Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #10094077
Complaint Overview
Complaint ID: 10094077
Company: Bank Of America, National Association
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-Issue: Confusing or misleading advertising or marketing
State: New York
ZIP Code: XXXXX
Date Received: 2024-09-11T12:00:00-05:00
Date Sent to Company: 2024-09-11T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
In XX/XX/year>, at the behest of Bank of America we applied for a HELOC in the am't of {$35000.00} with an initial loan rate of XXXX percent for XXXX months rising to XXXX percent after that. The B of A over a recorded line promised us if we were turned down we would within XXXX hours receive a phone call from a senior XXXX ( their words ) who would help us get the favorable loan rate we were seeking. My husband has a forty year relationship with B of A and has never declared bankruptcy or had any other problems paying his loan obligations. B of A sent us a form rejection notice declining to provide the HELOC because we were ineligible for it. They never called us to arrange a loan at the promised am't and in fact the best they were prepared to offer us was a loan at about 30 % p.a. We went to considerable trouble obtaining all the financial information they requested, putting aside other pressing business over a two-week period. The only result that we got was a mysterious offer out of the blue from a company we never heard of for {$34000.00} but it required us to go through the same arduous process to get a loan and that would be at an unknown rate. Had the B of A not under false pretenses, and at their initiative ( we only applied after they sent the materials for the XXXX loan unsolicited ) importuned us to apply for this loanwe would have gotten a very good offer from a competitor by applying for a new credit card with that firm. B of A engaged in this abusive behavior we maintain because it is an outgrowth of the " annihilation by work '' culture at the bank documented in excruciating detail by the XXXX XXXX XXXX in their edition of XX/XX/year> in a signed article by XXXX XXXX. This article is online and shows that the annihilation by work ethic is deeply ingrained despite written policies forbidding it and has resulted in at least XXXX death of a highly compensated young investment banker and multiple cases of life threatening cases of exhaustion and nervous disorders. XXXX spoke to over XXXX dozen people either currently employed by the Company or formerly with it showing that the " annihilation by work '' culture is of long standing, probably affects other large banks and financial institutions, and is not confined to the XXXX.
Frequently Asked Questions
What is Complaint #10094077 about?
Complaint #10094077 was filed against Bank Of America, National Association regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2024-09-11T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.