• Report: #1143561

Complaint Review: Bank of America

  • Submitted: Fri, May 02, 2014
  • Updated: Mon, May 05, 2014

  • Reported By: Susan — Santa Ana California
Bank of America
2127 E. 17th Street Santa Ana, California USA

Bank of America total rip off taking overdraft fees when not overdrawn and will not refund $$$ Santa Ana California

*General Comment: They do...

*General Comment: Susan, I See A Major Issue here.

*Author of original report: Why doesn't B of A post pending debits that haven 't gone thru yet??

*General Comment: Changing banks...

*Author of original report: I have proof

*General Comment: The reason for the fee...

*Author of original report: They also make false promises to get you to sign up

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I had $41 in my account on 5/1 and a check went thru for $30 leaving $11 in my account. Bank of America charged me $35 overdraft fee and say it is from a $38 debit that went thru on 5/2 a day after they took the $30 from my account. I have direct deposit and the funds were there for the $38 also. Do not go to Bank of America as they are a total rip off and don't care about their customers. They would rather rip you off than help you!! 


This report was posted on Ripoff Report on 05/02/2014 11:17 AM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-of-America/Santa-Ana-California-92705/Bank-of-America-total-rip-off-taking-overdraft-fees-when-not-overdrawn-and-will-not-refun-1143561. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
3Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 General Comment

They do...

AUTHOR: Striderq - ()

As soon as your card is approved, it creates a hold for the amount of purchase. Your ledger balance (money actually in your account) minus your holds equals your available balance. There are a few exceptions to the creation of holds, they are airline tickets; hotel reservations and gas purchases. These items don't show until the company requests payment. Please note that some gas stations will actually create a hold for $75 or so when you use your debit card as a credit card, that is not using the PIN. It's better to buy gas as debit (with the PIN) to avoid the hold & have the purchase amount come out immediately.

But instead of relying on your available balance, you need to rely on your account register. If you had done this you would have already subtracted the check and known that you didn't have the money available for your purchase.

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#2 General Comment

Susan, I See A Major Issue here.

AUTHOR: Banker - ()

Issue #1.  Bank of America When you made that debit card transaction for 38.00, Unofficially you only had 11.00 in the account, because of the 30.00 transaction.

So when your deposit was made, your TRUE balance was -27.00.  Read the service agreement you signed with them.  They explain this policy very clearly.   

Issue #2.  It takes 50.00 to open up a checking account with Bank Of America, and you only had 41.00 in the account?  And you let that go negative????   WOW, BOA should just close this account, as you are not earning them money, you are COSTING them money.  Do the Bank a Big Favor, and just take your check to a check cashing place, and pay the 5pct fee each month.  It will be far cheaper than the overdraft fees, and service charges they are charging you monthly.

Why should the Bank HELP you , when you are not earning them ANY money at all????  You dont even keep money in your account long enough for them to loan it out.

 

 

 

 

 

 

 

 

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#3 Author of original report

Why doesn't B of A post pending debits that haven 't gone thru yet??

AUTHOR: Susan - ()

Ok well it would be great if Bank of America posted this so called pending debit on my available balance page. I go by the available balance page.  the actual debit came out of my account the day after I was hit with an overdraft charge and the money was there for the debit on the date the debit actually processed.  It should be illegal to debit an account before the debitor actually takes the cash!!!! 

 

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#4 General Comment

Changing banks...

AUTHOR: Striderq - ()

won't help you. Given the same circumstances every bank would have charged you the OD fee. The money from the account is considered spent as soon as the store runs the card and the hold is generated. This gives you a lower availale balance (ledger balance minus holds). If anything posts that causes your availablbalance to be negative you will receive a fee for each item. I guess we'll soon see your next report on your new bank when they charge you an OD fee.

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#5 Author of original report

I have proof

AUTHOR: Susan - ()

I have the print out showing my balance was 11.13 after this check went thru. I also have the print out showing that the debit that caused me to overdraft was posted the day after I was charged the overdraft fee. The lesson I learned is never to go to Bank of America again and to take my business elsewhere which is what I did.  Everyone I have talked to about this says Bank of America is the worst.

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#6 General Comment

The reason for the fee...

AUTHOR: Striderq - ()

Was your available balance went into the negative. On May 1, your ledger balance (money actually in your account) was $41. The debit card was used and created a $38 hold, leaving an available balance of $3. ($41 - $38). During processing the check was presented and paid putting your available balance at -$35. This is why you got the fee. On May 2, your direct deposit came in making money available to pay the debit card charge. This will happen at any bank given he same circumstances. Or the check will be returned unpaid causing a NSF fee and a fee from the company you gave the check to. The lesson is to have the money available in your account before you spend it. 

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#7 Author of original report

They also make false promises to get you to sign up

AUTHOR: Susan - ()

Also when I first went to Bank of America they told me that if I opened a savings account they would match me for the first 3 months.  Then when the 3 months was up they said you have to wait a year. Then when the year was up they said they never said they would match me.  TOTAL RIP OFF

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