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Category: Misc
Date: 02/06/12 11:30 AM

69 Responses to Bank Of America DOES NOT Accept Cash For Mortgage

  1. Profile photo of kitteh9lives
    kitteh9lives Female 70 & Over
    8044 posts
    February 6, 2012 at 10:55 am
    Link: Bank Of America DOES NOT Accept Cash For Mortgage - Not sure if he handled this in the correct manner but you would think a bank would take cash. How do you turn down cash?
  2. Profile photo of tedgp
    tedgp Male 30-39
    3287 posts
    February 6, 2012 at 11:39 am
    Why is this on here? Or did a mod find it and auto submit it? Seems to be happening a lot on here.
  3. Profile photo of cndman15
    cndman15 Male 18-29
    328 posts
    February 6, 2012 at 11:44 am
    what a douche.
  4. Profile photo of Burton_Ian
    Burton_Ian Male 18-29
    815 posts
    February 6, 2012 at 11:49 am
    I think what`s going on is the guy`s house is in the foreclosure process, so the regular bank doesn`t handle that account because the account has been sent to a specialist in another department. So I think they were saying that they aren`t able to take the payment there, and that he has to either send it to the account specialist or that department and have them verify it and accept the payment there?

    There seemed to be a lot going on and it`s kind of hard to follow
  5. Profile photo of Angilion
    Angilion Male 40-49
    12387 posts
    February 6, 2012 at 11:50 am
    How do you turn down cash? You refuse to accept it. Odd question.

    Cash is just a voucher, a token. It has no real value. It`s just a formalised system of bartering with IOUs. People or businesses can take it or turn it down, just as they can with anything else.

    As it turns out, it appears that this video isn`t what it`s made out to be. Apparently, he was offering a partial payment on a mortgage the bank had already foreclosed on because he`s a year behind on the payments, so the payment couldn`t be taken in the branch anyway, regardless of what format he was using for his money.

    More details on Reddit

    The police explain it to him, politely. He even uploaded a video of them doing so.

  • Profile photo of patchouly
    patchouly Male 40-49
    4746 posts
    February 6, 2012 at 11:51 am
    What a freaking moron. This is the kind of guy that is looking for a fight and won`t be happy until he finds one. I wish the cops would have yelled "quit resisting" and beat his ass.
  • Profile photo of Angilion
    Angilion Male 40-49
    12387 posts
    February 6, 2012 at 11:54 am
    Is IAB ever going to bother fixing any of the well bugs in their obsolete software, bugs that have been known about for years?

    Including links to 2 videos breaks the post, breaks the previous post, messes up the display of the page and removes the link to the second video - isn`t that enough of a bug to get something done about it? Does IAB think that bugs are literally bugs and will die if you ignore them for years?

    Here`s the link that was eaten by the bug:

    Police politely explain
  • Profile photo of Grendel
    Grendel Male 40-49
    6174 posts
    February 6, 2012 at 11:55 am
    Wow, four videos of a dcikwad saying `They won`t do this` and `They won`t do that`, but very little of the bank`s reason for refusing it. (now, WHY would he omit that, hmmmm?)

    Sounds like he was late on his payments and his account was in collections. Different set of rules and different people to pay.

    Would you get mad a McDonalds for not taking your money for the Whopper you purchased down the street?
  • Profile photo of thatjimguy
    thatjimguy Male 30-39
    459 posts
    February 6, 2012 at 11:57 am
    Uhhh....I call douchebaggerry.

    Yeah, walking into a bank with a camera is called "scoping the joint"
  • Profile photo of HalfPintRoo
    HalfPintRoo Female 18-29
    2765 posts
    February 6, 2012 at 12:08 pm
    That isn`t what`s going on here, otherwise I`d be upset, as I only ever use cash. Haven`t used a debit card or check in over 2 years, only prepaid cards once in a great while for Internet purchases
  • Profile photo of Fatninja01
    Fatninja01 Male 30-39
    25420 posts
    February 6, 2012 at 12:18 pm
    Reddit articule explains it a bit more..
  • Profile photo of Wowummwow
    Wowummwow Male 18-29
    265 posts
    February 6, 2012 at 12:26 pm
    Tried to buy a car with cash (and a cashier`s check) from a dealership a few years ago. They flat out said "I`m sorry, we don`t do business that way." So they lost a sale.

    The bottom line in that case, they weren`t going to sell me the car unless if I setup financing with them.
  • Profile photo of emmettyville
    emmettyville Female 40-49
    4348 posts
    February 6, 2012 at 12:26 pm
    bloody banks, have us by the short and curleys!
  • Profile photo of chance13
    chance13 Male 40-49
    219 posts
    February 6, 2012 at 12:33 pm
    @Angilion : Actually, in the US, the dollar does have value. That little phrase written on it that says `Legal tender for all debts public and private` means that it serves as note equal to the value printed on it by the federal reserve. It is illegal in the US to refuse to accept it for a debt. You can say "We`d rather you use another form of payment", but, in the end, you can`t refuse to accept cash in payment for a debt.
  • Profile photo of a1butcher
    a1butcher Male 40-49
    4809 posts
    February 6, 2012 at 12:34 pm
    That`s the first cop I have ever seen with a goatee (or whatever it`s called).

    I could never take a cop seriously if he had one of those.
  • Profile photo of zombunny
    zombunny Female 18-29
    2525 posts
    February 6, 2012 at 12:35 pm
    The guy was an obnoxious ass, but I think it`s weird that the bank wouldn`t accept all forms of legal U.S. tender for a payment.
  • Profile photo of TKD_Master
    TKD_Master Male 18-29
    4794 posts
    February 6, 2012 at 12:45 pm
    It is actually illegal for an establishment to not accept the legal form of currency. He could sue them. He could also pay in all pennies and they can`t stop him.
  • Profile photo of Grendel
    Grendel Male 40-49
    6174 posts
    February 6, 2012 at 12:56 pm
    a1butcher-"(or whatever it`s called)."

    Actually, that is a Van Dyke. But most people (mistakenly) call it a Goatee.

    zombunny-"I think it`s weird that the bank wouldn`t accept all forms of legal U.S. tender for a payment."

    Sounds more like they were unable to accept the payment, any payment, not just the U.S. tender.

    His house had been foreclosed on. I don`t know of ANY bank that will accept ANY type of payment for a forceclosed home at a bank branch. He has to make payment to the `Property Claims Department`.

    Do you get upset when the DMV doesn`t accept your check to pay for State Income Tax?
  • Profile photo of megavidiot
    megavidiot Male 30-39
    901 posts
    February 6, 2012 at 1:01 pm
    "He could also pay in all pennies and they can`t stop him."

    But they can call him a d-bag for doing it.
  • Profile photo of Grendel
    Grendel Male 40-49
    6174 posts
    February 6, 2012 at 1:02 pm
    TKD_Master-"It is actually illegal for an establishment to not accept the legal form of currency."

    But it is not illegal for them to refuse to accept a payment for a different entity, such as the Collection Agency.

    Would you also be upset if Bank of America refused to accpet your cash payment for your electric bill?
  • Profile photo of Rick_S
    Rick_S Male 40-49
    3282 posts
    February 6, 2012 at 1:04 pm
    "That little phrase written on it that says `Legal tender for all debts public and private` means that it serves as note equal to the value printed on it by the federal reserve. It is illegal in the US to refuse to accept it for a debt."

    If the services haven`t been provided, they can refuse. If, for example, all you have is a $100 bill, McDonalds can say they don`t take it, and not give you food. If, however, you`re at a sit down restaurant, and you`ve already eaten, the debt exists, and they must accept your legal tender. The bank should have known this. There obviously were issues outside of this. If, for example, he was behind on his mortgage, and it was in foreclosure, they could refuse the payment in any form. But if his mortgage was in good standing, they would have to take it.

    Given that it`s a bank, and they could easily have made change, I can`t see why they wouldn`t take it. There must be a reason why they wouldn`t take it.
  • Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36695 posts
    February 6, 2012 at 1:29 pm

    They weren`t really refusing payment. Just refusing to do business with a camera recording them.
  • Profile photo of Cajun247
    Cajun247 Male 18-29
    10732 posts
    February 6, 2012 at 1:33 pm
    such as the Collection Agency

    Uh what? The collection agency isn`t the bank (they foreclosed on the house after all)?
  • Profile photo of whodat6484
    whodat6484 Male 30-39
    3908 posts
    February 6, 2012 at 1:44 pm
    Yeah, I`m thinking there has to be more to this story.
  • Profile photo of insane_ai
    insane_ai Male 30-39
    799 posts
    February 6, 2012 at 1:55 pm
    Once they forclose, they legally can refuse anything but payment in full. If they refused a cash payment in full, they would forfeit their right to collect and nullify the foreclosure.
  • Profile photo of Grendel
    Grendel Male 40-49
    6174 posts
    February 6, 2012 at 2:14 pm
    Cajun247-"collection agency isn`t the bank (they foreclosed on the house after all)?"

    He wasn`t at `The Bank`. He was at `A Branch` of The Bank.

    Not every Branch (in some cases, not ANY Branch) includes anyone involved with the Collection Agency. In some cases, the Collection Agency is a third party.

    `The Bank` is located at 100 North Tryon Street, Charlotte, North Carolina. (but, the Collection Agency may not be). This guy went to one of ~5,800 Branches.

    He was instructed, by mail and probably repeatedly, how to pay. He was just being a dcik. He`s just trying to make himself out as a `victim`.
  • Profile photo of skypirate
    skypirate Male 18-29
    2415 posts
    February 6, 2012 at 3:07 pm
    cant they just take it out of his account?
  • Profile photo of Angilion
    Angilion Male 40-49
    12387 posts
    February 6, 2012 at 3:26 pm
    Actually, in the US, the dollar does have value. That little phrase written on it that says `Legal tender for all debts public and private` means that it serves as note equal to the value printed on it by the federal reserve. It is illegal in the US to refuse to accept it for a debt.

    Ah, yes, you`re right. USA law is the same as UK law regarding legal tender - it`s completely irrelevant to purchases (so businesses can refuse legal tender in payment) but it is binding for payment of a debt. I`d completely overlooked the fact that he was offering to pay a debt, not offering to purchase goods or services.

    I wonder if he has a legal case for getting his debt dismissed on the basis that the creditor refused a legally binding offer to repay it.
  • Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    February 6, 2012 at 3:33 pm
    I know too many people that have had banks play games like this on them. For instance, not taking cash on the last day of the payment cycle and insisting on being paid by check (which they will `hold` for 3-5 days until it clears) and thus reaping a late payment charge.

    They`ve also, intentionally, debited the check with the largest sums first so they can collect multiple overdraft fees on the smaller checks, even if the discrepancy was only a few cents. They`ve bounced checks on people, claiming a `hold` on a previous deposit.

    Banks increase profits through fees nowadays and they`ve perfected all the techniques necessary to get them, repeatedly. Consumers Digest has more details on these abuses.
  • Profile photo of Angilion
    Angilion Male 40-49
    12387 posts
    February 6, 2012 at 3:35 pm
    He could also pay in all pennies and they can`t stop him.

    Aren`t there limits on legal tender in the USA? They were put in here (UK) after numerous people went out of their way to be as annoying as possible when paying debts (especially taxes) they disagreed with. It takes a fair bit of effort to get and move half a tonne of coinage, but some people considered it worthwhile as an "up yours". Although personally I think the cheques written on live farm animals were better "up yours" (until quite recently, cheques were made legal tender by the wording on them, not what they were written on, so a correctly worded cheque on a live horse was legal tender).
  • Profile photo of Angilion
    Angilion Male 40-49
    12387 posts
    February 6, 2012 at 3:38 pm
    cant they just take it out of his account?

    In the video of the police explaining the situation to him, he said that if he paid it into his account he`d never see it again. Maybe it would be automatically taken for other debts.

    If he has someone he trusts, he could give them the cash and have them pay his mortgage debt.
  • Profile photo of Cajun247
    Cajun247 Male 18-29
    10732 posts
    February 6, 2012 at 3:41 pm
    @MeGendrel

    Well then, if they refuse to convert that cash into a check (money order, or something that`s more "mailable) then it does put the bank in a rather bad light.
  • Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    February 6, 2012 at 3:41 pm
    Angilion: It says right on our money, "This note is legal tender for all debts public and private". Neither businesses, banks, or private citizens can refuse cash for payment, so long as it`s payment in full, otherwise they are in breach of contract.
  • Profile photo of Ruffiana
    Ruffiana Male 30-39
    506 posts
    February 6, 2012 at 3:47 pm
    @CrakrJak, Which is exactly why we need less regulation so they can create more jobs or something.
  • Profile photo of Batmanners
    Batmanners Male 18-29
    4006 posts
    February 6, 2012 at 3:50 pm
    Ugh, this guy is such a douche.

    Don`t be a dick to the cop obviously not there to abuse his authority (for once)
  • Profile photo of WeePee
    WeePee Male 18-29
    612 posts
    February 6, 2012 at 3:54 pm
    i personally like all the lapses in time that he chooses either not to show, or not to video tape.
  • Profile photo of Cajun247
    Cajun247 Male 18-29
    10732 posts
    February 6, 2012 at 3:57 pm
    @CrakrJak

    Yes, but as MeGrendel points out this person was instructed to send money to location X not to go to bank Y to have mortgage paid off. That being said bank Y can be compelled to convert his money into a money order or check which can then be sent to location X.
  • Profile photo of Rawrg
    Rawrg Male 18-29
    934 posts
    February 6, 2012 at 5:21 pm
    1. I`d bet $100 that he didn`t pay any taxes on that money, yet still enjoys all of the services that taxes provide such as roads, schools, police, fire dept, etc.

    2. It`s called getting a bank account and depositing your money. If you`ve screwed up your credit history to the point that you can`t even get an account, well that`s your own damn fault.

    3. This guy`s being a douche.
  • Profile photo of Draculya
    Draculya Male 40-49
    14628 posts
    February 6, 2012 at 5:22 pm
    Legal tender.
  • Profile photo of Bullish
    Bullish Male 30-39
    108 posts
    February 6, 2012 at 5:46 pm
    Banks are held accountable for their anti-money laundering policies. Taking cash for a mortgage is a potential laundering outlet. It is gov`t mandated and those bank employees cannot do a thing about it.
  • Profile photo of hi2pi
    hi2pi Male 30-39
    736 posts
    February 6, 2012 at 6:33 pm
    because paying with cash is a god-given right. like owning a gun. what a hero.
  • Profile photo of elkingo
    elkingo Male 30-39
    5449 posts
    February 6, 2012 at 6:44 pm
    This guy is trying to lead us to believe they wouldn`t accept his cash... I think the reality is they wouldn`t accept his shenanigans. He intentionally left out the first 5 min or so of every interaction with everyone. I think he went in there being a douche causing a scene, and they asked him to leave. Has nothing to do with his "cash".
  • Profile photo of Grendel
    Grendel Male 40-49
    6174 posts
    February 6, 2012 at 6:57 pm
    Cajun247-" they refuse to convert that cash into a check (money order, or something that`s more "mailable) then it does put the bank in a rather bad light"

    No, because they were not refusing his money, no matter the form. They were refusing his payment, as the account is in collections, and the branch does not accept collection payments.

    Now, this guy has a facebook site: Rob & Ana vs Bank of America

    He also got in touble with the cops threatening to bulldoze his house before the foreclosure.

    Still think he is after anything other than attention?
  • Profile photo of mrslayer
    mrslayer Male 50-59
    7 posts
    February 6, 2012 at 7:03 pm
    to have a mortgage he must be a customer and should not be threatened with trespass. He could also be a douchebag with the my legal counsel talk like he was prepared for this action.
  • Profile photo of BlankTom
    BlankTom Male 30-39
    1674 posts
    February 6, 2012 at 7:28 pm
    basically they guy couldn`t pay his mortgage and rather than trying to work with the bank, he decided to vilify them in order to remove all responsibility from himself.
  • Profile photo of jamie76
    jamie76 Male 30-39
    2345 posts
    February 6, 2012 at 7:51 pm
    I HATE BoA but i got a feeling this guy was simply not understanding a simple thing here, most bank branches do not accept mortgage payments.

    they have separate offices for that. he could easily get a bank check for the amount and any claim dept would accept that..and legally HAS to accept it as it is endorsed funds.
  • Profile photo of jamie76
    jamie76 Male 30-39
    2345 posts
    February 6, 2012 at 7:53 pm
    CrakrJak

    never thought i would agree with your dumbass on anything but behold, there is something we do see eye to eye on.
  • Profile photo of Ripper398
    Ripper398 Male 18-29
    1310 posts
    February 6, 2012 at 8:19 pm
    Lt. Dangle is having a tough day, isn`t he...
  • Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    February 6, 2012 at 9:08 pm
    Cajun: I wasn`t defending this guy at all. I was making a point about cash payments.

    Personally, I make all important payments by check so there is an undeniable paper trail.
  • Profile photo of I-IS-BORED
    I-IS-BORED Male 18-29
    2419 posts
    February 6, 2012 at 9:33 pm
    why did the 4th video say his payment was over $10,000 but the first says it`s not even $1,500?...
  • Profile photo of Edgarska19
    Edgarska19 Male 18-29
    1045 posts
    February 6, 2012 at 10:41 pm
    @CrakrJak
    How funny, I always pay cash so it can`t be traced back to me.
    We must make different kinds of payments then.
  • Profile photo of nettech98
    nettech98 Male 50-59
    1043 posts
    February 6, 2012 at 11:15 pm
    @Crakr: "Neither businesses, banks, or private citizens can refuse cash for payment, so long as it`s payment in full, otherwise they are in breach of contract."

    Angillon is correct. It only applies to DEBTS. A purchase is not a debt and your payment can be refused. And I don`t know where you got the "payment in full" part. You can certainly make a partial payment of a debt in cash.

    It`s the same concept whereby businesses can refuse $50 or $100 bills.
  • Profile photo of YANKmyDOODLE
    YANKmyDOODLE Male 30-39
    771 posts
    February 6, 2012 at 11:20 pm
    @I-IS-BORED, he prob owes 15k total but the payment was only 1500
  • Profile photo of Dead-Kittens
    Dead-Kittens Male 30-39
    1115 posts
    February 6, 2012 at 11:29 pm
    I wouldnt take that crap either lol. Vouchers for further economic debt bought at interest from the Bank of America themselves. Andrew Jackson shoulda just punched them in the nose.
  • Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    February 6, 2012 at 11:56 pm
    nettech: I`m not talking about walking into a convenience store and buying a pack of gum with a $50 bill. If you buy $40 worth of gas and pay with a $50, they have to take it.

    Partial payments, of a monthly bill, do not have to be accepted by a lien holder, it`s at their discretion. It`s a myth that as long as you send in a little bit of money each month that they have to take it.
  • Profile photo of teknollag
    teknollag Male 18-29
    164 posts
    February 7, 2012 at 12:59 am
    A guy needs to know when to say, "sure, this is B.S., but is it really worth the effort to throw a tantrum instead of cooperating?". I`m sure it was a much larger inconvenience to do what he did than to just find an alternate method of payment. Unless, of course, he had something to hide..
  • Profile photo of avail9988
    avail9988 Male 18-29
    700 posts
    February 7, 2012 at 1:33 am
    give that man the internet
  • Profile photo of SoCal
    SoCal Male 18-29
    650 posts
    February 7, 2012 at 5:18 am
    Thats what he gets for dealing with B of A... his fault.
  • Profile photo of andybme
    andybme Male 50-59
    296 posts
    February 7, 2012 at 6:08 am
    Looks like he`s finding out the hard way that BofA SUCKS. Coulda asked lots of people and found that one out.
  • Profile photo of Angilion
    Angilion Male 40-49
    12387 posts
    February 7, 2012 at 3:50 pm
    If you buy $40 worth of gas and pay with a $50, they have to take it.

    Only if they have already entered into a contract with you and have already provided you with the gas.

    If you go into that gas station, pick up $40 worth of stuff (gas stations in the USA sell lots of other stuff, right?) and pay with a $50, they can refuse you. Legal tender is about debts, not purchases.
  • Profile photo of itri
    itri Male 30-39
    15 posts
    February 7, 2012 at 7:27 pm
    This guy is an idiot. The reason they denied this guy, is because he was filming and TRYING to make a scene. I blame the 99%ers for this one. Go into any community bank with any sense and they should do the same thing. This was about basic security and nothing more! Again, this guy is an IDIOT!
  • Profile photo of SilverThread
    SilverThread Male 30-39
    3431 posts
    February 7, 2012 at 9:11 pm
    His offer of cash currency satisfies his legal obligation of debt and as such he is *not* required to provide another form of payment, B of A essentially just screwed themselves with this policy.

    Awesome.
  • Profile photo of bridog6996
    bridog6996 Male 18-29
    571 posts
    February 7, 2012 at 10:12 pm
    The reason they`re not accepting his payment is because:

    A. He`s being an obnoxious doucheface
    B. In this day and age, you`d be a moron to trust anyone who walks into your business with a camera. Who knows what this guy`s intentions are. Which leads me to
    C. You can`t photograph or film inside a bank. Any bank.
  • Profile photo of mcboozerilla
    mcboozerilla Male 30-39
    646 posts
    February 8, 2012 at 12:27 am
    The local branch isn`t the division of BoA which handles mortgage payments, obviously, you idiots. This guy is just a poo-kicker.
  • Profile photo of Neagle
    Neagle Male 30-39
    1405 posts
    February 8, 2012 at 12:38 am
    Bank of America Home Loans which is a subsidiary of Bank of America. Bank of America has an agreement with Bank of America Home Loans to accept payments of its customers. It is a bad decision on the banks part not to accept the payment. The customer should have engaged the police officer differently and may have received a different outcome. If he gets the right judge who feels like teaching the bank a lesson by ordering the entire debt dismissed. Best thing you can do for your self, family and country is if you bank at a traditional bank, close your account and do business with a Co-Op or Credit Union.
  • Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    February 8, 2012 at 4:31 am
    Neagle: I would agree, smaller banks and credit unions are much more attentive to their customers needs. Chances are when you call them for customer service you`ll actually get a live human being that can speak the English language too.
  • Profile photo of Grendel
    Grendel Male 40-49
    6174 posts
    February 8, 2012 at 7:38 am
    Neagle-"Bank of America has an agreement with Bank of America Home Loans to accept payments of its customers."

    Yes, but they do not necessarily accept Collections payments for homes in forclosure, which would be a different devision than BoA Home Loans. In some cases, it may be a different company alltogether.
  • Profile photo of OldOllie
    OldOllie Male 60-69
    15841 posts
    February 8, 2012 at 8:01 am
    If they refuse payment of a debt with legal tender, the debt becomes null and void.
  • Profile photo of CoffeeTalk
    CoffeeTalk Male 40-49
    193 posts
    February 8, 2012 at 6:20 pm
    There are a lot of people here that don`t pay attention to details.
    1. This involves two issues, accepting cash payment and endorsing a check from an insurance company that has been written out to the bank and the guy. He needs them to endorse the check so he can cash (or deposit it).
    2. The guy clearly didn`t walk in with a video camera in a bank. He had a pocket sized camera that had video. Most phones have video and it`s not illegal to carry one into a bank. He only started video when they refused his cash. He wasn`t scoping out the bank and the bank manager seemed reluctant to explain why they couldn`t accept cash.
    3. As seen on the first video at :15 mark, he owes a total of $191,378.51 & his payment was due of $1,371.71 Someone mentioned that he probably owed $15,000 payment.
    4. The cop naturally took the banks side but if they play mediator, shouldn`t they have asked why his payment wasn`t accepted. If it was against policy, they should have told the cops a
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