA`s agents have a camera system just like the one showing in the video.