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Report: #127211

Report: Bank Of America

Reported By: (Bremerton Washington)

Bank Of America Ripoff Bank of America has stolen over 2,400 from me in 1 year from misc. fee's and always has a reason Their Policy changes daily and to their benifit Seattle Washington

... Take it from an ex-BOA puppet

1Author 4Consumer 1Employee

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Bank Of America

PO BOX 397
Seattle Washington 98124
U.S.A.
Phone: 866-363-4196
Web Address:

Category: Banks

Submitted: Thursday, January 13, 2005

Last posting: Tuesday, March 08, 2005

My husband and I have been banking with Bank of America for 4 years and we would get charged for misc. fee's which were our fault we'll admit. However within these last 12 months we have been hit with NSF. and overdraft charges that could have been prevented or should have not been on our account. One complaint is, we will call the bank at 7pm to see how much money is in our account and it will state we have for instance $300.28... follow me here okay so, we want to do something that evening and since we have money there and my husbands payroll is being deposited by 12am if anything outstanding goes through it will be covered... so you would think since we have money there at 7pm according to the bank but, NO!!!! the next day we will call or go on-line to see that we were hit with 5... yes I wrote "5" Over draft charges... now 5 x 28 = 140.00 this is just in fee's alone and the way this has happened is "according to the bank" we had 5 checks out there and they cleared around 5pm (what happen to the money that was there at 7pm??) okay so, here is the amount of the checks $380, $125, $50, $23 and $75 in a debit charge on what we did the night before when at 7pm we had money in our account. Now what they did is put the $380 check through that way all the other ones will bounce and they wont only make $28, they will make 5x28= $140 and how convenient. One

One other time they told us that is how are checks fell in order on going through yea right!! anyways, the next time around they told me that it is their policy to pay the biggest first and down to the smallest. Hmm so, if they cared anything about their customers and valued them I would think that they would make sure that they would cover the smallest to the biggest that way you would only have 1 overdraft charge.

#2 complaint Since when do they approve debit purchases when there is no money or not enough money to cover it???? any other bank will decline the card... again Bank of America will approve it and worst yet, they will hit you with a $28 over draft fee and god help you if you have anything going through that evening.

#3 Complaint one minute they have their policy one way (however it fits the occasional that moment) and the next time you call the policy has changed and they tell you it has always been that way since they started working there (what did they do? start working there yesterday) Oh no... they say 10 years. I can not keep up with the daily changes or these ridicules fee's any longer!!! I tell the bank representative that is pissing me off with all the B.S she is trying to get me to swallow as she thinks I am an idiot... NOT!! I tell her or him that I feel that they treat their customers as a cash cow and they should take care of their customers and value them allot better if they want to keep them and what I hear in response is they do all these wonderful things to protect your account and you and they are sorry that I feel the way I do but, all those charges are correct and they wont remove them but, have a great day!!! :o) I can go on for hours on how terrible they are and yada yada yada... and now I know why my Dad and Mom dropped Bank of America like a hot potato and they banked with them for well over 25 years up until two years ago.

At any rate... the moral of the story is STAY FAR AWAY from BANK OF AMERICA unless you like being frustrated (on a daily basis) or robbed from your hard earned money. THEY HAVE LOST US FOR GOOD and if they keep up all this wonderful work they will lose more because greed kills any type of company I don't who you are and they are GREEDY BASTARDS!!!

Diane
Bremerton, Washington
U.S.A.

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REBUTTALS & REPLIES:

1Author 4Consumer 1Employee

Consumer Comment

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Ways to avoid NSF fees.

Patrick - Gilbert (U.S.A.)

SUBMITTED: Thursday, January 13, 2005 POSTED: Thursday, January 13, 2005

Diane,

I feel for you in this situation, and I believe BoA's (and all other banks) process of clearing the largest draft first, instead of clearing in the order in which they are received, only serves to fleece customers of their hard-earned money and is downright underhanded.

However, when you stated you called the bank for your balance, and further withdrew money from your account for a night out, that is where you went wrong, and where my sympathy for you ends.

NEVER, I say again, NEVER trust the amount listed on your account either by using the phone, checking your balance online, or through the ATM. The ONLY way to know how much money you have available is to have a balanced checkbook register.

I am continuously amazed at the number of people who rely on the balance provided by the bank to determine how much money they have. With programs available today such as Quicken and MSN Money, it is so easy to reconcile your checkbook.

I use Quicken, and I have online banking (free of charge through my Credit Union). Every night when I come home from work I do two things, check my email and balance my checkbook. Yes, I do this EVERY DAY. That way, I always know how much money I have available and never have to worry about overdrawing my account.

Go to a Credit Union to do your banking. Check around, most are pretty easy to join nowadays. Sometimes all you have to do is live in a certain area. They have far fewer fees than most banks, usually don't charge fees at the ATM, and the NSF charges are generally lower. For instance, according to my CU's website, an NSF fee is $18. Most banks charge $25 or more ($28 in your case).

Again, the best advice you could get at this point is to keep a balanced checkbook. That is the only way to stay out of trouble.

Good luck.

Consumer Comment

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Par for the course

Michael - Richmond (U.S.A.)

SUBMITTED: Saturday, January 15, 2005 POSTED: Saturday, January 15, 2005

I'm sorry that you had some fees show up on your account Dianne, but there are a few things you could've done to better protect yourself. First of all, never spend money before its in your account. Its really not worth the risk. Secondly, start using a check register. If you can't tell what's still outstanding on your account, you'll continue to have problems. Third, set up overdraft protection. They'll most likely still charge a fee to use it, but its much cheaper than $28.00 per item.

Now, in response to your other complaints. #1, most banks post items by dollar ammount from highest to lowest. For you, it causes more fees. For other clients, it means their mortgage payment clears instead of the pizza they ordered last week. Clients will complain either way a bank sets this up, so being a business, most decide to at least make a profit from it.

#2, it is impossible for a bank to know what checks you have written until they clear your account. Therefore, they cannot keep you from spending money they don't know you don't have. Although, there are some banks that will knowingly allow you to spend funds that you do not have available, this is again for a purpose. Some banks allow you to take funds that are unavailable in case there is an emergency. Believe it or not, there actually are people who have requested this service, that's why its there. If you refer back to maintaining a register, this will assist you in avoiding any fees resulting from this.

#3, finding out a bank's policy is pretty easy. Every bank has a schedule of fees and a deposit agreement and disclosures form. This will tell you not only how every transaction is processed, but also it will show you every fee your bank can and will charge you. If anyone from your bank tells you anything differently, call them on it. Make sure you keep up with these too, as your bank will mail you new ones as they change.

Now, as I said before, your situation is extremely unfortunate. Is $28.00 per item a bit excessive? Maybe. However, if it was only $10.00 per item, banks would have many more people overdrafting their account, its a deterrent. Let's not forget, the bank is out to make money, that's what they do. And BOA is definately not the only bank that has each and every one of these policies in effect. Of course, refusing to refund any fees for a long time client is extremely questionable, but not unheard of. Just make sure you do what you have to in order to protect yourself from the "greedy bastards". Good luck with your next bank!

Consumer Comment

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A balanced checkbook will solve the problems

Danielle - Redding (U.S.A.)

SUBMITTED: Saturday, January 29, 2005 POSTED: Saturday, January 29, 2005

I, too, have incurred overdraft fees from my bank. But that is my fault. I made some mistakes on my checkbook and voila....A LOT of money gone in overdraft fees.

As far as the bank approving credit/debit transactions when there is no money in your bank account, let me ask you a question: Would you be upset with your bank if, when you were making your purchase, they denied your card?

Would you say that they embarrassed you at the checkout line and they should have approved it anyway, since you are a longtime customer?

I agree that overdraft fees can be excessive, but banks cannot please everyone. I agree with the above comment that with all the money programs out there, balancing a checkbook is easier than ever.

That's what I am doing now and I never have to worry about these problems. And if I did get overdraft fees, I sure wouldn't be complaining about it - it's my fault!

Consumer Comment

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WOW

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

SUBMITTED: Sunday, January 30, 2005 POSTED: Sunday, January 30, 2005

$2,400 worth of NSF fees in one year! Why am I not surprised. You call the bank at 7 pm and get a balance. You then go out and spend almost that total amount. Not paying attention to the other 5 OUTSTANDING checks. Then you hope the direct deposit coming in will cover the 5 OUTSTANDING checks. The old, pay this one but not that one. Then you're mad at the bank because they let you take out money you don't have. "Any other bank would decline it" I wonder why. As for your advice, it sounds like a good idea. You'd be $2,400 richer.

Individual Responds

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Balancing a check book comes natural... after all I am Loan manager

Diane - Bremerton (U.S.A.)

SUBMITTED: Tuesday, February 01, 2005 POSTED: Tuesday, February 01, 2005

Thank you for all your wonderful suggestions and ideas, however I have kept up to date with all my transactions and would not go without balancing my check book.... I even go a step further by purchasing the carbon copy checks that way I don't miss anything.

Further more I am a loan Manager and have been one for the last 10 years and know how to be responsible and have no problem paying all my bills (I don't pay one and not the other) my husband and I make well over 100k a year, we don't need to miss our mortgage's, vehicle payments, land payments, boat payments I can go on and on, but that is not the point.

The point is... I find it amazing how many people who bank with BofA has similar problems and they have to pay careful attention 24/7/365 on their money in a dishonest bank. the least but, not last thing that I find amazing is that I have another checking account with Kitsap Bank where they credit my account with our direct deposit and than subtract any checks or charges (Totally different from BofA) not to mention... non of this B.S happens at Kitsap Bank and I don't do anything different.

Just shows how valued we are as customers at BofA, however... I prefer to be valued the way Kitsap Bank values me in an "honest" and "fair" way!

Good Luck and my Sincere condolences for the ones who remain with BofA

Ex-Employee

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Take it from an ex-BOA puppet

Sarah - Seattle (U.S.A.)

SUBMITTED: Tuesday, March 08, 2005 POSTED: Tuesday, March 08, 2005

I feel badly for those of you who have had the inconvenience of banking with BOA. I agree that their policies and procedures are frustrating and ever-changing. As an ex-employee of BOA (specifically customer service), I have seen and experienced first-hand how unfair it seems that they are allowed to decide for you which checks to pay and how much you can overdraw your account.

However, I also agree that keeping an accurate check register helps keep those outrageous fees at bay. Having said that, I would also like to say that all checks and debit transactions post between 5pm and 12am (at least that's how it was when I worked there). You can never rely on the available balance, whether you get it from online banking, the telephone or a customer service rep.

Your available balance does not reflect checks that you've written. Sometimes it doesn't even reflect the debit card purchase you made earlier that same day.

Your available balance is meant to be a guide. It tells you how much cash is available in your account at that moment. If you have outstanding checks or other purchases that are not reflected, you must deduct that from your available balance. As far as direct deposit goes... When you have a check electronically deposited to your account, just because it's available at midnight on your payday, doesn't mean that it has posted to your account.

Checks are paid based on your actual account balance, not your available balance. Your account balance is your balance after checks or other transactions have actually cleared your account. If you call customer service and ask for your available balance AND your actual balance, they will almost never be the same. That's because your actual balance is based on what has actually posted to your account.

Your available balance is based on credits and debits that have not yet posted. So if your direct deposit is available Tuesday morning, it actually will not post to your account until between 5 pm Tuesday and 12 am Wednesday. So if you have a check that clears Monday night, your direct deposit is not used to cover it because it has not yet posted to your account. I know that the way this is done can be confusing and frustrating, but most, if not all, banks do it this way.

So, as I said before, use a register. Do not only write down the checks you've written, but also every last debit transaction you make. If you write it all down and keep a running balance, you have a much better chance of keeping your money.

One other point... if you think it's difficult to get BOA to refund overdraft charges as a customer, try being an employee. That's my two cents.