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Discussion Starter · #1 ·
As you know I am selling my Sunsation 288. My loan is with Bank of America.

Last week I overnighted a check to them for payoff on the loan. As you might expect the new owner is anxious to take possession of the boat. I have a signed receipt that they received the check on Thursday. Well it's now Monday 2 business day later and they still have not posted the check. (a cashiers check I might add...)

If you want things done fast and you want personal attention - Bank of America is not the place to go for a Boat Loan - take it from me, because I have the facts to prove it.

This is not grinding an axe - this is merely a regurgitation of the ugly facts.

oh well....

- jeff
 

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Unfortunately, this type of "customer service" is all too common these days. If you find someone who is good let us know.
 

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Discussion Starter · #6 ·
well.....I just called their automated system....another day has gone by and they still have not posted my cashiers check to pay off the boat...

what a bunch of losers.... never again will I deal with this bank - never again...never again..never ever again....

----------------------------------------------------------:gunner: :gunner: :gunner: :gunner: B of A
 

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Guys banks will hold a check (cashiers or otherwise) for 3-5 days if drawn on a personal account and up to 10 days on a business account. If it's drawn on a out of state bank even longer.
Keep a copy of the original check with the routing number and call to have the receiving bank call the issuing bank for verification of funds and they will let it clear. Banks are still run like a 19th century institution when it comes to keeping your money and drawing interest for free. Amazing how quick they are to hammer you if your late etc. but they move like frozen gearlube on everything else. Just a note B of A and Firstar/US Bank especially the latter are horrible banks to deal with on boat loans. They just don't understand that market. If you think that's bad US Bank tied up a floor plan boat I had for 3 MONTHS! Charged me a 10% prepayment penalty and auto deducted for 3 months payments after the thing was paid off and then sent a 30 day late 3X to the credit bureau saying it was behind. It was all thier mistake and it took me a month to get it straightened out with those putzes and hell I'm a dealer! Did over a Million with them in a year and a half... thankfully they won't even do a performance boat loan anymore (not that I would ever use them again anyway).

The best I have found are National City and Deutsche Financial.
 

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Discussion Starter · #9 ·
Banking is in the dark ages. You know it's easier me to transfer money with Paypal than it is for a bank to wire transfer money. I should have asked B of A if they had a PayPal account....


ha ha ha ha ha ha ha ha ha !!!!!!!!!
 

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I'll add KEYBANK to this list of avoid-at-all cost.
Long story short -- same payoff situation as above -- took them 3 months to figure out how they would/could accept my total payoff.

Add to this, once the dust settled, they refused to refund me the additional interest that was charged to the loan during the 90 days they spent trying to figure out how they'd like me to send payment.

Unbelievable. So, I yanked my new boat loan from them, and went elsewhere.

dh
 

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Mainly it's because boat loans especially high-performance are something they just don't understand nor do they really want to do them. Many banks US Bank, Key, 5/3rd, Chemical etc won't even do a new loan on a performance boat. If they do... 10 year max term or prepay penalties or will only do a loan in this state or that county etc, etc...it's a pain. Everytime they get bought by another bank/insurance company the damn policies change with the new management. That's why I only use banks that understand go-fast boats. They charge a little more but there is no BS. With certified funds etc. a boat can be paid, waived and released in less than 5 days.
 
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