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Bank Of America / account closure fee

Chicago, IL, United States Review updated:

I opened a checking account with bank of america at the lasalle & adams branch in chicago. They gave me an account number, temp checks, and an atm card. The woman told me to make sure to fund it with at least $100 on that same day to complete the process. Two days later, I find out that my balance is - $40. It seems that they decided to "close my account" due to information from check systems. They put a freeze on the $100 that I deposited, and then charged me $40 to close my account!

I told them that this was a non-disclosed fee, and they said that it was a "research fee", and that research fees were disclosed. But it's not a research fee. It's an application fee that seems to only be charged to those who are not accepted as customers. Had I known that any part of my deposit could be taken as a fee for applying for a checking account, I never would have opened it.

The racket is to make it appear that you have an account, when in fact you don't (If they are still screening you). That way, they can say that they are closing it instead of denying your account application.

Has anyone else been charged these "research fees" or "closure fees"?

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Comments

  • Sc
      21st of Apr, 2010

    Yes, they, Bank of America, screwed me too! I opened the account, was given a temp bank card, temp checks, a BIG WELCOME package and told to make sure I activated my new card at their ATM before leaving. Well, now I am magically overdrawn by $65 on a $50 deposit that I had only withdrew $20 at their ATM to activate the card and drove across the street and put $20 in my gas tank.
    HOW IN THE HELL IS THIS POSSIBLE?
    Is this how they are trying to repay the BILLIONS they STOLE from the TAXPAYERS?
    UNDISCLOSED Research Fees?
    I am going to report them to everybody who will listen, FTC, Federal Banking Commission, I am even going to contact every fricken NEWS channel who will listen!

    DO NOT GO TO BANK OF AMERICA! YOU WILL LOSE!!!

    0 Votes
  • Ch
      27th of Apr, 2010

    This exact same thing happened to me. Despite every current friend saying, you are so smart why would you even considering putting money in Bank of America. This is a racket and i will file a complaint with the local police in Somerville, MA.

    We have to get politically active on a local level to stop the Corporate Fascism that is taking over the US through PACs and the new January 2010 limitation lift to allow banks and other corporations limitless contribution rights to buy all future senators, congressmen, and presidents to insure this is only the beginning of the corporate fascism we can look forward to.

    0 Votes
  • Ta
      19th of Jan, 2011

    I recently decided to open an account with Bank of America due to the fact that my current bank is beginning to charge service fees to all account holders unless you have a specific dollar amount in the accounts. I only work part time and have two children so I cannot afford to just give money to anyone. When I opened my account with BOA they debited $25 out my Chase account for the checking and $25 out my account for the savings. Then I was told that I would receive my welcome package in the mail. About a week later I received five different letters from BOA, one was a welcoming letter, one was the pin for the debit card, one had the debit card attached, one had a online passcode, and the final letter was notifying me that they closed the accounts. Well I didn't understand this so I called the Risk Account Closure Unit mentioned at the bottom of the letter, and they simply responded: that under their Depository Agreement the have the right to close any accounts for any or no reason. After further probing the rep on the phone, there was no reason given to me for closing the accounts. So my next question was when will I get my money refunded to me, I was told that a cashiers check had been mailed to me. I was gonna leave it at that, but something told me not to, so I asked what the dollar amount of the cashiers check was, the rep said $10. I told the rep that I deposited $50 into the combined accounts, where is the rest of my money, and I was told that a non refundable research fee was assessed to me in the amount of $40. I questioned the rep further; asking how is it you can just take someone's money and not give them a reason for doing so, and how do you even have that right? The response was that I had agreeded to the terms and conditions of their organization and that those terms and conditions allowed them to basically do what they want. They stole money from my children, I will never do business with them again. On another note, I still have to pay Chase a monthly service fee for them just holding MY money, unbelievable.

    0 Votes
  • Wi
      1st of Dec, 2012

    iIM STILL WONDERING WHY THIS IS GOING ON AND NO ONE HAS DONE A DAMN THING TO PROVE THAT THE CHECK WAS FAKE THEY HAVENT EVEN SENT ANY COPY OF THE CHECK OR PROOF SO I CAN REPORT IT TO THE COPS SO WHAT THE HELL IS REALLY GOING ON ?WELL THERES A CYBER WAR GOING ON AND BANK OF AMERICA HAS BEEN HACKED SO HOW COME THEY ARE NOT TELLING US CLIENTS THIS BECAUSE THEY DONT WANT US TO KNOW HOW MUCH THEY OWE US!

    0 Votes

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