Bank Of America
bankofamerica.com
Nationwide
U.S.A.
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Bank Of America fees ripoff Nationwide
*Consumer Comment: dep of a check
1Author
2Consumer
0Employee/Owner
I have read multiple complaints about Bank of America overdraft fees, and I see the logic in most of the complaints and the corresponding rebuttals.
Nevertheless, I think my case is somewhat unique, and I can't fathom the logic that Bank of America chooses to apply. I can only assume that the objective is to steal my money.
Here's how it starts. I DEPOSIT a valid foreign check into my checking account, which has a positive balance. The bank posts the amount of the check to my balance, but puts the funds on hold. So far, according to the books ... right?
Here's where it gets hinky. The bank adjusts the deposited amount to US dollar. In this case, the foreign currency trades at slightly lower value than US currency, so there is a withdrawal posted to my account for the adjustment. As an example here, if I post $2,500 in foreign currency, the check is initally deposited as $2,500US and a withdrawal of just under $400US is posted as an adjustment. This, of course, assures that the currect value in US dollars appears in the account. On the surface it's perfectly legitimate.
BUT, the check is held for several working days while the withdrawal for "adjustment" is posted immediately. Having slightly less than the "adjustment" withdrawal amount available in my account means that I have just gone into overdraft for depositing money. I get a negative available balance AND get charged a $35 overdraft fee.
So, as I see it, I can be as judicious as I like about balancing my checkbook, but that doesn't mean a damn when I'm charged an overdraft fee for a deposit?!
When I complained to Bank of America, they replied that it was all according to the book and that I am entitled to no refund of the fee. I think I've been ripped off.
Hub
Bridgewater, Connecticut
U.S.A.
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REBUTTALS & REPLIES:
1Author
2Consumer
0Employee/Owner
Updates & Rebuttals
#1 Consumer Comment
AUTHOR: Allan - Lakeland (U.S.A.)
SUBMITTED: Sunday, August 20, 2006
POSTED: Sunday, August 20, 2006
Hello:
Yes, You just had a rip-off. Thay are to make these adjustments when they collect the money . Not before.
File a small claims suit and you may get your money back.
I tell every one to file a law suit. Not very many do. Bank of America has thousands of people who complain, Very few do any thing about it. So they keep doing this rip-off.
They only understand money, every one should file. They make millions each month on unearned fees. Congress is looking at this fee set up.
Write to congress,tell them your story.
It needs to be changed.
I'm doing an investigation of Bank America at this time on other fees they charged.
Allan C
Investigative Reporter
#2 Consumer Comment
AUTHOR: Mets-Chic - (United States of America)
SUBMITTED: Friday, December 25, 2009
POSTED: Saturday, December 26, 2009
Something doesn't sound right here... to be honest I would go to your local bank and sit down in an office with a manager or a personal banker and have them look at this; the only thing that confuses me is why you would think 2,500.00 in say UK funds would be the same as in US funds, but that is neither here or there if the dep was made in a banking center with a teller I would go to a branch and sit down with someone, now understandably you are mad and you have every right to be, but when you are speaking to someone about this give them a short but detailed explanation oif what is going on and give them time to go over and look before you go into "I called the call center and yadda yadda they didnt help me and yadda yadda, its the banks fault yadda yadda" to be honest if someone is attacking the people that pay you, you are going to become defensive and take it personally as they are attacking you and to be honest you get tired of hearing it all..... so keep your cool be nice and friendly... after all you will catch more flies with honey than vinegar.
