Bank Of America DOES NOT Accept Cash For Mortgage

Submitted by: kitteh9lives 5 years ago in Misc

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?
There are 70 comments:
Male 1
There are lots of options through which you can easily make payments. If cash is not accepted you can make the payments through checks, fund transfer, online payment or card payment. Check payments are more secured as you are sure that details are accurate as you can view everything. Checkomatic can help you for the printing of your business checks. It can process your request quickly to keep you free from unwanted delay.  
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Male 196
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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Male 15,832
If they refuse payment of a debt with legal tender, the debt becomes null and void.
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Male 7,757
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.
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Male 17,512
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.
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Male 1,404
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.
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Male 646
The local branch isn`t the division of BoA which handles mortgage payments, obviously, you idiots. This guy is just a poo-kicker.
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Male 571
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.
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Male 3,431
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.
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Male 15
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!
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Male 12,365
[quote]If you buy $40 worth of gas and pay with a $50, they have to take it.[/quote]

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.
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Male 296
Looks like he`s finding out the hard way that BofA SUCKS. Coulda asked lots of people and found that one out.
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Male 650
Thats what he gets for dealing with B of A... his fault.
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Male 700
give that man the internet
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Male 164
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..
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Male 17,512
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.
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Male 1,252
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.
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Male 771
@I-IS-BORED, he prob owes 15k total but the payment was only 1500
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Male 1,054
@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.
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Male 1,045
@CrakrJak
How funny, I always pay cash so it can`t be traced back to me.
We must make different kinds of payments then.
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Male 2,419
why did the 4th video say his payment was over $10,000 but the first says it`s not even $1,500?...
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Male 17,512
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.
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Male 1,313
Lt. Dangle is having a tough day, isn`t he...
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Male 2,345
CrakrJak

never thought i would agree with your dumbass on anything but behold, there is something we do see eye to eye on.
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Male 2,345
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.
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Male 1,674
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.
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Male 7
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.
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Male 7,757
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?
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Male 5,620
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".
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Male 736
because paying with cash is a god-given right. like owning a gun. what a hero.
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Male 108
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.
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Male 14,835
Legal tender.
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Male 934
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.
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Male 10,855
@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.
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Male 612
i personally like all the lapses in time that he chooses either not to show, or not to video tape.
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Male 4,004
Ugh, this guy is such a douche.

Don`t be a dick to the cop obviously not there to abuse his authority (for once)
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Male 506
@CrakrJak, Which is exactly why we need less regulation so they can create more jobs or something.
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Male 17,512
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.
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Male 10,855
@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.
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Male 12,365
[quote]cant they just take it out of his account?[/quote]

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.
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Male 12,365
[quote]He could also pay in all pennies and they can`t stop him.[/quote]

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).
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Male 17,512
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.
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Male 12,365
[quote]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.[/quote]

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.
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Male 2,605
cant they just take it out of his account?
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Male 7,757
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`.
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Male 1,396
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.
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Male 3,909
Yeah, I`m thinking there has to be more to this story.
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Male 10,855
[quote]such as the Collection Agency[/quote]

Uh what? The collection agency isn`t the bank (they foreclosed on the house after all)?
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Male 38,501

They weren`t really refusing payment. Just refusing to do business with a camera recording them.
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Male 3,322
"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.
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Male 7,757
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?
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Male 901
"He could also pay in all pennies and they can`t stop him."

But they can call him a d-bag for doing it.
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Male 7,757
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?
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Male 4,793
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.
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Female 2,525
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.
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Male 4,807
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.
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Male 219
@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.
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Female 4,359
bloody banks, have us by the short and curleys!
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Male 265
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.
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Male 25,416
Reddit articule explains it a bit more..
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Female 2,764
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
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Male 459
Uhhh....I call douchebaggerry.

Yeah, walking into a bank with a camera is called "scoping the joint"
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Male 7,757
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?
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Male 12,365
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
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Male 4,746
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.
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Male 12,365
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.

Male 815
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
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Male 328
what a douche.
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Male 3,285
Why is this on here? Or did a mod find it and auto submit it? Seems to be happening a lot on here.
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Female 8,044
Link: Bank Of America DOES NOT Accept Cash For Mortgage [Rate Link] - 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?
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