BANK OF AMERICA Outrageous Over Draft Fees and Account Closure Charlotte, North Carolina

BOA closed your account, probably because of 2 reasons.

1).  You bounced several transactions, and have a history of doing so.  (Over 5000 in OD Fees tells that tale).  Now that the bank is going to start limiting the amount of overdrafts they process each day, bank customers are going to see many more closures like this, because it will no longer be profitable for the bank to carry someone like yourself who keeps spending more money than they have in their accounts.  You have become nothing but a low income, high risk bank account.

2).  You tried to deposit a LARGE check (I don't know for how much), that was deemed to be NSF.  Where did you get this check???? 

I would just start paying cash for everything, and keep your money in a safe.  It will be much cheaper, at least until  you can learn how to manage a checking account.

Hey ronnie g, read this post, because of you, and people like you who complain about bank fees being levied against people who keep over drafting, well you got your wish, but these people will be having their checking accounts closed soon.  I got this information straight from BOA personnel.  They told me that because these type of customers are high risk, they deserved a high rate of return for carrying their irresponsible customers, and now they are being denied the rates of return they deserve...    Too Bad... So Sad, better learn how to work with cash only dude...

have a MORTGAGE, okay?

I am filing a Class Action Law Suit against Bank Of America because of thier holding tactics when they close your account . If thier are any other people who had money held by the Risk of Idiots Department then Email me @(((ROR redacted))) and come join the FUN !

 

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

I am good--your comment was appreciated but let me make a correction to something that you posted.  I know how to manage a checking account as well as my money.  The check that I deposited into my account was a check from a well established account and BOA had no problem accepting previous checks from that same account before. 

If the check was deemed to be NSF then why was I told by another BOA employee that the check had cleared and the funds were made available on the date that I was originally told they would be.  And why did they take so long to send me my cahiers check since they considered me to be such a high risk?

And another question if I was such a high risk customer then why did it take them so long to close the account? If a person makes a deposit and a slip has a pending release date of the funds then that's the date that one is looking for the funds to be made available.  So why should I be made to pay the price of fees when I'm only going by what I told.

Should I just automatically assume that the bank is going to place an additional hold on my funds and do I conduct my business and handle my responsibities as I should?

Should a bank be allowed to pick and chose which transactions they pay first on your behalf?  If a customer has 10 transactions totaling $200.00 and 1 transaction for $200.00 why pay the 1 transaction and charge the customer 10 NSF fees especially when they have placed a hold on your money.  Once those fees have accumulated they have no problem making the funds available then.

Your quote: ''Hey ronnie g, read this post, because of you, and people like you who complain about bank fees being levied against people who keep over drafting, well you got your wish, but these people will be having their checking accounts closed soon''.

Using the logic of IamGood, banks will start closing the accounts of all chronic overdrafters. Then after all of these accounts have been closed, the banks will be left with accounts only of customers who never overdraft their accounts. Everyone's happy right? Good riddance. Only fiscally responsible customers left at our happy bank.

Uh, just one little problem. Along with all of those closed accounts will go any profits made from the remnant of overdraft fees, as well as interest made even on the lowest of balances. Will the banks simply kiss those profits goodbye, all in the name of saying good riddance to chronic overdrafters? I would think not.

Now that the bank is left with only impeccably managed accounts from the oh so fiscally responsible customers, well, where in the world will the ripoff profits come from.

• Monthly account maintenance fee: $100 dollars.
• Speaking to a live teller: $200 dollars
• The look on the faces of these left over, fiscally responsible customers now suffering the brunt of ripoff fees, since all other accounts have been closed: Priceless.

Using the logic of IamGood, banks will start closing the accounts of all chronic overdrafters. Then after all of these accounts have been closed, the banks will be left with accounts only of customers who never overdraft their accounts.

- This is an ongoing problem with certain people.  They take HUGE leaps in (il)logic.  There is a big difference between "chronic overdrafters" and a person who overdrafts their account on occasion.  So of course there will still be overdrafts.  The banks are not going to close out accounts of people who occasionally overdraft.  But the OP had over $5,000 that is FIVE THOUSAND DOLLARS in Overdrafts. At $35 per overdraft that is about 142 overdrafts. 

Regardless of what you want to believe, when a bank covers an overdraft it costs them money.  Just like people have to borrow money, bank have to do the same thing.  So they are probably going to get rid of these people who are costing them more than the average customer.  Just like in other businesses there are customers you just need to let go because they are not worth the hassle or cost.

Now to the OP..

I know how to manage a checking account as well as my money.

- NO you DO NOT.  Sorry anyone who has over $5,000 in Overdraft fees and can say that they know how to manage a checking account are not dealing with reality.  You can put blinders over your eyes continuing to think that you are right and that everyone else is wrong.  The fact is even after you knew the policies you did not change your method of account management.  These same problems will continue to your next bank.

And why did they take so long to send me my cashiers check since they considered me to be such a high risk?

- It is because you were considered high risk that they made you wait.  They wanted to verify that everything was posted to your account before they released the money.

I am filing a Class Action Law Suit against Bank Of America because of their holding tactics when they close your account

- Ah yes the magical "Class Action Lawsuit".  Well please update this site as to the Court and Docket Number when you do.

 

''- This is an ongoing problem with certain people.  They take HUGE leaps in (il)logic.  There is a big difference between "chronic overdrafters" and a person who overdrafts their account on occasion.''

Very well put Robert!

So if we apply your sentiments to all parties equally, then we can make the same accusation about the HUGE leap in logic to insinuate that someone hasn't mastered 3rd grade math, just because they overdraft occasionally. Yeah, that's very logical, isn't it? And we won't even touch the 'very mature' angle.

I think you can fill in the blanks with all of the other numerous examples.

Please let me know what you think, okay?

is available at this website!

Just type in 502469 and it appears as 'Consumer Comment #18' at Ripoff Report #502469.

Thank You

WELCOME TO THE U.S. GOVERNMENT- WE'RE BEING CONTROLLED BY THE FEDERAL RESERVE AND THEY WERE SUCCESSFUL IN HAVING THE DEBT CEILING LIMIT RAISED BY A COUPLE OF TRILLION DOLLARS SO THE USA CAN GO DEEPER INTO DEBT, WHICH WILL MAKE THE EVENTUAL COLLAPSE EVEN MORE CATASTROPHIC 

Regardless of what you want to believe, when a bank covers an overdraft it costs them money.

That's actually not true and reliant on a false assumption that a bank has to cover an over-draft fee.  Clearly, with $5000.00 in over-draft charges, this person should probably not have a bank account, but there ends any concession over this issue as I deem it nearly irrelevant to the debate.  If banks need to terminate problem customers... Well, that's just good marketing - not bad business.   Since the bank presumably stands to recover the over-drafted amount + $5000.00, to submit that over-drafting has "cost" them money is utterly ludicrous.  When the bank is posting misleading information about how much money is in the account, when even a check register is nearly useless because deposits are kept outstanding for an undisclosed amount of time, when banks stack transactions in order to maximize the number of overdrafts an individual can accrue, and when banks allow for transactions to be posted to an account with no money in it even though they have the ability to halt such transactions at the point of sale, that is bad business.

Quite frankly, I'd like to see every person who's economic position puts them at risk for being over-drafted withdraw their money from the banks.  It might not amount to much apart from the loss of a 38+ billion dollar revenue stream, but I suspect it might be disquieting enough that, regardless of the negated revenue, banks really don't want that to happen. 

You can take this one particular example for whom not every piece of information is known, and utilize it to satisfy some argument that the banks are the victim in all of this.   Go ahead and keep framing the banks as unwitting victims in the parasitic existence they perpetrate on people living paycheck to paycheck, though.  You won't change the fact that the banks both knew and should have known that results such as this would occur as a direct effect of the policies they had in place.

RUN ON THE BANKS
(Please sing to the tune of- "Anchors Aweigh")

Anyone can 'Google' this- USA PATRIOTIC MIDI TUNES- JACK'S MIDI MUSIC, and click on 'Anchors Aweigh' and sing the following lyrics to that tune, right?

Here we go- 1, 2, 3, 4....

Run on the banks, my friend
 Run on the banks
Go tell your brother tell Madonna
 Tell Tom Hanks it's time to
Run on the banks, my friend
 Run on the banks
Cash your Retirements
 Cash those CD's IRA's
And then give thanks.

(Repeat 2X)

"RUN ON THE BANKS SONG" was originally posted at this website on February 9, 2011. Just type in 668678 and it appears as 'Consumer Comment #5' at Ripoff Report #668678.

Thank You

***ALERT: At 9:47 AM EST on August 18, 2011, the Dow Jones is down 335 points. The NASDAQ is down 101 points, and the S&P 500 is down 40 points.