Bailing Out Bank of America?

A number of past Bank of America users are stating that the Bank was less than honest with their customers and have began using the Internet to voice their mistreatment.

A former BoA Bank Manager Ben Frasier claims he borrowed $30K from Bank of America in 2008 with a guaranteed 5.1% interest rate to restore a foreclosed home. When Frasier received his first statement, it declared an astronomical 32% interest rate (BoA attached an insurance Frasier says he had not asked for). His payments were over $1100 per month. Fraiser's full story can be found on Youtube

After the video received thousands of views BoA offered Fraiser a new payment of $260.00 for the next 60 months, of which he happily accepted. The company made no offcial statement about Fraiser's incident but a spokesperson did say "Our associates talk to millions of customers every day and we work very hard to help them. It is more likely that we can work with them when they call us directly to resolve their issues."

This story is further evidence that the Internet is a powerful tool for consumers.

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Posted by GetHuman on Mon, 12 Oct 2009 5:37pm