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Bank Of America / money fraud

1 United States Review updated:
Contact information:
Phone: 800-432-1000

Will someone please contact me if there is a class action lawsuit filed against Bank of America for the way they handle their online banking and overdraft fees? I have an attorney in the family and I am having him check in on it and see if I have a case. 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.

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  • Je
      15th of Sep, 2008
    0 Votes

    I have good news for you!
    I caught them in the act of deceiving customers!! I will explain later in this comment. First off, let me tell you that as of july, B of A actuallycame out and issued a statement saying they were changing how they post your account activity (from largest to smallest) and until now, I hadnt paid much thought to it, but they have been doing just that same process from BEFORE they notified anyone of this change...and that would suggest REFUND. Now to get to the catching them in the act...on the 7th of september I made an online purchase, and my account was deducted for the 2 amounts. No problem. On the 12th those purchases went from pending to posted status. And that should have been the end of it. WRONG! Even after they had ran the transaction for the merchant and POSTED it to my account, they continued to leave the authorizations OPEN, thus reflecting my 2 purchases, and the deducted amounts for my purchases. (being charged twice for both). On saturday the 13th AFTER my purchases had posted, these authorizations were STILL open, causing my account to reflect negative, when in fact I should have had a POSITIVE balance. That, combined with their posting proceedures (from high to low), caused my overdrafts, one after another. $175.00 worth. Keep in mind that I would have had a positive balance if they would have lifted the authorizations once the purchases were paid and "hard posted" to my account.

    Since authorizations drop off your account after a certain period of time, you cant physically see them online or anywhere else. Neither can the associates. Thus making your account "APPEAR" to be overdrawn at the time. While you are so busy looking at the damage from this, you dont notice as to why or what caused the negative balance, and they get away with fraud, because your authorizations holds have already credited back into your account, like nothing even happened. I have paper copies of this from the bank, which customer service even said "this isnt right". I have made plenty of copies to show, and will be pursuing this even farther. So, if you are still wondering why your overdrafts seem to be coming from nowhere, and money is lost, that is why.

    By the way, If there is a lawyer or attorney reading this, please contact me. I have hard evidence of bank fraud against customers. And probably a multi-million dollar scandal suit for you to handle.

    -Highly pissed of customer.

  • Ta
      8th of Oct, 2008
    0 Votes

    BOFA needs to stop! They charged me $90 in overdraft fees when there was no overdraft! The money was in the account when the transactions floated!!! Please contact me if anyone pursues this further. This has to stop!

  • Gr
      23rd of Jan, 2009
    0 Votes

    Bank of America just helped them self to $4800 from my Bank Atlantic Checking Account and they are draging their feed to return the money. First it was 75 hours, than 2-5 days, than 5-10 days and now I am being told it would take 30 days to return my money. In the mean time I am getting all kinds of overdraft charges from my checking account that Bank of America is not covering. Who overlooks this Banks? Do I need to contact the FBI?

  • Do
      20th of Feb, 2009
    0 Votes

    I have had the same things happen to me over and over. After years and years of banking with them, I got tired of it and closed my accounts. I went into the local branch office and sat down with the manager and closed the accounts. We made sure they were in the clear. I told him specifically, that I wanted to be sure these accounts were closed. He assured me they were. One month later, I am getting a statment in the mail stating that I was in the negative. Only because they charged me service fees and an overdraft fee for an item that came in that I had comming out of my account monthly. I had also cancelled that item. I stated how they could pay this out of an account that was closed! They said when that item came in it opened my account back up and there are the overdraft charges and monthly service fees. Not only did they not pay this item the first time, because the account was closed but when it came in a second time they paid it. How does that make seense. Please also contact me at if there is any evidence of a suit against them. I have also been charged over the years with overdraft fees that made no sense and also had funds taken out of my account and posted back to my husbands account which had been garnished. This was really awful. His account was in his name and my account was in my name only. How can they do that!!!

  • Sh
      25th of Feb, 2009
    0 Votes

    If a lawsuit happens--please let me know also--I have an account with them---of which I'm getting ready to close
    I am on a fixed income--and that month's pay was eaten up in over draft charges--needless to say--I was madder than heck--bad enough they did it to me--they did it to my mom also--so please let me know of a lawsuit--This
    happened in NY--B. of A.-----my e-mail

  • Ro
      25th of Feb, 2009
    0 Votes

    Thank you for informing all of us. I'll try to search them through Scam Search. It might also help you guys out there.

  • Sj
      7th of Apr, 2009
    0 Votes

    I know this post is old...but I couldn't resist.
    BofA is not ripping this person off. Every bank operates this way. Credits first, debits last. The bank wants their money...just like you want access to yours. They can't deduct the overdraft fee as it occurs, it is a transaction that must post the next day. Just like if you use your Visa Check card today, you will see the transaction in pending status today, but it won't actually be posted until the following day.

    I have banked with BofA for 13 years and have always found them understanding and willing to work with me when I screwed up and ran a negative balance. During that time, I have learned the best way for me to manage my money to avoid paying unnecessary high fees.

    Scream all you want, the bank hasn't done anything wrong - you have.

  • Ka
      14th of Apr, 2009
    0 Votes

    They just cheated me to. I deposited my husbands payroll check like I do every week, for some reason they decided to put a hold on the payroll check and when I used my debit card on the checking acct they paid they and them put 2 overdrawl charges on my acct. They refused to take the charges off and when ask if they were going to put a hold on the checks every week, they would not give me a answer, they just say they can do this. We are not people who have overdrawl charges on our accts. We also have a savings acct. with them that had more money in it than the check. They must really need money to cheat the hard working people. I am going to close our accts. and go some where else, they won't do this to me again ps- we have banked with them for over 3 years

  • Ma
      23rd of Apr, 2009
    0 Votes

    My mom has been scammed seriously she is retired schoo teacher and on a fixed income, bought a gateway computer in 2000 using the MBNA card, she had a credit limit of 1500 but only used 500. They are now saying she owes 18, 000 for a 500 purchase. she has paid for this computer nearly 4 times over. They are trying to get her to settle for this amount which is wrong and I know completely illegal. Over the limit, late payment and interest fees is what probably makes up this amount. Plus now they say they can't find her original contract, and sold it to a collection agency who back in 2008 said she could settle for 300, Please email me with information on any class action suits against this company. Thank you

  • Ia
      23rd of Sep, 2009
    0 Votes


  • Ma
      30th of Sep, 2009
    +1 Votes

    These ### need to go down!!! I am sick and tired of them!! I have had them for 7 years and they can't even show some appreciation to customers... My account is now $650 withdrawn... Which most of it, are the $35 overdraft fees!! I don't understand, , the money was there when the purchases were made.. I think they do it on purpose, or choose the timing, of when to post those transactions!!! and they also charged $10 to move my money from my savings to checking acct...and they added that new feature which is, if your account is not in the positive by the fifth day, then they charge you another $35!!!
    We have to do something about it, because this is getting way out of hands!!!

  • Ir
      14th of Oct, 2009
    +1 Votes

    It sounds like I'm fortunate not to have a bank account with B of A, however they took over my home mortgage account from Countrywide. I am angry at their policy for online banking. My wife and I are both on Social Security and our funds are not posted in our bank accounts (not B of A) until the 2nd and 3rd Wednesday of the month. Their policy states that there is a $6.00 service charge for online transfers between the 11th and 16th of the month. There is not enough time to send a check to them to avoid late fees as the money is not available to us soon enough. Then to be charged a $6.00 fee for online banking is taking advantage of us because we are not wealthy. I don't understand. They are getting plenty of money from us as it is because of interest on the loan. They call it a service. They said that there would be no service charge for online banking if the transfer was made between the 1st and the 6th of the month. That's wonderful if we had the money, but we don't. Therefore, the poor gets the shaft again. If they can have a no charge service fee in the beginning of they month, why not in the middle of the month. Sounds like greed and unfair business practices. No one else we deal with charges for online banking. After all, B of A has nothing to do except receive the money into their coffers. What a ripoff!!!

  • Wy
      26th of Oct, 2009
    0 Votes

    Here's one 'Scam' BOA pulls that you might not have not noticed, but I check my account at the very least, 2 times a day and I caught it. (I only wish I printed it off my internet account)
    Sometimes my wife and I will have to pay something (because we live paycheck-to-paycheck like most people) even though we know that there's not enough to cover it in the bank. I will check the account to make sure that all of the previous 'Pending' transactions have been 'Cleared' so that we will only be charged ONE/1 overdraft fee. After we made the transaction with the card, I went back online and BOA turned 3 of the previously 'CLEARED' transactions into 'PENDING' transactions. I went beserk and I can't even describe in a word what my wife did!!!

    I called BOA, told them what happened, and was told that there was nothing they could do because, as they said: "What you see on the internet is not always up-to-date"

    (No wonder they have one of the highest profit margins of all of the banks today, they're scam artists)

    So if anyone does open a class action suit, please, please get in touch with me at:

    Let's take BOA off the radar!!


  • Br
      8th of May, 2010
    0 Votes

    Bank of America took my paycheck. They had never held a check before on my account but this time they held it for eight days. They were aware that my bills are set to deduct automatically. They held my pay while charging me 35 for every transaction that came across. Only when my final bill for the month came through did they relase the money... from 800 i was able pay bank of america over 300 in fees. and now can't pay my bills.

  • Si
      10th of May, 2010
    0 Votes

    This is not fraud. It is just you not understanding how the deposits and withdrawals work in the bank.

  • Ka
      11th of Jun, 2010
    0 Votes

    After catching BoA stealing money from my father's account I took a personal interest.
    My findings: yes, they STOLE THE MONEY!
    Point of interest regarding character - BoA corporate policy regarding "this call may be recorded..." - Only THEY may record the call. Not you!
    If BoA dares to contest this, they may contact me at any time

  • Ti
      12th of Jun, 2010
    +1 Votes

    Well, since you give no details and no contact info, you shouldn't hold your breath waiting for them to contact you.

  • Ka
      12th of Jun, 2010
    0 Votes

    My father, who had contracted alzheimers, was taken advantage of by a contractor who paved his driveway 3 times and was paid by home equity checks. This led to a lien which initiated a foreclosure. When I became aware I paid his arrears and proceeded to pay his loan off for the next 5 years as was agreed to by BoA.
    Believing that they were dealing with an alzheimers patient, BoA applied ALL the money to fees and penalties, contrary to the agreement.
    Although BoA would never communicate with anyone but him, I managed to procure a copy of his loan statement and caught them.
    He has now passed away and there is NO communication available with BoA.
    They have my contact info and refuse to contact me even though they have promised to.

  • Ka
      12th of Jun, 2010
    -1 Votes

    One more note. You are wrong! BoA policy is to discontinue the communication if a customer records a call.
    I have verified this with numerous BoA representatives.
    To check - call a complaint in and ask if you may record the call. I have; and have received the same answer each time.

  • Ti
      12th of Jun, 2010
    +1 Votes

    It depends on the state -- if your state law says you don't have to tell them, they can't discontinue the call, can they?

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