Here's the "Readers Digest" version of what happened:
I have a loan with Bank of America (BA) for I boat. Back in April of
this year, the trailer for the boat was stolen. I contacted State Farm
Insurance, who promptly cut a check for the replacement trailer. The
check was made out to my wife, BA and me. I contacted BA and they said
I needed to send them an invoice, quoting what he cost of the
replacement trailer would be. After sending them the check and info,
they would endorse the check and return it to me. I had my wife
endorse the check (we are separated) and I sent the check off the BA
for their endorsement.
About a month later I was contacted by BA who said the paperwork I
sent them was incomplete and that I needed to send them something
else. I then asked them to send me what they needed, so I would have
the requirements in "black and white" so there would no further
confusion as to what was needed. I explained to them that I had done
what was asked of me prior to sending the check to them the first
time, and didn't want to have this bouncing back and forth without
some clear-cut instruction for me. Their response was along the lines
of "we don't send things like that out, just do what we're telling
you." I then tried explaining to them that I did that before, and
wanted something in writing to make sure I was fulfilling their
requirements. They continued to refuse any type of written instruction
be sent to me.
Now the interesting part, I received my monthly statement from BA and
see that they have deposited the check against the principle of the
loan. They did this without my authorization or endorsement. I have
contacted State Farm, and they have been very helpful in trying to see
what they can do to help me out.
I am getting nowhere with BA however. Each call I make dead ends on
the desk of Shirley Young, of the Collateral Claims Department
(1-800-248-6707 Ext 9529) who was not only unprofessional when I spoke
with her but was also very rude. I had asked to speak with her
supervisor on previous occasions, and was never put through to them,
but she "relayed" the message from them to me. Of course the response
was "we don't send things like that out".
My question is, how do I go about lodging a formal complaint against
BA? A large corporation like them could probably care less about one
individual lodging a complaint against them with the "Better Business
Bureau" or whoever is the responsible agency to contact. But they have
taken this amongst themselves to handle the settlement check the way
they see fit. What would the repercussions have been had I tried to
"cash" the check without their endorsement like they did without mine?
I do also have a BA credit card which I am going to pay off and never
use again. I refuse to give them any more of my business.
Could someone please tell me what the best course of action is at this point? |
