• Report: #573248

Complaint Review: Bank Of America - BOA

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  • Submitted: Mon, February 22, 2010
  • Updated: Wed, February 24, 2010

  • Reported By: Becky — Gig Harbor Washington United States of America
Bank Of America - BOA
Internet United States of America

Bank Of America - BOA Overdraft fees, unfair NSF fees, Extended overdraft fees Internet

*Consumer Comment: OVERDRAFT POEM....

*Consumer Comment: The scam..and how they get away with it..for now

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Bank of America routinely charges NSF charges because the way the process purchases. They will hold all purchases until the end of the business day regardless of the actual order the purchases where made. They will process the highest amount first down to the smallest. So if something happens where a large payment comes in they will then bounce all the payments made by a debit card earlier that day or if it's a Monday, charges made over the weekend, even though they cleared when you made the purchase. Then they will proceed to tack on $35.00 for all the little charges that should have cleared.

Then if you are overdrawn for 5 consecutive days they will add on another $35.00 for having an overdrawn account that THEY caused! Then if you are unable to get the account caught up after a period of time they will close your account and report it to check systems so you can't open another bank account up anywhere else. These people are crooks. They run their company into the ground, abuse and steal from their customers and then get bailed out by the government. Something has to be done. How is this OK to steal from your customer's? Because the way they are running this overdraft fee is definitely A SCAM! A ripoff, it's stealing and it should be illegal.

Believe me I would gladly go to another bank if I could but for the time being I am stuck there because of the check systems reporting. I would be more than happy to pay off the amount I owe to clear up my name with check systems but right now I can barely pay my ACTUAL bills let alone a $200.00 bill that they created with fees snowballing into more fees.

This report was posted on Ripoff Report on 02/22/2010 02:38 PM and is a permanent record located here: 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


AUTHOR: Karl - (USA)

is available right here at the #1 site in the world-

*Anyone can 'Google' this- BROCK O'BOMB-A POEM, and that should take you to where- "OVERDRAFT POEM" is posted, along with an assortment of other poems, right? 

I believe that an encore presentation of that poem was posted on November 9th 2009 in the Updates section to the Bank of America Ripoff Report entitled- 'Ripoff Report: Kirby Manuel/ KRM VENTURES, LLC'

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#2 Consumer Comment

The scam..and how they get away with it..for now

AUTHOR: Ronny g - (USA)

Some will tell you that it is all your fault for overdrafting the account. And that may be true. But that does not address the fact that due to the bank  re-sequencing your transactions that were paid, cleared and duly noted by the bank...this tactic is what is directly causing the snowballing..or as I sometimes refer to it, the "avalanche of fees." that cause fees well in excess of what a legitimate, reasonable, agreed to and fair overdraft fee should be applied to.

Some bank defenders have a nerve struck when I consider someone such as yourself as a "victim"..but there is no better term to describe it.

What you have fallen victim the good old re-sequencing "policy" aka tactic, scam, sham, facade, guise, whatever you choose to call it. When combined with courtesy overdraft protection and misleading unreliable bank statements is a recipe for financial pillaging, and the banks are not only well aware of this..but have been taking full advantage by targeting the poor, elderly and very young which according to the FDIC report are the ones who have been subject to most of these types of fees. But every single checking account customer should be concerned as these policies apply to all. Fortunately changes are taking place albeit a day late and 40 billion dollars short, but all the complaints, lawsuits, negative press and pressure from congress are starting to yield results.

The concept of re-sequencing was put in place to better "protect" a large "important" check payment, such as a mortgage. The idea was that it would be covered by the bank instead of returned. But since most of the financial damage done by the banks tactic of re-sequencing these days had nothing to do with protecting a mortgage payment, level of "importance" or a large check transaction, and the smaller transactions were apparently "protected" or approved and paid as well, what "protection" does this policy actually do to help any debit card user? None, nada, zip, simply gives the bank a way to maximize fees, charge overdraft fees for transactions that actually had the funds available at the time of the transaction, and has in effect become the new "profit center" for many banks. A lot of us feel this is unethical, unnecessary, and perhaps in violation of laws. There are a plethora of class action lawsuits regarding this policy and others..and Bank of America is in the forefront.

Consolidated, Nationwide Class Action Lawsuits Filed in Federal Court Against Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank
October 20, 2009 11:00 AM Eastern Daylight Time

MIAMI--(EON: Enhanced Online News)--Marking a substantial step forward in litigation over the banking industrys abusive and excessive overdraft fee policies and practices, plaintiffs' counsel announced that bank customers have filed a series of nationwide class action lawsuits against Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank. The complaints were filed in the United States District Court for the Southern District of Florida in Miami, where all federal lawsuits brought against the banking industry for abusive overdraft fees have been coordinated before the Honorable James Lawrence King.

"The collection of excessive overdraft fees, usually around $35 per transaction, impacts millions of Americans each year and has become a multibillion-dollar profit center for the banks," explained lead plaintiffs counsel Bruce S. Rogow. "In many instances, these overdraft fees cost customers hundreds of dollars in a matter of days, or even hours, when they may be overdrawn by only a few dollars. Charging a $35 overdraft fee when a college student uses her debit card to buy a cup of coffee is unconscionable."

How Bank "Overdraft Protection" Works and Why the Abusive Collection of Overdraft Fees is a National Concern

Today, when customers open checking accounts, banks provide debit cards for the withdrawal of cash from ATM machines and the purchase of goods and services. Many bank customers are not aware that as part of the process of obtaining the debit card, banks automatically enroll their customers in "overdraft protection." The overdraft protection kicks in if the customer spends more than he or she has in the account to cover the purchase, up to a limit of a few hundred dollars.

Banks could simply decline to honor customer ATM or point-of-sale transactions if the account lacks sufficient funds, or could warn customers that if they go through with the transaction an overdraft fee will be assessed. In fact, until a few years ago, most banks simply declined debit transactions that would overdraw an account.

"Banks do not record charges and purchases on ATM or debit cards in the order they actually occur,

stated plaintiffs counsel Michael W. Sobol of Lieff Cabraser Heimann & Bernstein, LLP. "Instead, banks reorder the charges and purchases so that the largest charge or purchase is the first one paid by the bank. This manipulative practice is intentionally designed, the complaints allege, to maximize overdraft fee revenue."

"If you buy your kids a $15 meal at McDonalds on your debit card and your account was overdrawn, that lunch actually cost you $50," added Mr. Sobol. "The bank wont decline the debit transaction, nor will the bank tell you that you have overdrawn your account and is about to turn your $15 lunch into a $50 expense."

In 2007, banks collected more than $17 billion in overdraft fees. That number nearly doubled in 2008, as more and more consumers struggled to maintain positive checking account balances. In 2009, banks are expected to bring in up to $40 billion in overdraft charges from nearly 50 million customers.

"While all bank customers could have been affected, these overdraft fee policies disproportionately affect young people, the elderly and the poor, who are most likely to maintain low account balances," noted Mr. Rogow. "Moreover, these fees have the tendency to create a domino effect, resulting in even more fees."

Further Information for Bank Customers

Bank customers assessed overdraft fees who wish to learn more about this litigation should visit [] where they can submit their complaint to plaintiffs counsel.

Lieff Cabraser Heimann & Bernstein, LLP
Michael W. Sobol, 415-956-1000
Bruce S. Rogow, 954-767-8909
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