Would you want to put your money in a bank that just can’t keep records right, or even keep them at all? I wouldn’t. And I don’t. At least I never did put any money in this utterly shameful entity that claims to be a bank.
I’ve been reading horror stories time after time over the past few years about Bank of America and other big corporate banks that simply cannot function properly. A new one came up today, thanks to The Consumerist web site linking to the Banking Bad site.
Not only have they lost the submitted documents three times in a row, they are actually demanding the applicant of the loan modification to prove he’s dead and prove that his death benefits were distributed to his children. He never had children. And he’s still alive.
Hanlon’s razor says “Never attribute to malice that which is adequately explained by stupidity.” Sure, I have no doubt there is stupidity at BoA, and lots of it. And incompetence. But there is also something more sinister going on, so I believe malice may well be the most appropriate attribution.
This is a bank that needs to go out of business, and the sooner the better. If you have money in BoA, please take it out (or sell, if it’s an equity position), if not for the benefit of the country, at least for yourself. If you don’t have money there, be sure to stay well away from them.