When most people think of taking on a massive bank, the odds seem stacked against them. But one Redditor recently shared a story proving that sometimes, knowledge, persistence, and a little mischievous creativity can win the day – all legally.
With over 30 years in the mortgage industry, they know the ins and outs of loans and servicing. And they’ve never been a fan of Bank of America, particularly their servicing division.
The story begins a few years ago, when they refinanced their mortgage through a broker. Unbeknownst to them at the time, the servicing rights were sold to BoA – the entity that collects payments and manages accounts.
While this alone was irritating, things escalated two months later when BoA announced a $5 fee for online mortgage payments, which the Redditor saw as nothing more than an “unwarranted money grab.”
Rather than simply paying the fee, they decided to fight back – with coins.
Quarters, Dimes, and a Little Malicious Compliance
The Redditor’s approach was simple yet brilliant. They took their mortgage payment, plus an extra $400 in quarters, to their local BoA branch. Handing the coins over along with the repayment stub, they requested a receipt. To their surprise, the branch manager laughed, counted the coins, and issued the receipt without complaint.
But the fight wasn’t over. The next month, the fee was still being applied. This time, they visited another branch known for its hostile management and attempted the same stunt.
When staff initially refused, they threatened to escalate to the state Banking Commissioner, the Consumer Financial Protection Bureau, and the Office of the Comptroller of the Currency. After 20 minutes, the staff begrudgingly counted the quarters, and the payment was accepted.
Finally, the Redditor brought dimes the following month. The staff accepted them, albeit with a glaring display of frustration. Soon after, Bank of America rescinded the online payment convenience fee entirely.
In addition to forcing the bank to reverse the fee, the Redditor’s strategy had another impact: by making extra mortgage payments, they reduced the outstanding loan balance.
Mortgage servicing fees are typically 0.25%–0.375% of the balance annually, which means BoA only received around six months of fees instead of the three years they likely expected. In total, the Redditor estimates their actions cost the bank about $8,000 in anticipated revenue.
Here’s what people had to say to OP:
The story quickly drew reactions from Reddit users:
Users praised the Redditor for their clever legal maneuvering and persistent stand against an unfair fee.
Why This Worked
The key lies in U.S. legal tender laws, which require that coins and currency must be accepted for debt payment. BoA’s online convenience fee did not override this right. The Redditor’s action was completely within the law – a perfect example of “malicious compliance” used strategically.
By pairing legal knowledge with financial savvy (paying down the mortgage to reduce servicing fees), they not only eliminated an unfair fee but also cost the bank thousands in potential profits – all while staying entirely aboveboard.
Takeaways
This story isn’t just about being clever with coins:
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Know your rights – understanding banking regulations can empower you against unfair fees.
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Persistence pays – repeated, calm, and informed action can overcome institutional stubbornness.
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Small actions can have a big impact – strategic payments and attention to detail can cost large institutions more than you’d imagine.
As one Redditor aptly summarized:
“You should be proud. This is why knowledge of the system is power.”
Whether you call it clever, petty, or mischievous, one thing is clear: never underestimate a determined borrower with quarters, dimes, and a plan.
