Bank of America DOES NOT accept U.S. DOLLARS as payment on mortgages

Originally posted by kawika
Its almost as if they don't want people to pay on time.

I noticed credit cards that would move the due date around and change the payment amounts unexpectedly.

I've personally had this problem with VISA and for the past year or so, I've had this problem with ATT as well.

With ATT it's even gotten to the point that my e-mail notification of the bill has a different due date and amount than the written bill.

This reminds me of a guy going into a fast food place and paying a $30 bill entirely in pennies or a guy buying a $1 drink with a $100 bill and getting mad because the cashier doesn't have enough change in his drawer to break it. It's legal, but it's a major inconvenience. From what I can tell, there was nothing stopping the guy from depositing the money into his bank account first, contacting the person who gave him the mortgage, and alerting him that he was going to pay it all off at once so they were prepared. Coming into a small branch and doing something like that is ridiculous.

We tried to refinance the balance of the mortgage on our house. 27k. Really the house should have stood for itself.

They denied our application, and stated that cash was not an asset and because of that, we didn't have sufficient assets to refinance. We had several thousand in the bank, just not enough to pay the darn thing off. We knew my husband was fixing to lose his job, so we were trying to get our payments much lower so we could make sure we could make it.

I'm gonna tell you guys - as close as we are to having this thing paid off, and as hard as we've worked, if we lose this thing over a few thousand dollars....I'm going to go tasmanian devil.

This guy is annoying and not very intelligent. Why only upload 50 second videos?

Local branches do not process mortgage payments...

I try not to have any more money in the bank than I can possibly help. I tell all my customers to pay in cash. The IRS does not need to know how much money I have. And banks never tried to help me with anything. So why leave money there for them to collect interest on?

Kudos to the guy who pays with cash cards. A great idea.

apparently its legal in Finland for a cashier be it a bank or store to reject your payment / deposit if you pay / deposit with more then 50 coins at a time,

just silly ,.

at one bank (Nordea) i came in with a grossey bag of coins ( my savings) and wanted it deposited, the cashier said it would take a week and they had to send the coins 700km away for counting before i would see it on my balance ,
at that point i asked her what her job as a cashier was and that i wanted it in my account by lunch , there was an uncomfortable silence and she stated counting the coins while cussing , had the balance by lunch and i quit my account at that bank ,

how on earth did people survive before the 80´s ....

First issue with this video is that this couple is in foreclosure. Look at the final video where they admit that they are in foreclosure.

Secondly, the gentleman in the video brought a video camera into the bank building - a huge red flag for bank personnel - and he raised his voice using objectionable language. He raised such a ruckus and was making such threatening comments that the bank personnel had to call the police for fear of their safety.

The real story here? If you listen closely to the police officer, he clearly explains that the couple -- likely due to the foreclosure proceedings -- is required to mail a check into the bank's foreclosure department.

Once a foreclosure starts, many times banks won't permit any payments whatsoever because it can re-start the entire foreclosure process over again. Hence, you have crooked borrowers that try to stop-start-stop-start the foreclosure process over and over again by playing games with their payments.

I can assure you that people make cash deposits on a daily basis into their checking accounts at their local bank branch, and then have their mortgage payment electronically deducted from their checking account. This happens every day.

This is nothing short of a publicity stunt and it goes to show you the audacity and arrogance of these borrowers. You have to ask yourself --- If they are so dissatisfied with Bank of America, why don't they refinance their mortgage at another bank? Why not? Because they are deadbeats with bad credit, slow pay history, and no other bank would take their mortgage. That's why. Cry me a river.

As far as I know if you offer legal tender for a debt and it is refused, then you no longer owe the debt. That is why people will haul wheel-barrows of pennies to the bank when they're mad at them, to make them count the pennies. If you offer the money in legal tender, and it is refused, then you are no longer liable for the debt. Learned that in Business Law 101 back in High School.

Of course I guess laws could have changed since then..

reply to post by stirling


My brother works in a bank and I think he said that if a bank refuses cash for a payment that a judge can rule the loan as paid in full.

People surprise me with their lack of knowledge in the Law. This were me I would own that home with that video and a Federal Judge! They broke the contract, and Federal Reserve Notes are acceptable as money for payment of all debts public and private and to not accept a payment is to hand over ownership.

I can't believe these people don't take them to Court and never make another payment ever.

Originally posted by snowspirit

Originally posted by isyeye
One thing I curious about......most banks require you to have a checking account with the bank before they will issue a loan. While I don't agree with the bank not accepting cash, why did they not write a check? Something is off here.

Or just put the money directly into his bank account for them to take out his mortgage payment.
A bank has to accept cash to go into an account if you show up at the teller, and want to put money into your account.

How can a person have a mortgage, and not have a chequing or savings account with the same bank?

Very easily.

The original holder of the mortgage sells it to BoA. That's what happened to us(my family) none of us have BoA, and the original lender no longer exists.

This is called consolidation.

Originally posted by kawika
Its almost as if they don't want people to pay on time.

I noticed credit cards that would move the due date around and change the payment amounts unexpectedly.

I think they all do it.

We just changed cell phone companies, and I knew they would give us one price and then the bill would be higher, always is, sure enough, that is how it went down.

Can not trust big companies anymore.

edit on 4-2-2012 by kawika because: corectolated spel'n err

They have insurances on your loan, if they can f*** you into miss payment through policy abuse they can keep your house for damages and resell it and turn around than get reimbursed part if not all the money they lend you...

Even if they would only get back 25% by reselling the house + insurance its pure profit...

reply to post by loam


Ive seen this set up at BOAs in texas. Always wondered why would they be so in your face with a camera. Intimidation?

reply to post by JibbyJedi


The american people have become the only cow left on the only dairy left on planet earth. With seven billion people wanting milk. We';re like a dog covered in bloodsucking fleas. We are a house where the rats get mail.
America is a great nation. But it's so obviously over. How are a people who are taxed into non existence free ?
We're only slaves that are stupid enough to believe we are free. Sickening.

Originally posted by kawika
Its almost as if they don't want people to pay on time.

***********************************************************************************

They don't ...

There was a time when the Banks really didn't want the house back because they weren't in the real estate sales business and didn't want to have to sell the house and also deal with vacant properties while it was on the market. But, then, enter Wall Street. Everything changed.

Way back when, they took the house back reluctantly. Now, that's no longer the case.

Banks make huge profits by taking the house back, even if the house sits vacant and they pay the property taxes and minimal maintenance for as long as one year... they still make out like bandits. The government reimburses the Bank for the foreclosed property (market value) and then the Bank sells the house and also keeps whatever money they received from the homeowner over the years.

So, up until maybe 6 or 7 or so years ago, especially in the past few years, if they take back the house, the government compensates them with the "stimulus" money (by giving the Bank FMV -- Fair Market Value for the house that they're now going to sell) that was supposedly intended for struggling homeowners who were underwater in their mortgages but who never saw a dime of this money.

The greedy Banks get market value from the government for the house that they foreclosed on AND they turn around and sell the house for whatever they can get AND of course, keep the owner's original down payment AND all of the payments the owners made towards the principle ... not too mention the interest they made while the owners were making their monthly payments, known as double-dipping, or is it triple-dipping?

Not a bad deal ... for the Banks.

It's no wonder they were giving mortgages out so freely and relaxing their standards.

edit on 5-2-2012 by Jana12 because: typo

Originally posted by Liquesence
A bank not accepting CASH?

Unfortunately, they are well within their rights to not accept cash, even though one would think they had to accept the "legal tender." Although cash is accepted legal tender, that doesn't mean it must be accepted just that it can be used.

One might argue that cash payments are inconvenient, but when there is usually a point at which one must use cash (whether at the post office for a money order, where they must count it).

What they perhaps should have done is take the cash to the bank to get a bank note (to see if they take cash for THAT, then in turn pay the mortgage, or put it into your account, OR

An interesting exercise (although possibly not too smart), is to simply not pay the mortgage. One could always claim "they wouldn't accept my payment," but BoA has a lot of (more) money for lawyers than the average, struggling home-buyer.

I wonder how the courts would rule on that.

Sounds like there is something else to this story though, if the couple--doing business with BoA, can no longer even ENTER the bank (to pay their mortgage????).

Something fishy with this whole thing, and it sounds like someone is trying to cause a ruckus.

edit on 4-2-2012 by Liquesence because: (no reason given)

Depends what the terms of the mortgage are, frankly. Most contracts stipulate a specific way for means of payment or how payment is to be delivered. If not, and this went to court, I think it would be a bit of a bizarre argument to uphold that tendering payment in cash did not count as 'payment'.

Originally posted by theindependentjournal
People surprise me with their lack of knowledge in the Law. This were me I would own that home with that video and a Federal Judge! They broke the contract, and Federal Reserve Notes are acceptable as money for payment of all debts public and private and to not accept a payment is to hand over ownership.

I can't believe these people don't take them to Court and never make another payment ever.

erm. that's not legally correct. Bank has a security interest over the house ... yadda yadda yadda, the issue would be litigated over and would eventually end up in court. Which also would probably not be Federal court...

At first, I ask myself, why is there another camera on a tripod in the background?

Are "they" trying to instigate something?

Am I just thinking too much?

Is this real? What's going on?!?!

I can understand why the banks don't care, because they get bailed out.

It's rigged.

Very strange. In Italy you can't ever refuse a payment made with cash money. It is written in the Civil Law (google translator if you want to)
www.diritto24.ilsole24ore.com...