Bank of America took $3000 out of my checking account without telling us! (page 3)

Margie

Bank of America, like many big banks, sucks. I don't blame you for being upset, LovesDubs. Have you tried calling your state's Attorney General's office?

funkyderek

LovesDubs:

Oh dear. You've moved to ALL CAPS mode. That's always a worry, especially when accompanied as in this case by a loss of coherence and relevance.

DONT MAKE IMPROVEMENTS ON YOUR HOME TO INCREASE ITS WORTH. EVEN THOUGH ALL EXPERTS SAY THAT IS THE QUICKEST AND BEST WAY TO DO SO. FUNKYDEREK SAYS THATS A BAD DECISION.

No, I said that your decision to risk your home by borrowing money in order to make improvements you couldn't afford to make turned out to be a bad decision in the current economic climate. Had the bubble not burst you would probably have been OK, although I can't imagine any experts suggesting that such a strategy would ever be a good idea.

So therefore it must follow: DONT INVEST IN THE STOCKMARKET IT'S TOO RISKY. WITHDRAW ALL YOUR MONEY IMMEDIATELY. STUFF IT IN YOUR MATTRESS

It's a bad idea to keep all your money in one place, and at times (such as now) the stock market can be the riskiest place to keep your money. I'm smarting somewhat after the downturn in our economy wiped out a significant percentage of my assets. But that was always a risk I was aware of, even if I did not expect it to happen.

And.....DONT SPEND MONEY ON ANYTHING BEFORE SEEKING THE ADVICE OF A FINANCIAL PSYCHIC WHO CAN TELL YOU FOR 100% CERTAINTY THAT YOUR INVESTMENT WILL BE REPAID, THAT THE BANKS WILL NOT OVER-LOAN, THAT PEOPLE WILL NOT LOSE THEIR JOBS TO DOWNSIZING, THAT GAS WILL NOT INCREASE 200% IN A YEAR, THAT THE CONSTRUCTION INDUSTRY WONT STOP DEAD IN ITS TRACKS, THAT AIRLINES WONT CLOSE DOWN, THAT YOUR RETIREMENT MONEY WILL BE THERE WHEN YOU RETIRE THAT.....

I'm assuming this rant is once again supposed to represent my opinion. Of course it does not. That sometimes financial decisions will turn out badly due to unpredicted - and even unpredictable - circumstances is a given. My objection was to your idea that you should not have to suffer the negative consequences of your decisions and that your creditors should bear the costs instead.

BurnTheShips

If all you're going to do is sprew judgemental third-degree commentary ... it's not helpful or needed.

While I sympathize with LovesDubs, having once been in a very similar position, and while I think it is is unfortunate, the hard lesson that FunkyDerek brings to light is the most helpful and necessary of all.

BTS

BurnTheShips

Sometimes our finances can be like a house of cards, and one setback can cause everything to go to shit.

The secret to happiness in life: Live within your means.

I learned this the hard way in the 90's. I nearly filed bankruptcy, but took a 2nd job to eventually bail myself out. The only debt I have at this time is a student loan and a mortgage. Whatever use my credit card gets is wiped out at months end. I have a cash reserve for emergencies. Americans have become all to used to living on credit. Rampant materialism dictated having more car and more house than many can afford in order to "keep up with the Joneses". During the "good times" I saw people all around me, including Witnesses, with much nicer things than I, and blue collar jobs, and I wondered: How do they do it? How? Now many of them are getting foreclosed. I am not immune to the danger of the current economic crisis, but I have a larger margin of error.

BTS

Robdar

Pay no attention to Funky D. Just by the way he is carrying on makes me wonder what's going on with his finances.

Talk to your attorney. Maybe s/he can re-coop some of it for you. I doubt it, but perhaps......

Finally-Free

The secret to happiness in life: Live within your means.

I learned this in the '90s too. I was doing fine too, living within my means. Who could have known that I'd slip on some ice, wreck my knee, and spend the next 5 years unable to walk properly or work regularly? 2 of those years were spent retraining for a new line of work.

Now I live with the expectation that if something can go wrong it probably will, and I try to be prepared ahead of time.

W

John Doe

My objection was to your idea that you should not have to suffer the negative consequences of your decisions and that your creditors should bear the costs instead.

One could just as easily say that the credit card company shold have to live with the negative consequences of their poor decision to extend an unsecured line of credit to someone who couldn't afford it.

BurnTheShips

I learned this in the '90s too. I was doing fine too, living within my means. Who could have known that I'd slip on some ice, wreck my knee, and spend the next 5 years unable to walk properly or work regularly? 2 of those years were spent retraining for a new line of work.

That is enought to wipe anybody out, even a someone that is conservative with their finances!

My wife has got me listening to Suze Orman lately and I think she gives very good advice.

BTS

Dorktacular

It is perfectly legal for a creditor to seek out funds if you owe them money and are delinquent. That goes for any creditor. If you go to small claims court and win a judgement against someone, you have the legal right to "hunt" for their liquid assets and seize them to satisfy the debt owed. That is why if you are in financial trouble you STOP paying with checks, keep only minimal amounts of money in the bank and start paying everything in cash or with a money order. AND NEVER give a creditor your checking account number and routing information over the phone to make an electronic payment. They can, and will empty your account if they feel you are going to bale on the debt. It may seem "insensitive", but that's the way the game is played. A creditor gives you money because you promise to pay. When you stop paying, they aren't going to forget about it; they are going to get their money any way they can.

I know. I filed for bankruptcy 6 years ago. I was a single dad with a baby who's mother took off and left us for dead. I had no money. After about 18 months of getting harrassing calls from debt collectors and trying to work out payment agreements with creditors (who wouldn't work things out with me...) I had to throw in the towel and file. The lawyer I hired and the judge who was in charge of my bankruptcy both asked me the same question: Why did I wait so long to file? Hello!!! There's a reason why I haven't been paying my bills! I have no money! What made them think I didn't have money to pay bills, but I had $1,500 hanging around to pay an attorney?

I had Bank Of America accounts at that time, and I still do. Nobody tried to empty my accounts but I think that was because my accounts were already empty. If you file for bankruptcy and you get to keep your house, you're ok. After about 6 months I got a credit card and my credit score started to go back up. My credit was back to normal in about 4 years, even with the bankruptcy still listed on my report. I know the rules for bankruptcy have changed and you may still have to pay on the debt. I didn't have to pay mine. Just hang in there and try to file as quickly as possible, because the longer you wait, the more chances your creditors have to come after you and even obtain judgements against you, which aren't able to be discharged in a bankruptcy.

BurnTheShips

One could just as easily say that the credit card company shold have to live with the negative consequences of their poor decision to extend an unsecured line of credit to someone who couldn't afford it.

A borrower is obligated to repay their debt to the lender. A borrower willingly borrowed money, whether or not the lender vetted the borrower properly. A borrower should know their own business when they enter into a transaction with a promise to pay for access to credit.

Some of the comments on this thread reek of a total lack of personal responsibity, and are a microcosm of an enormous problem in society.

BTS

Bank of America took $3000 out of my checking account without telling us!

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