• Report: #495290

Complaint Review: Bank of America

  • Submitted: Tue, September 15, 2009
  • Updated: Tue, January 01, 2013

  • Reported By: Sue C — Belle Mead New Jersey USA
Bank of America
www.bankofamerica.com Somerville, New Jersey United States of America
  • Phone:
  • Web:
  • Category: Banks

Bank of America Exorbitant amount of overdraft fees Somerville, New Jersey

*Consumer Comment: Sue C,

*Consumer Comment: Banks tactics taking a turn...

*Consumer Comment: URGENT WORLDWIDE ALERT!!! 'Google' this- WELLS FARGO BANK CLAIMS THEY HAVE LOST RECORD OF MY GRANDCHILDRENS 100,000 CD, and read Jim's Ripoff Report, and his...

*Consumer Comment: Cj, Explain to us why Jim Waldorf can't get his $100,000 CD that he took out with Wells Fargo bank several years ago for his grandchildren's...

*Consumer Comment: Lets us keep things simple

*Author of original report: UPDATE ON BANK OF AMERICA POLICY

*Consumer Comment: Anyone can 'Google' this- ROUBINI: 'JOBS LOST FOREVER', and watch that video...

*General Comment: Karl, do you always let Google Do your thinking for you?

*Consumer Comment: IamGood, Did you read Karl's PREDICTION that he made on August 26th 2007 that....

*Consumer Comment: Why are people protecting these scum businesses

*General Comment: Karl, you really need to get back on your meds

*Consumer Comment: SUE C, THE CORPORATIONS IN AMERICA WHO ARE CONTROLLING MOST OF AMERICA NEED TO.....

*Consumer Comment: IamGood said, quote: "this web site is basically a crock"

*General Comment: checks are not processed in the order that you WRITE THEM, BUT THE ORDER THEY ARE PRESENTED TO THE BANK

*Consumer Comment: Sue C, Iamgood doesn't realize that he (or she) has been charged THOUSANDS OF DOLLARS by the U.S. Government because....

*Author of original report: Response to IAmGood

*Consumer Comment: Exemployee18..I think you overlooked something in your response to Sue....

*General Comment: Sue, I stand by my original Post

*Consumer Comment: Hopefully a couple of inside hints for Sue

*Consumer Comment: Ronny G, Did you 'Google' this- THE OBAMA DECEPTION, and watch it on the web?

*Consumer Comment: Sue C, you might want to read this as well....

*Consumer Comment: Ashley..I also wanted to add...

*Consumer Comment: Ashley..it depends on the customer..

*Consumer Comment: MARCIA, I NEVER SAID THAT GOLDMAN SACHS WAS MR. OBAMA'S #1 CAMPAIGN CONTRIBUTOR,......

*Consumer Comment: MARCIA, I NEVER SAID THAT GOLDMAN SACHS WAS MR. OBAMA'S # ! CAMPAIGN CONTRIBUTOR....

*General Comment: REGARDLESS PLEASE

*Consumer Comment: To Karl

*Consumer Comment: This would work except

*Consumer Comment: Ashley..THANK you for the information !!!!

*Consumer Comment: Overdraft protection

*Author of original report: KARL, GREAT LINK, THANX YOU!

*Author of original report: response to IAMGOOD

*Consumer Comment: IamGood is not being so "good"...

*General Comment: Re idiots who bounce checks

*Consumer Comment: Sue C, Simply 'Google' this- CUSTOMERS FACE CHANGES TO OVERDRAFT FEES JIM LEHRER, and watch that segment which aired last night on....

*Consumer Comment: Actually Robert..this may be an even better solution...

*Consumer Comment: Robert....

*Consumer Comment: Anyone with access to a computer can 'Bing' this- DR MANDELSTAMM OF KIEFF, and click on 'Controversy of Zion' and read the passage entitled-

*General Comment: Sue...

*Consumer Comment: Anyone can 'Google' this- MOORE: A NEW ECONOMIC ORDER, and watch that video, right?

*Consumer Comment: Keeping an Inaccurate Register is Costly....

*Author of original report: HEY INSPECTOR TOBYHANNA!

*Consumer Comment: Clarification For Robert

*Consumer Comment: Ronnie and Edward..

*Consumer Comment: Ashley, I should also add...

*Consumer Comment: Ashley..I'd have to agree with Edward...

* : Wrong Ashley

* : Hey Sue!

* : Comments on Bank Processing of Checks, Debit Cards

* : Sure it did

* : Misty...

* : It's sort of hard to read...but

* : MISTY...

* : Outrageous fees and erroneous processing for sure!

* : Response to Bank of America Exorbitant Fees

* : Hard to beat that one Karl..

* : IDIOTS WHO RUN PUBLICLY HELD COMPANIES SHOULD....

* : Idiots who bounce checkss

* : Get the facts: Fact: LEHMAN COLLAPSED! Fact: COUNTRYWIDE COLLAPSED! Fact: FANNIE MAE & FREDDIE MAC COLLAPSED! Fact: MERRILL LYNCH COLLAPSED! Fact: The....

* : It's hard to make out from your complaint...

* : If Everyone Cancelled Their BofA Accounts....

* : Just think, if EVERYONE canceled their accounts with Bank of America....

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Bank of America has just charged me twelve fees of $35 each for a mistake that I made of $214 overdraft of my account.


Yes, I kept a check register, but I made an error which resulted in my last 2 transactions of $166 and $93 creating an overdraft on my account.  I would expect to be charged two $35 fees, not twelve!


BOA's explanation is a very confusing one, having to do with "Available Balance History" and "Balance with auth & holds" and "Balance without auth & holds."  I can even access this information online, but it is impossible to understand.  After reading other Ripoff Reports on BOA, I can understand how the reordering practices of BOA contribute to this "scam."


My check register is easy to read, very concise, and clearly shows sufficient funds for every transaction except the last 2.  (I made an error by not checking the available balance in my register prior to conducting the last 2 transactions).


You would think that BOA would have sent me an email, "hey we just charged you a $35 overdraft fee!"  But they didn't, despite the fact that I get regular junk email from them trying to sell me more of their products.


I've had this account with BOA for over 30 years and never had a problem.  After numerous contacts on my part (6 phone calls and 2 in-person bank visits) I was able to get six of the $35 fees refunded.  But its not enough.


After 30 years, I am DONE with this bank.  I will change banks, and also change my debit card habits to ATM use only!


This report was posted on Ripoff Report on 09/15/2009 02:21 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-of-America/Somerville-New-Jersey-/Bank-of-America-Exorbitant-amount-of-overdraft-fees-Somerville-New-Jersey-495290. 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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6Author 56Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Sue C,

AUTHOR: Karl - (USA)

If you want to know why there will be another collapse in our country in the near future, simply 'Google' this- FBEYE THERE IS NO GAS SHORTAGE COMMENTS BUSINESSWEEK, and click on 'Link to this comment- BusinessWeek' and then go to 'Page 10'.

Now read the comment that was posted on May 31, 2008 at 9:13 PM for the answer.

Fact: Four months later, in September of 2008, the banking system in the USA collapsed and the stock market crashed. On September 29, 2008, the Dow Jones lost a record 777 points in one full day of trading and the American people had to bail-out the 'failed system' that we have here in the United States of America. (By the way, the 'failed system' consists of the Federal Reserve, Wall Street, and the U.S. Government.)
You can 'Google' this- FRONTLINE: INSIDE THE MELTDOWN, and watch that documentary on the web for proof.

Happy New Year to you and your family!
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#2 Consumer Comment

Banks tactics taking a turn...

AUTHOR: Ronny g - (USA)

Copied from recent news reports...

Last week, Bank of America, JPMorgan Chase, U.S. Bank and Wells Fargo said they would no longer automatically enroll customers for overdraft protection.

Here is a breakdown of the proposed changes:

  • Bank of America will eliminate fees for customers if overdrafts are less than $10 within one day. BOA will also collect no more than four items of overdraft per day (previously it was 10 items per day).
  • J.P. Morgan will stop charging fees for customers if overdrafts are less than $5 in one day.
  • Wells Fargo & Co. plans to stop charging fees if overdrafts are less than $5 a day and also plan to collect fees on no more than four items per day.


Regions Bank on Thursday became the latest bank to ease its overdraft fees and policies, as federal scrutiny intensifies over the programs.

However, the Alabama-based company said it will continue automatically enrolling customers for overdraft protection the key practice that has come under fire in recent months.

Committee Chairman, Barney Frank (D., Mass), and Senate Banking Committee Chairman, Christopher Dodd (D., Conn.), are both planning to push legislation to change bank overdraft policies, such as requiring banks to request permission before enrolling customers in overdraft programs. The Federal Reserve is also considering strong restrictions on overdraft fees - this could be finalized by the end of the year.

Effective during the first quarter of 2010, U.S. Bank will:

  • Eliminate overdraft fees when a customers account is overdrawn by less than $10, regardless of the number of overdraft transactions that may have occurred.
  • Limit the number of overdraft fees to no more than three per day.
  • Offer opt out ability to customers who prefer that the bank decline or return any transaction on their account, whenever possible, when they are presented against insufficient funds.
  • Continue to offer free mobile, email and Internet banking alerts to customers so that they can become more aware of their available balance and manage their spending accordingly.
  • Provide new customers the ability to opt in to overdraft privileges with U.S. Bank. This choice allows customers to define how they prefer transactions to be handled by the bank when there are insufficient funds in their account.
  • Establish an annual cap on the amount of overdraft fees that can be assessed on any single account at the bank.

So..the ball is rolling. And I hope we don't have to save the banks asses anymore with our tax dollars. If those deadbeat bank executives don't pay theirs bills..they should be put in jail.
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#3 Consumer Comment

URGENT WORLDWIDE ALERT!!! 'Google' this- WELLS FARGO BANK CLAIMS THEY HAVE LOST RECORD OF MY GRANDCHILDRENS 100,000 CD, and read Jim's Ripoff Report, and his...

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

'Update' posted on September 4th 2009. Here's part of that 'Update'- quote: "So, in other words if the bank failed I would collect from FDIC, but, if the bank simply says we don't have record and they don't want to pay, it's up to me to hire a LAWYER to get my own money." Jim Waldorf, 9-4-2009.

WELCOME TO AMERICA- IN FRAUD WE TRUST!

P.S. The government of the United States of America doesn't seem to have a problem with spending $10 BILLION per month to fight a WAR/WARS in the Middle East, correct? 

QUESTION: Who's more dangerous to Americans? 

1) The 'terrorists' in Iraq & Afghanistan.
2) The BANKERS in the USA.

YOU BE THE JUDGE!

'terrorist' (definition) - an appalling person or thing.

*SPREAD THIS ALL OVER THE WEB at sites like- 'TWITTER' & 'FACEBOOK'.

Thank you.
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#4 Consumer Comment

Cj, Explain to us why Jim Waldorf can't get his $100,000 CD that he took out with Wells Fargo bank several years ago for his grandchildren's...

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

college education? I went to the WELLS FARGO page yesterday to see if Jim updated his Ripoff Report regarding this issue, but it seems as though he has to hire a lawyer to get his $100,000 CD. Is that something that you'd consider "simple"?

Go over to the WELLS FARGO page & scroll back and you'll find Jim's Ripoff Report. I believe it was posted around the end of July, or thereabouts.

WELCOME TO THE PUBLICLY HELD BANKS IN THE USA- IN FRAUD WE TRUST!
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#5 Consumer Comment

Lets us keep things simple

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

Avoiding overdraft fees is as simple as keeping track of your available balance and outstanding checks and spending within those limts.  Not rocket science, people. Generally if you incur an od fee(s) due to an oversight, your bank will refund most of the fees as a courtesy. If fees are caused by an unauthorized or incorrect charge, the bank will refund all of those fees as well. But if you are constanly paying od or nsf fees, that means you are likely mismanaging your money and might be better served to avoid banks altogether.
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#6 Author of original report

UPDATE ON BANK OF AMERICA POLICY

AUTHOR: Sue C - (USA)

You can now opt out of overdraft protection easily, by a phone call to Bank of America.  This means that if you use your debit card and there is insufficient funds for the transaction, you will be DENIED authorization.  Therefore, NO FEES!


Also, effective September 27th, Bank of America is limiting overdraft fees to no more than 4 per day.


They offer many optional email alerts regarding available balance info, but you have to go into your account online and set it up.


They still will reorder your transactions from highest to lowest.


Hope this helps someone avoid being charged, for those of you who are human and make a mistake once in awhile.  :)


 

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#7 Consumer Comment

Anyone can 'Google' this- ROUBINI: 'JOBS LOST FOREVER', and watch that video...

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

on the web. 

Anyone can 'Google' this- PROFESSOR ROUBINI, and read all about him. He accurately predicted the 'meltdown' of our economy back in 2005 & 2006, & so did the Harvard Business Professor. To read what the Harvard Business Professor said to his class of executives in late 2004, simply 'Google' the following-

RIP OFF REPORT FUEL FREEDOM INTERNATIONAL MPG CAPS, and go to the 2001 Toyota Tacoma Ripoff Report, then to the 'Update' entitled- "BLAME IT ON A LAWYER".

Thank you.

"Knowledge is power."

Power is knowledge.

POWER TO THE PEOPLE
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#8 General Comment

Karl, do you always let Google Do your thinking for you?

AUTHOR: IamGood - (USA)

Karl:

All you ever do is quote google, tell people to google this, and google that.

Cant you ever get your research material from any where but google?  You cannot believe anything you read on the internet. 

Go home and sound proof your room so that the slient running helicopters hovering outside your home cannot read your thoughts.

Again I say go back on your meds.  Also it is very funny that you refered to yourself in the 3rd person with your last post, saying did  you Read "Karl's" post.That weirds me out. 

I use google too, but I dont worship it like  you do!!!

Lets suppose for a moment that all the banks went under, all the credit card companies folded, and all the  credit unions went bankrupt.

All businesses would fold,  because there would be no one to lend money and allow these business to grow.  The businesses would be required to lay people off, unemployment would be at 40 -50%.

You say that would never happen.   It did in the 1930's.  Unemployment was at 50%, banks all over the country were going under, and the Fed decided to let nature take it's course. 

 

 

 

 

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#9 Consumer Comment

IamGood, Did you read Karl's PREDICTION that he made on August 26th 2007 that....

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

CAME TRUE?

Simply 'Google' this- RIP OFF REPORT PRIORITY TOYOTA SCION AUTOMAX, and then go to the 'Update' entitled- 'Similar Post On The DODGE Page On This Site', & it starts the 4th paragraph. Here's that quote-

Quote: "I predict that by sometime early in 2009 that the stock market takes that huge hit! After a full year of reality in 2008, the big collapse happens." - 8/26/2007, when the Dow Jones was above 13,000.

Karl was right, wasn't he? And the Dow Jones closed at its LOWEST level in many, many, many, years in early 2009, right? The Dow Jones closed at its lowest level of 6,547 on March 9th 2009. That's Karl's Birthday! And we all know that the "big collapse" happened, correct? Simply 'Google' this for proof- INSIDE THE MELTDOWN, and watch that Frontline documentary on the web.

Have a nice day, IamGood.

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#10 Consumer Comment

Why are people protecting these scum businesses

AUTHOR: Charles - (USA)

Why are people protecting these scum businesses.   They are helping bank of scum,   & other bad businesses,   victimize other people.   I hope they feel pretty good about themselves.

Attacking posters like how stacy,  laurie & all the other assholes.   On this site who help businesses victimize more & more people.

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#11 General Comment

Karl, you really need to get back on your meds

AUTHOR: IamGood - (USA)

Karl:

You really should go back on your meds, Remember you did not get kidnapped by aliens, and pixies did not leave you under a cabbage patch

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#12 Consumer Comment

SUE C, THE CORPORATIONS IN AMERICA WHO ARE CONTROLLING MOST OF AMERICA NEED TO.....

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

generate as much money as possible in order to avert another 'MELTDOWN', in my opinion. These banks still have all those 'TOXIC ASSETS' on their books, and FORECLOSURES are still taking place at alarming rates in the USA. These banks invested heavily in mortgages, & many of those mortgages have become TOXIC.

And don't forget, these same banks made loans to people for- cars, trucks, SUV's, home-improvements, boats, 5th-wheels, etc. And they also gave out CREDIT CARDS to millions upon millions of people in America, right? These banks are in MUCH DEEPER TROUBLE than we're being led to believe, in my opinion. That's WHY consumers are seeing multiple OVERDRAFT FEES unlike ever before. If the banks can't make money like they were doing a few years ago, due to our current economic problems, then HOW do you think they'll respond? 

Answer- By finding new ways to generate profits! By MANIPULATING overdrafts to result in MULTIPLE CHARGES which will make them MONEY. A lot of MONEY! It's that simple. CANCEL your account with the bank. NO ONE really needs a bank account. If you receive a check simply cash it at the bank where it is drawn, or at a Grocery Store. Carry cash to pay for your purchases. Get money-orders from a Grocery Store to pay your bills, & send them out the old fashioned way- through the mail.

Here's another example of MANIPULATION & how it can be profitable: OIL was being MANIPULATED for profit last year. 'Google' this- DID SPECULATION FUEL OIL PRICE SWINGS, and watch it. Then 'google' this- GOVERNMENT UNCOVERS OIL PRICE MANIPULATION, and read it. There was an interview on the PBS station, a little over a year ago, with the founder of Federal Express. He said in that interview that the USA was consuming 21 MILLION barrels of OIL each day. If OIL could be MANIPULATED by only $10 a barrel, then the extra profit realized by the ones MANIPULATING oil would be $10 x 21,000,000 barrels = $210 MILLION PER DAY!!!

Consider this, if OIL could be MANIPULATED by $50 a barrel, then $50 x 21,000,000 barrels = $1.05 BILLION PER DAY!!! That's EXTRA PROFIT, right?

I believe that some of the Investment banks were MANIPULATING oil for profit to 'stave-off' a CATASTROPHE last year because of all the TOXIC ASSETS (mortgages) that they invested in, and at the same time it CAUSED another CATASTROPHE! It caused Airlines to lose money because Airlines need oil. It caused Auto manufacturers to lose sales & eventually collapse because people saw gasoline go up to $4 a gallon. It caused STARVATION in other parts of the world because the transportation fees for commodities raised the prices of those commodities, like- RICE, WHEAT, & others, do you understand?

The banks, like- BofA, Citigroup, Wells Fargo, & others, decided to MANIPULATE their customers by charging multiple FEES. They're charging their customers with OVERDRAFT FEES unlike ever before, right? They're not as 'sneaky' and greedy as the Investment banks, but it still hurts the averge American who isn't making $42.9 MILLION per year, or $702,440,573 per year, right? (Goldman Sachs' CEO made $42.9 MILLION in 2008, & Blackstone Group's CEO made $702,440,573 in 2008) 

Now Americans are paying the price for all the GREED that has DESTROYED this country. Americans are also BAILING-OUT the GREEDY corporations who CONTROL the government, & this country!!!

WELCOME TO AMERICA- IN FRAUD WE TRUST!


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#13 Consumer Comment

IamGood said, quote: "this web site is basically a crock"

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

If that's the case, then WHY is IamGood continuing to post here? And if this web site is basically a "crock", then the PREDICTION about, quote: "The Collapse of the U.S. economy", which was made back on 9/3/2007 at this web site shouldn't be read by anyone in the world, right? No one should ever 'Google' this- RIP OFF REPORT GM CREDIT CARD SERVICES, and go to Betty's Rip Off Report about her interest rate going from 10.99% to 32.44%, & then read the '1st Update' to her Rip Off Report that states this-

Quote: "The Collapse of the U.S. economy is in its infancy. Get all of your money out of the stock market and cash in your retirement NOW!" - 9/3/2007

*I guess that's just a "crock" that came true, huh?

Have a nice week-end.
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#14 General Comment

checks are not processed in the order that you WRITE THEM, BUT THE ORDER THEY ARE PRESENTED TO THE BANK

AUTHOR: IamGood - (USA)

SUE:


You are beginning to BORE THE $$$$$ out of me.


Checks and Debit and Credit Card transactions are not processed by BOA in the order that you wrote them,or made the transaction, but when the vendor PRESENTS them to the bank.


If your grocery store, or your landlord, or your department store decides to hold on to a check for 2 weeks, that is up to them.  You should still have the money in your account.


If you have a bunch of checks that hit your bank at the same time, it seems that you would have BOA sort the transactions by the date you wrote them, this would favor your case, but too bad soo sad that BOA sorts them by amount.  This will increase their fee collections, and decrease your bank balance.


You can stop them from doing this, by not bouncing any checks.


by the way, this web site is basically a crock, it serves no useful purpose except allow people like you who F Up, and find a way to blame someone else.


I love this website because It lets me know how STUPID AND PETTY some people have become, and I realize that they have only themselves to blame for their issues.

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#15 Consumer Comment

Sue C, Iamgood doesn't realize that he (or she) has been charged THOUSANDS OF DOLLARS by the U.S. Government because....

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

according to a report earlier this year on the 'McGlaughlin Group', the- quote: "total taxpayer outlay from March 2008 to March 2009 was $5.32 TRILLION".


If Iamgood is an American citizen, then Iamgood was charged a portion of that outlay, and will continue to be charged a portion of that money until it is paid off, correct? Since there are about 70 MILLION households in the USA, the average household debt from the $5.32 TRILLION taxpayer outlay comes out to be $76,000.00, right?



Iamgood inherited a debt from the U.S. Government that Iamgood probably isn't aware of. If you multiply 70 MILLION households in the USA x $76,000.00 per household you will come up with the $5.32 TRILLION.



WELCOME TO AMERICA- YOU'RE GONNA PAY FOR IT WHETHER YOU LIKE IT OR NOT!
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#16 Author of original report

Response to IAmGood

AUTHOR: Sue C - (USA)


In response to IAMGOOD's latest gem of a post which follows:


 


Sue, I stand by my original Post


Sue:   You still dont get it.   I dont think you ever will. 


By the way, I am better than you, and far more superior to you.  I HAVE NEVER BOUNCED A CHECK, AND I HAVE HAD A CHECKING ACCOUNTING SINCE I WAS 18.  I AM NOW OVER 50.


PAY FOR YOUR MISTAKES, AND GET ON WITH YOUR LIFE.


To IAMGOOD: 


Ok, I can see that I am getting nowhere trying to engage in some sort of intelligent discussion with such a superior being as yourself.


Your comments plainly show your lack of comprehension of the issue and the facts which I have stated over and over.  I PAID for my mistakes immediately.  I am and have been continuing with life quite nicely, thank you.


And yes, I get it.  I get that your comments are argumentative and belligerent and contribute absolutely nothing to the value and the purpose of this website!

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#17 Consumer Comment

Exemployee18..I think you overlooked something in your response to Sue....

AUTHOR: Ronny g - (USA)

You stated...


Let me first tell you who I am.  I work with a Dallas based bank which is not Bank of America.  I am very unbiased in what I say because there are things I agree with in regards to bank policies but there are also things I agree with from a consumer advocate point of view.  One thing I can honestly say is that for the majority customers that utilize the overdraft service provided by banks are those who have poor credit and are not able to get loans.  Now there are a handful of customers who do not mind paying the $35 per item if it means getting their electricity paid or their rent paid.  I look as this service as basically an extremely high interest rate loan.  Now here is the kicker this is one of the services I wish would be ammended some how.  Banks make a killing off of this service, but it can be detrimental for small income families.  Yes it can be turned off, but it has always been that way.  Customers have always had the right to not allow things to pay in their OD, but most consumers were not aware of this. 


I didn't know this until recently..but BofA and a few other banks forced courtesy OD protection onto their customers...is was "mandatory". Of course the wiser of us understand the banks motives for doing this.


BofA and a couple other banks have recently and conveniently "decided" to allow their customers to opt out..most likely due to the pending lawsuits and looming pressure from congress.


Back when I was with Wachovia they allowed me to opt out..but it took 2 tries. The second time I had the bank manager put it in writing. Now I don't have financial hardship now like I did for a brief spell at the beginning of the year..but when my account was running dangerously low..opting out of the bogus OD protection was really the only way to truly protect my money in the event of an overdraft. An when you have just moved to a place like Los Angeles..you will find 30-40% of merchants will rip you off by either error, fraud, mistakes, authorization holds, unauthorized charges..or umpteenth different ways to cause OD's..which can wipe out weeks of paychecks when due to the banks manipulations and re-sequencing. In other words you don't just get a $35.00 fee for the overdraft..whatever the cause..you get the avalanche. By the time you knew what hit you..and who was at fault and how..it didn't matter..you are SOL.

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#18 General Comment

Sue, I stand by my original Post

AUTHOR: IamGood - (USA)

Sue:

You still dont get it.   I dont think you ever will. 

By the way, I am better than you, and far more superior to you.  I HAVE NEVER BOUNCED A CHECK, AND I HAVE HAD A CHECKING ACCOUNTING SINCE I WAS 18.  I AM NOW OVER 50.

PAY FOR YOUR MISTAKES, AND GET ON WITH YOUR LIFE.

 

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#19 Consumer Comment

Hopefully a couple of inside hints for Sue

AUTHOR: Exemployee18 - (U.S.A.)

Sue,


Let me first tell you who I am.  I work with a Dallas based bank which is not Bank of America.  I am very unbiased in what I say because there are things I agree with in regards to bank policies but there are also things I agree with from a consumer advocate point of view.  One thing I can honestly say is that for the majority customers that utilize the overdraft service provided by banks are those who have poor credit and are not able to get loans.  Now there are a handful of customers who do not mind paying the $35 per item if it means getting their electricity paid or their rent paid.  I look as this service as basically an extremely high interest rate loan.  Now here is the kicker this is one of the services I wish would be ammended some how.  Banks make a killing off of this service, but it can be detrimental for small income families.  Yes it can be turned off, but it has always been that way.  Customers have always had the right to not allow things to pay in their OD, but most consumers were not aware of this. 


Also what Karl wants you to believe is that every financial institution is out to get you.  He wants you to study the writings of Michael Moore and other Harvard professors.  Most all professors are extremely one sided when it comes to political issues and we all know that Michael Moore is very extremist in his views.  The problem is that America needs the financial system to survive and currently with the economy down banks are relying on fee income to survive.  The best advice i can give you is to form a close relationship to a smaller bank.  The employee to customer ratio is very good for people who need help understanding bank policies and procedures.  They can give you more time to explain issues and not always have to bend over to corporate demands. 


I wish you the best and hopefully your banking experiences will improve.  Good luck to you!

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#20 Consumer Comment

Ronny G, Did you 'Google' this- THE OBAMA DECEPTION, and watch it on the web?

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

Over 3.7 MILLION have done so, right?

Have a nice week.
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#21 Consumer Comment

Sue C, you might want to read this as well....

AUTHOR: Ronny g - (USA)

Now I am not a Democrat, and I did not vote for Obama (I went with Ron Paul)...but I must say I am impressed that ANY of our elected officials are FINALLY starting to do what they promised..and that is to help protect the voters (aka the"people") from big corporations having too much power and control..and actually watching out for the "little guy". I mean not only have the Democrats been promising this forever (even in the days of Clinton when they had the control they do know)..but even many Republicans have promised this..and let us down.

Here is a copy of what Obama and some Democrats say about this...

Monday, September 21, 2009

Banks continue to gouge its depositors

Well, I bank with Bank of America. I have had issues with this bank for not posting checks in a timely basis, which ended up in huge bank fees. I was able to get everything reversed and from that incident, I watch everything like a hawk with this bank.

But, Bank of America is not the only one who gouges its customers, most of these banks do. This brings me to why the American Public is very angry at bailing these banks out and definitely do not want ANY MORE TAX PAYERS DOLLARS going to the banking industry, period. This industry tied with Wall Street is the reason the housing market is HOSED.

So, like a cheap suit, when you need money you try to get it the best way you can, even if it means abusing your depositors.

A backlash is brewing on Capitol Hill against banks that charge large fees for overdrafts without asking or telling customers, the latest sign that the financial crisis is shifting the balance of power from banks toward borrowers.

Banks struggling to survive have become increasingly reliant on the fees, which could total $38.5 billion this year.

But congressional Democrats, who pushed through new restrictions on credit cards this spring, now are promising a crackdown on overdraft fees, using words like "criminal" and "rip-off" to describe the practice of letting people overspend and then charging them fees without warning. Most overdrafts are now incurred on debit card transactions.

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#22 Consumer Comment

Ashley..I also wanted to add...

AUTHOR: Ronny g - (USA)

I noticed with the last bank I was at...once I opted out of OD protection (I was fortunate this bank allowed it), that transactions show up much faster on my statement..and if the balance is low and i go to swipe it at the pump..it won't let the transaction complete and tells me to "go inside". Now THAT is protection.

As well...lets say i do use it at a restaurant...and the waitress decides to add an extra zero to the tip..or the bar attempts to put a $50.00 authorization hold on the card (which BTW actually happened to me once)..well if the funds are not available..they bring me back the card declined and i can use another form of payment.

Now lets say as another hypothetical...the bar puts a $50.00 authorization hold on my debit card...and does not tell me..because most place won't tell you. Now if that $50.00 did not OD my account...the card will still work..but now I am unaware the 50 is there on hold. So of course the register does not know about the $50.00..right? I go about using my card and eventually I can overdraft...because ,the register does not know about the 50 dollar hold..that may be on there for several days.

Now..if I had OD protection in this case...the bank would keep allowing transactions to process..even after the account is depleted with no way of me knowing. Since I opted out of OD protection...the card will be declined at ANY POS or ATM..hence saving me a potential small fortune in OD fees. Of course if someone falls victim to this unaware and has the OD protection..once they realize what happened they are going to go to the bank or call them to explain...right?

You tell me Ashley...what is the bank going to do for their customer in this case?


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#23 Consumer Comment

Ashley..it depends on the customer..

AUTHOR: Ronny g - (USA)

You stated..


"Yes they so allow it, but removing overdraft protection will not stop this from occurring. Until we get to the point in banking where a debit card charge is posted to an account immediately it will still present a problem. Places like gas stations that do not present the full dollar amount for a day or two to the bank, or restaurants that leave a check open ended to go add a tip charge. There are many examples of a charge that  will be different after preauthorization. Removing overdraft protection will remove some of the NSF charges for sure, but it still will not remove all of them.
"

I agree, there are certain instances where no matter what..it is possible to incur overdrafts..we are just trying to make it fair..and give customers the knowledge and CHOICE as to how they see best fit to protect their money. I hardly ever swipe a card for gas (don't trust it has I have been ripped off before from fraud and error and defective readers)..and ESPECIALLY with restaurants and bars/pubs etc...I won't use my debit card anywhere I feel funds can incur "authorizations holds" and/or charges can be put on without my knowledge or consent..it's all part of what has become OUR job nowadays to protect our money..since we can't trust the bank, merchants or the online statements anymore.

I feel for MANY customer who have posted on ROR..would have incurred ZERO OD fees..or much much less in fees had they understood this, and been opted out of OD protection..at least until some other T&C at the banks become more fair..and less misleading...for example...

I won't mention the banks name yet..but it is a big one. I recently opened an account there..and now that I am so much more educated on how they operated..I asked all the right questions..the bank up until this point seemed fair..and has better T&C and services then Wachovia did.

I just got the debit card sent to me, a pile of checkbooks (which I will NEVER EVER use, it was a waste to send that), and the almighty register.

Now,,,for a bank that you would think does not "encourage" overdrafting..this is what the paper the debit card came on states...

"It's fast...no more fumbling for change..and you can use the card to make purchases online or over the phone."

Hmm..no more "fumbling for change"?....think that might be suggesting we use this card for lots of little small purchases?...any chance this is what they are implying here?..thank you bank for the education on how to use this card properly.....and making purchases online and over the phone with a debit card??? Brilliant..the number one way to make sure you are going to be subjected to potential overdrafts..trusting your card number over the phone and online...and considering unlike a credit card you have practically NO recourse due to merchant fraud and scam...I think this was HORRIBLE for the bank to advise I use my debit card for this reason...see any pattern yet Ashley??

"It's convenient...Your card automatically "remembers" every purchase or ATM transaction. Just jump online to review your account activity or check your monthly statement.
"

Do you think this in anyway implies we can rely on the online statement to be accurate and up to date?...do you see any warning here that some transactions may not show up...or that manipulations and re-sequencing can and do occur.

I'm just saying Ashley...I don't mean to imply that all customers hold no part of the blame..and yes, chronic overdrafters that do this again and again and do not learn their lesson..yes, they will continue to be fee'd into oblivion..but do you think there is a chance..that an ethical honest responsible person can be mislead by the banks tactics and misleading..and using terms like "protection" and "available" and "just jump on line" etc and possibly incur an overdraft..and all the excessive additional fees that can be associated by it...or due to merchant error, fraud or deception?

I know for me I sleep a lot better knowing if anything fishy is going on with my account..that once it is depleted any further transactions will be declined..since I opted out of "courtesy" OD protection. It's much better protection then the register itself can provide..but of course we need to use that with care..and check for fraudulent activity and errors often.
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#24 Consumer Comment

MARCIA, I NEVER SAID THAT GOLDMAN SACHS WAS MR. OBAMA'S #1 CAMPAIGN CONTRIBUTOR,......

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

I SIMPLY STATED THAT- Michael Moore said that Goldman Sachs was Obama's #1 campaign contributor, correct?

'Google' this- MOORE: A NEW ECONOMIC ORDER, and watch that video that's available on the web. It's right there, isn't it?

By the way, GOLDMAN SACHS was named in the '60 Minutes' segment which can be 'Googled', entitled- DID SPECULATION FUEL OIL PRICE SWINGS, correct? Do you remember when oil was well over $100 a barrel & gasoline was over $4 a gallon last year?

Marcia, have you 'Googled' this- THE OBAMA DECEPTION, and watched it on the web? Over 3.6 MILLION have done so, right?

P.S. Marcia, you might want to 'Bing' this- DR MANDELSTAMM OF KIEFF, and click on- 'Controversy of Zion', and then read the passage entitled- 'THE TALMUD AND THE GHETTOES'. Read it 3 or 4 times, very slowly, then ask yourself this question: 'Is all of this currently happening in the USA, & around the world?

Have a nice week, Marcia.
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#25 Consumer Comment

MARCIA, I NEVER SAID THAT GOLDMAN SACHS WAS MR. OBAMA'S # ! CAMPAIGN CONTRIBUTOR....

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

I SIMPLY STATED THAT- Michael Moore said that Goldman Sachs was Obama's #1 campaign contributor, correct?

'Google' this- MOORE: A NEW ECONOMIC ORDER, and watch that video that's available on the web. It's right there, isn't it?

By the way, GOLDMAN SACHS was named in the '60 Minutes' segment which can be 'Googled', entitled- DID SPECULATION FUEL OIL PRICE SWINGS, correct? Do you remember when oil was well over $100 a barrel & gasoline was over $4 a gallon last year?

Marcia, have you 'Googled' this- THE OBAMA DECEPTION, and watched it on the web? Over 3.6 MILLION have done so, right?

P.S. Marcia, you might want to 'Bing' this- DR MANDELSTAMM OF KIEFF, and click on- 'Controversy of Zion', and then read the passage entitled- 'THE TALMUD AND THE GHETTOES'. Read it 3 or 4 times, very slowly, then ask yourself this question: 'Is all of this currently happening in the USA, & around the world?

Have a nice week, Marcia.
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#26 General Comment

REGARDLESS PLEASE

AUTHOR: salesman - (USA)

All I want to say is: Karl, it is not irregardless, as there is no such word.

 

It is funny when someone calls another an idiot and is one.

 

 

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#27 Consumer Comment

To Karl

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

Karl, the biggest contributor to Obama's campaign wasn't Goldman Sachs. It was the University of California. And since the contributions come from people who work in the company and their families, and not the company coffers, I'm not sure how this is relevant. Why don't you stop with these ridiculous posts?

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#28 Consumer Comment

This would work except

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

"" The statement I highlighted will save me a lot of typing in the future..as I have had to consistently defend the fact that an overdraft is NOT unauthorized ..or theft..or a crime..or stealing from the bank..it is a SERVICE and a policy..and that statement spells it out clear as DAY..the bank not only allows overdrafting..not only encourages overdrafting..but as stated..they consider it PRE AUTHORIZED. ""


Yes they so allow it, but removing overdraft protection will not stop this from occurring. Until we get to the point in banking where a debit card charge is posted to an account immediately it will still present a problem. Places like gas stations that do not present the full dollar amount for a day or two to the bank, or restaurants that leave a check open ended to go add a tip charge. There are many examples of a charge that  will be different after preauthorization. Removing overdraft protection will remove some of the NSF charges for sure, but it still will not remove all of them. 
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#29 Consumer Comment

Ashley..THANK you for the information !!!!

AUTHOR: Ronny g - (USA)

Ashley..you were kind enough to post this....


"Overdraft protection is a financial service offered by banking institutions primarily in the United States. Overdraft or courtesy pay program protection pays items presented to a customer's account when sufficient funds are not present to cover the amount of the withdrawal. Overdraft protection can cover ATM withdrawals, purchases made with a debit card, electronic transfers, and checks. In the case of non-preauthorized items such as checks, or ACH withdrawals, overdraft protection allows for these items to be paid as opposed to being returned unpaid, or bouncing. However, ATM withdrawals and purchases made with a debit or check card are considered preauthorized and must be paid by the bank when presented, even if this causes an overdraft."


The statement I highlighted will save me a lot of typing in the future..as I have had to consistently defend the fact that an overdraft is NOT unauthorized ..or theft..or a crime..or stealing from the bank..it is a SERVICE and a policy..and that statement spells it out clear as DAY..the bank not only allows overdrafting..not only encourages overdrafting..but as stated..they consider it PRE AUTHORIZED.

I am glad some of the banks have decided to be more fair and allow opt out. I also hope they make sure when signing new customers up..that they take a little time to explain that they have the opportunity to opt out, and that the customer understands the possible consequences if they do not decline this "service"..or "courtesy" as many like to call it..has that would be very fair.

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#30 Consumer Comment

Overdraft protection

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

Since ronny keeps asking what it protects against....

 

"

Overdraft protection is a financial service offered by banking institutions primarily in the United States. Overdraft or courtesy pay program protection pays items presented to a customer's account when sufficient funds are not present to cover the amount of the withdrawal. Overdraft protection can cover ATM withdrawals, purchases made with a debit card, electronic transfers, and checks. In the case of non-preauthorized items such as checks, or ACH withdrawals, overdraft protection allows for these items to be paid as opposed to being returned unpaid, or bouncing. However, ATM withdrawals and purchases made with a debit or check card are considered preauthorized and must be paid by the bank when presented, even if this causes an overdraft.

 

"

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#31 Author of original report

KARL, GREAT LINK, THANX YOU!

AUTHOR: Sue C - (USA)

KARL POSTED THIS TO ME:

Karl
highlands ranch
U.S.A.

Sue C, Simply 'Google' this- CUSTOMERS FACE CHANGES TO OVERDRAFT FEES JIM LEHRER, and watch that segment which aired last night on....
'The News Hour with Jim Lehrer'. It seems as though Bank of America, JP Morgan Chase, & Wells Fargo will make it possible for their customers to "turn-off" the ability for their DEBIT CARDS to make purchases & withdrawals when the money isn't really in their account, correct?


Just think, people can now go into their bank and basically tell the bank NOT to "TRICK" them out of their hard-earned money anymore, right?
*SPREAD THIS ALL OVER THE WEB at sites like- 'TWITTER' & 'FACEBOOK'.


I checked this out, its true, overdraft protection can be turned off.  You can read the whole transcript via this link:

http://www.pbs.org/newshour/bb/business/july-dec09/fees_09-23.html

But here is part of it, read it, and then tell me how any of you can defend the bank in this practice:

JEFFREY BROWN: So in a sense, the debit card is functioning a bit more like a credit card, if you can go past zero, I mean?

RON LIEBER: It does, in fact, function more like a credit card, because the bank, after all, is extending credit. You know, the bank won't cover your overdraft in every circumstance, but it will do it a lot, and it will do it until you go way far below zero, at which point, you know, different banks will cut you off at different moments. So they are, in fact, extending you credit.

The problem is that this service isn't covered by the various laws that govern credit cards and extension of credit generally, because if it was, you would need to know what interest rate you were being charged. And the problem there is that, if you're paying a $35 overdraft fee because you've gone, you know, $10 below zero, and you're only there for a day or two, say, if they had to tell you what that interest rate was the equivalent to, it might be in the 1,000s of percent, at which point you might not want that service anymore.

I will be turning OFF the overdraft protection for sure.  Thanks again, Karl.

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#32 Author of original report

response to IAMGOOD

AUTHOR: Sue C - (USA)

Re your latest post:

Iamgood says:

Debit transactions, and checks are the same thing.  They both remove money from your account.  The resequencing of these transactions from the highest amount to lowest amount should not have mattered IF YOU HAD THE MONEY IN YOUR ACCOUNT TO BEGIN WITH. 


At your own admission, you did not have the funds in your account, but you felt you should have been charged only 70.00, because of resequencing.


The bank can resequence the transactions in any order they want to on the day they are presented to the bank.   If you had checked your register before you made the 2 atm transactions, and the funds were available, then the bank resequencing your debits, and checks from highest to lowest would not have made any difference at all.If you withdrawl funds from your account, and dont have the money to cover those withdrawls, you will be charged. 

No one is holding your mistakes against you, I just expect you to pay for them.Plus remember, you were the original poster, complaining about Bank Of America.Perhaps Bank Of America should be posting about you.  You are the real ripoff artist here. 

Iamgood, your post is argumentative and condescending.  I know exactly how the debits work.  I do not need your lecture about checking my register.  If I had done that, I would not be posting to begin with.
 
My point is only that to be fined TWELVE times is unfair and excessive for the circumstances of my overdraft.  And yes, I know the bank CAN legally do it.
You accuse ME of being a ripoff artist?  On what reason are you basing that accusation other than to make yourself feel smug and superior?  (YOU expect me to pay for them?  What a telling line that was.)
 
I did pay for them.  I got 6 of them refunded so far.  I am working on getting 4 more refunded as well.  The last 2 are justified.
 
By the way, you are taking away from the value of RipoffReport.com by posting petty accusations and argumentative comments.
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#33 Consumer Comment

IamGood is not being so "good"...

AUTHOR: Ronny g - (USA)

I will agree...debit transactions and checks are technically the same thing....but there are differences.

When a debit card is swiped..the transaction goes to the bank instantly. Same if a check is processed through a reader..as is done where I work. The difference is..you don't mail a debit card to pay a bill, and if you deposit a check in the bank..it will take additional time to clear depending on time of day..if the check was put in an ATM or handed to a teller..where the check is from and type (overseas, paycheck, personal check from the bank, a different bank of origin or the same bank)..well I don't need to explain all the obvious..or do I?

You stated...




"At your own admission, you did not have the funds in your account, but you felt you should have been charged only 70.00, because of resequencing."


Correct..the bank CAN re-sequence the transactions any way they see fit..for now..and correct..it would not cause any harm if an overdraft or bounced check was never to occur. But this is real life..not fantasy land. Overdrafts occur..for too many reasons to list here..and some are the customers fault..and some are not. Now if an overdraft is to occur..the bank must be okay with it..right? They gave us (sometimes forced on us depending on the bank) this wonderful courtesy service they term "overdraft protection" But I always wondered..if an overdraft is allowed to occur..and the transaction was not declined when funds were unavailable..what did it protect? It certainly didn't protect the consumer from overdrafting as implied..or we wouldn't be here now debating this junk.


So how was this customer a "ripoff artist" as you say at the end of your rebuttal? The only mistake I can see is the customer was duped by trusting the bank and no overdraft was actually "protected" from occurring. Then she admits to an error causing 2 overdrafts and is willing to pay the fees..I don't see how the poster is criminal here.


But it is quite apparent to me the bank did everything in its power to insure this customer in the event of an overdraft..was going to pay far more fees then the legitimate overdraft caused...by forcing overdraft protection..and manipulating transaction. This will not go on forever..trust me..the true ripoff artists are being exposed. The handful of bank defenders that come here with no true purpose other then to kick people when they are down..will be proven wrong.

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#34 General Comment

Re idiots who bounce checks

AUTHOR: IamGood - (USA)

I am responding to your rebuttial.

Debit transactions, and checks are the same thing.  They both remove money from your account.  The resequencing of these transactions from the highest amount to lowest amount should not have mattered IF YOU HAD THE MONEY IN YOUR ACCOUNT TO BEGIN WITH. 

At your own admission, you did not have the funds in your account, but you felt you should have been charged only 70.00, because of resequencing.

The bank can resequence the transactions in any order they want to on the day they are presented to the bank.   If you had checked your register before you made the 2 atm transactions, and the funds were available, then the bank resequencing your debits, and checks from highest to lowest would not have made any difference at all.

If you withdrawl funds from your account, and dont have the money to cover those withdrawls, you will be charged. 

No one is holding your mistakes against you, I just expect you to pay for them.

Plus remember, you were the original poster, complaining about Bank Of America.

Perhaps Bank Of America should be posting about you.  You are the real ripoff artist here. 

 

 

 

 

 

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#35 Consumer Comment

Sue C, Simply 'Google' this- CUSTOMERS FACE CHANGES TO OVERDRAFT FEES JIM LEHRER, and watch that segment which aired last night on....

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

'The News Hour with Jim Lehrer'. It seems as though Bank of America, JP Morgan Chase, & Wells Fargo will make it possible for their customers to "turn-off" the ability for their DEBIT CARDS to make purchases & withdrawals when the money isn't really in their account, correct?

Just think, people can now go into their bank and basically tell the bank NOT to "TRICK" them out of their hard-earned money anymore, right? 

*SPREAD THIS ALL OVER THE WEB at sites like- 'TWITTER' & 'FACEBOOK'.

Thank you. 
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#36 Consumer Comment

Actually Robert..this may be an even better solution...

AUTHOR: Ronny g - (USA)

Robert...I refer back to this statement of yours...


"Perhaps there should be some laws made to require a "Debit Card education course" for people who overdraft their accounts, or perhaps even before they open their account.  After all we have Drivers Education for new drivers."


Let's take this a step further. Now the statement implies that not only are people who have overdrafted financially inept and "uneducated" in debit card usage..but may even be criminal..since if there needs to be a "law" to require this course..a law must have been violated...make sense?


So..how would this fly? A compromise if you will. You and a handful of other bank defenders on this site feel the customer is fully responsible for everything that has happened to them...Myself, Edward some others and the thousands of bank customers that have reported here (and many many more who have not) feel the bank bears all in some cases..and in many cases shares responsibility for what happened. True?


Now if there is not yet a law that states overdrafting is illegal..lets for the sake of this discussion assume it is illegal..or a law is passed making it illegal and part of the penalty is attending this course.


Now since the people who incurred all the additional excessive fees feel the bank holds some or all blame..and the bank and bank defenders feel the customer holds all blame..why not nip it in the bud and prevent all of this nonsense, very very simply...


The bank is required to teach this course to ALL customers before they can open an account..and any time there is a change in terms or policy..the bank is required BY LAW, to call all the customers in for a "course" to explain how the policy change can effect them..exactly what the policy changes are..and the reason and intent of these changes. And the bank MUST by LAW...make sure each customer understands how the policies work, and any financial consequences that can result from the policies of the bank..before they can put said policies into effect on the customer..


Now..if something like this were to happen (I believe it may be called disclosure), then if anyone overdrafts..they can never again blame the bank..and are legally banned from submitting a ripoff report if it is due to anything that was explained to them in the course.


Now I know this would work for many people, since many have trusted their banks and may not have read or understood everything in the terms booklet, or received any addendums..but it is just about as likely to happen..as what you suggested..so I wouldn't count on either happening in any other location but fantasy land.

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#37 Consumer Comment

Robert....

AUTHOR: Ronny g - (USA)

You were defending some of Ashley's statements that I believe do not apply..especially when referring to the way checks worked 30 years ago..it does not apply in this circumstance so it is not a good defense.."If's" bear no relevance.

As far as check bouncing...if the customer as OD protection..they may be charged an OD fee. If the customer does not have OD protection..they may be charged an NSF fee..but either way it is getting a fee right? (from the bank and probably the merchant if applicable)...And checks do bounce sometimes..right? And have since the beginning of banking..right? No news there.

The point I believe myself and Edward keep trying to make..and may be falling on deaf ears..it that IF a bounced check is covered by the bank with their so called overdraft protection service..the customer most likely will receive an OD and/or NSF fee from the bank...understandable and reasonable..as well as possibly many more additional fees due to a DIRECT result of the re-sequencing, holding, delays, manipulations etc that many banks are practicing these days..as is being exposed. This can, will and has been costing the customers hundreds and hundreds of dollars in ADDITIONAL fees..that otherwise may not or WOULD not have occurred if the customer was opted out of the forced overdraft protection scheme. And this can and does happen with an accurate register..and without..either way..this is the result. Could keeping an accurate register have prevented this from happening in some cases? Perhaps. But would not that..in addition to not having the forced OD protection, many or all of the ADDITIONAL fees would have not occured in the first place..as well..perhaps the original transaction that brought all this on, may have been delined in the first place..perhaps causing embarassment..but in actuality TRUELY protected this customer finances? I can't see it any other way...you can continue to try to convince us..but it may be futile unless some revelation is communicated that we can grasp. Not "if's" and "or's"..but explain how in the above example the OD protection provided actual realistic usable reasonable protection from anything..and don't bother using the "go to jail" hogwash as that won't ever be the case in the above situation as described..it is not in the equation.

Now it is comparing apples to army boots to imply someone can go to jail for accidently bouncing a check and making good for it with haste..the someone who is bouncing checks and won't make good..or communicate with the bank and/or merchant..that is criminal...simply bouncing a check and making good is par for the course..and assigned a NSF fee. So in my respnse to her statement..I never implied..or meant to imply it is legal to bounce checks..I was just stating simple basic fact..no one has ever or will ever go to jail for accidently bouncing a check..and making good...making good and paying the fee seems to settle the matter in all cases..am I wrong?


"Perhaps there should be some laws made to require a "Debit Card education course" for people who overdraft their accounts, or perhaps even before they open their account.  After all we have Drivers Education for new drivers."

Here we go again with this belittling presumptuous statement implying everyone and anyone who overdrafts must be uneducated and financially inept moron. And some of these posters have mentioned they have been banking with the same bank for 20-30 years..and have never had this happen..new driver?,,,you think? Do you think the customer changed the way they banked and managed their finances "changed" in suddenly after 20-30 years?? Or maybe something else changed?? Remotely possible?

Regardless, I can concede there are many people that live beyond their means..and do not fully understand how the banks operate..so perhaps a course would not be a bad thing...but...I also feel it would not be a bad thing if the bankers and bank employees and bank executives took a few courses on ethics..perhaps the courts will throw that into a settlement or judgment one day..wouldn't that be grand?
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#38 Consumer Comment

Anyone with access to a computer can 'Bing' this- DR MANDELSTAMM OF KIEFF, and click on 'Controversy of Zion' and read the passage entitled-

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

'THE TALMUD AND THE GHETTOES', correct? Even people in China can 'Bing'- DR MANDELSTAMM OF KIEFF, and a site with Chinese language now appears, doesn't it?

WOW! The web is a great source of information, isn't it?

I'm going to 'Google' this- THE ASCENT OF MONEY PBS, and watch that documentary by a Harvard professor again. I like to learn all about our world, & the history of our world, don't you?

Good night.
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#39 General Comment

Sue...

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

Sue wrote:

"My point, which you seemed to have missed, is being charged for TWELVE $35 fees.  I should have been charged only 2 fees for 2 overdrafts.  Let the punishment fit the crime."

There is no reason to assume that you should have been charged "only" two fees. From BofA's account agreement:

     "We may determine in our discretion the order of processing and posting deposits, fees, charges, checks, debits and other items o your account. We may credit, accept, pay, certify or return deposits, fees, charges, checks, debits and other items and other items arriving to your account on the same day in any order at our option. We may give preference to any fees, charges, checks, debits or other items payable to us. We may change our processing and posting orders at any time without notice to you.

     We may establish categories for fees, charges, checks, debits, and other items and designate a posting priority for each category. A category may include more than one type of item. For example, we may treat ATM withdrawals and loan payments as one category and checks as another category and then process ATM withdrawals and loan payments before checks. Within each category, we may process and post items in any order we choose. We may use the same or different orders for different categories. We may change categories and order within categories at any time without notice.

     When you do not have enough available funds in your account to cover all of the items presented that day, some posting orders may result in more insufficient funds items and more fees than other orders. We may choose our processing and psoting orders regardless of whether additional fees may result. If you want to avoid fees for insufficient funds and the possibility of returned items, you should ensure that your account contains sufficient funds for all of your transactions".


     "We do not process transactions in the order in which they occured".

AND:

    
"In most states we process and post items within each category from highest to lowest dollar amount. If you do not have enough available funds to cover all of your transactions on any given day, the high-to-low posting order may result in more insufficient funds items and more fees than may have resulted if we had used another posting order."

When you give the bank authorization to process in any
order they wish and they inform you that it will probably be from highest to lowest, then you must know that you'll be charged an overdraft fee for each pending transaction if you go over your available balance.
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#40 Consumer Comment

Anyone can 'Google' this- MOORE: A NEW ECONOMIC ORDER, and watch that video, right?

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

I learned that Goldman Sachs was President Obama's #1 campaign contributor in that video. I also learned that Goldman Sachs was one of the Investment Banks that was exposed in the '60 Minutes' segment, which can be 'Googled', entitled- DID SPECULATION FUEL OIL PRICE SWINGS, that named some Investment Banks, like Goldman Sachs, for allegedly 'speculating', or better put- manipulating the price of oil last year, which caused gasoline prices to spike to over $4 a gallon in the USA, remember?

The spike in oil's price, (to well over $100 a barrel & up to $147 a barrel), also caused STARVATION in other parts of the world because the TRANSPORTATION COSTS for food & commodities were much higher, thus resulting in the price of grain, & rice, & other commodities to rise sharply, right? 

It's too bad so few people don't understand what's REALLY going on in this country & around the world, huh? If EVERYONE would simply 'Bing' this- DR MANDELSTAMM OF KIEFF, and click on- 'Controversy of Zion', and read the passage entitled- 'The Talmud And The Ghettoes', they'd realize what's happening now, & what has been happening for over 2000 years, right? Let's face it, the ones running the major Investment Banks are the ones who were also mentioned in the documentary, which can be 'Googled', entitled- THE ASCENT OF MONEY PBS, correct?

They control the banks, the Investment Banks, American's money, American's RETIREMENTS, 401K's, IRA's, stocks, the price of OIL, & they even control governments, according to what is stated on 'Page 97' of- 'THE TALMUD AND THE GHETTOES', correct? And they were also responsible for sending JESUS CHRIST to trial, & he was then CRUCIFIED and died on the cross, right? Simply 'Google' this- SANHEDRIN TRIAL OF JESUS, and read it. I didn't make any of this up, right? It's all there on the web for ANYONE to read & understand, isn't it?

Maybe I'm the ONLY PERSON in the world right now who can see through all the smoke, & maybe someday in the future others will see what I can see, huh?

Have a nice day, everyone.

P.S.

"The answer, my friend, is right here on the web. The ANSWERS are right here on the web." - Dylan
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#41 Consumer Comment

Keeping an Inaccurate Register is Costly....

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

Sue, keeping an inaccurate register has the same price assigned to it as not keeping one at all.  It may be a good idea to occasionally reconcile your register during the month instead of just when you get your statement, especially if you use a debit card quite a bit, as you do with the 10 overdrafts attributed to the use of your debit card.  The more transactions incurred through your checking account, the greater the chance for error somewhere along the line.  You might have caught your error if you had done this; I understand this is hindsight and it's always 20-20.  But as a 3rd person looking from the outside in, it seems a logical thing to do.

Being notified by mail would have been way too late for you to do anything - even an e-mail notification would have been too late.

This is not a problem that will go away simply by switching banks.  I would encourage you to look on this website for any large bank out there.  You'll find the same types of reports as yours written about every bank and the overdrafts.  Switching banks is up to you; that's your choice.  Please do not expect this problem to disappear simply due to the fact you went away from this bank and went to another.  Based on the polcies out there - all banks are the same when it comes to checking accounts.  I don't want you walking into the next bank with some level of relief and relaxation.  Don't do it.

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#42 Author of original report

HEY INSPECTOR TOBYHANNA!

AUTHOR: Sue C - (USA)

Hey Inspector Tobyhanna!


In reponse to your post which follows:


Inspector
Tobyhanna
USA


Hey Sue!
First of all, a lot of us have made mistakes but didn't blame the bank for our mistake.


Second of all, there is no second of all, it's secondly.  Checks, debits, doesn't matter, the point is YOU made the mistake and are having a hard time taking your medicine.______________


OK, I guess you are not reading very carefully or maybe not understanding what I wrote.  In both of my posts I have clearly stated at least 5 times that "I" MADE AN ERROR.  No, I am not blaming the bank for my error in any way.  My point, which you seemed to have missed, is being charged for TWELVE $35 fees.  I should have been charged only 2 fees for 2 overdrafts.  Let the punishment fit the crime.


That rebuttal was addressed to the person who called me an idiot.


And while "second of all" is wordy and unnecessary, it is not incorrect.  The best choice would really be "second,"  not "secondly."

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#43 Consumer Comment

Clarification For Robert

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

Robert, when you quoted me in your post, you took it out of context. When I stated that what Ashley was saying was outright lies often used by the banks as well, I was referring to how they try to convince the customer that the bank is doing them a favor.

As Ashley said, if transactions are returned, the customer is hit with a fee twice for each transaction. A fee from the bank and then a second fee from the merchant. Two bounced transactions results in four fees, three bounced transactions results in six fees, etc...The bank is supposedly helping out the customer. If they pay those two transactions, then the customer is only hit with two fees instead of four. If they pay those three transactions, the customer is only hit with three fees instead of six.

But here's the very clever and tricky illusion the bank is using. Because of the new predatory policies, (1) Re-Sequencing and (2) Unavailable Funds Fees, the customer still ends up with the same amount of fees anyway. Because of Re-Sequencing transactions or charging fees for pending transactions, the customer still ends up with four fees for two transactions or six fees for three transactions.

There's no reduction or difference in the number of fees. It's still the same amount of fees regardless. The only difference is, those four fees or six fees all go to the bank, instead two fees to the bank and two to the merchant, or three fees to the bank and three to the merchant. Robert, that's the outright lie I was referring to.

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#44 Consumer Comment

Ronnie and Edward..

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

While I can not speak for Ashley, please look again at what she wrote.


If the bank returned all those transactions (like they used to with checks) then you would owe the bank a fee for each bounced transaction.


Notice the first word IF.  It does not say they do return them.  In fact you are correct Edward that by regulations they can not do that.  But she gave that as a comparison to checks where they can return them, and imagine if they did where you can run into additional legal issues.  So Edward have you ever had any representative at a bank that says they will return an Authorized Debit Transaction when you made the following statement?


All of that is outright false, and just one of the numerous lies the banks would have the customer to believe.


Ronnie, while the chances of going to jail for having a single check returned is about zero.   I hope that you are saying that there are never going to be any legal consequences, because that is a very dangerous statement to make.  Just about every major city has a Bad Check Restitution program though the District Attorneys office.  A while ago I knew someone who wrote ONE bad check to a store.  She ignored the letters from the store and was too embarrassed at that point to ask for money.  The store turned her check over to the Orange County DA.  The next thing that happened was she got a letter that basically said pay up or you could end up in jail.  She ended up having to pay the face value of the check, a fine(I believe they called it an administrative fee), and had to attend a 6 Hour Check Writers education course.  I don't know if she was officially placed on probation.  As they basically said that because it was her "first offense" that they are giving her the chance to make good on the check.  By inference she got the impression that if it happens again she would be prosecuted and serve jail time.


Perhaps there should be some laws made to require a "Debit Card education course" for people who overdraft their accounts, or perhaps even before they open their account.  After all we have Drivers Education for new drivers. 

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#45 Consumer Comment

Ashley, I should also add...

AUTHOR: Ronny g - (USA)

...it is not 1978 anymore. The way transactions are conducted..and the speed at which they are conducted (regardless of how and why the banks delay processing and transactions..or deposits..and "speed up" or otherwise alter times of withdrawals and purchases)..well the transactions are sent to the bank at almost the speed of light. If a customer were to attempt to "float" a check these days...unless it is in the mail..or the recipient has not deposited it or processed it..the bank knows about it instantly. And could easily confirm and authorize it at equal the speed with the bank the check is from.

Now for the dinosaurs that actually still use checks...if they bounce a check..they are charged a fee for it..overdraft protection or not. That is reasonable. And that is how it was done for years and years and years. No one has stated or implied they should get off scot free for bouncing a check..whether from error or intent..this is just about basic fairness and the punishment fitting the "crime".

Now if the customer did have overdraft protection..which most do because either the bank does not let them opt out..or does not let them know they can, or they don't fully understand the consequences...what is it really protecting if not only do they charge a fee for the bounced check,,but the result as well can be many fees for transactions that did have the funds...or it causes excessive fees such as what happened to the poster from not realizing the check did not clear in a reasonable amount of time and continued using the card?

Do you think if most of the people who report here regarding overdrafts and excessive fees..were TRULY aware of how it works..and that this type of OD "protection" really does more harm then good in most cases..and in their cases..that opting out..or the opportunity to opt out would have been more fair? Is this not reasonable? Many seem to think it is not..and that the bank bears no blame whatsoever. Some of us see it differently...or see it exactly for what it is...a ripoff.
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#46 Consumer Comment

Ashley..I'd have to agree with Edward...

AUTHOR: Ronny g - (U.S.A.)

You stated...

"If the bank returned all those transactions (like they used to with checks) then you would owe the bank a fee for each bounced transaction. In addition to the bank's fee the merchant would now charge you a fee for a bounced transaction. So instead of 1 35$ fee, it would now be 2 35$ fees per transaction."

The bank would have not had to return "each" transaction. If the check deposit did not clear...that means the funds were unavailable. So if the customer was unaware and tried to use the debit card..if NOT for the overdraft protection...the debit card would have been declined at a point of sale..or at an ATM. The poster claims to only have 2 legitimate overdrafts...so now whether or not those transactions would have been declined..she was willing to except responsibility for the error/oversight..and pay the 35 fee for each as per her agreement with the bank as she understood it.

"Additionally, if the transactions were bounced, you could go to jail for fraud. So yes, the overdraft protection DOES protect you."

Ashley...when was the last time ANYONE ever went to jail because they accidentally bounced a check..and was willing to make good? There was no "intent" here to commit any fraud..it would be tossed out of any courtroom before it reached the Judges bench..why would the bank or check recipient waste time pressing charges for an error that the customer is making good on?? And why would the court even hear this case? That is a weak defense Ashley..with all due respect.

As many of us are discovering..most types of overdraft "protection" that comes with the account..and that may be considered mandatory...actually cause way more harm to the customer and really don't protect anything but the banks interests.

Perhaps if the banks stopped using terms such as "available"..and "protection" when it is not actually the whole truth..we could put a little less blame on the banks.
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#47

Wrong Ashley

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

Debit Card transactions are never returned, and if you were to think long and hard, you would realize how illogical that even sounds. Once a card swipe is approved at a Merchant, those funds are guaranteed and will always be paid by the bank, no matter what. No risk of a second fee from the merchant. No risk for fraud or going to jail. All of that is outright false, and just one of the numerous lies the banks would have the customer to believe.

The end result, the customer wasn't protected from anything. There was no decrease in the quantity or amount of fees. The only difference, all of the fees went to the bank, instead of some being shared by the merchant. The Bandits of America are not fond of sharing their stolen loot.

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#48

Hey Sue!

AUTHOR: Inspector - (USA)

First of all, a lot of us have made mistakes but didn't blame the bank for our mistake.

Second of all, there is no second of all, it's secondly.  Checks, debits, doesn't matter, the point is YOU made the mistake and are having a hard time taking your medicine.

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#49

Comments on Bank Processing of Checks, Debit Cards

AUTHOR: IamGood - (USA)

Please Heed this Post:  It will save you hundred;s if not thousands of dollars of overdraft fees in the future.

Rule 1:  Never, Never write a check, or use your debit card if your check register shows you dont have the money to cover it.  This is true even if you have a direct deposit being made that day, or you made a deposit in person at the bank before 2 pm.   This is because deposits, and withdrawls are done in batch at midnight each night, and withdrawls are ALWAYS done first.  FLOATING A CHECK IS NO LONGER POSSIBLE.

Rule 2:  Never assume that because you wrote a check on the 11th of the Month,  and you wrote a check on the 18th of the month, that the check on the 18th of the month will process after the check on the 11th has been cashed, even if they come in on the same day.  This is because the Vendor you wrote the check to on the 11th, may have held that check for some days before presenting it to the bank.  Just because the bank resorts the checks in order of amount SHOULD NOT MATTER.  If you followed Rule 1.  The bank is under no LEGAL OBLIGATION to sort the checks on the day they come in by the date written.

The moral of the story is to keep a check register, and before you decide to withdrawl money from your account either using a debit card, or writing a check.   There may have been some vendors that did not cash their checks for 2-3 weeks, and if you go by what the bank says your balance is, then you could overdraw because the balance on line doesnt reflect these late posting checks.

 

 

 

 

 

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#50

Sure it did

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

"" Overdraft protection you say? Did it protect you from anything? Or contribute to hurting you? Interesting question..aye? ""

If the bank returned all those transactions (like they used to with checks) then you would owe the bank a fee for each bounced transaction. In addition to the bank's fee the merchant would now charge you a fee for a bounced transaction. So instead of 1 35$ fee, it would now be 2 35$ fees per transaction. 

Additionally, if the transactions were bounced, you could go to jail for fraud. So yes, the overdraft protection DOES protect you.
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#51

Misty...

AUTHOR: Ronny g - (U.S.A.)

My fingers are getting sore from typing out exactly what happened to you and why. Many will blame you for trusting your online statement..because in their eyes...somehow you should have known you can not trust the bank..and since the bank is apparently untrustworthy...because you didn't know this...it must be ALL your fault..right? The bank did nothing misleading or deceptive..nothing.

Read through a bunch of other reports..and you will understand EXACTLY how that bank ripped you off..which was by "altering" time itself. Yes..by them altering time..they were able to charge you as many fees as possible..regardless of the funds being available or not..due to a single overdraft..caused by ANY reason.

Now some may say it is also your fault because the bank may have in their agreement you signed that they can do this (although I can not find it in any of my current banks literiture)..but regardless...I guess that makes it okay??? Overdraft protection you say? Did it protect you from anything? Or contribute to hurting you? Interesting question..aye?

Go to the search in the top right of this page and type in some banks and read the other reports..you won't have any trouble finding any..there are thousands here..and more coming every day, by the hour it seems...type in Bank of America and Wachovia for starters.

Sorry about what happened to you..I hope it didn't cause too much hardship on you or your family.
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#52

It's sort of hard to read...but

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

you did overdraft Misty.  The problem lies in the fact that you're using the online balance to tell you what's in your account.  It isn't your account balance; it's your available balance.  On 09/14/09 you still had pending transactions that brought your available balance below zero.  Your transactions prove however that it is possible to overdraft your account while your account balance remains positive.  That happens for only one reason - the use of your debit card.


If you kept a written register with the available balance in it (that would be the correct balance in the account, not what you see onlne) then you may not have this situation in front of you like you do.


In order to avoid this problem in the future, you should limit your debit card usage to withdrawing funds from the ATM.  In addition, keep a written register and only use the online system to record any electronic transactions.  If you do this, you should be able to avoid overdrafting your account.


Changing banks will not help you - because all banks transact business this way.

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#53

MISTY...

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

The answer is simple! Bank of America is in DEEP, DEEP, financial trouble and they don't want the public, & their shareholders to know about it because it would create a MASSIVE SELL-OFF of their stock & trigger massive sell-offs of other bank stocks, in my opinion. These publicly held banks banks need to generate PROFITS any way that they can, & charging FEES for 'OVERDRAFTS' is a quick way for these banks to make those much needed profits to stave-off a collapse due to all the TOXIC ASSETS they have on their books, in my opinion.


Remember, BofA bought Countrywide & Merrilll Lynch, correct? Both Countrywide & Merrill Lynch were on the verge of COLLAPSING, right? So now we have a bank that owns BOTH of those companies, don't we? 



*THAT'S WHY CUSTOMERS ARE SEEING THESE FEES UNLIKE EVER BEFORE, in my opinion.



Cancel your account with BofA now! Go to a locally owned credit union that's NOT owned by a publicly held bank or affiliated with ANY publicly held company and open up an account there.



Good luck to you!
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#54

Outrageous fees and erroneous processing for sure!

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

We are currently in a bind because of the overdraft fees that we have been charged by Bank of America. I have spoken with them and got no where; of course its all our fault right? Well heres where they are WRONG. Heres part of our ledger, exactly as it appears online. You can clearly see there were FUNDS AVAILABLE as money is removed from our account. Heres the ledger

09/11/2009 QT 441 09/11 #000960132 PURCHASE QT 441 TEMPE AZ   -8.51 656.61 09/11/2009 KEEP THE CHANGE TRANSFER  FOR 09/11/09                   -1.58 655.03 09/14/2009 OVERDRAFT PROTECTION                                              6.40 661.43 09/14/2009 BKOFAMERICA ATM 09/13                                           -200.00 461.43 09/14/2009 CHECKCARD 0911 KIWANIS PARK RECREATIO                  -149.00 312.43 09/14/2009 FRYS FOOD & DR 09/12 PURCHASE FRYS                        -85.78 226.65 09/14/2009 Rent-A-Center 09/12                                                   -69.22 157.43 09/14/2009 ALBERTSONS 09/11  PURCHASE ALBERTSONS                    -61.91 95.52 09/14/2009 CHECKCARD 0911 BOOKMANS                                        -34.58 60.94 09/14/2009 CHECKCARD 0911  TOM'S BBQ                                       -22.70 38.24  09/14/2009 TARGET  09/12                                                          -11.17 27.07 09/14/2009 BIG LOTS  09/11                                                        -10.53 16.54 09/14/2009 CHECKCARD 0911 DAIRY QUEEN                                     -8.29 8.25 09/14/2009 KEEP THE CHANGE TRANSFER CANCELED                           0.00 8.25 09/14/2009 Overdraft Protection Transfer Fee                                  -10.00 -1.75 09/15/2009 OVERDRAFT ITEM FEE FOR ACTIVITY OF 09-14                -35.00 -36.75 09/15/2009 OVERDRAFT ITEM FEE FOR ACTIVITY OF 09-14                -35.00 -71.75 09/15/2009 OVERDRAFT ITEM FEE FOR ACTIVITY OF 09-14                -35.00 -106.75 09/15/2009 OVERDRAFT ITEM FEE FOR ACTIVITY OF 09-14                -35.00 -141.75 09/15/2009 OVERDRAFT ITEM FEE FOR ACTIVITY OF 09-14                -35.00 -176.75 09/15/2009 OVERDRAFT ITEM FEE FOR ACTIVITY OF 09-14                -35.00 -211.75 09/15/2009 OVERDRAFT ITEM FEE FOR ACTIVITY OF 09-14               -35.00 -246.75 09/15/2009 OVERDRAFT ITEM FEE FOR ACTIVITY OF 09-14               -35.00 -281.75

So all of those fees show they were charged due to activity on 09/14/09 but as you can clearly see, the funds WERE AVAILABLE! That is until the overdraft protection transfer fee of $10 and THEN we went in to the negative. You can very clearly see 8 $35 fees here, all of which the bank claimed covered the PAID items which were paid when there was MONEY IN OUR ACCOUNT. Somebody please explain how this worked.

When we were with Arizona Federal Credit Union, anything in pending be it credit or debit transactions, was SUBTRACTED and not included in your available balance; it was essentially removed as if it was already taken out. This makes more sense because, as in our case, I had no idea my partner put $30 on the credit side of the debit card.

Anyway, look at the ledger and see if you can explain why we are paying 8 $35 OD fees to the tune of $240!

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#55

Response to Bank of America Exorbitant Fees

AUTHOR: Sue C - (USA)

I am the original poster and this is in response to IAMGOOD regarding his comment:

IamGood

Galveston
USA

Idiots who bounce checkss

To all you Idiots who bounce checks:

You should  not write checks if you dont understand how this  works.

Just because you wrote a check on Sept 10,2009, and you wrote another check on Sept 11, 2009, doesnt necessarly mean that the check you wrote on the 10th will cash  before the the one on the 11th. 

The vendor you wrote the check to on the 10th, may hold on to the check for several days before depositing it to their bank, so you are at the mercy of your vendor, not the bank.

When Bank Of America receives a batch of checks there may be checks in that list you wrote 2 months ago.   BOA does resequence the checks in amount order, irregardless of the date you wrote the check.  

The person in question who admits he wrote 2 bad checks may have had the money in his account when he "Wrote" the earlier checks, but he sure as heck didnt have the money in his account when the vendor presented them.

The best way to avoid costly charges in the future is to STOP MAKING MISTAKES ON YOUR BANK ACCOUNT

 

Ok First of all, thanks for calling me an idiot.  I assume that in your life you have never made any errors, and never will, wow I will strive for that kind of perfection in the future.

Second of all, I have an explicit understanding of how to write checks, and how the system works.  THESE WERE NOT CHECKS.  They were electronic debits.  I don't care how long the vendor held them or didnt hold them.  The fact is, I started with a total, subtracted each amount from that total.  The money was sufficient to cover the debits.

The mistake I made was doing 2 more debits(the last 2) without checking my register.  Both of these debits ended up being overdrafts, but were paid.  MY MISTAKE, and it does not make me an idiot.

My point is, for the total amount of 2 debits ($214) I was charged TWELVE overdraft fees.  How is this fair or ethical?  Yes I know the bank CAN charge it, I just think its an unethical way of doing business.

You said "The best way to avoid costly charges in the future is to stop making mistakes on your bank account." 

YA THINK??  wow what great advice!  Thanks so much!


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#56

Hard to beat that one Karl..

AUTHOR: Ronny g - (U.S.A.)

Just thought I'd bump this one. No other comment..can't really top it.

I may not agree with all of the "googles" and I am far from a 9/11 conspiracy believer..but most of the info is factual..many need a wake up call and fast.
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#57

IDIOTS WHO RUN PUBLICLY HELD COMPANIES SHOULD....

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

be FIRED, & some of them should be put on TRIAL for CRIMES AGAINST THE AMERICAN PEOPLE, & crimes against PEOPLE ALL OVER THE WORLD, wouldn't you NOW agree?

WHY is it okay for a CEO to DEFRAUD millions of innocent people out of their RETIREMENTS, & other investments?! Do CEO's, & other executives have special privileges that ordinary people don't have? Or is it because they continue to PAY-OFF many of our POLITICIANS (lawyers) who are just as CORRUPT as the CEO's & other executives?!!

Ordinary people are punished when they do something wrong, or make mistakes, right? But CEO's & other executives are REWARDED for CONSPIRING against their SHAREHOLDERS & the people of America, isn't that correct? 

WELCOME TO AMERICA- ONE MASSIVE PONZI SCHEME!

Make sure to 'Google' the following & watch them on the web-

THE OBAMA DECEPTION

INSIDE THE MELTDOWN

FRONTLINE BREAKING THE BANK

AMERICA: FREEDOM TO FASCISM

BUSH'S WAR 

9/11 PRESS FOR TRUTH

YOUTUBE CONDOLEEZZA RICE LIAR

DID SPECULATION FUEL OIL PRICE SWINGS

*Remember when gasoline was at $4 a gallon last year? Does everyone know WHY gasoline was at $4 a gallon? It's because OIL was well over $100 a barrel. Oil went as high as $147 a barrel last year. 'Google' this- DID SPECULATION FUEL OIL PRICE SWINGS, and watch that '60 Minutes' segment. Guess what? Two of the Investment Banks mentioned in that segment received BILLIONS of dollars from the American people! Goldman Sachs & Morgan Stanley both received money from the 'TARP'. Isn't it nice to know that the ones allegedly responsible for 'speculating' (MANIPULATING) the price of oil, creating $4 per gallon gasoline, were REWARDED with TAXPAYER'S money?

WELCOME TO AMERICA- ONE MASSIVE LIE!
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#58

Idiots who bounce checkss

AUTHOR: IamGood - (USA)

To all you Idiots who bounce checks:

You should  not write checks if you dont understand how this  works.

Just because you wrote a check on Sept 10,2009, and you wrote another check on Sept 11, 2009, doesnt necessarly mean that the check you wrote on the 10th will cash  before the the one on the 11th. 

The vendor you wrote the check to on the 10th, may hold on to the check for several days before depositing it to their bank, so you are at the mercy of your vendor, not the bank.

When Bank Of America receives a batch of checks there may be checks in that list you wrote 2 months ago.   BOA does resequence the checks in amount order, irregardless of the date you wrote the check.  

The person in question who admits he wrote 2 bad checks may have had the money in his account when he "Wrote" the earlier checks, but he sure as heck didnt have the money in his account when the vendor presented them.

The best way to avoid costly charges in the future is to STOP MAKING MISTAKES ON YOUR BANK ACCOUNT

 

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#59

Get the facts: Fact: LEHMAN COLLAPSED! Fact: COUNTRYWIDE COLLAPSED! Fact: FANNIE MAE & FREDDIE MAC COLLAPSED! Fact: MERRILL LYNCH COLLAPSED! Fact: The....

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

American PEOPLE had to come to their rescue in the form of a $700 BILLION 'TARP' to save what was left of them in order to stave-off a WORLDWIDE DEPRESSION!

FACT: The USA, and its economy has its foundation solidly built on- LIES, DECEPTION, MANIPULATION, FRAUD, GREED, TRICKERY, DEEP CORRUPTION, & the CONSTANT PURSUIT TO FINANCIALLY INJURE THE INNOCENT PEOPLE LIVING IN AMERICA, & the INNOCENT PEOPLE LIVING ALL OVER THE WORD.

'Google' this- INSIDE THE MELTDOWN, and watch that Frontline documentary on the web for PROOF.

WELCOME TO AMERICA- IN FRAUD WE TRUST!

P.S. AIG (The world's BIGGEST insurance company COLLAPSED also!)

*The U.S. economy is ONE GIANT LIE. That's WHY it WILL COLLAPSE AGAIN!!!!!!!

I'm Karl, and I approve this comment.

Thank you.
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#60

It's hard to make out from your complaint...

AUTHOR: Ronny g - (U.S.A.)

..exactly what you mean by "mistake"..but if any manipulation was done by the bank in order to give you more fees then the legitimate overdrafts..I can tell you what probably happened and why.

You have overdraft protection...and the bank is re-sequencing transactions which had the fees at the time of transaction..to also be considered overdrafts and hence be charged fees.

Now correct..your register is easy to understand..why?..because unless you physically alter it..every transaction you wrote down is in a sequence..and in an order of TIME in which the transactions took place.

What the bank does with "holds" and "delays" and "manipulations" is effectively altering time. And it seems that they can legally get away with this has I read a few complaints a day very similar..and who knows how many that do not report here.

One of the ways the bank alters time is by processing transactions of the day from highest first..to lowest. The bank claims this is some kind of "courtesy" since they "assume" large payments are more important..such as a mortgage or car payment. But this is horse pucky because it does not matter if the payment is actually "large"..they re-sequence the transaction highest to lowest regardless. And overdraft protection would cover a small transaction that went over by $50.00 for example..or a $1000 dollar transaction that went over by $50.00  see how this works for them?

The problem with overdraft protection is that instead of like the old days when if there is not enough funds the transaction is simply declined...it is in their best interest to cover it..then by the re-sequencing sham...can add all those additional fees..that actually had the fund available at the time of transaction..but by the banks altering the times of transactions...caused the avalanche of fees instead of the one or two in your case that in good faith you would have paid the fees for since you admit you made a mistake and caused the overdraft.

Many banks do this so make sure to read the terms and fees carefully before you switch..consider a credit union...and if you use overdraft protection..make sure it is a type that is linked to another account to cover it..otherwise this will happen again be it a mistake or whatever. Unless some laws are changed.we will read report after report about this every day. Also ask if you can opt out of overdraft protection all together if it is not linked to another account..since the only thing it protects..is the banks money. It is a false sense of security and will end up costing you hundreds of dollars for a coffee and gas and lunch.
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#61

If Everyone Cancelled Their BofA Accounts....

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

they would be known as Countrywide/Lehman/BBT.  They would still make billions.  Nothing would change.  Hey, they may even buy Toyota (or vice-versa).  What will you do then?


To Sue, the problem isn't the bank - but you did identify the problem quite clearly and that is the debit card.  Fees cascade into a nightmare when you use a debit card only because people use a debit card instead of cash or a credit card.  Whether you think the resorting issue is a scam or not - it's an issue you're going to face at every bank out there - despite what some others might say, every bank is moving toward resort transactions.  It is possible to fight back with knowledge of the process and making certain not to overdraft and not to use a debit card unless it's at an ATM.


Normally I say there is a lesson here - but you got it!!  Change banks if you wish; in my eyes they're all the same.  Just remember the debit card lesson; stick to checks and cash.  If you do - and you overdraft - the result will be minimal.


Best of luck to you!!

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#62

Just think, if EVERYONE canceled their accounts with Bank of America....

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

& got rid of their Bank of America Credit Cards, then Bank of America would only make a profit if all of their former & current employees died, right?

'Google' this- BANK OF AMERICA COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read that article. Then 'Google' this- BANK EXECUTIVES PROFITING ON THE DEATH OF EMPLOYEES, and read that article too!

*SPREAD IT ALL OVER THE WEB at sites like- 'TWITTER' & 'FACEBOOK'.

Thank you.
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