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Yes! I've challenged some BofA charges and actually got a few reimbursed over the years. But mostly it's just pay, pay, pay....
I refuse to deal with the large banks, which is why the big boys continue to buy up the small regionals. The general public must feel the same way.
They have done this for years...Only one that I have heard of
The list of their victims is a long one...
Do a blog search with their name and read some good stories.
Well they have to pay for the fines they incurred for the countrywide loans they absorbed when they took over countrywide somehow! It's public knowledge they didn't take over countrywide of their own free will.
I have never seen a charge for a payoff figure. The customer should certainly complain and share that information with the local newspaper.
Annette Lawrence , Palm Harbor, FL 727-420-4041 I have never heard of this before, but it doesn't surprise me.
OMG, I would be a rich broker if I charged for every inquiry!
I don't have any BofA clients but bank fees are a great way for banks everywhere to earn additional revenue.
I have arrived at the point for buyers, if they are approved with B of A I STRONGLY encourage them to get approved elsewhere. I list my experience with B of A. I an nearly at the point of telling clients I am sorry, but I will not work with B of A and can recommend another buyers agent.
There are many lenders that charge for the written payoff and yes it is just another way to gouge the consumer. They also charge expedited fees for doing it quickly.
At least they are universal in their application of fees. They even put the squeeze on one of their employees when purchasing a home. He was a VP of their securities division.
I've had it come up several times, there is a fee for everything now days.
The gift that keeps on taking - Love it!!
As a former Stock holder , i now detest BOA !!!
Many lenders charge a fee to fax a payoff statement to the closing agent. Some even charge a fee to accept a wire for the payoff funds. It is more common than you realize, but since the fee gets added in to the payoff amount, it is rarely noticed or questioned.
PAY $37 OR GETTING RIPPED OFF WITH ANOTHER....
ONE WAY OR OTHER THEY WILL TAKE YOUR MONEY.
SOON IT WILL COST YOU TO EVEN TALK TO ONE OF THEM. THEY WILL TAKE PAYAPL TOO.
The banks and government a fee here and a fee there and as they say both have bottomless pockets.
No I have not heard of this here.
I have not experienced this one; however nothing BOA does surprises me.
Annette, another great testament of the BOA Constrictor at work squeezing the life out of the average citizenry.
Annette - For some reason this does not surprise me at all. I wouldn't be surprised if all lenders did this, but they just include it in the payoff amount and don't even mention it to the borrower. It seems as though there are fees for everything, and the more banks and lenders are punished, the more fees there will be.
I don't think that is unique to B of A, I know of condo associations that do the same thing.
Never happenred to me, but have heard some horror stroies about these type of charges!