Bank of America’s earns a 2.2-star rating from 10 reviews and 1570 complaints, showing that the majority of banking clients are somewhat dissatisfied with financial services.
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awful bank
I entered the Bank of America located at 1672 E. 2nd Street, Beaumont, Ca to cash my payroll check drawn on Bank of America (note, I do not have a Bank of America account). I work for the county of Los Angeles and I have cashed my check at many other Bank of America branches with no issues. On this particular day I handed over my payroll to check to the...
Read full review of Bank of America and 29 commentsInterest Rates
The Credit Union of Texas recently sold their MasterCard business to FIA services. I recently received a letter from FIA stating they were raising my interest rates to 19.99%, a 7% increase. I have an excellent credit score and have been with this credit card since 1983. FIA stated in their letter that, "As part of the Annual Percentage Rate Increase Amendment decision, we obtained consumer report information..." When I called, I was told that they were raising rates for everyone regardless of credit scores. When I asked how that could be they said that the cost of money had risen. When I suggested that the Federal Discount Rate was at 0.5% whereas a year ago it was at 2.50% when it wasn't seen fit to raise the card rate, I was told that I didn't know what I was talking about. I then suggested that they might be trying to cover off on bad loans by maximizing their income on the backs of others. Run away from this draconian company as fast as you can and tell everyone what they're doing. I cancelled my card and will pay it off at the lower rate. What are they thinking?
The complaint has been investigated and resolved to the customer’s satisfaction.
Harassment
I have been trying for 4 months to get Bank of America /FIA Card Services to quit sending letters and statements requesting payment on two credit card accounts. These accounts are in my son's name. I have tried to get them to stop the harassment for payment on these accounts. They have been informed since December 2008 that my son was sentenced to prison for 10 years and would not be making payments. Somehow they changed his billing address to my address (I did not call to make this change and neither did my son). The US Post Office was the only place a change of address was made so his mail could come here. I don't know how they got my address. Today, after a Fedx letter was delivered to my address, I called again (4/23/09) to asked that my address be taken off their records. A supervisor kept me on the phone for five minutes trying to threaten what would happen if I or someone else did not make financial arrangements to pay on this account. He kept on with the guilt trip that a parent should take on the financial responsibility of a child (in this case a 45 year old adult). I kept asking him to honor my request to remove my address. This supervisor just kept on and on until I finally just had to hang up. Maureen Burd Agent-in-Fact for Robert Burd
The complaint has been investigated and resolved to the customer’s satisfaction.
lowering credit limit for no good reason
Bank of America sent me a letter advising me that they were lowering my credit line from $48, 000 to $25, 000. No reason or explanation was provided though they referred me to my credit report. I thought that was strange because I have awesome credit in the high 700's and I always pay on time and have no credit card balance. I ordered my credit report, and...
Read full review of Bank of America and 6 commentscredit card interest rate increase
I have been a Bank of America credit card holder since 1996. I have never made a late payment and my interest rate has always been 9.90% I've always carried a balance so the company has made money off me for 13 years. I recently received a letter stating that my interest rate is increasing to 15%. We all know that those of us that are responsible for making on time payments are now on the hook for those that do not. I was told by the "analyst" that this was a fair interest rate to charge me when I called to complain. I explained to her that although I would keep the card because having $30, 000 in unused credit is good for my credit score, I would never carry a balance with them again and they would never make a penny off me in the future.
Deliquent account holders should have their interest rates increased, not those of us with outstanding credit scores making timely payments. SHAME ON YOU BANK OF AMERICA!
The complaint has been investigated and resolved to the customer’s satisfaction.
We help consumers who have more than $5k in unsecured debt. We guarantee settlements at 55% of your current balance or better. Call or email me for more details.
John Shapiro
debtrelief@rocketmail.com
[protected]
Bank of America is the worst of all banks. I have the same problem as the person that filed this complaint except my card was for a small business.
Since it was a business card and I have a balance, the clerk (many clerks) said there was nothing that I could do about the rate increase.
They all said that if this card was a personal card, I could have rejected the rate increase and never used the card again and the interest rate would have remained the same.
I am now on a mission to deter anyone that I know from using Bank of America and not respond to their credit card offers that they receive in the mail.
I hope they go out of business since they are immune from being arrested for loan sharking. I guess whenever they need money they just rip off their good customers.
Best regards
Dennis Dickey
Maumee, Ohio
Cancelling credit lines for no reason
Get this - FIA seems to be going on a rampage - my wife had applied to one of their offers for a "new" signature card because it was offered without a fee.
They called her and during the course of the discussion determined that she didn't work ( she's been a stay at home mom for 25 years). At which point the customer service agent told her he was not going to approve her and would even lower her current credit limit. Needles to say - she was pissed and told him so..
So it turns out the little vindictive ### types it up wrong ... and subsequently reports that I don't work ... so get this - they summarily cancel BOTH of my credit cards and my wifes as well ( all which had a zero balance of course) - without telling us! ( well - we did get a letter - 10 days later). Needles to say all ties to BofA have been severed - after 25 years of carefully building my credit - some low level idiot wipes out about 80K of credit line - because one of their customer service agents sucks - Good Riddance BOA.
The complaint has been investigated and resolved to the customer’s satisfaction.
I had a credit card with Wachovia which was transferred to FIA in April 2009. I have a perfect payment record and always pay more than the minimum. I had a phone call from one of their "Senior Credit Analysts" (and I do use that term loosely) today who started a friendly conversation about how they wanted to update information and before the call was finished he lowered my credit limit supposedly because of a new federal law and raised my interest rate. I never use this credit card and actually shredded it a few months ago. I told him that I would close the account because I did not agree to the new terms. He told me that I could not do that since I had already been made aware of the new terms but that the bank could close the card and it would reflect negatively on my credit report. I asked to speak to his supervisor and was informed that he had the final say. I did find out that he has a manager but the manager will not speak directly to customers but will call me in 72 hours. I called back and got someone equally as arrogant an incompetent. I am paying off the balance at the end of the month and then will be through with them.
predatory overdraft policies
I’m writing you because you represent my voice and that of my fellow Americans in government when we feel we are being wronged. At this time, Americans are struggling mightily to make ends meet. Your efforts to fix predatory lending practices (especially in sub prime lending) have been noticed and appreciated.
To that end, I feel that another predatory practice by Bank of America needs to be discussed in a public forum and addressed soon thereafter. B of A currently charges fees of $35 per charge when one tries to charge more than one has in his or her bank account. At face value, it may seem that this is a fair practice. I can understand the practice if someone is passing bad checks and a fee has to be assessed. But with today’s debit technology, an automatic decline should be easy and free to the public.
When one digs deeper, one realizes that this is a practice purely designed to unfairly gouge the American public through deceit and obfuscation.
So, here’s the policy…A $35 fee for each time a charge over your funds is ATTEMPTED. As an example, recently I unknowingly was making charges on my debit card when I didn’t have the money to cover it. The charges were numerous but only totaled $23. That’s $23. One charge was for $.27 cents…for which I was charged $35. B of A charged me over $400.00 in overdraft fees for that $23 overage. I called Bank of America to try to find some relief for these charges and was told no. Seems counter to the “flexibility” and understanding for families that the new administration is trying to get in return for billions in bailout dollars.
Look a little deeper and the practice is even more disturbing:
1. You can’t actually just get an option for a decline on your charge without the $35 fee. So, even if you don’t have overdraft coverage, you will still be charged $35. Since technology has allowed banks to simply decline a charge, I don’t understand how BofA can justify charging a $35 fee for each charge versus just declining it for FREE.
2. BofA says the only way to protect against this is to link a BofA credit card or a savings account to your overdraft checking. So, an over-limit charge is charged to your BofA card or deducted from you savings account. In both cases, BofA makes money….either through interest on your credit card or from service fees on the savings account that you are required to have. And, by the way, the overdraft service also has another fee associated with it.
3. As if that weren’t enough, BofA recently increased the allowable number of charges per day from 5 to 8. That a $105.00 per day increase, per cardholder.
The bottom line is that I don’t want my money back from BofA (though they should have at least treated me better considering I hold six accounts with them). I, like the many Americans flooding blogs with similar stories, want justice. I would like this issue explored fully and for Bank of America to be called to answer for this unfair practice. The fact that American taxpayers in the US now own a $50B TARP stake in BofA (which only has a market cap of $40B, by the way), only makes our voices that much more relevant in this matter.
Lastly, I will say that I firmly support Obama’s call for Americans to be more responsible with their money. I was less than responsible for letting my account go overdrawn by $23. Thankfully, my wife and I make decent money and can cover this amount. Just think how American’s with lesser incomes would struggle with this. Then realize that this a core profit center for BofA.
The complaint has been investigated and resolved to the customer’s satisfaction.
I am on disability Social Security fixed income. I almost became homeless because bank of america hit me seven times for one overdraft transaction. Thanks to some community agency our rent was paid. I understand them getting paid for NSF but not at the extent to keep adding fees. I have been a long time customer since 1981 and stayed when the change over to Bank of America. I can't afford to keep catching up every month to their charges. I really don't like changing banks but I am forced too.
From Buffalo to TN
I don't expect the Feds to do anything about BOA's predatory business practices. My suggestion is eveyone document their purchases and be responsible, and if BOA
continues to charge fees that are questionable and predatory business tactics
to increase their bottom line, start a email message center and create a class
action lawsuite. If you hurt the Boa maybe they will quit swallowing peoples
money. You have to opt into the automatic decline of overdraft for debit
cards, but they will not verbally disclose it to you unless you corner them.
Don't expect Berry Obama to help either, he is the same lawyer that robbed
from banks to loan money to unqualified home buyers that defaulted in the housing crisis. Berry's smiley face fascism will kill businesses and make eveyone equal.
Equally poor.
Well, there are several issues going on here.
First, the individuals responsibility to managing their money. That is an obvious issue that must be addressed. Americans do need to be able to control their spending and be aware of their finances as they use them. There is little room for argument or debate on this issue. It seems quite cut and dry.
Second the Banks need to offer their customers their money so that they can spend it how they see fit. The banks are not financial counselors or babysitters deciding how your money is spent. They are an institution in business to make money.
Thirdly the free market should dictate legislation to protect both the consumer and the business from flagrant and inappropriate practices that can cause financial devastation. Simply put, fraud protection and consumer purchasing protection.
With these three basic understandings we can address the real issue here. There is the reality that americans are being held under by predatory lending practices. We just ended a decade of such practices at the mortgage end of the banking institutions. They realize that americans are financially uneducated for the most part, and reap the benefits at the expense of the whole nation. We just paid out billions of dollars to how many banks as Obama nationalized them? The answer is in 100's of billions. So, now we get down to something as simple as overdrafts. A fee for someone who is not paying attention to their spending pattern and overdrafts their account is understandable, but the banking system creates a method of controling your payments and ordering them so that if you do overdraft you are likely to do it several times. They simply call this highest to lowest. As your payments get allocated to the account your credit line lowers and you have less in there, but if you make the largest purchase at end of the day it goes to the beginning and you start with a much lower line after that. It is an intentional behavior done to maximize profit and capitlize on inappropriate spending patterns. So there are some questions:
Should the banks be allowed to determine which payment is made first. It seems that when a payment is placed on your acct it should be removed, and not rearranged so that you find yourself in such a situation. Now, the real issue is that this behavior is mainly applied to those who are low income because they live paycheck to paycheck and dont have necessarily the best credit. So, the banks will say it is to give them the opportunity to pay their rent on time without having issues with their landlords or their mortgages. But then, is that the banks place to determine our spending patterns. That becomes an issue of control as a means to reap benefit of the poor.
Should Government create legislation that would put an end to practices. Well, we already see our government in to many arenas. However, they did just bail out the banks, really it was me and you that bailed out the banks, so YES, it seems appropriate that the banks should not be allowed to dictate the order of payments based on the fact that americans are the ones that are bailing them out.
Finally, should a class action law suit be brought to the banks that practice these predatory charges. It is clear that the average american can not affor 2 or 3 charges on their acct from week to week. So, how does one go about beginning such a suit. The reality is that, YES, the banks should be forced to pay restitution because infact it is criminal to levy such charges under the premise that they know how to spend your money better than you do. The reality is they are a bank and hold your money. You do them the favor, not the other way around. They make you feel stupid and useless when you do talk to them about it and it is with disregard that they throw you away when you ask for some sort of levity. B of A makes 17 million a day roughly from such charges. That is over a billion a year in overdraft charges alone. They should be held responsible for abuse as well as any bank that feels they can determine the psychy of peoples spending behaviors and then generate specific methods for controling those patterns based on their judgement. Wouldnt it be more appropriate that if you make a purchase that money be removed in an age of electronics where everything happens instantly?
HANDS DOWN THE WORST BANK KNOWN TO MAN…………….they have no compassion……… THEY CARE ABOUT NOTHING BUT STEELING MONEY FROM PEOPLE AND CHARGING OVER DRAFT FEE’S………., I have been with B of A for 10 years. I am marching down to B of A tomorrow and pulling every account i have with them which includes two personal two savings and two corporate accounts.
BANK OF AMERICA IS THE WORST Bank in existence. THEY ARE MEAN AND corporate. They LIE all the time. They Never EVER will have your back.. They tell you one thing and do another…….. I am finally brave enough to march down and be done with them………………….. I can honestly say I hope they go under. Two Customer r service Reps told me that because my atm deposit did not disclose there would be a 6 day hold on a check that I would get the fee’s reversed……… I call in once the fee’s post and they tell me that they don’t know what I am talking about…………..i begged them to listen to the call themselves so they can hear for themselves the promise that was made to me and they told me the calls being monitored is for quality control only.… Good answer! You think we are stupid…….. Needless to say I am having my attorney supine the notes……………….. I was LIED TO………… THEY ARE UNETHICAL………….. IF ANYONE THINKS ABOUT Opening AN ACCOUNT WITH THEM PLEASE DO NOT DO IT……………. THEY WILL ### YOU OVER LIKE THEY HAVE SO MANY PEOPLE.. WHY DO YOU THINK THEY HAVE SO MANY LAWSUITS AGAINST THEM BY THE PEOPLE SPEAKING OUT ABOUT THEY WAY B OF A TREATS THEM AND OVER CHARGES THEM……………………………… GOOD LUCK B OF A……… KEEP TREATING PEOPLE LIKE crap. I’m sure it will defiantly get you somewhere!
no monthly statement or bill sent
I have noticed that Bank Of America Has not sent me my monthly bill. I was in shock after calling them, that they claim they have sent each monthly bill.
I called the postal service and asked them to inquire about misplaced or misdelivered mail. They said no issues there. So I call Bank Of America today and the operator told me that they have had similar claims and numerous people in the same situation as myself. Is it a ploy to damage my credit or place me with penalties due to a game the credit company is playing for revenue?
I pay all my bills on time and dont try to dance around not paying what I owe. Please help me.
The complaint has been investigated and resolved to the customer’s satisfaction.
I also am one of those people who did not receive the so called "addedum" that was sent out regarding the rate increase on the BANK OF AMERICA rate increase! I never received this notification via mail as they indicated and I get my mail regularily with no issues at all in the past. It is examples such as that which make me wonder about the ethical practices that are being set forth, or lack thereof.
You are in the EXACT situation that a majority of us are faced with. Bank Of America is increasing rates to a level where most can't pay and will be faced with bad credit scores and unable to purchase anything going forward. That will work wonders for the economy. I don't think we've yet seen the mess that's to come due to this immense bad move on the part of BANK OF AMERICA. I know three people who have flat out refused to pay on their cards going forward. It doesn't make sense that a credit card company is trying to compensate for their bad practices and truly making a very BIG mess out of everyone's lives. I'm not sure how the CEO's can sleep at night.
Insurance Claims
March, 2009.
Obviously this company must have some of the worst service department in the country. Time and time again I've found complaints regarding Countrywide and their sluggish service.
I experienced it first hand this march, after my mothers car was vandalized and all wheels were stolen. The proper claim was made, a police report was filed and we waited for the claims adjuster to contact us. And we waited. And we waited. So we called the claims office, and they transferred us to his phone line, which of course he did NOT answer (seems this is a nifty little trend within this company). So we left a message, and waited to hear back from our adjuster. 1 day went by and we did not hear back, so we called, and again he did not answer, so we left another message. And we waited again... and we waited... and we waited... and we waited... and we waited. After almost 2 weeks, we talk to costumer service and explain our situation, so we get transferred to his supervisor. OF COURSE she did not answer, you're not dealing with professionals here. So we start feeling like we're stuck in some kind of pyramid investment scam where our calls are never returned, but alas, he calls the next day. Mind you, the car has been on the side of the street, sitting on bricks, waiting for these people to resolve anything. But I digress...
So Now we get contacted by the claims adjuster, he tells us someone is going to come by and ### the cars damage, "great..." we exclaimed with disappointment. followed by the obvious question "When?" . "in about 3 days" wonderful...
So now we have no other choice, we take the car to be repaired out of our own pocket and hope that for some reason Countrywide is not such an embezzling enterprise as they've made them selves appear to be.
One more week has passed (total of 3 weeks so far), now finally some progress has been done, our adjuster faxes me the reimbursement agreement. I read in shock as they claim the repair costs are 1800, contrary to the 3000 that was actually paid.
So, they make us wait for 3 weeks, we are forced to pay out of our own pocket, and once we do, they finally decide to make progress and inform us that's their assessment? oh really? How convenient.
Worst insurance company I've ever dealt with. And I've had some very shady insurance agencies but at least they came through at the end.
Stay away!
The complaint has been investigated and resolved to the customer’s satisfaction.
I don't think they'er so bad! I am a policyholder and just got my car fixed after a tree fell on it. I was actually looking up what to do since they might have a claim against the property owner upon which the tree sat. However, my experience was fine, and all of you people - let me ask how much you pay? You get what you pay for. If you want cheap rates, then expect them to be strict. Duh. Millenials.
This is the worst insurance company I have dealt with or heard of. STAY FAR, FAR AWAY! from these people. I don't understand how they are allowed to stay in business. I was in an accident with some who used them for insurance. It will be a year this April, (it is now almost March), and I still have no car. It is still in the body shop, waiting for payment to be repaired. My rental car was towed months ago because countrywide never payed the bill. They refuse to pay the towing fee to the rental company and the storage fees to the body shop. The shop won't fix the car without getting its storage fees. The other company involved in the accident (progressive) paid their half of the repair, rental, and storage fees. This company countrywide should not be allowed to issue insurance to anyone. I repeat: STAY FAR, FAR AWAY FROM THIS COMPANY, COUNTRY WIDE INSURANCE!
it has been 9 months since my sons car accident and countrywide is the insurance company he has had to deal with. it has been a nightmare, on top of injuries being dealt with they put you through hell just to get your car fixed
. I can't understand how a company like this is still in business. something has to be done. I am filing a complaint with the state, maybe if they get enough of them the state will do something about this company. Also notify the better business bureau
THE WORST CAR INSURANCE COMPANY EVER!
AFTER I CANCLED MY AUTO INS. WITH COUNTRY WIDE THEY REFUSED TO GIVE ME MY LAST MONTH REFUND...
DOO NOTTTTT GO TO COUNTRYWIDE! They are CROOKS! Rudee and veryy unprofessional. I have been with them for 3 years. Never did I have a accident. Until recently, a car ran a red light and hit another car. Thr car that was hit spinned on my car. My car wasnt even moving and I got hit. It was a hassle to have countrywide pay for therapy and medical expenses. They constantly sent letters saying that they would not pay for therapy and medical expenses. They are suppose to send forms for the injured person/s to fill out, within 5 buisness days. They did it in 3 months. They have now cut me off from the insurance even though the accident had nothing to do with me. When I spoke to a Anthony Torres (EXTREMELY RUDE!), he said to me if I have a problem with countrywide I shouldnt care that they cut me off. He also was saying Im cut off because they dont want ro risk another accident even when it is not your fault. I have been there 3 years. Every month paying 268.52. Thats almost 9, 700.the Injures were no where near that. They need to be OUT OF BUISNESS! WORSEEEEE INSURANCE! AND MR. ANTHONY TORRES, YOU SHOULD BE FIRED!
****COUNTRY WIDE INSURANCE COMPANY IS THE WORST CHOICE I COULD HAVE EVER MADE! AFTER JUST A FEW WEEKS ON MY POLICY I RECEIVED A CANCELLATION NOTICE BECAUSE THE UNDERWRITING DEPARTMENT NEEDED INFORMATION FROM EVERYONE WHO CURRENTLY AND PREVIOUSLY LIVED AT MY RESIDENCE! AFTER I ACCOMPLISHED THE TEDIOUS TASK OF SUPPLYING THEM WITH FAMILY MEMBERS IDENTICATION AND INSURANCE AS PER THEIR REQUEST, THEY STILL CONTINUED TO CANCELL MY CLAIM DUE TO ONE FAMILY MEMBER WHO LIVES OUT OF STATE HAVING VIOLATIONS ON HIS DRIVING RECORD! MY BROKER EVEN TRIED NEGOTIATING WITH THE COMPANY BY OFFERING A CERTIFIED LETTER AGREEING THAT IF ANYONE ASIDE MYSELF GETS INTO AN ACCIDENT IN MY CAR THAT COUNTRYWIDE WOULD NOT BE RESPONSIBLE FOR THE DAMAGES. THEY ADAMANTLY REFUSED TO WORK WITH ME IN ANY WAY WHATSOEVER! IM JUST HOPING NOW THAT I DO RECEIVE COMPENSATION FOR THE REMAINING COVERAGE AND LAST MONTH I ALREADY PAID FOR INITIALLY, OTHERWISE I WILL BE TAKING THEM TO COURT! I WOULD NOT WISH THIS SORT OF BLATANT UNPROFESSIONAL AND DISCOURTEOUS SERVICE FOR MY WORST ENEMY! THE CUSTOMER SERVICE DEPARTMENT IS VERY AMATEURISH, SHORT-TEMPERED AND ALL AROUND INCOMPETENT!
An investigative report was done by Lynda Baquero of NBC channel 4 news of New York regarding Countrywide and their customer service regarding claims dated 2/22/2012 news at 5. Not a good outcome for the company however, the gentleman involved was vindicated.
I also want to add the above incident was a hit and run accident.
I agree with all of the above reviews about Country wide Insurance claims dept. they are less than stellar when dealing with claims, they do not return phone calls in a timely manner or do not call back at all and slow to providing information to the claimant. I spoke to the rude supervisor Zilla Grennel and she mentioned that the registered owner denied having been in an accident and that my claim can be denied. She mentioned that pictures of the insured's vehicle would have to taken (3 week after the incident?). My SUV was hit on 2/4/2012 and the insured could have gotten there vehicle fixed within 3 weeks. I have filed all documents with DMV, Countrywide and a police report all indicating any false statements/accusations would be grounds for prosecution. I am positive of the license plate number and the driver was female (registered owner is a male). They sent an appraiser and he clearly stated the damages are over $3, 000.00 or more. I used their company's website email service and finally got the manager Brian Legay who immediately sent me an email stating my claim has been reviewed and an offer and release is being issued in settlement of the claim. This all occurred within 8 hours when I have been waiting for 3 weeks for a response. Countrywide is the worst Insurance company ever. Thank God I have Progressive who are very professional. Countrywide got the nerve not to want to deal with my own insurance company about this incident. I am still waiting for the check.
overdraft fees, pending charges... they wait
April 8 2009 my husband had 4 overdrafts post at the same time...first off we never had this problem with any bank before the economy went to the pits..then on the 9th i put $1000.00 in the account and paid the fees which put us at $700... 2 days later guess what i had $35 dollars left. All of a sudden after I put money in all of these charges appeared. Most were a week or more old. We still owe them money and they will have to wait until I am good and ready to pay them...Radio Talk show host Clark Howard has a spot on his website that talks about BoA so we are not alone... They know how to steal money from us so that the fat cat CEO can fly on his Jet and live in his manson... EVERYONE WHO HAS ANY ACCOUNTS WITH BANK OF AMERICA CLOSE THEM NOW BEFORE THE GET TO RICH AND TAKE OVER EVERYOTHER BANK IN THE WORLD...
The complaint has been investigated and resolved to the customer’s satisfaction.
I am having the same problem with Bofa. I had four charges in one day. I had all the right funds in there, but they processed all past charges on the same day to get the multiple overdraft fees. Also, I have overdraft protection. I had enough money in my savings account to cover the charges. However, I was still charged. As I complain, I am getting no help. Conveniently, the system is down and the customer service reps cannot help. BOFA IS A RIP OFF. I never, ever had any problems like this with my other banks. Citibank has yet to screw me over. I will be closing my account. We need to get the word out on their unfair practices.
I am writing this note to make you aware of the unfair business practices that Bank of America is engaging in.
In the past, banks have charged an overdraft fee for posted items that took your checking account into a negative balance. This practice is fairly standard, and while the fees are high at $35 dollars an item, it is a known charge that each person can avoid with due diligence and careful accounting.
However, Bank of America has taken overdraft fees to a new level. Now Bank of America charges an Overdraft Fee if the "Pending Balance", goes into a negative, even though the actual account balance is still positive. Even though the bank has not yet "PAID" the item. In other words, the pending item has not posted to the account, so the account balance is still positive, but the pending balance is negative, so Bank of America charges a $35 dollar overdraft fee.
My example would be a pending watch repair charge that took my pending balance on Monday, 04/27, to a negative balance, but because of the watch company's merchant services, the item did not post to the account until 04/29. At no time did my actual balance drop below zero, but because my pending balance on Monday, 04/27, dropped below zero, Bank of America charged my account a $35 overdraft fee.
Bank of America changed their overdraft fee policies back in March of 2008, but I never heard of any change. I do not usually run my checking account in a way that this overdraft event would even be a consideration, but this one in a thousand event occurred with the watch repair.
I think the banking system in general and Bank of America in particular should not be preying on the unemployed this way, trying to generate a fee on something that has not even been paid yet. This type of fee generation is wrong, just wrong, and congress should do something about it.
bank of america overdraft fees are insane
So, I have been doing some research on how disgruntled Bank of America clients really are. In my experience with the bank, I have had some bittersweet experiences. Locally, some of the people who work at the banks are nice people who want to help the best they can, but once you get into the money/power struggles, this bank is VICIOUS.
My bank account was charged 12 (yes, TWELVE) overdraft fees. Now, multiplied out that is 12x35... which levels out to $420.00 dollars. When I walked into the banking center and sat down with an agent and asked to play the matching game (aligning the fee with the overdrafted purchase) the branch employee could not and would not do this for me. Generally, I recieve a small BofA notice in the mail stating the fee and reason for the fee... I have gotten nothing of the sort this time. This is highway robbery. The online banking does not reflect the true nature of your account. They adjust the online screen to fit their needs. I started digitally snapping screen shots of my online banking to prove them wrong, and I was accused of fabricating the screen shots to support my case. Now, this has gotten rediculous, and I would like to propose some sort of B of A revolt. I have already switched banks, and it was painful because B of A made it that way. Get out while you still can folks, head as far away from Bank of America as you can. They are ripping us all off blind. RUN!
The complaint has been investigated and resolved to the customer’s satisfaction.
i recently checked my account online and it would not let me in. i went to the atm by my home, so i could take out $40.00 and it wouldn't let me. so i called the bank and they audio mated machine told me that i was $888, 575.38 overdrawn on all four accounts. i called customer service and they gave me a number to call about account closure. i call this number and it tells me that its having technical difficulties. so i call customer service again and they gave me another number. if i took out 888, 575.38 i would drive an exotic car and maybe even faked my own death. instead i'm trying to solve this. for god's sake i can't even afford to put new tires on my car. all i want from them is my 110.00 dollars i had inside there and my name cleared is that too much to ask for? in the past couple of days i had used my card and it was fine. this is not right. it make me not even want to open an account with any bank!
I don't get it. I've been banking with BOA for years and have never once had an overdraft fee, and I don't have an abundance of money in my account. Bottom line- I don't spend more than what is in my account. Why is it that people can't take 5 minutes to balance a check register before spending money they don't have? There you go, problem solved.
BOA is HORRIBLE with the fees! I agree! What gets me is the fact that if you go a few different places and buy something, they won't deny your purchase and instead they let you buy anything and just charge you a fee, which adds up! Overdraft protection is no help, because they just take it from your savings account..If I don't have enough money in my checking account, why would I leave money in my savings account?! LOL! I was treated real well by BOA customer service, but that doesn't make me want to keep my account with them. Lol. I finally got rid of BOA and am with Navy Federal now. Much BETTER! :)
I've had the same problems with BofA.
I call and complain and they return part of what they purloin.
I filed a complaint with the better business bureau and The Office of the Comptroller of Currency. below are their web sites where you file a complaint electronically. I also found this organization and filed a complaint with my congressman.
everyone here should do the same.
http://www.bbb.org/us/Find-Business-Reviews/
http://www.helpwithmybank.gov/complaints/index.html
http://www.affil.org/
From our vantage point, of being a BofA customer and getting out early before you guys did, it looks to us like it is a double SCREW! Their are grabbing profits like pirates and taking TARP money which we will have to pay back in taxes. Agreed, everyone should run away as fast as they can so BofA will fail as fast as it can. They are not good for this country. Account holder since 1985. Account holder no longer. Good riddance!
Corrupt policies
I have been banking with Bank of America for over ten years. Last week I closed my account because Bank of America had somehow removed overdraft protection from my account & charged me $175.00 for 4 overdrafts. The largest charge to my account was for less than $25.00; the smallest was $1.29 for a cup of coffee. After you tack on the overdraft fee off...
Read full review of Bank of America and 8 commentsmisleading credit card offer
The offer was 0% APR for 12 months on balance transfers and the banker sold it as saving money on high interest cards. But she didn't mention the 3% transfer fee. It was mentioned in the agreement, but buried among the penalties for late payment etc. And in not so plain English. Well the 3% transfer fee up on the full balance is more than the interest I'd pay in a year. And Bank of America wouldn't cancel the balance transfers when I caught on, even though they hadn't yet made the electronic funds transfers. Oh, I can transfer the money back to B of A (Bunch of Assh...?), but that would end up costing me even more.
What really pisses me off is that they do this to a customer who has been banking with them for years, violating my trust in my bank to look out for me, rather than just trying to suck all the fees they can.
I'm looking for a new bank...
The complaint has been investigated and resolved to the customer’s satisfaction.
We have been with BOA for more than 8 years, have always paid our month balance with 9.09%. We started a new business and placed $4, 000 on the card for new equipment and had plain to pay it in 4 payments with the interest. Within 2 months before the second payment was due we received a new card with new numbers stating that there had been tampering with our card and they transferred our balance to this new card starting immediately and of course we activated the card. When we did that it gave BOA permission to open a new account and now our interest is at 29.9%.
scemeing
I had the worst experience with Bank of America. I had an account with them for about 4 years. I am a student so it never had a huge balance but I always had enough to get by from pay check to pay check. Then one day I went online to check my balance to see that I was overdrawn. I looked at the messages on my account and conveniently it stated that at the same exact time I was overdrawn, mysteriously my email alerts were shut off by an administrator. I called in because I had several overdraft fees on my account when my total amount that was actually paid out was about $50, and now my account is overdrawn about $300. I called in to see if anything could be done and they refused and said I ought to have given them a valid email address when I have had the same address for the past 7 years and had never had problems receiving emails from them. I am completely discusted with them and went and opened a new account with another bank. I just can't believe how they treated me. And this isn't the first occasion I've heard of them screwing someone over, I've had several friends have issues with them too.
The complaint has been investigated and resolved to the customer’s satisfaction.
I agree, Bank of America they are thieves, I signed up for the text message feature for account balance, I had available money in my checking account, all of the sudden I am overdrawn. It turns out I had to pay 7 fees of $35.00 each because I used my card on small things like coffee and luch, the upsetting part was that I rushed to make a deposit to cover for the amount I went over (less than 10 usd) and I still got hit with the 7 fees totaling $245.00 usd, when I called, they practically said TOO BAD but in a business-like manner. This people have no compassion. I am a single mother with a 4 month old baby. My next paycheck will be $0.00 because this fees are going to absorb it all, and in top of that they will charge me a $35.00 fee for being overdrawn 5 days in a row. I hope someday government regulates the excessive fees this banks charge. No wonder American people are broke, we are just paying fees for the CEO's to get more rich.
spcalws@aol.com
refusal to provide information
I cosigned for a loan. Primary card holder never made a payment. I was forced to pay collection agency that bought the account. I am trying to get bank statements as proof
In lawsuit I am going to persue. G. E. Bank refuses to provide statements. They say they sold
The account and no longer have to provide information. Collection agency (Arrow financial)
Sends me to g. E. To get statements. They say they don't have information. They also are reluctant to help. I heard that g. E. Money bank must provide me the statements and any other information they have concerning me. (Data protection act 1998 subject access request) is this correct.
Any help you can offer will be appreciated. I want to sue primary card hoder for breach of contract.
Rayrainieri
I closed my mom's account... That's when the fun started.
MBNA! Why did you sell out to these loosers? My mother never had a problem with her MBNA card. I closed my mother's Bank of America credit card account after she passed away; that's when the crazy stuff started. I guess Bank of America thought that she should have paid her monthly statement first. Her gold master card, that she had for 20 years, jumped from a very low rate to 21.9%. If you have their credit card insurance, please dump it; they didn't pay for anything. If you have a Bank of Amr card, dump it, transfer the balance to a better card, and if they purchase your bank or cards...move your money!
The complaint has been investigated and resolved to the customer’s satisfaction.
lower credit limit
I had been having constant problems with BOA since they bought MBNA, I had an auto pay scheduled for a specific date of the month, they took my money out for a while, then they abruptly change my due date, but instead of them taking the money out on the new due date they decided to say I was late, charge me late fees and instantly increased my APR to 29.99%, since I have two other MBNA cards, they increased the APR on all of them and cut my credit line even though Ihad never been late on any bill in twenty five years.
They want me to get a second mortgage because of my credit card debt, I told them NO, two days after that they started cutting all my credit lines which now affect my credit score despite the fact that Iwas never late on any bill.
I love free enterprise but institutions like this are the reasons more people cry for Government Regulaions.They are a RIPOFF.
The complaint has been investigated and resolved to the customer’s satisfaction.
BofA ripped me off also, lowered my credit limit to exactly what I owed the day before they put interest for month on my account. This of course caused an overdraft fee the next day, well before they even notified me of lowering my credit limit by 10, 000.00. I imagine they do this to raise extra money during slow months, as when I called they offered to increase my limit back to what it was. RIP OFF, use another bank.
Unwanted coverage billed
I have had all my banking with Bank of America for twenty years. Back in the summer(2008), I called my bank on a routine matter and was pressured to sign up for Credit Protection Plus-I was told I could get a free trial of it. I declined several times but even after hanging up I felt that the person I spoke to was so adamant I should call back and confirm that I didnt want it. I was told that they couldnt sign me up for it unless I signed and returned a form. I felt relieved.
Fastforward 8 months and I realize that I have been billed an average of $130/month since Sept/08! I had thought all this time the fee on the account was my finance charge because it was calculated on the unpaid balance and again, I didnt sign up for it or verbally agree to it! I called Bank of America today and was told that I should contact the merchant on my statement directly that it had nothing to do with them. I called and found out that during that routine call, I supposedly agreed verbally for this coverage-wrong! They said that they would promptly cancel the coverage but I was not entitled to the refund of back charges. I was angry to say the least! I said I expected a full refund since I did not ask for this. They said that since I didnt complain about it all this time, the best I could expect was a few months be reimbursed.
I have since Googled this coverage and found I am one of MANY that this has happened to. A lot of others missed it on their statements thinking it was finance fees. Apparently this coverage would kick in if I were to lose my job and couldnt make my monthly payments. Well, guess what? I havent worked in a year due to health problems so why on earth would I have agreed to buy this? I didnt obviously! I was told that they would investigate my claim and get back to me in writing within 7-10 days. I know I didnt verbally agree to this or sign anything so I am expecting that they will offer me the standard two months of back payment. This to me is ridiculous. Also, if Bank of America was the one who said I wanted it, how is it that when I call for wanting my money back, they say to contact the merchant and this is out of their control? Isnt that convenient?
I will be like a pitbull until this is fully reimbursed to me. I can not believe the banks can get away with this!
If anyone is even thinking about getting this, dont! For those of you who have said they dont want it, check your bills carefully and then re-check them again- I made the mistake of trusting my bank...wont happen again. Disgrunted and angry on Cape Cod
The complaint has been investigated and resolved to the customer’s satisfaction.
I was signed up in 2006, also without my knowledge. I discovered this when the bills were change to clearly show fees separately from merchant charges.
I complained, and after a couple of months they have refunded my payments in full. But, this is not good enough. They charge 16.99% interest, and that's what I want back from them. It is quite reasonable to ask for a complete itemization of each payment into this fraudulent operation, and for interest to be charged forward for each of these payments. This is because they "borrowed" my money (over $300) for 4 years, without any agreement.
The fact is that this is a multimillion dollar fraud committed against their own paying customers.
It's just as if the undertaker digs up your relative and then charges you to rebury them. They want to charge us more than once for being honest customers.
Join a credit union! They actually care about their members.
For anyone interested in potential class action representation, please contact:
Robert S. Mullen, Esq.
Robert Mullen and Associates, PLLC
800 Starkweather
Plymouth, Michigan 48170
Tel: [protected]
Fax: [protected]
Lack of full disclosure
On March 13 I received a letter from Countrywide Mortgage about my home mortgage. I called customer service and the issue was resolved. At the end of the call the customer service agent asked if I would like a quote on there premium for homeowners insurance. I was transfered to an agent in the insurance division. After a brief interview on the phone I was given a quote that was about $100 less than I was paying at the time. The agent told me he would go ahead and start my insurance that day and that I should call my current insurer and cancel my policy.
I received my new policy in about a week. About 10 days after this I received a cancellation notice from my new insurer. The reason for my cancellation? My house was not in good enough repair to pass underwriting requirements.
I was not informed an underwriter was going to inspect my property nor that being covered was contingent on this inspection. So now I will have no coverage as of May 4th 2009 and I was given no chance to correct the problems. I cannot go back to my old insurer unless I pass an underwriting review and pay $300 more per year in premiums.
When I called Countrywide and complained to the agent that I had not been informed there would be an inspection of my property, the only response I got was that this "is a standard procedure of insurance companies when issuing a policy". His tone of voice indicated he couldn't understand why I did not know this. I replied I did not sell insurance and that this was only the second time I had purchased homeowners insurance. He told me he was "sorry" but offered no help. I feel like I was duped into accepting this new policy without all the information I needed to make an informed decision.
The complaint has been investigated and resolved to the customer’s satisfaction.
interest rate increase
Today I received a notice from Bank of America (a former MBNA card that I have had for over 10 years) that they are changing my "platinum plus" interest rate from 6.99% to 13.99% and terminating their extended warranty and satisfaction guarantee benefits. This is in addition to raising a multitude of fees and modifying their definition of a foreign transaction. The letter states that the increase is due to "a change in our business practices, and due to the pattern of payments and APR on the account." In reality the pattern is a 10 year old account, never a late payment, $1, 000 balance with a $20, 000 limit and all payments have been at least $100 a month. This seems to be typical of American Corporations nowadays . Do everything right your entire life, then make you pay for the mistakes, misfortunes and frauds of others.
The complaint has been investigated and resolved to the customer’s satisfaction.
I am writing to complain about the practices of Bank of America. My husband had a stroke almost 4 years ago and during his recovery we accumulated some credit card debt. We were approached by Bank of America with the offer of a balance transfer for lower interest rate which we took. We both have good jobs and have not missed any payments. This July we did not received a bill and posted a late payments as soon as we realized we had missed the due date. Although we understand that we are ultimately responsible, we expected to pay a late fee and move on. Bank of America, however, had different intentions. They raised our rate from 8.9% to 29.9% and last month we paid over $400.00 in interest fees alone. We received a letter from Bank of America letting us know that they would be offering us 3 options:
1- Work with us to reduce our payment
2- Expand time of repayment
3- Debt consolidation
When we called them, they refused to lower our rate, and told us that the only option available was debt consolidation through their trusted debt consolidation agency. This would entail to close all our credit accounts, transfer our debt to their preferred debt consolidator and not be allowed to use any other credit.
In addition, Bank of America has reported us to Equifax – making it impossible for us to transfer our debt to another account.
Had we stayed at 8.9%, we would have continued to pay our account without any problems, however, Bank of America has put our family in a situation of great hardship. So far we are paying their required high interest monthly payment and yet they still won’t consider anything else. We refuse the debt consolidation because we consider transferring our debt to a company we no longer trust absurd - Bank of America is behaving like a loan shark and seeking monopoly over our situation. We have other credit cards and do not have any problems with them.
This happened a week before the new law was passed to protect consumers against such predatory behavior. Interesting enough, second time we called they had changed their greeting to: “If you did not received a bill, you still responsible for paying it on time”- by that I assume that we are not the only ones that did not receive a bill in the month of July. I truly believe we fell victims of a scam.
If your original balance transfer stated a specific interest rate for the life of the loan, there is no way they can change the rate on you. If it wasn't for the life of the loan, you're probably out of luck. When the banks were making these balance transfer offers/loans, they were giving very low rates (some even zero percent) for the life of the loan. Of course, what they were hoping for is that you would be one day late on a payment and then the interest rate would go sky high. I had rates on a couple of accounts go from very low to 25-30% overnight because of a late payment.
I have a old MBNA fixed rate balance transfer of $45, 000 and have paid down religiously to currently $29, 000 and my rates were supposed to be fixed until the transfer balance is paid in full. Since BofA bought them out several yrs ago they are telling me recently its now a variable rate. How can they get away with this stuff. I understand if I defaulted, missed or late on payments, but that is not the case.
I know of a company that can settle this debt down to about half of what you currently owe. Send me an email to debtrelief@rocketmail.com
Kayla,
Isnt it amazing how these big corps who we support don't mind taking us to the cleaners? I hope what goes around will come around. #$%^&*()_+! Pure and simple greed.
I also had my accounts interest rate raised. I was never late on a payment. They siad they raised it because I had the interst set and then used the card. I was a student with no job. I hope they go under for what they have done to everyone. Maybe now they won't have all the raises they had before. I had the card for at least 8 or more years. That is how they repay you! Thanks for nothing Mr.Lewis Honest in Wv.
Hey. Any credit card company/bank will make your APR go up after a late payment. BOA typically will only offer debt management if you mention you have multiple credit cards accounts in and outside the bank. They gave me the phone number for the company and I did some research. They aren't affiliated. I know you are mad at the banking company but if you call them and let them know you are having a hardship they will offer you a hardship program. They offered me a 5 year program that cut my minimum payment in half and lowered my APR from 24% to a 2.5% fixed rate. I don't get charged any late fees and my APR will never increase. I would look into that if I were you. Oh, and there aren't any hidden gimmicks with the program I'm on. Good luck to you.
Thieves! Bank of America has given you the old switcheroo (like everyone else). You are victims of yet another BAIT AND SWITCH ploy. B of A is known for f---kin over its customers. They do it all the time from their checking accounts to home loans. Open a new account down the street and forget these loan sharks.
People are already having great difficulties making payments due to our economy. We need to remind businesses such as this "That we bailed them OUT!" Yes, us taxpayers whom you are charging outrageous fees. Tell me what should Bank Of America's credit score be? It is companies such as this that give AMERICA a bad name.
I can't believe they keep sending checks every couple of weeks offering a deal that only an idiot would accept. I have credit cards from several of the major banks. One by one, they've all increased their rates. I had very low rates on some balance transfers from Chase. They couldn't raise the rates because the current rate was good for the life of the balance. However, they did increase my minimum payment to 5% of the outstanding balance. One way or another, all the big banks are going to screw us. I'm working to pay off my balances and then be done with the big banks for the rest of my life. I hope they all go under.
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Bank of America emailssupport@bankofamerica.com100%Confidence score: 100%Support
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Bank of America address100 N Tryon St., Charlotte, New York, 28255, United States
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I am in total agreement. My husband and I had a similar situation where our credit union transferred our cards and management to FIA. We both have had our cards with FIA for 6 years and prior to that 18 years with our credit union. We both received notice that our rate would increase 5% even though we have not had one late payment and we are making double payments. I was also told EVERYBODY's rate was increasing. I was also informed that I could call back in a couple of months to see if the rate would come back down. Doubtful. Seems like those who pay above the scheduled amount and on time are getting penalized for FIA's poor business ethics and customer service. We closed both accounts and obtained a card elsewhere.
I found out they raised my APR to 24.99% without even notifying me about it. When I called them they hang up on me after hearing my complains. I have decided to transfer the balance to my other credit cards and just close this one forever.