Bank Of Americathey will eat you alive

E Review updated:

Why you should NOT have an account at Bank of America:

Since the beginning of June 2009 or maybe even earlier, Bank of America has started charging customers phenomenal fees like monthly maintenance fees for
each account. While these fees may have existed before, we heard that on regular checking account and regular savings accounts these charges were unheard of. Monthly maintenance fees of $12 / month are charged on regular checking accounts.
According to the bank's website:

So if your bank balance if low, we suggest you close your regular savings accounts as it will be eaten up by these monthly charges and you will earn derisory amounts in interest.

Perhaps what is striking is the overdraft charges that the bank has. If you use your card and go overdrawn, the bank at its own discretion, can either honor the purchase or deny it. In both case, you will be charged a whopping $35 per transaction.
so if you do 9 transactions that day you will be charged 9 * $35 . A huge rip-off. No bank in the world has yet managed to pull this off except Bank of America.

It is not difficlt to see why:

-This bank has in effect gone bankrupt were it not for President Obama's administration giving them bailout money and making them a national bank in all but name. They are now in a position where they know they cannot fail and therefore they will go out there and do everything they can and everything customers think they cannot in order to balance their books.
They will start with fleecing their customers at any occasion.

Here's what the bank says on it own website:

Overdraft Items (an overdraft item)

NSF: Returned Items (a returned item) Overdraft Item Fee $35.00 each item Reduced Overdraft Item Fee: When we determine that your account is overdrawn by a total amount less than $5.00 after we finish processing for that day, we reduce the Overdraft Item Fee on your account and charge only $10.00 for each overdraft item that day. Please note that the $35.00 NSF: Returned Item Fee applies to each item we decline or return unpaid.
When you do not have enough available funds in your account to cover an item, we may either pay the item and overdraw your account (an overdraft item) or we may decline or return the item unpaid (a returned item). In either case we may charge you a fee. An “item” includes each order or instruction for the payment, withdrawal or transfer of funds from your account. Examples of items are a check, an in-person withdrawal slip, an ATM withdrawal, or another electronic instruction (such as a debit card purchase or Online bill payment instruction). Please see the Deposit Agreement and Disclosures for more information about insufficient funds, overdrafts, returned items and how we process and post items.
Fee applies to each overdraft item and each returned item with no more than 10 items charged each day.
To help you manage your account and prevent overdraft fees, we recommend that you use Online Banking, Online Alerts and Overdraft Protection service from your savings or credit card account. As an example, use low balance alerts to get notified when your balance drops below an amount you set. For more information, go to or see the Helpful Information for Better Banking brochure.

Overdrafts – Extended Overdrawn Balance Extended Overdrawn Balance Charge $35.00 – charged when we determine your account is overdrawn for 5 or more consecutive business days. The Extended Overdrawn Balance Charge applies when we determine that your account has been overdrawn for 5 or more consecutive business days. For each time that your account is overdrawn 5 or more consecutive business days, we charge one Extended Overdrawn Balance Charge.
We charge the Extended Overdrawn Balance Charge after the 5th consecutive business day. The Extended Overdrawn Balance Charge fee is in addition to applicable Overdraft Item Fees and NSF: Returned Item Fees.
You can avoid this fee by depositing enough available funds in your account to cover your overdraft plus any fees we assessed within the first 5 consecutive business days.

Please note that it is not because a transaction will take your account below $0 that the bank will decline the transaction. They may decide to be courteous and honor that transaction and then charge you a fee of $35 or they may decline the transaction and still hit you with a $35 fee.

Bank of America is certainly in our eyes, the worst bank in the world and a disgrace to America, the great country.


  • R
      Jul 06, 2009

    Yeah yeah... same story Maggie... "it's your own fault" "you try to spend money you don't have"

    We are consumers, not pro bankers, on debit purchase it even "calls" home to the bank to allow/deny the transaction, why don't they give consumers the option to block those transactions when it results in a overdraft ?

    The technic is there, the banks choose to not use it, they rather rip them off...

    And then charging 35 dollars for a few days loan, very often more then 100% profit for the banks in just a few days, this makes the mob from back in the days look like a bunch of sheeps...

    -1 Votes
  • S
      Jul 13, 2009

    Lets be rational here for those of who think Bank of America is justified for such a huge fee. For most people I assume we use the debit card atleast 5 to 6 times a day, especially if you have kids. You have to be super organized to write down and track each transaction and keep an accurate balance. After 3 days, Bank of America will have more than 20 transactions pending. BankofAmerica will process the transactions for largests to smallest. In this way, they can increase the number of times the account will have insufficent funds. I admit its definately your own fault if your account goes in the negitives, but having a debit card makes it so easy to draw your account in the negitives if you already have limited funds in your account. For me, I have 2 different bank accounts. I have one account at Wells Fargo which I use to pay my mortgage and keep a savings. Unfortunately I have the other account at Bank of America which I only use for debit transactions. Its very rare, but once in a while I slip up and over drawn my account by $3 or $4. Recently my account was overdrawn by $2.12. Not only they charged me a $35 overdrawn fee, after the 4th day when the account was left overdrawned they charged me an extended overdrawn fee. LOL, so my $4 purchase at the gas station that overdrawned my account by $2.12 is costly me an additional $70. Well I have 2 options, ### and complain and don't do anything about it or just close my account from this Wicked Bank. I'm choosing option 2, but not sure which bank I will go with now since they are all a little crooked. By far, Bank of America is definately the worse.

    -1 Votes
  • P
      Aug 06, 2009

    "Maggie" is obviously one of the paid shills who works for BofA and other companies to go around posting pro-comments and trying to blame people to make the bank or company look good and the people look bad. (either that, or she really is just stupid) These techniques are very common and used all of the time. You can even find advertisements for the paid positions with job descriptions. And there are now companies who also provide these services to other companies, like B of A. In these people's comments, it is always the fault of the person, and they never make allowances, like "people make mistakes" in their accounts, etc. It's all part of the game "they" play. What a joke. They won't be laughing when the people get Congress to pass some decent laws to protect the people. Although "they" are paying lobbyists and lobbying firms millions of dollars to try to prevent that. They should have just let all of the banks fail.

    0 Votes

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