Clipped this one from Reddit:
I think they are doing the customer a favor in the long run. I think I read that even Warren Buffett sold all his Wells Fargo stock too.
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Maybe they have 7-figs at BA and Merrill. I didn’t read it though either. My co-worker really likes the Merrill and BA combo, he’s on the highest reward tier, and gets nice perks. I guess it’s not bad if you are a self-directed investor at Merrill, which he is.
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I’ll certainly never do business with them again. My dad had a safe deposit with them. After he died, I closed the box in spring of last year. Still received a rent invoice last fall. Called and the rep said they would get it fixed. Fast forward to this fall - received yet another rent invoice. STILL in the process of getting this resolved. In my opinion, the worst bank ever.
Sounds a tad naive’ to me, I’d give it a 50% chance the “notice” was a scam not from BOA.
While it’s not that unusual to have six figures in a single bank account in the middle of something like a house purchase, if you don’t give them a heads-up they are likely to put the brakes on it.
I had a local bank start charging me a fee because I was not accessing the account in a few months. I had thousands of dollars in it and used it each season to pay laborers. I asked the clerk and then the manager to reverse the fee to no avail. Even after showing them that I had $35,000 coming into the account from a government grant, they still would not remove the charge. I immedietly closed the account and moved it to the credit union across the street. Two days later I also deposited that big check.
Banks…
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Bank of America closing your account without reason is concerning. Seek clarification from the bank and consider alternatives. If even Warren Buffett is divesting from Wells Fargo, it may signal broader industry issues.
Just before we sold our private residence once, we opened an account at a local credit union because it was going to be easier to transfer money to another state through their network of NAFCU member CUs. We asked them to put a note on the account that we would shortly be making a large deposit into the account.
Two days later our house sale closed and we walked into the credit union office with a $450,000 check, handed it to a young man at the teller’s counter and asked him to deposit it into our account. It turns out that it was his second day on the job.
He first glanced down at the check and got a puzzled look on his face that appeared like something between a smile and a frown, he held that expression for about 30 seconds staring at the check. Then he looked up at us and said “excuse me, I have to see the manager” and walked away. He returned in a minute with the manager in tow and completed the deposit.
It was a funny thing to watch someone just beginning a career to have such a jolting experience on his second day on the job.
I realize I’m reviving an old thread, but it’s the same deal even a couple of years later.
I’ve been a Bank of Amigo customer for decades, including car loans, mortgages, credit cards, checking, savings, etc. When Clark began warning about the Monster Mega Banks, I shifted most of my business away from them; however, they still held my mortgage so I maintained accounts with them.
Because Bank of Amigo wants to cater to illegals instead of Americans, they eventually sold my mortgage to the subprime lender, Mr. Cooper (I’ve mentioned this in another thread), which further reduced my relationship with them and opened me up to a whole mess of headaches with that garbage company.
Recently, they sent me a promotion for a bonus for spending with their credit card, and I decided to take them up on it. When I went to pay, I found out that they’ve purposely sabotaged their Online Bill Pay to prevent people from paying their credit card with it. On further investigation, I found out they did this with no warning and then also charged people late fees when they cancelled payments that had already been scheduled to be paid with OBP.
They say this new way of paying for their credit cards is “for our convenience,” but of course it’s not.
I did call to complain, got someone who only spoke Spanish and she wouldn’t let me talk to anyone else and then put me on mute for 15 minutes and hung up on me.
I’ve got another $1k to spend to get the bonus, and then I’m cancelling everything I have left with them.
Anyone else steal dealing with them or having any stories to share?
Don’t make a post just to dump on human beings most of whom are only guilty of civil violations, not a criminal ones. If you’re going to dump on anyone, dump on the American businesses, like homebuilders and farmers, who employ them. They nod and wink, employ them at substandard wages under the table and no benefits, then probably most of them vote for candidates who would send back home. It’s the weirdest thing, voting against yourself. Soybean farmers, cattle ranchers also come to mind. They’ve been in the news.
No financial institution (FI) willingly deals with illegal migrants. FIs all have strict internal controls to make sure they won’t be called to account for breaking Know Your Customer (KYC) laws. Over the past several years, there have been many, many cases of accounts across many FIs just being suddenly closed and the former customers struggle to recover assets. Fidelity Investments is really good at this, just look at Reddit - The heart of the internet and search on terms like “locked”, “closed”.
I’m upset that Bank of America pays my Mother no interest. It’s really too late to move her stuff, she’s in her 90s. The risk of her not passing KYC at a new bank is too large. My sister has POA and if she opens a new account somewhere as Attorney-In-Fact, that’s going to raise a lot of suspicions about elder abuse. We’re not doing it. Luckily. 96.5% of her assets are in SGOV and SNSXX at Schwab.
Mortgages get bought and sold all the time. My mortgage, which started when I bought my house in June of this year, got immediately sold, like next day. That’s by design, the mortgage company wants to raise cash to issue more mortgages, they sell the paper at a slight discount to someone else. The terms of my mortgage didn’t change in the slightest, and the mortgage company is still the servicer! They just don’t hold the paper any longer.
If you don’t understand how this all works, that’s ok, everyone is learning, but please don’t impute dire motives onto Bank of America selling your loan and then again try to smear human beings who don’t look like you with your anxieties. That’s ugly and there’s too much of that going on. The tribe being villified changes from decade to decade, but it’s the same terrible impulse.
Americans have been damaged by horrible governmental and corporate behavior that bends over backwards for Illegals and hurts Americans every single time. We have all been victims of Illegals taking priority over Americans.
Your new mortgage being sold from a broker to a large bank is a usual occurrence, and that you would compare this to Bank of Amigo selling a 20-year-old loan to a subprime company just to make space to service more Illegals confirms that you know absolutely nothing about this. Not only are many banks doing this, but they prefer to do so, and they’re getting government incentives to do so.
https://nationalmortgageprofessional.com/news/undocumented-not-unmortgageable-05042025
Being an Illegal is Criminal and is Breaking the Law. Stay off Reddit. 100% of what you see on Reddit is wrong.
Please don’t tell me I “don’t know how this works” when you clearly know absolutely nothing about what is happening. It is okay if you are clueless about this, but don’t come at me like you are knowledgeable when you get all your information from Reddit!
Bank of America is not a subprime mortgage issuer to ITIN borrowers; they just have terrible interest rates for savers
“While Bank of America provides a wide range of mortgage products, their offerings typically require a Social Security Number and strong credit history. Their published rates assume excellent credit (e.g., FICO scores of 740+), and there’s no indication that they support Individual Taxpayer Identification Number (ITIN) loans for borrowers without legal residency or conventional credit profiles” Microsoft Copilot
Ok – so what Microsoft told you is partially true, but deceptive in that it didn’t tell you the whole story. Similarly, I was not aware of the recent changes either. (Thank you for pushing me to look into it!)
Bank of Amigo has given BILLIONS in loans and mortgages to Illegals, not just to those with “bad credit” but to those with absolutely no credit at all. Just with an ITIN. In fact, this is their purged landing page specifically for it:
https://www.bankofamerica.com/mortgage/itin-mortgage/
This is exactly why my (very old) BOA mortgage was sold out from under me, because Bank of Amigo wanted specifically to cater to Illegals and had a bandwidth limit on the liability they could hold with mortgages.
It looks like since the adults are back in the room, President Trump has cut the government funding and support for throwing mortgages at Illegals, and Bank of Amigo has pulled back from writing them in the massive quantities they were until the Potato Regime.