Hate Bank of America? Join the crowd

The largest share of complaints lodged with the Consumer Financial Protection Bureau have targeted the giant bank.

By Aimee Picchi Mar 29, 2013 12:48PM

Bank of America Corp. signage is displayed outside of a branch in San Francisco, California David Paul Morris/Bloomberg via Getty ImagesBanks have never been considered warm and friendly, and Bank of America (BAC) has ranked among the worst, landing on lists such as the "most disliked companies in America."


But the newly released database of complaints from the Consumer Financial Protection Bureau is giving some numbers and perspective to just exactly how much people revile B of A. The bottom line? The hate is fairly staggering. 


The biggest share of complaints consumers lodged during the past 16 months were targeted toward B of A, according to an analysis of the data from The Wall Street Journal.


Nearly 23% of the 90,000 complaints were tied to B of A, while Wells Fargo (WFC) came in second place with 14% of total complaints, and JPMorgan Chase (JPM) placed third, with 11%, The Journal found. 


Many complaints leveled at B of A are tied to mortgages, with about one-third of overall mortgage gripes linked to the bank. It's the legacy of the bank's purchase of mortgage lender Countrywide Financial, called "the deal from hell" by the Boston Business Journal


"Our need to get these issues completely behind us is still high," B of A Chief Executive Brian Moynihan told Charlie Rose earlier this week. 


Moynihan also said the bank has booked more than $40 billion in expenses tied to the Countrywide purchase since he got the CEO post in 2010, according to a Bloomberg article about the interview. He's attempting to shrink the bank's size through asset sales. 


"While there have been times when you sit there and say, 'Jeez, this is a lot of pounding,' you always keep your eye on the purpose you're here. And that's to help people with their financial lives -- if you really keep focused on that, I could do this the rest of my life," Moynihan said. 


Meanwhile, B of A told The Journal it has resolved almost all complaints forwarded by the CFPB. "We have been intensely focused on improving the process for our mortgage servicing customers," a spokesman said. 


More on moneyNOW

220Comments
Mar 29, 2013 2:27PM
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Have to say I am not happy with B of A. I have been a customer for 10 years and applied for a 'SECURED' credit card to reestablish credit and bring up credit score. They declined me on a SECURED CREDIT CARD. There was no risk to them. I got one with Capital One and as credit score increased received others to include AMEX GOLD. Now Bof A is sending me all kinds of offers. They didnt stand by me as a customer when there was no risk to them. I am declining their offers now.
Mar 29, 2013 1:57PM
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Bank of America is a nest of snakes.
Mar 29, 2013 1:57PM
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I would say you could lump wells fargo right in there too, they are a bunch of thieves and money grubbers, screwing all the customers they can....
Mar 29, 2013 2:02PM
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Pretty simple solution would be to leave those banks if they're that bad. There are a lot of other institutes out there to keep your money in.
Mar 29, 2013 2:14PM
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I had a Countrywide mortgage and when BoA took them over I immediately refinanced with a small local bank. I had already heard of their underhanded business practices and wanted nothing to do with such a company.   Ha ha.  No interest for you, BoA.  I choose not to do business with companies that feel like they are doing me a favor in taking my money or worse yet, try to deliberately screw me.
Mar 29, 2013 2:43PM
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When I left B of A, I told them it was because they were the first to give "undocumented immigrants" accounts without the kinds of ID they require from us, they were the first to try to charge us to use ATMs to get to our own money, the way they treated customers and foreclosures, the money they contribute to "global warming" causes, they contributed heavily to Obama's second term campaign, they pay ridiculously low interest and they had started charging fees greater than interest that made my mattress more attractive.  Went to a credit union and couldn't be happier. 

Get out of the big banks.  It's only a matter of time until they pull a Cyprus on us.  Cyprus took 40% of people's bank accounts to pay off the banks' gambling losses on derivatives.  We should be trying and jailing the big bankers like Iceland did.  Theirs is one of the only economies improving.  Holder's failure to prosecute the bankers (he says they're "too big") is going to turn us into Greece / Cyprus. 

Too big to fail - or too big to prosecute - is too big to exist.  The banks must be broken up. 

Mar 29, 2013 2:18PM
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When I sold my house BOA was the bank the buyers were using.  It took five months to close because they kept losing paperwork and changing things in the loan.  They cost me $4000 because I kept having to make payments on the house.  I ended up making $17.00 from the sale.  They kept blaming my realtor and saying she wasn't submitting the paperwork, which was BS. She'd had problems with BOA as a lender before and after my house she said she would never work with anyone using them again.  
Mar 29, 2013 2:10PM
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Bank of America has had a negative influence on so many people.  I doubt that they will ever recover the position they held before their irresponsible, unethical actions caused them to be in their current situation.  I know so many people they did wrong myself included.
Mar 29, 2013 2:38PM
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I have used Bank of America for over 10 years, and their services have declined greatly up through 2008, then they just started robbing their customers. They took a huge bailout, didn't loan out a single dime, but instead paid out employee bonuses. The avereage bonus for loan officers was $11000, that is just a fraction of what the branch managers took home. 
They are considered to big to fail, but if the customers left them over a long period, there would not be another bailout going their way. So, for the past year, I have been moving all of my assets from Bank of America into a locally owned Bank with a great reputation.
Mar 29, 2013 2:20PM
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I have never use B of A but they continue to call me about an overdrawn account.  This isn't even in my name but all the other information is mine.  Even my lawyer has had no luck so far.  We are now get ready to go to court.
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Do you know anyone's "complaint" that has been satisfied?  You call them and get a machine that answers or forwarded to their new "concierge" that takes messages and then your account manager related to your mortgage never calls you back.  It took them 2 years to update my file with the proper code when I called in monthly asking for when my house would be foreclosed. Now its been another 14 months and I'm still awaiting an appraiser to come and tell us what it will cost us to re-lease our house or find out when we need to move.  I've spent 100's of hours on the phone and have had two phone calls in the last week alone to tell me that someone is going to call me within 48-72 hours to schedule an appointment.  Why not just schedule it?  I'm trying to do the "right" thing, but they just don't care.  My friends say just live rent free forever, but I'm not one to remain on the Obama plan and am trying to get my life back in order, no thanks to B of A.

 

It's amazing how those of us who try to make money honestly find it so difficult, and those like BofA who do their best to lose money keep making more.  What am I doing wrong?

 

Mar 29, 2013 2:32PM
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We tried to resolve a commercial foreclosure with Bank of America for our clients, and found them to be impossible to deal with.  It is almost as though they enjoy being hated and seem to wallow in pushing people around. 
Mar 29, 2013 2:51PM
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b of a.... the bank too crooked to fail.
Mar 29, 2013 2:29PM
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What makes this article funny......is that I picked this name 3 years ago and it is my name on several social media sites.

 

HEY POLLSTERS!!!!! TELL ME SOMETHING I DON'T ALREADY KNOW!!!!!

Mar 29, 2013 2:24PM
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Buyouts, mergers and restructuring.  Nobody ever gains when competition is reduced except the multimillion dollar executives.  That's the problem with almost every large corporation in America.
Mar 29, 2013 2:54PM
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B of A sucks!  A trip to Mexico was a classic example and learning experience regarding what  belligerent thieves they are  - charging ridiculous fees for using their credit cards  and cash machine withdrawals at Mexican Bank machines. If you get a great deal on a hotel it is not a great deal after B of A tacks on their fees. If you want to make a cash withdrawal for a Mexican Bank  they really nail you. It only took one trip before I stopped using this lousy bank while traveling. Banksters! The aggravating part of this is that you don't know how bad you got screwed by B of A until you are back in the states and receive your statement. Now I know. Greed and more greed! I have been moving money out of B of A because of their propensity and continuing determination to screw customers anyway they can!
Mar 29, 2013 2:58PM
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I left GIANT BANK years ago. There are plenty of other choices with quality smaller banks or credit unions that won't charge you a fee for questioning another fee.
Mar 29, 2013 2:21PM
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Join Credit Unions.  I can't believe people are still going to banks after every dirty deed that could be done has been done by them.  What is wrong with people?  Get up off you butts and pull yourself together and stop these freeze-dried morons from leading you around by the nose.  Get out of the churches that are entertainment capitals of your town and try going to a real church, try being your own person and do your own thinking for yourself.  And Please STOP making up words that make no sense at all except your poor attempt to be to cute by half. 
Mar 29, 2013 2:46PM
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BAC is extremely poorly run and the mortgage thing is a joke.  Tried to get a modification several times and they just string you along and don't tell you they need some of the paperwork for months and then they threaten you to stop the process if you don't have it to them in 48 hours (the paperwork they didn't tell you they needed).  For instance the paperwork was sent in with a courier the middle of December.  The contact agent from BAC told me I needed a statement from my HOA telling them it was paid in full before they could send it to underwriting not to mention a verbal of any bonuses or overtime we may get.  Like they couldn't have told me that in December?  What have they been doing all this time?  This is the fifth time they have done this to me.  Too whomever said on this message board "why don't you change Banks?'  Because I can't...they own my mortgage and am unable to refinance!
Mar 29, 2013 2:33PM
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Aplogies and not screwing people over goes a long way.
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