- Report: #434066
Complaint Review: Bank Of America - BOA - Charlotte North Carolina
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Bank Of America - BOA
100 Tyron Street Charlotte, 28255 North Carolina, U.S.A.
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Bank Of America - BOA BOA lowered my Home Equity Line from $150K to $79,500 (my current balance) Charlotte North Carolina
I open a home equity line on 9/1/2006 for $100K, later I had it increased to $150K on 2/2/2007. This line was open for future use. I now owe $79,500. I owe no credit card or first mortgage, this is my only bill. My home is worth close to $300K. I have never made a late payment, and this loan requires $1,195.33 a month or less. I pay as much as $3,000 at times. All my extra money goes to pay this loan down. The draw date expires 9/6/2016.
With this in mind, I have excellent credit, over 800, I am 45 years, with steady income, most direct deposit to the same bank, and this bank was United Jersey Bank, then Summit Bank, then Fleet Bank, and now BOA. I have been banking with these people since 1981. No changes on my end, I have like 5 more accounts with BOA, some as old as more then 15 years.
They lower my credit line to $79,500 with no extra room for me. The online system still says I have a credit line of $150K but the available balance is $0.
While banks are being bail out by government or our tax money and with most people in financial trouble, but not me, why would my limit be reduced?
Did they reduce it because my interest rate is variable but now at 2.74%, why not reduce my other lines with 40K at 7.75%, 10K at 18%, $43,556.88 at 4.49%(this was my mortgage, now $0 balance), or Credit card around 7.99% with 60K limit.
This is just not fair or right. I have legal documents that I signed for my $150K credit line. I have never been late; I have no other bills, good credit, what is the reason?
Is this a way to treat a perfect customer? I think because the rate is 2.74% and you don't make the same as if I used the 18% rate one; you now make less money on me.
I called to lock in at 2.74% and they want to lock in at about 5 times more then my current 2.74%. HIGHWAY ROBBERY, the government should not bail the banks out. They should fall flat on there face & close the door for being greedy. When they made money, they didn't save like we do. Why do we have to bail them out, we have to swim or drown, they should be in the same waters as us!
Orlando
Somerset, New Jersey
U.S.A.
With this in mind, I have excellent credit, over 800, I am 45 years, with steady income, most direct deposit to the same bank, and this bank was United Jersey Bank, then Summit Bank, then Fleet Bank, and now BOA. I have been banking with these people since 1981. No changes on my end, I have like 5 more accounts with BOA, some as old as more then 15 years.
They lower my credit line to $79,500 with no extra room for me. The online system still says I have a credit line of $150K but the available balance is $0.
While banks are being bail out by government or our tax money and with most people in financial trouble, but not me, why would my limit be reduced?
Did they reduce it because my interest rate is variable but now at 2.74%, why not reduce my other lines with 40K at 7.75%, 10K at 18%, $43,556.88 at 4.49%(this was my mortgage, now $0 balance), or Credit card around 7.99% with 60K limit.
This is just not fair or right. I have legal documents that I signed for my $150K credit line. I have never been late; I have no other bills, good credit, what is the reason?
Is this a way to treat a perfect customer? I think because the rate is 2.74% and you don't make the same as if I used the 18% rate one; you now make less money on me.
I called to lock in at 2.74% and they want to lock in at about 5 times more then my current 2.74%. HIGHWAY ROBBERY, the government should not bail the banks out. They should fall flat on there face & close the door for being greedy. When they made money, they didn't save like we do. Why do we have to bail them out, we have to swim or drown, they should be in the same waters as us!
Orlando
Somerset, New Jersey
U.S.A.
2 Updates & Rebuttals
Karl
Highlands Ranch,Colorado,
U.S.A.
Orlando, Your Ripoff Report..........
#2Consumer Comment
Sat, March 14, 2009
proves to me that the USA is in MUCH deeper trouble than we are being led to believe. If you own your home OUTRIGHT, and it's worth about DOUBLE what your home equity loan was, then there shouldn't be any risk for the bank, wouldn't you agree? If you were to default, then the bank would actually make-out on the deal because they could take your home, right? Maybe there are many other loans that Bank of America made years ago that are not being paid, & it's all snow-balling right now, huh? I can remember reading a PRNewswire on November 17th 2005 about a sum of money that BOA. & others, loaned to a Publicly Held Company that's not doing too well right now. The title of the Article was this: 'Sonic Automotive Announces Offering of $150 Million of Convertible Senior Subordinated Notes', and I happen to have a copy of that Article in front of me right now. Paragraph 4 of that PRNewswire says this- QUOTE: 'The joint bookrunners for this offering will be Banc of America Securities LLC, and JP Morgan Securities Inc. and Merrill Lynch & Co.' (end quote), and then it goes on & on & on. These two banks, BOA & JP Morgan Securities, are big banks, right? And Merrill Lynch is now owned by BOA because they were having problems last year, correct? Didn't they receive some of the 'TARP' money from the government? You know- TAXPAYER'S money! It seems to me that perhaps these banks made HUGE loans to Publicly Held Companies a few years back, and maybe these Publicly Held Companies are having difficulty paying back the LOAN, & loans, that they RECEIVED, correct? I know for a FACT that Sonic Automotive's stock was over $25 a share in 2006, & into 2007, and now it's around $1 or so. It was actually BELOW $1 a share last week! And they are the 3rd LARGEST Publicly Held Automotive group in the USA!!! They have about 150 Dealers in the country that sell cars & trucks & SUV's & mini-vans......... If these LARGE Publicly Held Companies CAN'T pay their LOANS back to the banks, banks like BOA & JP Morgan etc., then the banks won't be able to offer, or extend credit to HONEST people like you who are NOT A RISK, wouldn't you agree? Just think, if there are hundreds, or even THOUSANDS of loans that were made to Publicly Held Companies like Sonic Automotive (their symbol is SAH), and they can't pay some, or even ALL of it back, then these banks COULD collapse, right? It's just a hunch. Maybe all is well with these Publicly Held Companies, huh? Let's face it, just because the Dow Jones went from 14,164 on October 9th 2007 to where it is now was probably just a fluke, right? And just because BOA's stock, & Sonic' stock, & almost every other stock has declined by 50%, 60%, 70%, 80%, 90%, & even MORE, isn't anything we should worry about, right? The USA is a country based on TRUST, HONESTY, INTEGRITY, & the PURSUIT TO MAKE EVERYONE HAPPY, isn't it? We need not worry. Our POLITICIANS will fix everything, won't they?????? P.S. QUOTE: 'The prices (values) that you see posted for a share of stock for a publicly held company are all a lie. It's an illusion.' - Harvard Business Professor, to his class in late 2004. To read that quote, & others, simply 'Google' this- RIP OFF REPORT FUEL FREEDOM INTERNATIONAL MPG CAPS, and go to the 2001 Toyota Tacoma Report, and then to the 'Update' entitled- 'Blame it on a Lawyer'. Look at the date this Update was posted- August 21st 2007!!!!!!!! WELCOME TO AMERICA- IN FRAUD WE TRUST! Go Harvard!
Robert
Irvine,California,
U.S.A.
You have one big misconception..
#3Consumer Comment
Sat, March 14, 2009
This is NOT your money. "...This is just not fair or right. I have legal documents that I signed for my $150K credit line. I have never been late; I have no other bills, good credit, what is the reason?.." - Frankly the reason is that they want to limit their possible exposure. Banks and other financial institutions have taken the belief to "throw the baby out with the bath water". You are not being singled out. They are cutting everyone's limit whether they have been a good/bad/or indifferent customer. But as I first said, this is NOT your money. They are extending you a line of credit and can take that away at any time. If you read all the terms that came with your HELOC, you will probably find a few lines that states they have this right to re-evaluate your line at any time and for any reason. You speak of your other lines not being reduced yet..well just give them time. Do not be surprised if they do the same thing in the next few months with those accounts.
