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Report: #96235

Report: Bank Of America

Reported By: (Dallas Texas)

Bank of America posts transactions by amount, NOT DATE! Now they won't reply! Rip-off! Dallas Texas

... So what do we do?

1Author 24Consumer 1Employee

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Bank Of America

Can't Find It ANYWHERE??
Dallas Texas
U.S.A.
Phone: 800-432-1000
Web Address:

Category: Banks

Submitted: Thursday, June 24, 2004

Last posting: Friday, August 26, 2005

Bank of America tells me that they surveyed their account holders to find out how WE wanted transactions posted. Instead of using standard business practices such as: WHEN THE TRANSACTION HAPPENED, by date and time??
But I never received any survey and I don't know of any account holders who have.

They regularly charge over draft fees for small amounts when they simultaneously clear a larger item that came in afterwards. I had 5 small items listed on their website as pending (deducted from my balance) and at the bank. Same night - a check came through. Instead of clearing the items that they showed me were posted and taken from by balance - they went back, cleared the check and bounced the 5 items to their benefit! We need the Attorney General involved in this. And a class action complaint to change this policy! It's unethical!!!

Barb
Dallas, Texas
U.S.A.

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REBUTTALS & REPLIES:

1Author 24Consumer 1Employee

Consumer Comment

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Order of Deduction, Overdrafts, etc.

CJ - Tallahassee (U.S.A.)

SUBMITTED: Friday, July 30, 2004 POSTED: Friday, July 30, 2004

Just like with paper checks, it's up to the merchants as to when those transactions are actually submitted to the banks. Just because it's instantaneous at the merchant doesn't mean anything. I think all those computers do is verify that yes, this person has enough money in their account AT THIS EXACT MOMENT IN TIME to cover this purchase. If that's so, then the machine has no way of knowing what other purchases you've made througout the day. It's just like when you balance your checkbook every month - you can't look at what the bank says your balance is - you have to add any deposits that aren't on the statement, and most importantly to deduct any transactions that haven't cleared yet, to find out what your true balance is. It's up to YOU as the consumer to do this.

We have made debit transactions and had them show up weeks later. Guess what? We've never had an overdraft fee because we deduct everything from the checkbook right away. When we can see that we don't have enough funds to purchase something, WE DON'T PURCHASE IT. It is ultimately your own responsibility to know how much money is in your bank account. It is not the store's fault, nor the bank's fault, if you have made other purchases that you failed to deduct from your balance so you would truly know how much money was is in your account at any given time. The bottom line is that if you spent more than you had, you can't blame the bank when you get charged the overdraft fees.

Consumer Comment

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BANK OF AMERICA IS THE WORST BANK EVER

SARAH - ORLANDO (U.S.A.)

SUBMITTED: Saturday, July 31, 2004 POSTED: Saturday, July 31, 2004

I AGREE THAT BANK OF AMERICA IS ----BACKWARDS WHEN IT COMES TO TAKING CARE OF PENDING TRANSACTIONS. OH I LOVE THE ONE WHERE THEY TAKE THE MONEY OUT OF YOUR BANK ACCOUNT BUT THEN PUT IT BACK IN JUST TO TAKE IT OUT AGAIN! WHAT IS THATT? OH AND ANOTHER FAVORITE OF MINE IS WHEN THEY TAKE OUT MORE MONEY THEN IS NEEDED AND THEN PUT IT BACK AGAIN?! I ALSO LIKE THE FACT THAT THEY HAVE RAISED THEIR OVERDRAFT FEE TO $33 DOLLARS. BETTER MAKE SURE YOU DO NOT BOUNCE A DAMN THING! BOTTOM LINE WE ARE SWITCHING BANKS THANK GOD...

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Bank of America is AWESOME!!!!!!!!

Zia - Modesto (U.S.A.)

SUBMITTED: Thursday, August 12, 2004 POSTED: Thursday, August 12, 2004

First off let me say that whomever is trashing Bank of America better take a long hard look at how they (the person trashing) is/are consulting their checkbook register. I just went to the store and to prove that deposits posts before debits here is my run down for today.

1.Checkcard debit at Radioshack
2.ATM Deposit

Here's the dates posted in the pending transactions by B OF A.

checkcard debit Radio Shack on 8/13/2004
now remember, i did this before the deposit.

ATM Deposit on 8/12/2004
I did this AFTER the debit.

Now tell me, does that look like BOFA stiffing a customer? I don't think so.........

Thank you

Consumer Comment

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BANK OF AMERICA IS STILL THE WORST BANK EVER

SARAH - ORLANDO (U.S.A.)

SUBMITTED: Saturday, August 21, 2004 POSTED: Saturday, August 21, 2004

NOPE...SORRY...BANK OF AMERICA IS STILL THE WORST BANK EVER.....MISS ZIA I AM SO GLAD YOU HAVE ENOUGH TIME ON YOUR HANDS TO PERFORM A RUNNING TALLY OF YOUR SPENDING FOR THE DAY.

I AM SORRY TO SAY BUT BOA IS BASS ACKWARDS!!!

Consumer Comment

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My bank , washington mutual does the same thing, too

Jonathan - Henderson (U.S.A.)

SUBMITTED: Tuesday, August 31, 2004 POSTED: Wednesday, September 01, 2004

My bank which is washington mutual does the same thing, they take the largest check out first then the littler ones. So they can charge more in late fees also they take out checks and withdraws first then deposits. Again hoping to take out more in overdrafts.

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Change banks unhappy BOFA customer as well and was only advised of their "highest to lowest" policy

Rebekah - Arlington (U.S.A.)

SUBMITTED: Tuesday, September 14, 2004 POSTED: Tuesday, September 14, 2004

I am an unhappy BOFA customer as well and was only advised of their "highest to lowest" policy after making an inquiry about several overdraft fees I received in one day.

I had accidentally paid a bill online early, I must have entered the wrong date (I am not sure that I did but there is nothing I can do to prove otherwise). But I contacted them as soon as I noticed it and told them it was purely an oversight on my part and hoped they could do something to help me.

I had hoped they could help me avoid all $398 in overdraft fees due to a stupid mistake on my part. That is when they explained why there were so many fees. They said that they process the transactions highest to lowest and NOT by date.

I could not believe it, I had no idea a simple mistake could be so costly. If they had processed everything by date, I would have only had $66 in overdraft fees! A HUGE difference!

They were very unsympathetic and did not do anything for me. Most of the charges that they paid and charged me $33 each for were $5 and $6 dollar lunches from the previous week that took a week to clear. And the kicker is that I do not even have overdraft protection.

So their theory on us wanting them to pay the highest transaction first (which they told me as well, they must have a script so they can make sure to tell each victim the same story) so that the largest bill will get paid and not returned is ridiculous.

They pay everything that comes through and charge a $33 fee anyway, even without overdraft protection. So how is it a benefit to anyone but them to pay the transactions highest to lowest?

I have other friends who have switched from BOFA because of this, but we did not find out about their problems until we told them what had happened to us. We are now spreading the word so that we can make everyone aware of how this particular bank operates.

I am going to switch banks once I find one that does not process their transactions in this unfair manner but my husband and I both have our direct deposits set up with BOFA and we pay all of our bills online so it will be time consuming and very inconvenient to change banks. I would not have banked with them to begin with if I had known this was their process. I don't want to do business with a bank who would treat their customers this way and basically rob them blind if they make a mistake.

I understand the need to charge overdraft fees but charging them in a fair way would benefit the customer greatly. The banks can choose to process the transactions any way they want so maybe some day they will all do the right thing.

Thank you for your time, maybe if we all leave banks that operate in this manner they will have to start looking out for their customers instead of making their pocketbooks even fuller at our expense.

Consumer Comment

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Read the Disclosures

Troy - Waco (U.S.A.)

SUBMITTED: Thursday, September 16, 2004 POSTED: Thursday, September 16, 2004

Let me start off by saying that banks do process transactions from highest amount to lowest amount to maximize their fee income. I have heard banks say that they post transactions in this manner as a customer courtesy, so that the most important checks will clear. However, banks will never get me to believe this; they are looking out for their fee income.

However, having said that, it is the CUSTOMER'S responsibility to read ALL disclosures that they are given. The policy of posting from highest to lowest amount is clearly stated in every bank's disclosures. I know that reading all of the disclosures can take a long time and can be boring. However, if you will take the time to do this, you will avoid multiple NSF fee situations.

If you don't read the disclosures, then all of the fault is yours.

Consumer Suggestion

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I am confused

Patty - Portsmouth (U.S.A.)

SUBMITTED: Monday, November 01, 2004 POSTED: Monday, November 01, 2004

I have read all this information and am still confused. I too am a BoA customer. It shouldn't matter if they post by day or highest to lowest. You shouldn't be obligating money that is not in your account. If the money is in your account when you spend it, it won't matter which way the bank posts it. I have never had a problem with them because I ensure the money is present. I just can't figure out how you guys are getting the "shaft" from the bank if you have the money to cover your purchases. Can anyone enlighten me?

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Pay This One But Not That One

Cory - San Antonio (U.S.A.)

SUBMITTED: Tuesday, November 02, 2004 POSTED: Tuesday, November 02, 2004

There are many post about bank overdraft fees. But what it boils down to is what you people want the banks to do is: PAY THIS ONE, BUT NOT THAT ONE. As I understand it, the banks pay the largest checks first. They think that those are the rent, house, and car payments. If they do pay those first, than the smaller more numerous checks "bounce" and run up more NSF fees. If the banks didn't do so, then people's rent, house, and car payment checks will bounce, but not the little ones, but there will be less in NSF fees. This is a tricky question. I hate to say it but, if the money isn't in the account don't write the checks.

#10

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Bank of Amerca offers Solutions

Lynn - Pensacola (U.S.A.)

SUBMITTED: Wednesday, November 10, 2004 POSTED: Wednesday, November 10, 2004

You should be balancing you check book and stop complaining about NSF fees. It sounds like you overdraw you account alot if you are paying $33 per overdraft. Bank of America tiers overdraft fees ($17.00 to $33.00) You only pay $17.00 if you rarely overdraw you account. Also, Bank of America offers solutions to avoiding overdraft fees. You can link your checking to a saving or BOA credit card and never pay overdraft fees again!

#11

Consumer Comment

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Bank America Over Draft Charges Illegal Fees

Linda - Missouri City (U.S.A.)

SUBMITTED: Friday, November 26, 2004 POSTED: Friday, November 26, 2004

I am a long time Bank America consumer that is getting ready to remove all my accounts to another Bank.

I am sick with the insuffcient charges on my account. I have several accounts and it is really outlawed what has occurred with one of my account.

This has been occcurring over a year now. I finally found a Bank who is willing to work with me and will link another account to prevent the shortages.

After I move my funds I will demand this Bank to refund all my charges to me. I am going to report them to the AG office in Texas. Now, it it should be a criminal offense to steal from a consumer account as they have did me.

What every last one of you should do is put this Bank out of business and this will stop this illegal practice that Ken Lewis refused to address.

I would tranferr money from one account and they tell me about the cut off time and still charge me $33.00 fee for the over draft. Would allow debit to my account without my prior authorization to have my account overage and then charge me over draft fee.

Charge me process fee when now money is received from ATM machine. Yes, I am full of their illegal acts back going to file a lawsuit to get every penny back with these illegal charges. This is what every one should do and move your funds, we don't need this type of abuse. Never do they assit with a solution only rip you off from your funds.

I don't care if we are not a millionarie of the poorest individual with an account we don't deserve for these criminal to steal our funds. This Bank has so many criminals going in our account stealing our funds and doesn't address our complaints that are seriou issues and concerns.

Stop and say no more go some where else. Pay the fee for a second chance bank it is worth the respect and dignity you will receive there.

#12

Consumer Comment

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Is This A Texas Thing

Alston - San Marcos (U.S.A.)

SUBMITTED: Wednesday, January 19, 2005 POSTED: Wednesday, January 19, 2005

I too have had this same problem with BOA, as recenlty as 2 weeks ago and this is the 4th time its happened. The last time I had over 300 dollars in overdraft fees that were due to them debiting all my purchases before crediting my deposit .. which all went through on the same update..so instead of having around 200 in my account when everything went through, I had almost -500. The people at the San Marcos BOA were extremely unwilling to help until I talked to a lady who works at local bank in Shepherd, TX and she told me to file a complaint with the company who charters BOA in Texas. Ironically, I went about a week and a half later back to the San Marcos BOA and dealt with the same gentleman who blew me off a week before. He acted dumbfounded for a minute but as soon as I asked him for the fax number to send my letter he took the letter, read it, and then took care of all my overdraft charges on the spot. I say all, he refunded enough to give me a positive balance, which at this point I was just happy to get and another pay check cleared 2 days later and I was back up around +300 dollars. I was just assuming the being located in San Marcos with a college population of 28,000, myself being one of them, that they here all the excuses all day long and just blow us off. Apparently this has been an ongoing problem throughout the entire BOA system with a good amount of their customers.

#13

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Some people here have it right-They don't pay fees.

Jacob - Tarzana (U.S.A.)

SUBMITTED: Sunday, February 06, 2005 POSTED: Sunday, February 06, 2005

I am an ex-employee of another large bank that is all too familiar with this. I think Sarah from Orlando sums it up with "I AM SO GLAD YOU HAVE ENOUGH TIME ON YOUR HANDS TO PERFORM A RUNNING TALLY OF YOUR SPENDING FOR THE DAY." This is the problem. If you are not paying attention to how much you have on your bottom line, you will go past that and pay for it. I am very sympathetic to cases like Rebekah from Arlington because accidents happen, and I feel that the bank should have reversed the excess fees for he as it is really no loss to them to refund fees back.
I have heard customers complian that we should have put larger items through first as it is obvious that these are more important transactions just as many times as I have heard people complain about bigger items clearing first. There really wasn't a specific order. checks cleared together (in order of check number), debits cleared together, and deposits for the day were always put through first. But if you spend more than you have then you are going to have to pay for all of the people who did that, and decided never to pay the bank back (and there are MANY who do this). I am sorry, but if you don't have the deposit cleared in the account, then don't spend it. Accidents happen like with Rebeka's situation, and that is where I decide if the bank has good customer service or not, but you are NOT a victim if you just did not pay attention. You know the rules, change how you play if you keep getting burned. I never liked to see customers go through this, and I hope that none of you ever go into the negative again.

#14

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Bank of America Customer

Janet - Riverdale (U.S.A.)

SUBMITTED: Monday, February 14, 2005 POSTED: Monday, February 14, 2005

Hi there! I too am a victim of of the same exact thing you just described. Bank of America does not post in the order of occurence. They post in greatest dollar amount to least dollar amount sequence. I don't think its right or fair. Something like what you described this happened to me last year. I wrote a letter to Bank of America explaining why I thought that what they were doing was corrupt and requested that the over $200 in fees bled from me to be refunded. But of course I got a letter explaining their policy and refusal to refund the charges. I would like to join you in your quest for a class action lawsuit. They really need to change this policy.

#15

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BE RESPONSIBLE!!!!!!!

Ron - Jacksonville (U.S.A.)

SUBMITTED: Saturday, February 19, 2005 POSTED: Saturday, February 19, 2005

This should have ended after Lynn. This is true about the tiered nsf fees. You dont play basketball with checks you dont get charged!!! If you are paying $33 you are flat out irresponsible and are overdrawing your account often. B of A rocks and any bank will stick it to you if you keep sticking it to them. Grow up and stop crying about your financial irresponsibility. Balance your checkbook properly and you wont be whining about this.

#16

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Where is my money

Tom - Houston (U.S.A.)

SUBMITTED: Saturday, February 19, 2005 POSTED: Saturday, February 19, 2005

EXAMPLE: I write 5 checks for various amounts at different merchants. But, gee whiz the total of those 5 checks is more than I have in my checking account. But, hey, I'm cool - I don't have to worry because, hey I'm cool.

Now the bank has the nerve not to pay some of the checks because I don't have enough money in my checking account and then they have the nerve to charge me because I can't do arithmetic and have NSF. Darn bank, why don't they pay all my checks because they know I'll make good on them?

In fact there is a term for writing checks for more than is your checking account, it is called 'kiting'.

The original poster said "We need the Attorney General involved in this." I think we need two people - an arithmetic teacher and someone who teaches personal responsibility.

#17

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CHECK 21

Cory - San Antonio (U.S.A.)

SUBMITTED: Sunday, February 20, 2005 POSTED: Sunday, February 20, 2005

I've posted about this before but now I've seen it actually happen. Customer comes into my store on a Sat. and buy an item. I made a bank deposit Mon. morning on the way to work at 9 am, at my bank.

By 6 pm the check had already hit his account. He had the funds so problem, now I waiting to see how long it took for my bank to release the funds into my account.

The point is, it took less then 9 hours for his check to hit his account. So people be aware.

#18

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Fuzzy Logic

Dawn - Phoenix (U.S.A.)

SUBMITTED: Thursday, February 24, 2005 POSTED: Thursday, February 24, 2005

TO THOSE OF YOU BASHING THE COMPLAINERS: I know that there are a lot of people out there who don't have any sense of personal responsibility and who can't believe the world doesn't bow to their skewed expectations, but do you really believe that it's as simple as "hey dummy, learn how to balance your checkbook and don't spend money you don't have!"?

Don't any of you find the number of complaints to be unusually high for something you describe as being so remedial? Why don't you help me out with this simple math...

Day 1: BEG BAL = $298

Spend: $5,$123

END BAL = $170

Day 2: BEG BAL = $170

Spend: $20,$40

Deposit: $2,044

END BAL = $210*
*Only $100 from deposit available... OK, that's normal

Day 3: BEG BAL = $210

Spend: $3,$10,$11,$30,$110

END BAL = -$186 (NEGATIVE!)

Now in your little register, it shows a POSITIVE $1,990, right? But wait! You would never assume the deposit went through would you? Well after RE-reading my banking agreement and then talking to several very rude BofA reps, it was clear to all of us that they had no reason to hold the deposit and that, even if they did have a reason, they should have informed me of the hold per THEIR agreement. But even better than that, I called the issuer of the check, who conferenced in their bank and verified that the funds ($2,044) had been sent to and received by BofA on the day I made the deposited. As an added bonus, I mentioned a couple of transactions that would be coming through and asked if I needed to deposit cash to make sure there weren't any problems. The rep told me that there was no need to put in more money because the check would be released the next day and BofA would reverse any erroneous fees once the deposit was released from the hold. Surprise!!! The next day the deposit didn't show up and BofA kept piling on the fees.

So, BofA…
--lied
--received MY deposit money from the payer's bank and then kept me from accessing the funds FOR 5 DAYS without ANY cause (this is based on THEIR agreement that they obviously didn't read)
--Lied
--Pre-dated a letter informing me of the hold. Shocking that "deposit held" letter I finally received in the mail was dated the very next day after I made the deposit but POSTMARKED the day after I called them on their scam, which was 5 days after the deposit date! The rep had no idea that BofA agrees to inform customers of any ATM deposits they decide to hold, but he still assured me that the other group that takes care of these things had probably sent the letter. BUT when I asked to speak to someone in that "other" group just to verify, he suddenly didn't know which group it was and then he couldn't even find his own supervisor when I requested another opinion; when I offered to hold for as long as necessary to speak to a sup. or mgr., I was then told that my message would be relayed and someone would call me back, but he couldn't tie up the line and to "have a nice day" *click*.
--lied

There's more... BofA returned two checks as NSF to companies I had mailed checks to a couple days prior, and then agreed to send me two letters on BofA letterhead identifying the returned check as a BofA error and requesting a reversal of the fees they had charged me for the returned checks and the subsequent late payment fees. Guess what I never received? When I called, I was told that they had been mailed. When I called again a few days later, I was told that they had sent the letters directly to the companies instead of to me first. But when I called the companies who got the checked bounced back to them, it was clear that, in actuality, BofA never sent a ****ing thing! The last straw was their failure to send me an updated copy of the terms and conditions after this whole ordeal. I requested them in November of 2004 and then again in late December, but I guess it's some sort of twisted BofA strategy to require people to read documents that they either don't already have or can't seem to get.

This glowing display of unethical and inept behavior leads me to believe that maybe not everyone who posts complaints about BofA is a financially-challenged loser, as many of the rebuttal posts seem to accuse.

Just something to think about before berating the people who feel the sudden and unprovoked slap of the massive BofA hand. BofA manipulates the system to their advantage knowing they are too big to be challenged by a peon – for this they should be ashamed.

#19

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ATTACK B OF A

Dam - Fort Polk (U.S.A.)

SUBMITTED: Monday, February 28, 2005 POSTED: Monday, February 28, 2005

Why Bank Of America people? I don't know how Bank Of America functions now but back then, I didn't go with them because of their monthly fees or some stupid crap like that, when in other ones, Washington Mutual doesn't charge you a cent just to have an account with them. How bout this? If you people hate that bank so much, why not just head to the main one and bomb the hell out of it? That'll solve all of your problems but then again, thats a act of terrorism. LOL!

#20

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Re: Fuzzy logic

Jacob - Tarzana (U.S.A.)

SUBMITTED: Friday, April 29, 2005 POSTED: Friday, April 29, 2005

Banks make mistakes, both human and technical. If you are WRITING checks BEFORE the funds are CLEARED in your account (not deposited) then you are making the mistake. This is how the banks work, like it, or not. They have a right to hold your deposit EVEN AFTER THE FUNDS CLEAR THE OTHER BANK. If this was not the case, don't you think they would be getting sued in small claims court everytime they did it? If you ever find a bank that does not place holds for young accounts, or large deposits, please let me know so that I may proceed to rip them off just as many people will do until they change their policy to that of all the B of A's, and WAMU's out there. You can not like this system all you want, but that will never change how the banking laws ("federal regulations" <-- Google this) are set, and the reasons behind them.

#21

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Don't pay these thieves

Jim - Mobile (U.S.A.)

SUBMITTED: Tuesday, May 24, 2005 POSTED: Tuesday, May 24, 2005

I'm amazed by the number of folks who actually try to pay these Credit cards off.

When they changed the terms THEY voided the contract.

Simply don't pay them, write to the credit card company and state "These new terms are unacceptable, I DISPUTE THESE CHARGES (Magic phrase)

And then simply calculate your interest yourself, when you have paid off the loan at THE ORIGINAL INTEREST RATE, stop paying (Do not forget to include the interest that they charge on the interest, Ir's a huge sum)

What can they do?

They've already ruined your credit.

They've reported you to the credit reporting companies.

And as the sum remaining IS DISPUTED (again magic words) they can't collect.

Oh they'll try, turning the remaining sum over to a collection agent (Illegal for disputed, but they don't bother following any rules) and trying to jack up endless "Late" and "Overlimit" fees, just ignore them. They've already hurt you as much as they can.

You see credit cards are considered "Signature" loans, meanung there's nothing backing them up, such as when you get a home loan and the property is collateral, but "Signature" loans have NO collateral to go after.

That also means that they cannot Garnish salary, put a lein on your property, or all the other lies they will tell you that they "Can" do, (They Lie).

The best tactic I know of is that when the collectors call, state that there is no ammount fue, this is in dispute and then hit the 1 button on your phone, and hold it down (It screams in their ear) untill THEY have to give up.

I've also had good results by using the star 69 feature to recall the collectors, and let the 1 button trick scream in THEIR ears untill THEY again give up.

I actualy had one to put my telephone number on "Do not receive" to their office, a clear success.

Just use this tactic when they have nothing to collect, (Home, car, property, etc) and be sure to state "This is in dispute and unowed" EVERY SINGLE TIME THEY TRY TO FORCE PAYMENT OF THEIR THEFT.

That should put these thieves out of business shortly,

#22

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BofA charges fees even to good customers

Faye - Washington (U.S.A.)

SUBMITTED: Tuesday, May 31, 2005 POSTED: Tuesday, May 31, 2005

Bank of America is certainly an unethical company. My question is whether or not it is actually generating illegal charges. Whether or not one is a responsible consumer is not the point. On more than one occasion, I have overdrawn my account by cutting it too close. I know this is my fault. I do not object to paying the fees, usurious or not, that result. Nonetheless, the practices of the bank are governed by certain federal regulations. Incurring overdraft fees is irresponsible, sure. But this does not absolve the bank from its legal obligations on what it may or may not charge consequent to those activities.
For instance, Bank of America may only charge up to 5 overdraft fees per day, regardless of the number of overdrafts incurred.

As an example of how BofA manipulates your money to maximize the fees charged, let me set out an example. Say I make a mistake on Monday and forget to register a point of sale (debit card) transaction at a merchant. I look online, and within a day or so, I see it listed first as a pending transaction, and then a day or two later, it is listed as a posted transaction. At this point my account is still positive. Several other debits are also listed as "posted." Some before and some after the date of the forgotten transaction. Eventually, the mistake causes the account to go negative. Instead of simply charging me one debit, BofA seems to be going BACK IN TIME and re-arranging debits that posted days before in order to maximize the amount of fees it can collect. In some cases, this has led to up to 10 charges. Since the bank can only charge this in 5 fee increments daily, the transactions are conveniently posted 5 per day.

Sure, merchants take varying times to post transactions. But is it LEGAL for the bank to take a transaction that has already posted on, say, the 13th, and say that it has actually posted on the 19th, (when the account was negative?) And then to have 4 more on the same day, and the rest listed on the next day in order to maximize the fees?

This is not the only complaint about BofA - I don't typically bounce checks with them, but it's happened to me several times recently.

On one of these occasions - the reason the checks bounced truly was bank of america's fault. I got a call from my blackberry / cell phone company stating that Bank of America's billpay never arrived, so I paid them again by check. Meanwhile, they cashed the Bank of America billpay check - so I had in effect paid twice. I called BofA to stop payment on the check (no small amount at 388.00) and the agent told me it was guaranteed. They charged my account 30 for the stop payment fee. Two days later, the check went through and caused another 3 smaller debits to overdraw, and the representatives refused to refund any resulting (escalating) fees. The rep acted like she was doing me a great favor in returning the 30 dollar stop payment fee (when the bank cashed (then bounced) the check anyway!

Bank of America is certainly an unethical company, but I'm curious if any lawyers or experts on here would be willing to investigate the practices of their fee system - it can't be legal to retroactively move debits around in order to max the number of fee instances.

I may be irresponsible with my account, but I think Bank of America is criminal in the way they handle my funds. Thankfully I will be moving my money to a credit union (and also turning over a new leaf on the overdrafts).

Any advise or insight is appreciated - comments about my fiscal responsibility are not.

Thanks.

#23

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Overdraft Fees -- Who do we complain to?

Debi - Jacksonville (U.S.A.)

SUBMITTED: Tuesday, May 31, 2005 POSTED: Tuesday, May 31, 2005

I, too, have been a victim of overdraft fees by BofA. Actually, in the last 45 days I have paid nearly $530 in overdraft fees because of a deposit that cleared, then disappeared, and then showed cleared again two weeks later.
That $400 deposit, which, again, I said cleared, two days after I deposited it (CASH!!!!!) was supposed to pay for six different bills, two checks, four ACH debits for online bill pays (not BofA billpay service).

Every single one of them bounced because BofA removed the deposit...then they bounced AGAIN after the merchants re-debited the account. Then I had a auto deposit go thru and two bills were covered after the second re-debit went thru, but the other four overdrafted again since my auto deposit was only enough to cover the 12 overdraft fees plus the two cleared debits.

The four re-debits incurred MORE overdraft fees and by the time the $400 cleared again, it was barely enough to cover the fees plus the four debits.
If you calculate that...that's 16 overdraft fees incurred, which amounted to $528!!
I am fastidious about my checking account. I monitor it everyday.

I know banks need to charge the fees to "discourage" overdrafting or having people apply for their overdraft protection coverage (using a savings account or credit card to cover charges), but I think that if you have Direct Deposit from you work coming in every week and a Direct Deposit coming from your spouse's work coming in every two weeks, amounting to over $4000 in deposits for a month, you'd think that they'd hold back on the "punishment" and wait for the deposit which comes in RELIABLY to cover the overdraft, which is usually no more than a few days away.

I think they need to do away with these outrageous fees for us honest people who have Direct Deposit. The money gets there on schedule.

Who do we complain to? Or offer a suggestion as this? They already make a ton of money off my loan and credit card w/ them? why do they need to punish me for a mistake I DID NOT MAKE? I deposited the CASH, it CLEARED!, they REMOVED IT!, and CLEARED it AGAIN!
How DARE they put a hold on a CASH deposit for more than two weeks!

#24

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Debi, You need to pursue this, and threaten legal action

Jacob - Tarzana (U.S.A.)

SUBMITTED: Sunday, August 07, 2005 POSTED: Sunday, August 07, 2005

I am an ex-employee of another large bank. You have a valid argument with a cash deposit. B of A has a record that your deposit was cash. Cash SHOULD NEVER be on hold by the bank. You need to pursue this, and threaten legal action if you need to. Again, there is NO reason a bank should EVER put cash on hold (when the deposit is made inside the branch). Don't drop this issue with the bank, you have a very valid fight on your hands.

#25

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So what do we do?

James - Orlando (U.S.A.)

SUBMITTED: Friday, August 26, 2005 POSTED: Friday, August 26, 2005

4 years ago I had a problem with SunTrust Bank (of course they lost my corporation's business), in which I printed statements at varying times and was able to prove that their system is designed to manipulate transactions in such a way as to benefit the bank. I had proof of this which I'm sure would stand up in court.

There is no question that banks do these things, and there is no question that they should be illegal.

But IS it technically illegal?

If not, what can we do to make it so? I, for one, am willing to put my resources to work to teach these bullies a lesson.