Bank of America's having something of a Qwikster moment. Only, unlike the Netflix snafu, which may have kept some cinephiles from getting a good deal on rare John Waters shorts, BofA's mismanagement is ruining people's credit and kicking them out of their homes. In the latest of a series of such stories, a Utah family was threatened with foreclosure, after they'd already sold their home, because of a missing dollar from a bank payment.
The Curtis family of Utah were sent a foreclosure notice a few months after moving out of their home:
"Bank of America claimed the family owed months of missed mortgage payments, before realizing a $1 coding error had held up the Curtises' title transfer. While BofA has taken months to resolving the issue, the Curtises' credit report has taken a beating since then."
It's the newest bad press for big banks in an autumn that's not been very big-bank friendly. Bank of America had to pull the plug on its plan to charge debit-card fees, after a public outcry, the Occupy Wall Street movement continues to gather steam, and has dovetailed onto a movement calling tomorrow "Bank Transfer Day," urging people to move their money from big banks.
The Curtis family's story isn't even the first this year that we've heard about Bank of America incorrectly foreclosing. There have been several others; perhaps the most memorable involved a man whose home had been destroyed years earlier by a hurricane. (Of course, he didn't hear about the foreclosure at first, since his mailbox had also been blown away.)
What Bank of America will do with all this bad publicity, no one knows. Although something tells me it will include neither "apologizing" nor "changing."