Complaint Rating:

Company information:
Bank Of America
United States
Phone: 800-432-1000
bankofamerica.com

Its not so much that I get charged overdraft fees for going over my account balance when using my Visa check card. If I go over and get charged a fee, I deserve it. Its that BOA's online banking is designed so that you are FORCED into overdraft fees. Let me explain what happens and if you are a lawyer, please contact me because I want to sue this institution on behalf of EVERYONE LIKE ME THAT GOT RIPPED OFF.

Example: Lets say you don't have $10000 in your account at all times. If you did, there wouldn't be a problem. The problem arises when, like me and every hard working American who because of the economy or other situations, is forced to live paycheck to paycheck. Lets say are coming to the end of the week and you only have $10 left in your account. You get gas and you accidentally pump $11 in gas. You do not get paid for another two days so your account online is shown in red (negative). You borrow money from a friend to cover the charge. Its past the cutoff time at the ATM, but to make amends you deposit $11 in your account to cover the overdraft. You check your account online and it shows you have a positive balance of $10. You wake the next morning and your account is still positive so you figure you got the money in on time. Wrong! You got the money in past the cut-off time, so the money will not post until the end of business the next day, but the online banking shows a positive balance. You therefore decide that you still have $10 and so you use your card to make purchases. Lets say you make 4 purchases for $2 each and 1 purchase for $1.99. You check your account that afternoon (the day after you overdrafted and made the deposit) and your account shows a balance of 1 cent. You go home figuring you are OK, but instead you get screwed by BOA. That afternoon after the cut-off time, they charge you the $35 fee for the original overdraft. Being they use the 'largest transaction first' this fee gets placed for posting first and your 5 charges (worth $9.99) get placed in order of amount after that. Therefore your balance shows you being in the red for $44.98. Worse yet, now the five transactions you made will get overdraft fees if you don't deposit another $44.98 in your account by the cutoff time. The problem lies in that in most circumstances they post the $35 AFTER it is too late to make a deposit to cover the overdraft, therefore you are caught in a vicious circle of overdraft fees which unless you deposit a huge amount in the bank you cannot get out of.

I have spent well over $4000 in fees this year ALREADY and its only July. I have finally decided to drop the BOA account and get one elsewhere. I should have done it MUCH sooner. I should also have kept a written register of my transactions, but BOA made me feel as if their online banking was excellent.

If there is an attorney out there willing to take my case, please contact me as I will certainly jump on board and I am sure there are PLENTY of people out there like me, that has plenty of evidence to prove my case.

Moral of the story is STAY AWAY FROM BANK OF AMERICA.