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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!
The complaint has been investigated and resolved to the customer’s satisfaction.
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I've worked for banks and credit unions the past 10 yrs. It is always the banks/credit union fault for the overdraft. The employees go in at Midnight and sit around a table to decide who's account we will overdraw today... It's really fun I tell you! Then we secretly take out money from your account to make SURE you overdraft... Ok the balance showing online or mobile phone is your current balance. The balance in your check book is the balance you have to go by because bank employees don't know what you have spent or what checks you are writting. I'm sure you can find an online tool which will help you manage your check book. Good luck with using a check book and don't blame anyone but yourself for overdrawing the account!
Bank of America was nothing but trouble for me, plus everyone else I knew who used it. Find a new bank, one that actually wants your business!
Hey all you have to do is DEDUCT ! from you're balance what you spend. I don't understand why people can't use a calculator and sit down for 5 min. and balance a check book. Easier to be lazy and blame a bank. I recomend you put a few extra buck's in the bank to cover the expence for being stupid
We can fight this! I've been charged NSF fees too when i never went into the negative! I want to file a law suit! My monthly statement shows me always in the positive and also shows NSF fees! That is where they are screwing up because you HAVE to go into the negative to be charged an NSF fee.
I agree 100% that Bank of America is corrupt. I wonder if some kind of class action suit would work? They constantly charge fees whenever they can. They just recently changed their policy to where the charge overdraft fees even if the online banking shows a positive balance. They delay posting credits to the account to create more overdraft fees, and they deduct the highest debits first then the lowest creating the most overdrafts possible. I really can't believe how corrupt they are. I've been charged thousands of dollars over the last 6 years. I should have closed my account years ago, but everytime it happens, I just can't believe that they would do it again. And recently, the changed their policy to where your account doesn't even have to be in the "red" for them to charge overdraft fees. They have their own behind the scenes system that works to their advantage and I'm certain they make millions a year on fools like me. I have to close my account now but it's such a pain because of all the direct deposits and automated stuff I've got going on with them including merchant accounts etc. I wish Bank of American would have to pay for their greed, not get bailed out by the governments.
They really need a better and more SECURE atm system. This doesn't make sense.
This same thing happened to me! They cancelled my "keep the change" transfer and charged me 3 times for it saying I had insuffient funds for the "keep the change"...I never went negative and they would not refund my money! Its bull and frankly there should be something that can be done! This didn't happen in the past..so why is it happening now? Someone needs to start a class action against them to bring some attention to it...maybe then they will rethink their practices. Also, I honestly believe they hold debits back so they can bounce things right before your check gets deposited. There has been lots of times I know things should have already cleared, but magically they all do right before our automatic deposit does! It amazes me this is not monitored more!
Lisa Ashlock
Springfield, AR
We are casting a documentary about unfair bank policies. Looking for stories with complaints about banks. If you are cast we will pay you. If interested contact bellmartel@sbcglobal.net for more information. Casting needs to be concluded by May 1st, 2009.
I've heard this before too. However, when merchants decide to push their pending items to posted (merchants... not the bank), then the bank puts them through. It may have been the merchants and not the bank. Most banks take credits before debits (deposits before withdrawals) and if that's the case, then that might be why your account is all crazy right now. Look a little closer at when the merchant put the item through (usually 48-72 hours with the exception of car rentals which can usually pend for 30 days).
I am unsure what to think of your complaint. YOU should be responsible enough to know how much money is in your account.
Second, if you actually had enough in there, then I have to believe the overdraft would not have occurred in the first place, at all.
Third, if the bank is that bad, close the account; and open at a different bank.
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!
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
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
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.
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...
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!