Don’t Trust The Bank of America

At the core of the financial meltdown that started the Great Recession in August of 2008 was a complete breakdown of trust. No one trusted the financial institutions to meet their obligations. Now after coming to the American taxpayer begging for a bail out they are not rebuilding faith by working to aid struggling borrowers but by trying to renege on their obligations in order to save themselves.
Last week I received a very placid looking letter that completely destroyed my trust in the banking system. I had never heard of a bank ever changing a Fixed Rate Loan to a Adjustable Rate yet that is exactly what the Bank of America is doing to their good customers all across this country. There is no other reason given than that they have the right under the terms of their agreement to change the terms at any time for any reason. The real reason is, of course, that President O’bama’s consumer protection laws are coming into effect in January and the banks are scrambling to do every despicable act that they can before that date. Their plan in my case is to use the upcoming increase in the Prime Rate to increase the rate of my loan. Is this really the kind of tomfoolery we need at this time from our captains of industry? I think not.
Let me ask you a straight forward question. Once a bank has agreed to a deal and then decides to renege on it, only because they want a better deal, would you trust that bank with any of your financial dealings? I wonder how they would treat me if I were to go to them and say, “I’m going to change the terms of our agreement and the only reason I have is I want a better deal. What do you say to that?”
My recommendation to anyone who is considering a Fixed Loan product from the Bank of America — don’t. They are not trustworthy. If you already have a Fixed Loan, wait until the new year when the new legislation comes into effect and look for another company to refinance your loan. Preferably a smaller local bank with a lot less power.
It’s time we stopped supporting these burglars.

One thought on “Don’t Trust The Bank of America

  1. The two-party system seems to be revstreneatipe of two basic laws: the law of the harvest and the law of compassion. They are separate and seem to contradict one another, but they are both necessary and must function together. The adversary would have us choose one side and vilify the other. In the church we understand that justice and mercy both apply in our lives, and that the reconciliation of the two is hard work and made possible only by the atonement. In politics we make an error by deferring the hard work of solving problems to national leaders, when we really should be doing as much work locally as possible. That’s the model that Moses gave us the bottom-up approach. But today the direction of conversation is switched, and the politicians have the burden of advertising to the citizens because the citizens have abdicated their responsibility to think for themselves. That’s why politicians always sell out. Bob Bennett seems to have some awareness of the problem but I doubt he can do anything to solve it. A couple years ago when I was exploring libertarianism, I had the opportunity to interview Rand Paul a few times during his Senate campaign. I was very disappointed to learn firsthand that the Pauls, who have a reputation for speaking their minds openly and honestly, are still playing the political game like everyone else. Their belief is that you have to do what it takes to get into power and then try to change Washington from the inside. I’m afraid that Obama was right you can’t change Washington from the inside.

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