• Report: #270449

Complaint Review: Bank Of America

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  • Submitted: Mon, August 27, 2007
  • Updated: Thu, August 30, 2007

  • Reported By:kansas city Missouri
Bank Of America
bankofamerica.com Nationwide U.S.A.
  • Phone: 800-432-1000
  • Web:
  • Category: Banks

Bank Of America Scam,Rippoff, Overdraft fees. Need to collect polls to take action against BOA USA bankofamerica.com Internet

*Consumer Suggestion: NOT A RIP OFF

*Consumer Comment: Math Not Quite Right

*Author of original report: HEre is an example and I already did my calculation the other way

*Consumer Comment: Overdrafts

*Consumer Comment: Your whole basis

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Hello,

If you are reading this, it mean you are being scam or even been ripoff by bank of America.

First off let me give a few words to those who are defending BOA.

You are defending BOA A: because you never experience what ripoff is like.Even if you did. It was like this. Hundreds or even thousands of dollars is involved.
B: you are currently employed or ex-employed by BOA.

I am assuming this have never happen to you before. I hope it will never happen to you in the future. But for most people life isn't that easy. Especially when you need every single pennies. Life is hard for the poor people already. We don't need this.

BOA isn't very friendly and caring as they should. But thats how business are. I bet BOA is hired by jackass and jerks who don't give a crap about people. This is America after all right? it's all about the money.

If you happen to work at BOA don't take my words so seriously. If you take it serious it because you are one of the people that work at BOA I am referring too.

Most of the time employee who work at costumer service can't or don't know what they are doing. So a manager or higher rank employee AKA jackass will tell them what to say and do. Guess what they will do ? They will give u a middle finger and screw you good. What can we do about it? nothing, I guess thats what they think.

The way how BOA will screw you over with overdraft fee is. They set their system to withdraw balance at night. They will collect the big bills first and then
go with the multi-small charge and hopefully catch you on overdraft. Now all this multi small charge can really add up.

Fours charge will consider 140$ right there. Now what I am wondering is when you use your debit cards. Doesn't it withdrawn the money right then and there? If the answer was"No". How would the store I purchase on allow me to buy something, knowing I have money or not? This system BOA is doing is to easily
make money on overdraft. They know it too.

Lets say you have a auto ACH/ETF (E-check that withdrawn automatically) bills that withdrawn your money monthly. It happens to be on the day you have 300$ in the bank and the ACH/ETF bills is 300$. Assuming the ACH/ETF bills is random charge on each month. You didn't have time to look online to know if this transaction was pending.

During that day you spend close to 200$ . You didn't have 1 charge of the total amount 200$ but lets say you have 10 total charge each total up to 200$. At the end of the night the pending transaction kick in. Now what? BOA will then deduct the large bills first. That is your 300$ ACH/ETF car bills payment.

Now your 200$ short they will then charge you for all 10 charge you spend that was total 200$ now you're at -200$ plus the 35$ fee for each additional charge you use that day,10x 35 =350+200 your in the -550$ . When you see this doesn't it make your blood boil?

In all cases BOA don't use the rule what charge first is serve first. They will use only the large bills first and then go down to the little bills.

Most important thing, and you must realize this already. Never ever trust only real time status of your account or even in your cards at the ATM's.
Most of the time Online banking is inaccurate. This is misleading and cause you hundreds or even thousand of dollars in over draft fees.

Everyone who been ripoff or scammed by BOA . We need a website and if we get large enough complaint . We can make BOA pay for their scam

Dragonarok
kansas city, Missouri
U.S.A.

This report was posted on Ripoff Report on 08/27/2007 12:41 AM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-Of-America/nationwide/Bank-Of-America-ScamRippoff-Overdraft-fees-Need-to-collect-polls-to-take-action-against-270449. 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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REBUTTALS & REPLIES:
0Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

NOT A RIP OFF

AUTHOR: Mpw55337 - (U.S.A.)

I had dealt with the same issue as yourself with a different bank and I am currently banking with BOA. First off yes the banks do charge the largest amount of your daily transactions first. It is how they operate and yes it can cause increased fees when you have enough to cover smaller charges you made prior to larger ones but they take the higher amount first causing you to get charged overdraft fees for the smaller charges(maybe multiple fees). The solution to the problem would be to keep a transaction log for yourself and monitor how much money you have and what exactly you are spending.

Sure sometimes you may need to make a necessary charge before payday but budget and try to minimize the need. Remember it is you who spends this invisible money not the bank. It is you who needs to keep track of where your money goes not the bank. If used properly the bank can be a complimentary for you. You can actually make money off of the bank by choosing certain checking and savings accounts and managing them. I have learned from banks to cell phones don't depend on them to keep track of what you use do it yourself!
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#2 Consumer Comment

Math Not Quite Right

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

Not a BOFA employee - ever. Not ever a bank employee either.

First off, when you have a deposit - you do have the 1st $100 available, but that isn't posted until after all of the debits to your account post. Neither is the paypal deposit available until after the debits post. So when you took the $400 out, you were in the hole immediately and that's when the NSF parade began. Then when the other checks hit - you had more NSF's and so on. After the checks all cleared - THEN your deposits hit your account. My guess is that the 5 NSF's you were charged were proper in accordance with the account agreement; it seems to be consistent with my agreement and I don't bank with BOFA.

It should also be noted that all banks (not just BOFA) deduct from your account in transaction size order. Mine does as well. Again, all of this can really be avoided when you maintain the checking account balance in a checkbook and reconcile it.

In the last example you provided, you indicated that you had a balance showing in your account of $219. If we assume the 2 checks outstanding were the only checks you had as outstanding, (the checks for $319 and $79), then before you even made a deposit, your account balance per your checkbook was at least ($179) and it could have been deeper in the hole.

Then you took out the $400, which you really didn't have and probably had to take in 2 installments (most ATM's max your withdrawls at $200 each) meaning your balance was then ($579) before the deposits were posted. Add to that the NSF's and yes, you're in the hole. However, I do count 4 NSF's - not 5.... which would have left you with a balance of $9... I might have missed something like bank maintenance fees that might have been taken out as a seperate transaction.

I wouldn't even consider having a checking account unless you can keep a sufficient balance in it to cover those "emergencies" we all have. You are limited in dealing with emergencies when you keep an account so thin.

Again, the practice you complain about is a practice utilized throughout the industry - so going to Wells Fargo, US Bank, or any other bank will not help you. Changing your habits will.
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#3 Author of original report

HEre is an example and I already did my calculation the other way

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

219$ was the current amount. after the 544$ I have 319 because 100$ is automatic use able . Lets say my paypal 149$ money did kick in that day that will give me 468$ . I had a emergency and have to withdraw 400$ out. that give me 68$ available. my 317$ and 79$ deduction would of left me in the negative regardless, even if pay pal money wasn't already in that would only give me 3 over draft not 5, this have happen to me many time before.

It's not like I wanted this to happen . Sometime emergency happens and it really cant be help. Explain to me what sup with this picture? i know online real time is 100% inaccurate from this ripoff bank. its misleading and need to be fix. First off something like that is needed to be address and is solo BOA responsibility.

Are you suggesting if everyone should pay close attention to there account and solely be responsible for our action? I would say somewhat its our responsibility but it doesn't make them scam a little more money off us.

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#4 Consumer Comment

Overdrafts

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

No, I don't work for BoA, never have, but a couple of things jump out as I read your post.
First of all, no one ever has to pay an overdraft if you take minimal care of your account, and know what your balance is all times. This means you have to keep a register, and cannot rely on ATM or online balances.
In your example of the electronic check, you have to make the decision to either removes the funds from your register balance early, or better yet, to cancel the electronic item and write out a paper check when you are ready for the funds to go out.

A lot is said about class action suits and scams, but the reality is that if one were to go before a judge, the first question is going to be 'did you have sufficient, collected funds in the account AT THE TIME you made the withdrawal?' You cannot answer 'I don't know', or 'the online balance said I did', since it is your responsibility to know.

Banks are a 'for profit' business. They are required by law to disclose their fees when you open your acount. When they can, they are going to charge every fee possible, as unhappy as it makes you, it is to the delight of their stockholders. Your best defense is to be an informed consumer and protect yourself from the fees that you don't need to pay.
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#5 Consumer Comment

Your whole basis

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

is plain wrong. In your own example you are trying to spend more money than you actually have. If you stopped doing this, then you would not have the overdraft fees.

"Didn't have time to look online to see if transaction was pending" is not an excuse.

By virtue of you having an account with Bank of America you are agreeing to their terms. Their disclosure statements will tell you that they have the right to process transactions when they are presented in any order they see fit. If you don't like how they do business, then simply go somewhere else.

By the way, I do not work for BoA, never have never will.

People need to take responsility for their own actions and stop trying to claim "scam" and rip-off when the simple matter of the fact is people trying to spend more money than they have.
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