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Bank Of America / overcharged

3741 Winchester RdMemphis, TN, United States Review updated:
3.35
Contact information:
Phone: 800-4321000

That's right, another complaint concerning overdraft fees with Bank of America (BOA). Before you naysayers rise up against me, let me first tell you that I did not monitor my account or my spending as closely as I should have. Now with that being said, let me say this.

My checking account was -$136 (negative). After discovering this, I immediately transferred $300 from savings to my checking. Later on that night after 1 am, I discovered that my account was -$145 (negative). I asked myself how could this be.. I rectified this situation about 10 hrs earlier.

The next morning I contacted BOA and asked an explanation of how this could have happened. I was told that the system recognized that i overdrew my account an accessed my account the overdraft fee of $35 five times. Ouch!

Let me explain to you what I believed happened: The computer software charged me again for 5 items which caused my account to be overdrawn again even after I moved the $300 over from savings to checking.

The BOA contact explained to me that those additional charges were from today and that the previous charges were from the day before. Here is where it gets CrAZy. Before we got off the phone, she stated that 'once you get an overdraft fee it unfortunately begins to snowball'.

She was not lying at all. When I got off the phone with her about 12:30pm I had a balance of -$145. As you read this my account balance is -$320. I haven't made any additional transactions since this fiasco started.

Naysayers, I know what your thinking... You are probably going to say 'You should have been responsible in managing your checking account.' Your right but THATS NOT THE ISSUE. The issue here is that the software kept charging me additional overdraft fees AFTER I bought the account current with NO additional transactions pending.

In Conclusion... let me say this. You have your own opinion of what happened here and that's cool, its the American way. This isn't the first time I have complained to BOA about this problem. There is a glitch in the software and no one is publicly acknowledging the problem. You and I both know that the stock would plummet through the earth if the public knew.

It doesn't matter what you think, its my account, my mistake. I can tell you this NAYSAYERS just don't let this happen to you. Its easy to throw rocks when you don't live in a glass house, isn't it?

If you have a similar story please JOIN complaintsboard and tell us what has happened to you. Thats what I did. If you know a good lawyer have them contact this site and legally get our names so we can file a CLASS ACTION LAWSUIT against Bank of America.

America, WAKE UP !! The large corporations are draining the life out of the honest people who pay taxes. Stop Complaining and talk amongst yourselves and Complain and Protest. You dont have to march in the streets or have a sit in. You have the INTERNET and other people and friends who have been unfairly taken advantaged of. You are POWERFUL thats why this website exists!!
Ev
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Va
  18th of Sep, 2008
Agree Disagree 0 Votes
Not only does Bank of America provide poor customer service but I recently learned that they have a system in place to ensure the highest penalties possible when a customer goes into overdraft. I feel the biggest problem is the bank holds visa transactions and pends them to clear. They blame this on Visa and the retailer however I feel the bank us ultimately responsible for requiring a hold to be placed.

The problem lies with the way they withdrawal funds from their customers account. A customer may have 5 pending transactions for only a small amount per transaction. If they have a larger transaction that places their account in the negative the bank will withdraw the larger transaction first and then the next highest amount and so forth until all transaction have been taken out, even if the larger transaction was several days after the smaller transactions.

So the argument that is made is the bank is protecting the interest of the consumer because they took out the highest and most important amount first. That is a lie. They take the highest amount first in order to inflict as much monetary damage as possible.

I recommend that either a class action suit is placed together to stop this practice or that consumers encourage congress to pass a bill requesting funds be withdrawn in order that they were taken out by the consumer. It of course would then be the consumers responsibility to take care of any returned check. Also debit transactions would not be a problem because if the funds could not be immediately verified they would not be taken out.

If this has happened to you I recommend voicing your concern with the Bank. Keep records of the call and of any bank emails you may have. File a complaint with the [redacted], the Federal Trade Commission, your Local Better Business Bureau, and most importantly your State Banking Department.

Pressure needs to be put on Bank of America and other banks to help stop consumer abuse.
Va
  29th of Sep, 2008
Agree Disagree 0 Votes
Bank of America posts transactions largest to smallest. Not in the order by the date the transactions occurred. We had made a few transactions on Saturday night and on Wednesday we accidentally made an atm withdrawal that overdrafted our account by $3. Ok fine, we would get a $35 fee. Wrong! They posted the transactions from largest to smallest. If the transactions were posted in the order that they were made, we would have received on fee, but instead we received 4! Then our direct deposits did not post on the day it was received. That never happened before.

What I get from this whole mess, is that Bank of America posted my transactions to get the most fees. So we received $140 in overdraft fees. And a negative balance on our account.
Cr
  1st of Oct, 2008
Agree Disagree 0 Votes
The same thing happened to me! It is totally unfair. I was never aware of this post transactions lowest to highest BS. I work hard for my money, I don't work so they can find ways to take my money. I am changing banks. If someone plans on doing something about this PLEASE let me know!!!
Va
  17th of Oct, 2008
Agree Disagree 0 Votes
My bank account was double charged for overdraft fees. This is not the first time this has occurred, and on previous occasions, I simply called customer service to get the erroneous charges reversed. However, this time, the representative I spoke with refused to refund the charges. She told me that money for 'pending transactions' was 'set aside' until those transactions cleared. This lowered the available balance, and when additional transactions went through, the account was assessed overdraft fees. The overdrafts were deducted from the money that had been 'set aside' for 'pending transactions'. Then, the 'pending transactions' went through and more overdraft fees were charged to the account.

In all, there were six overdrafts and the account was charged for twelve! I have filed complaints with the Better Business Bureau and the Federal Trade Commission. In addition, I will be closing my Bank of America account asap. I'm sick of their shady practices and 'creative accounting'.
Ja
  30th of Oct, 2008
Agree Disagree 0 Votes
OK, initially I felt the same way... I was really pissed off that transactions were posted from highest to lowest. It seemed to me that by posting the largest transactions first, the funds in the account would be depleted faster, and the smaller items would go into overdraft & you'd end up with multiple overdraft fees rather than just ONE fee for the largest transaction.

But here's how it was explained to me, by what seems to be the ONLY intelligent Customer Service Rep they have:

The reason they post transactions in order from Largest to Smallest is that when you pay your RENT or MORTGAGE PAYMENT, you want to be sure that these checks will be the ones to clear. No one wants their payments for Rent or Home Loans to bounce, and typically, those are the largest transactions most of us make on a monthly basis.

Given the choice, most of us would sleep better knowing that the check paying for the roof over our heads will be the first item to be posted when the bank does our daily account reconciliations...
Va
  11th of Nov, 2008
Agree Disagree 0 Votes
Third time this year BofA doubled my interest rate on cards I own. This one is the kicker though. Went from 14.9% @ $187.00 min payment to 27.99% @ $291.00 min payment in one billing cycle. Asked why. Response was because I did not opt out on the 'letter' I received in July.

I didn't get any stinking 'letter'! No late payments, great credit score (over 700) and bam! This should not be legal in this country! I will definately be interested in getting in on a class action suit against these loansharks. Am in the process of trying to negotiate my original interest rate with no success. Keep being put on hold and/ or transfered to someone else (phone tag) every time I call.
Va
  15th of Nov, 2008
Agree Disagree 0 Votes
I have been a customer with Bank of America since the first time I ever opened a banking account. I have had several issues over the years regarding banking fee's some that were my fault and others that weren't.

I recently had an issue with the bank because one day I was prompted to change my login name & password when I went to get to my online banking. Ever since that day I was having issues when I tried to login where a screen would come up telling me that either my user or password was incorrect which they were not. One night I had made several transactions knowing that there weren't enough funds in my one checking account and that before the deadline I would need to transfer funds in order to avoid any overdraft fees.

Well, when I tried to login to my account that night I received the same error of having an incorrect user name and/or password when I didn't. I tried to login several times that night to no avail. I knew I was going to have a problem so I made sure 1st thing that morning to contact a rep and make them aware of the issue as well as go ahead and transfer the funds I needed to. To make an extremely long and excruciating story short, I received the run around when I contacted customer support. The first rep tried to give excuses like that I shouldn't have used my card if I knew money wasn't in the account and such. Her manager told me he wouldn't give a refund because he couldn't verify that an error had been made by the bank but that if I could in fact verify that an error had been made that he would give a refund. I then spoke with a rep from tech support who verified the error but had been told to still give no refund.

Ok, so I took my evidence and argument to my local banking center and spoke with the VP there. After a long struggle with his superior he refunded 2 of 3 fees that had been charged (bear in mind each fee is $35 and aside from the 3 fees that had posted, 2 transactions were still in pending so those fees didn't hit till later that week.) The bank did this because they could recognize their error but still refused to give me a FULL refund because of it. So, when the 2 other fees hit my account I went back to the same VP (Very nice guy) who pleaded just about (I heard him) with some banking individuals over the phone urging that those fees needed to be refunded as well. They refused!!

Get this... I understand that when you screw up with your banking it is your fault, however, and this isn't the first time this has happened to me, but when fees hit because of a banking error the bank states they will refund them. They are full of it though!! The issue I had was a bank error and was confirmed to be a bank error by several of the banking staff. Regardless they acted as though some blame should be put on my part and therefore would only give a partial refund so my original BS fees totaling $175 was reduced to a whopping $105. So I was pretty much charged $105 because I was unable to login to my account to cover my ###. How do you like that?!?!?! Even when you are aware of what you need to do to keep from getting his with fees the bank always finds a way to screw you over. Even the VP at the banking center I went to said that it was crap and that he wished he could do something but he just didn't have that kind of authority. He said that the individuals who do have that authority (the millionaires taking my hard earned cash) should have to handle customer service complaints because it really was hard for this guy on a regular basis to pretty much have to tell banking customers that yeah even though this is the banks fault we have the ability to ruin your credit and steal your money and there isn't anything you can do about it.

The bank is one big LIAR. If they say they will give a refund for fees that hit your account due to a bank error then they should. Not give a partial refund and say screw you and HAHA under their breath. As an individual this really hits hard. I live paycheck to paycheck and recently had a baby (now 2 months). I of course never qualified for WIC so even though I am struggling because of the economy I still get no help with having to provide for my son. Now I have to pay the bank $105 to avoid getting a bad rap on my credit report for fees that were caused because of their own error.

This is really unfair. I know I shouldn't have these fees and they know I shouldn't but they are the ones with the power. How F'ed up is that?!?! Someone really needs to take down this corporation and I would love to be the one to do it. You know why?!?! So I can take the money that the bank has stolen from me and many others and use it to start a bank that works for the people. It isn't fair that some jerk gets to sit in his expensive home living off my hard earned cash and others just like me.

I am not a member of Bank of America so I can fork over my cash to them to spend, but so I can responsibly pay my bills and use that cash for the well being of my child. I am really tired of people who like me are getting ripped off for faults that are not there own. Is this the America our founders envisioned? Did they really set up this country so the big man can take more money from the little man.

If you have ever been in my shoes so to speak, then please reply to this report with your own stories of how the bank still charged you fees even after admitting to the fact that those fees were due to a bank error. I believe that if enough people get together with enough substantial evidence that they were charged fees due to a Bank's error that together we can take this monster of a bank down.

As a community we have to say enough is enough and rally together to do something about it. I am confident that if we can then a lawyer will have enough evidence to take this thing to court and fight it. It will be a big gain for our working class community all around this country. And once we've taken down the big guys we can get together and build up a new banking system to change the way things work so that they are fair and just, just as our founding fathers wanted this country to be.
Va
  19th of Nov, 2008
Agree Disagree 0 Votes
Simple to explain: I sent a payment Monday, they supposedly 'received and posted it Saturday' due on Friday. According to BofA, you need to mail your payment 7-10 days in advance due to the USPS. Doesn't mail usually take 2 days. Not according to BofA. I called to dispute the late charge of $39 and was told that if I had a problem with the date they received it, I should contact the USPS. I was offered a half credit for mailing my payment on time.

Then they took my 0% balance transfer interest rate up to 9.99%. But the kicker is they went back to October and decided to recalculate my interest rate and charge me an additional $12 in interest= $51 dollars total charges.
La
  19th of Nov, 2008
Agree Disagree 0 Votes
Check your bank statement - when did they process the payment with your bank?

If before the due date, then they received it before the due date and chose not to post your account as paid until after the due date. That is a violation of the Fair Credit Billing Act.

You can file complaints with the Federal Trade Commission AND Office of Thrift Supervision.

GEMB credit is one company that does this alot.
Va
  20th of Nov, 2008
Agree Disagree 0 Votes
Due to other companies taking ach debits without permission I requested Bank of America to close my account, they refused due to the account being in a negative. I then asked for a hold to be placed on account so no further ach debits could be processed. I was also told this was not possible.

After a month of ach debits i racked up almost $1500 in overdraft fees. The bank decided to transfer $950 from my other checking account to cover some of the outstanding fees, leaving me; a single mother of 3 young children totally broke with no money to pay rent, or put food on my table. I went to a branch where I explained the situation and a HOLD was put on my account within seconds. If this hold was put on the account a month earlier when I asked and was wrongly told it was not possible; none of these overdraft charges would have been adding up all that time.

I have made numerous phone calls, sent letters, emails, etc with absolutely no help in the matter. The only return call I got from the bank was to ask me when I planned on making a deposit to cover the remaining overdrafts? NEVER! I currently show a -$402 balance.

I would greatly appreciate any help anyone might be able to give in this situation.
Ro
  21st of Nov, 2008
Agree Disagree 0 Votes
you are right, I am having the same problems, OVERCHARGES FEES...Do you know the latest about ATM machines, [b of a}..Get this !You have to check the cut off time, if you make a deposit, anywhere else, ie, Albertsons market, in my case...I was told by a ###, at my branch, !Can you believe it.An other word, beware of those machines, .they advertise, at your branch"no enveloppe, immediate credit for cash deposits, deposits made by 8pm, will post w/today's business"
But don't you dare, go elsewhere, you'll be charged!!!Again in my case, I went back to take apicture and cut off time is 1pm. writing on a silver type plate...So when I asked"can you please reverse the $105.00, because I was not aware of it?Nada, you have to read..The same t6hing happen, in aug, same machine, same location, at this time the ### I spoke to said"I have no way of finding the time of your dep, I can see you made one, but cannot reverse charges.To make a long story short, whom would like to pay $105.00, knowing there is a time limit on this machine.and at both times, deposits were made before 6pm.{irst one at 5:53 pm, other at 4:52 pm.I thought one could deposit through ATM, and get credited the same day...No way...An other word what's the convenience of it, you must rush, from where ever you might be, to make it to your branch, forget about kids getting out of school, forget about groceries..Do not have a LIFE...I am telling you!I have been punished, because the first IDIOT, did not do her job instead of barking at me, she should have said"All ATM outside of your branch have a cut off time, No NO, and the winner is...minus $105.00.One should hear the way these people talk to a client...It's like being in shool "DISMISSED"
Thank you for your time,
Bye now
Va
  26th of Nov, 2008
Agree Disagree 0 Votes
Bank of America will pick and choose in what order charges appear on your statement, in order to charge overdraft fees. They intentionally re-order the largest amount first regardless of date made, and even whether anything has actually posted or not. Bank of America will charge an overdraft fee when the system they use, (not available for view by customers), says that you have overdrawn your account. Even when the direct website www.bankofamerica.com says there is money available.

When you accidentally go over by a dollar or two the bank does not give you a chance to put funds in the account because they immediately charge you an insufficient funds fee before the transaction even shows as pending. With the re-ordering of posts and they immediate NSF charge they have turned one small overdraft into seven. They have done this to me and my wife several times. there have been many times we would check our balance and then the next day (even without spending a dime ) our balance wound be at negative 300 dollars.

Keep the change is a bad idea if you do not have a large safety net in the bank it provides an easy opportunity to charge you a 10 dollar fee for transferring the keep the change that has not even hit your savings account where you can transfer it yourself.
Dm
  30th of Nov, 2008
Agree Disagree 0 Votes
I had the same problem and it made me feel as if i was being ripped off ! My suggestion close the account and never bank there again
Va
  3rd of Dec, 2008
Agree Disagree 0 Votes
I have two credit card accounts with Bank of America. In the past few months they have reduced my credit limits; raised my interest rates to almost 30% and gave me an incorrect address to send a letter to 'opt-out' of the higher interest rates.

I followed the instructions given to exercise my 'opt-out' right and refuse the interest rate change. I had a time limit to send the letter, which I followed. My letter was returned to me, marked as undeliverable as addressed. I double checked all addresses and I addressed it correctly. Of course the time limit has passed and now I automatically go to the higher interest rate.

All this seems like legalized extortion to me. I pay my bills on time. I pay more than the minimum payments. All this nonsense is going to be the financial ruin of our country if we allow it to continue.

I have no problem with paying a reasonable interest rate. That is good business. I have no problem with paying for things that I purchase. That too is good business. I do have a problem with being robbed blind and it is all being done legally (as far as I know). These practices must be stopped and these companies must be brought under control.

There are no 'bail-outs' for all of us average citizens. What good is raising rates to beyond reasonable rates?? Make minimum payments so high that people have to choose between paying living expenses or their credit cards. It's a no brainier to see who will win that argument.

These companies are trying to pull in as much cash as possible from those of us that believe in and value our credit rating but the ultimate cost of this is spiraling so far out of control; it's down right frightening.
Te
  6th of Dec, 2008
Agree Disagree 0 Votes
Bank Of America continually neglects the Grace Period promised and required by law on their credit cards. Making it impossible to mail payments on time to meet the due date. Then they try and charge late fees. This is a Bank of America scam.
Di
  25th of Dec, 2008
Agree Disagree 0 Votes
Even if you are diligent about keeping track of your money it is IMPOSSIBLE to keep track of it through Bank of America. Every month my husband and I keep all of our receipts, update our checkbook daily and compare our monthly statements to each bill and our checkbook, and we still wind up paying almost over $100 in fees to this place. It is impossible to know when they are going to put a 'pending' transaction through. I could go to four different stores on Thursday afternoon and then write a check at the grocery store on Saturday. They will hold the Thursday transactions until that check goes through on Monday or Tuesday and then charge me fees! They do it all of the time. For one month I printed out a copy of my daily account details through the BofA website and every single day shows a different amount available, even if I went three days without spending any money at all! Bank of America rips people off! I will never recommend them to anyone, not even my worst enemy!
Ma
  4th of Jan, 2009
Agree Disagree 0 Votes
I have automatic payments set up for my Bank of America (BOA) credit card set to pay a certain amount on the day I receive my e-statement. BOA is claiming that one of the payments was never made because my bank told them the account was closed. The bank account was never closed and none of the other automatic payments have been late or missing or declined by the bank. They were unhelpful on the phone. They told me to take it up with my bank. So I checked into it and of course the bank has no idea why BOA would make such a claim. And of course BOA is charging a higher interest on the supposed missing payment. Grrr...
Mi
  7th of Jan, 2009
Agree Disagree 0 Votes
I sold my car in Sep 3 Saturday for $9000 cash, Since I needed the money in my account ASAP, I couldn't wait until Monday and went to a Bank of America ATM after 30 minutes I made the sell and made an ATM deposit for $9000 cash (It was mostly $100 bills, maybe some $50 bills). I received my receipt. Sep 6 the money was in money account fully available. I used $3000 of it and put the rest into my savings account. After two weeks Sep 21, the bank took the $9000 from my account with the reason of Envelope not found. I called the bank and they started an investigation and they said it can take about 2 or 3 weeks to investigate the problem and they refused to put the money back until the investigation is over. Right now, my major account is in -$8700, unusable, all bill payments is tied to that account, automatic payments and also my paycheck goes to that account. I need to make a lot of changes. I trusted the bank to make this large ATM Deposit, not a second I didn't think there would be a problem. Now I will never make ATM Deposits ever.
An
  9th of Jan, 2009
Agree Disagree 0 Votes
I wish now I had heeded the advice of several people before I opened an account with the worst bank in America! All they care about is how to twist your transactions around so they can steal money from your account for "overdraft" fees. DO NOT BANK WITH THEM UNLESS YOU HAVE MONEY TO BURN!
Lu
  14th of Jan, 2009
Agree Disagree 0 Votes
Bank of America charges me overdraft fees on pending charges in my account...even though I had plenty of funds in my account to cover the withdrawals. When I contacted 'Customer Service' they explained that the fees were legal based on their policies. So, if you put it in writing that you are going to take advantage of someone...it's okay?

B of A went on to explain that there were authorized charges being held against my account, which is why these charges were legitimate. When I asked why I couldn't see those authorized charges prior to them being accessed they explained they have a system problem that doesn't allow you to see these fees. Isn't that convenient.

Bottom line is that my account was never OD...B of A even admitted this to me. According to them this is a timing issue. They 'held' authorized charges that were going to be posting to my account prior to me making a deposit--even though they were both on the same day. I knew these charges would be coming out which is why I deposited money...duh. I'm not an idiot and I know how a checking account works. I'm an educated individual with a good job and I don't appreciate being taken advantage of. Apparently B of A didn't get enough of our money from the TARP and now need to invent ways to overdraw peoples accounts in order to get additional income.

Bottom line is that B of A is unethical in this practice. Not that anyone at B of A cares, but I will be closing my bank account. I'm just a lowely working fool who doesn't mean crap to B of A however I refuse to let this type of mismanaged, financial giant take advantage of me any longer. In addition, I will be filing a complaint with the banking regulators as well as my elected officials. The $70 I was charged isn't the issue to me at this point, its the fact that this type of unethical behavior is practiced. At some point someone will have to take all the individual claims against B of A seriously and hopefully will do something about it.

Word of warning...don't bank with Bank of America.

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Bank of America Corporation Logo Bank of America Corporation
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100 N Tryon St.
Charlotte
NC
United States - 28255-0001
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