You Can't Use Cash To Make A Mortgage Payment?

By
Mortgage and Lending with PrimeLending, A PlainsCapital Company

The other week I wrote a blog post titled What's Happening At The Bank of America Mortgage Lending Department?

I guess I still have to wonder. On Saturday a video was uploaded to YouTube titled OMG!!! Inside Bank of America DOES NOT accept DOLLARS as payment on mortgages in US.


So again I ask, What's Happening at Bank of America?

 

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Alan Gross

Senior Mortgage Consultant

PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878

Home Office: 240.813.0614
Email: agross@primelending.com
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Show All Comments
Rainmaker
727,327
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

Cash works in local in store deals but anything else its really tough to use cash and surprising that some banks wont even take it.

Feb 09, 2012 08:27 AM #1
Rainer
163,929
Edward Gilmartin
Boston Homes - Boston, MA

With all the counterfeit money going around a I can not blame them.

Feb 09, 2012 08:34 AM #2
Rainmaker
413,318
Peter den Boer
Keller Williams Realty Partners - Woodstock, GA
MBA,GRI,ABR,SRES, Associate Broker, Realtor

Alan - Hmmm, cash no longer works? Well, I offer my services to all who need to get rid of that stuff. I can save you landfill fees. Just mail that unwanted stuff to...

Feb 09, 2012 08:36 AM #3
Rainmaker
273,224
Alan Gross
PrimeLending, A PlainsCapital Company - Bethesda, MD

Edward - I understand the concern about counterfeit money but they are a bank and cash is their business. Besides, they know where the cash came from. A customer is trying to make a payment on their mortgage so it's not like their trying to pass cash anonymously at some store or other place of business. Customers make deposits or $100 bills to their bank accounts all the time.

Feb 09, 2012 08:39 AM #4
Rainer
341,959
Katie McBride
RE/MAX Executive Realty - Hopkinton, MA
The McBride Team

I read your post twice to make sure I was reading it correctly - and I was.  It just doesn't make sense, does it?

Feb 09, 2012 09:15 AM #5
Rainer
112,005
Nicole Needham
Needham Realty - Winters, CA
SFR (530) 302-5478

B of A is broken and should have not been bailed out. It needed to fail.

Feb 09, 2012 10:05 AM #6
Ambassador
1,689,838
Margaret Rome, Baltimore Maryland
HomeRome Realty - Baltimore, MD
Sell Your Home With Margaret Rome

If a bank can not tell what is real money then who can?

You mean even with two forms of ID, they still would not take cash?  I thought at first this was a joke.

 

Feb 10, 2012 02:26 PM #7
Rainmaker
273,224
Alan Gross
PrimeLending, A PlainsCapital Company - Bethesda, MD

Margaret - I totally agree. I'm sure Bank of America isn't happy with that post on YouTube given all the other things they have been in the news for the past few years.

Feb 10, 2012 02:34 PM #8
Anonymous
Anonymous
Peggy Mazziotti

I wored for bank of America years ago and that is what they were in business for, was to take deposits, payments and provide service to the customer. Back in my day of banking  we use to serve the loans in the actual branch.  Since when do they not take payments for Mortgages and Credit Cards with cash.

Feb 15, 2012 04:04 PM #9
Rainmaker
273,224
Alan Gross
PrimeLending, A PlainsCapital Company - Bethesda, MD

Peggy - It's unbelievable isn't it? Back when I worked for a bank many years ago cash was a valid way to make a payment on a loan.

Feb 15, 2012 04:09 PM #10
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Rainmaker
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Alan Gross

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