• Report: #458363

Complaint Review: BANK OF AMERICA

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  • Submitted: Wed, June 03, 2009
  • Updated: Wed, March 06, 2013

  • Reported By:Canton Georgia
BANK OF AMERICA
2105 River Ridge Dr. CANTON, Georgia U.S.A.

BANK OF AMERICA IS RIPPING OFF IT'S CUSTOMERS EVERY DAY!!!! Canton Georgia

*Consumer Comment: Billy,

*Consumer Comment: MOB SONG 10

*Consumer Comment: MOB SONG 10.....

*Consumer Comment: MOB SONG 10.....

*Consumer Comment: IF A COUNTRY'S FOUNDATION IS BUILT MAINLY ON LIES, DECEPTION, MANIPULATION, FRAUD........

*Consumer Comment: Jim, Don't You Even Get It?

*Consumer Comment: It's Not A Rip Off

*Consumer Comment: The "Pending Overdraft" fee is a scam!

*Consumer Comment: PERHAPS ROBERT CAN ENLIGHTEN OUR....

*Consumer Suggestion: How to avoid OD/NSF fees.

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Why anyone would defend Bank of America is beyond me. They must be people who have a little cash in the bank. And I can understand if that is so, because Bank of America targets those who only have small amounts in their accounts OR people like me (a disabled retiree) who have their Social Security and Pention checks "DIRECT DEPOSITED" into the bank each month and living from "check to check".

My problem with Bank of America is how they try to justify charging fee on "PENDING" transactions (this is how they steal billions of dollars every single month, with no retribution from the law, this is a WHITE COLLAR CRIME):
I have talked to FOUR local bank managers and NOT ONE OF THEM were able to explain to me how they are able to charge $35.00 on a "PENDING" transaction that the merchant has 72 hour to except. In other words, if the merchant has NOT YET excepted the charge that they put on hold, "how can you charge me $35.00 for that charge until it is excepted by the merchant and posted to your account"? One manager said the $35.00 is for "the bank's promise to pay the merchant", but then he had to admit 'no, that really doesn't make sense', I aggreed with him, it does not make sense. If the bank have not yet paid the merchant, then why is the bank charging me $35.00. I asked him, 'If I promise to pay you $100.00 for your services, at what point do you consider the transaction binding so that any action can be taken, WHEN I MAKE YOU THE PROMISE or WHEN I HAND YOU $100.00"? He said, 'I see what you mean, but I am only following instruction." If you are a Bank of America customer and this is happening to you, your money is being stollen GET OUT NOW!!!!

Also there is a double standard when it come to this scam: If you have a deposit that is "PENDING", you don't get credit for it if you make a purchase against that "PENDING DEPOSIT" Tell me how can Bank of America have it "BOTH WAYS". IF I CAN'T GET CREDIT FOR A PENDING DEPOSIT - HOW CAN BANK OF AMERICA TAKE CREDIT FOR A PENDING TRANSCATION - "PENDING IS PENDING". The truth is THEY CAN"T and SHOULDN"T but THEY DO! Now you tell me how that is lawful!!!!!!!
Well they won't have to worry about me any more, Bank of America have stollen their last dime from me - I am moving to a Credit Union this week. I wish the rest of you Bank of America SUCKERS well. PEACE!!!!!!!

Billy
Canton, Georgia
U.S.A.

This report was posted on Ripoff Report on 06/03/2009 08:57 PM and is a permanent record located here: http://www.ripoffreport.com/r/BANK-OF-AMERICA/CANTON-Georgia-30114/BANK-OF-AMERICA-IS-RIPPING-OFF-ITS-CUSTOMERS-EVERY-DAY-Canton-Georgia-458363. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Billy,

AUTHOR: Karl - (USA)

Feel free to give us an update to your Ripoff Report when you have time.
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#2 Consumer Comment

MOB SONG 10

AUTHOR: Karl - (USA)

YOU'RE CONTROLLED BY MOBSTERS?
(Please sing to the tune of- "Do You Hear What I Hear?)

Anyone can 'Google' this- SING A LONG CHRISTMAS CAROLS, and click on song #5 and sing the following lyrics to that tune, right?

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

Said the people to their government
You're controlled by mobsters?
Wall Street is a lie, government
It's controlled by mobsters!
A mob, a mob, screwing up our lives
Men are mad and so are their wives
Demonstration, look who arrives!

Said the people to their fellow man
I think that's Pete Seeger!
Looks like poo-poo finally hit the fan
Many folks are eager
Let's shout, let's shout, throw the mobsters out
They are greedy, some might have gout
Time for change, that's what it's about!

Said O'Bomb-a to his mobster boss
What the hell should I do?
Eat some steak, don't forget to floss
Have some mashed potatoes
Drink wine, drink wine, you will feel fine
Call your boss, his name Blankenstein
Goldmin Sax stock sure did decline!

Song is over, but many more to come
Spread the word on Twitter!
Brock O'Bomb-a needs to take his Tums
Wall Street's in the sh*tter!
The mob, the mob, made so many sob
Blankenstein is one stinky slob
Why does Blankenstein still have his job?

End.

Anyone can 'Google' the following and read the related articles on the web-

PETE SEEGER AND PALS ATTEND OCCUPY WALL STREET 
SEEGER, GUTHRIE JOIN OCCUPY WALL STREET RALLY

Thank You

POWER TO THE PEOPLE
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#3 Consumer Comment

MOB SONG 10.....

AUTHOR: Karl - (USA)

will be submitted in the consumer comments section at this Ripoff Report soon.

Thank You

WELCOME TO THE BANKING SYSTEM IN AMERICA- ONE BIG LIE, JUST LIKE OUR GOVERNMENT
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#4 Consumer Comment

MOB SONG 10.....

AUTHOR: Karl - (USA)

will be submitted in the consumer comments section at this Ripoff Report soon.

Thank You

WELCOME TO THE UNITED STATES OF AMERICA- OUR COUNTRY IS BEING CONTROLLED BY AN ORGANIZED CRIME SYNDICATE, ALSO KNOWN AS THE MOB
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#5 Consumer Comment

IF A COUNTRY'S FOUNDATION IS BUILT MAINLY ON LIES, DECEPTION, MANIPULATION, FRAUD........

AUTHOR: Karl - (U.S.A.)

GREED, TRICKERY, CORRUPTION, & the CONSTANT PURSUIT TO FINANCIALLY INJURE INNOCENT PEOPLE, THEN A 'RIP OFF' IS MERELY A WAY OF DOING BUSINESS THAT COINCIDES WITH THAT COUNTRY'S BELIEFS, CORRECT?

The United States of America is a country whose economy THRIVES on all of those above elements, right?

Let's face it, if companies did business in an honest way, then we wouldn't have had all of the problems that occurred in the last several years, correct?

The economists, politicians, people working at the FED, people in the media.......... only see the 'NUMBERS' & the 'FIGURES' that are reported regarding our economy, & our economic growth. They DON'T SEE, & WITNESS HOW these NUMBERS & FIGURES are being attained!!!

These NUMBERS & FIGURES (most of them) are being obtained by DECEPTIVE, MANIPULATIVE, & FRAUDULENT ways of doing business! That's WHY we had the MELTDOWN, and it's WHY we're in a recession. It's all being EXPOSED!

Quote: 'Change the way you look at things and the things you look at change.' - Dr. Wayne Dyer
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#6 Consumer Comment

Jim, Don't You Even Get It?

AUTHOR: Purplenights - (U.S.A.)

The whole idea of the "Pending Overdraft" is just another scam to put money in the bank's pocket. The idea that you are paying an overdraft fee, even when the item has NOT been presented for payment, is absurd. In effect, the bank is charging you for something that, in reality, hasn't even happened yet. Suppose the merchant NEVER presents the item for payment, (although rarely, it DOES happen), are you saying that a person should pay an overdraft fee on a transaction that, technically, never occurred? Even if the merchant waits two or three weeks to present the item, the money in the account could be spent and replaced several times during that period, and the item may not even be an overdraft when it is finally PRESENTED FOR PAYMENT. You and I both know that the "Pending Overdraft" is for the bank's benefit only, and in no way does it help the customer. And, this fee is almost exclusively a B of A thing, many other banks do not use it. I know, I know, the banks can do anything and everything they want. It is their business. BUT, if they are going to play the "Pending Overdraft" game, then that money should be considered spent by the bank at the point of the swipe, and withdrawn from the account until that item has been presented for payment by the merchant. After three days the bank puts the money back into your account, and basically says "this is your balance, and this is the amount in your account available to spend". Maybe they do this to try and get people to spend that money, creating more overdrafts. But it is confusing to customers who see the money gone, only to reappear a few days later. I think this is just another one of the many money-making scams the big banks have. Why you would even defend this practice is beyond my understanding. It may be "legal" for them to do this, but it is not right.
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#7 Consumer Comment

It's Not A Rip Off

AUTHOR: Jim - (U.S.A.)

This is more educational for you and for Purpleknights:

The truth is that they aren't having it both ways. The bank can have it both ways because the deposit is pending because the transaction needs to be verified by bank personnel. The debit is pending because the bank is waiting for the merchant you spent money (yes, that's what it is when you use a debit card) at the place where the merchant does business. Here's a better way to look at it:

Let's say you have $100 available and in your account:

1. You use your debit card to spend $60 and it takes 48 hours or so to have the merchant verify your transaction.

2. The balance in your account is still $100, but what's available is only $40.

3. You then decide to withdraw $60 from your ATM.

4. Your account balance is $40.00. However, you overdrew your account by $20 because of the $60 spent with the merchant.


You could also look at this like you wrote a check to the merchant for $60; the difference is that in using a debit card - the money comes from your available cash immediately. Not so with a check - with a check, you have the ability to float money until the check clears. All banks work this way; picking on this bank is somewhat unfair. If you don't believe me - I would invite you to check out other banks on this board and you'll find similar complaints.

Let's be very clear: this has nothing to do with defending any institution or any bank. If you want to avoid this problem and get some decent advice, I would stop complaining and start learning about the pitfalls of using debit cards. Best of luck to you.
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#8 Consumer Comment

The "Pending Overdraft" fee is a scam!

AUTHOR: Purplenights - (U.S.A.)

Go figure. Everyone who supports these banks on these boards makes the statement that once you swipe your debit card, you should consider that money spent. But guess what, the banks don't! The banks only deduct the amount of the purchase from the account for three days. if the merchant has not presented the item for payment by that time, then the bank RECREDITS the amount of the debit back into your account. Now, if I go and make a debit purchase, and the bank concludes that I do not have enough money in the account to make the purchase, then they charge me a "pending" overdraft fee, that is, accessing a fee before the item has even been presented for payment. But, if the debit charge has not been presented to the bank by the third day, that money is deposited back into my account. Suppose the merchant waits two or three weeks to present that item. That money has been recredited to my account, and since the item was never presented within the three days, there is no way that I have overdrawn my account on that debit. According to the bank, I would have remained with a positive balance for three weeks (if that is when the merchant presented the item to the bank) until such time as the merchant presented the item for payment. Common sense would dictate that if I made a debit purchase, then that money should be withheld until the merchant presents the item for payment, OR until the time limit that he merchant has to collect on the debit has expired. At least that would legitimize the overdraft fee. But the banks cannot have it both ways. Either my money is spent once the card is swiped, or it isn't. If the money is viewed as spent, then do not redeposit it back into my account until the merchant collects on the debit, or until it once again becomes legitimately mine because the time has passed that the merchant can present the item to be collected. That is why this "pending overdraft fee" is a scam. If a merchant waits and waits to present the debit to be paid, I really may never have been in overdraft at all, because the item was never actually presented for payment, and no money was paid out. Which makes one ask another question, which is if the bank "knows" that the debited item will lead to an overdraft if it is presented with the debit immediately, then why doesn't it "know enough" to deny the purchase all together? Doesn't make sense to me. But then again, most of the things that these banks do hardly make good sense, anyway.
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#9 Consumer Comment

PERHAPS ROBERT CAN ENLIGHTEN OUR....

AUTHOR: Karl - (U.S.A.)

GOVERNMENT, AND ALL OF OUR CORPORATIONS WHO NEEDED 'TARP' MONEY (TAXPAYER'S MONEY), AS TO HOW THEY SHOULD OPERATE THEIR DAILY BUSINESS, RIGHT?

Since there has been a- quote: 'TOTAL TAXPAYER OUTLAY OF $5.32 TRILLION SINCE MARCH 2008', according to a report several weeks ago on the 'McGlaughlin Group', it appears that there are many corporations in the USA who don't have a CLUE as to what it takes to operate a smoothly run business, huh?

I wonder why companies like Apple don't have money problems? And why isn't Google in line for 'TARP' money?

Hmm.... maybe they don't LIE, CHEAT, MANIPULATE, DECEIVE, TRICK, & SCAM their customers like all the companies & corporations that received 'TARP' money, huh?

WELCOME TO THE BIGGEST LIE ON EARTH- the U.S. ECONOMY!
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#10 Consumer Suggestion

How to avoid OD/NSF fees.

AUTHOR: Robert - (U.S.A.)

Using an account register and reconciling that register with a monthly account statement from the bank will prevent any account holder from causing any NSF/OD fees.

The majority (if not all) of the reports I've read about NSF/OD fees have common behaviors of the account holders:

using atm cards for everyday purchases.
using more than ONE card attached to the account (husband and wife)
using atm cards for online purchases.
using atm cards for 'auto-bill pay' (autodebits)
relying upon telephone or online account balances to determine what money is available for that shopping trip to Walmart.
*NOT using an account register.
*not reconciling an account register with the scheduled monthly account statement generated by the bank.

Ways to avoid these NSF/OD fees:

1. Use an account register and reconcile the account register with a monthly written statement generated by the bank. If the bank is not mailing statements, contact customer service to have monthly statements MAILED to you.

1a. Be aware of ATM fees, such as the 'non-bank ATM fee' that most banks charge when you use an ATM that is not owned by your bank to make a withdrawal and post that fee in your account register immediately.

1b. Also be aware of any monthly 'account service fee' charged by your bank and post that to your register on the appropriate date.

2. Do NOT GIVE bank account information (or ATM card info) to any merchant, service provider, utility, online service to pay for services and goods. Use a REAL credit card for this purpose (either secured cc or unsecured cc.) Do not setup any automatic deposit to an account that is attached to said cc-NO auto payments to CC company-mail a check each month. If the entity demanding payment makes a mistake, you're gonna have a host of problems and risk OD/NSF fees.

3. Do NOT use an ATM card for everyday expenses-USE CASH. Establish a monthly budget and withdrawal a weekly 'allowance' for every day expenses such as 'milk and bread' from the corner store, Burger King, etc. This will reduce the amount of transactions on the bank account which in turn makes RECONCILING the account and detecting ERRORS easier to accomplish. Again, if the entity demanding payment makes a mistake, you're gonna risk NSF/OD fees.

4. Do not shop with the ATM card-use a real credit card. A real credit card offers protections that you don't have with an ATM card. If the merchant/service makes a mistake, you can dispute it with the CC company WITHOUT getting any OD/NSF. Not true if you use an ATM card-if the merchant makes a mistake, your money is gone until you can convince your bank to give it back, as well as OD/NSF fees.

5. ONLY ONE ATM CARD to one account. Do NOT have 2 or more atm cards for one bank account. Having 'his and hers' ATM cards attached to the same account is the same as in the old days when some folks would have 2 checkbooks for writing checks. It was an invitation to disaster then, and it is today.

6. Verify that deposits to the account have actually cleared. Deposits can take anywhere between 1 and 5 BUSINESS days to clear depending on the type and/or source of the deposit. The Federal Reserve publishes a Consumer Compliance Handbook which gives detailed information about what banks can and cannot do with deposits, holds, and funds availability. You can download this handbook at http://www.federalreserve.gov/boarddocs/supmanual/cch/200711/cch200711.pdf

Follow ALL of these suggestions and you will NEVER pay an OD/NSF fee again unless it is a LEGITIMATE bank error, and then the bank will gladly and quickly rectify the situation and credit any fees generated as well as contact payees and cover any fees the payees assess to you.

This is a tried and true method to avoid these fees. It works EVERY TIME it's tried.
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