Report: Bank Of America Overdraft Protection Removed Without Consent
Category: Bait-and-Switch
Bank Of America Overdraft Protection Removed Without Consent I had $200 of overdraft protection that disappeared without my consent Davis California
*Consumer Comment ..There is a Major Misunderstanding Here
Rebuttal Box
Respond to this report!
Are you an owner, employee or ex-employee with either negative or positive information about the company or individual, or can you provide "insider information" on this company? Victim of this person/company?
Are you also a victim of the same company or individual? Want Justice? File a Rip-off Report, help other consumers to be educated and don´t let them get away with it!
Bank Of America Overdraft Protection Removed Without Consent
Fax:
Nationwide,
U.S.A.
Submitted: 1/3/2008 4:13:01 PM
Modified: 1/3/2008 8:10:24 PM
Heatherb
Davis, CaliforniaWhen I signed up for my student account at BofA in 2004, part of my terms of agreement had '$200 in free overdraft protection.'
In December of 2007, I had my first overdraft accident. It was completely my fault. I got distracted and used my atm card when I actually wanted to use my credit card...they're both blue, and have my picture on them. I should have been more careful. The total of the bill was about $35.00.
This had a huge cascade of problems for me, and I have been charged over $400 in overdraft fees now, but... that $200 in overdraft protection should have covered the amount I was overdrawn and everything should have been okay.
Well...after I discovered that things were actually horribly, terribly not okay...I called the bank and was told that they had changed my account a few years ago, and 'didn't you get the letter we sent?'
No. I didn't get any letter.
I asked them if they sent such an important letter by certified mail, and the teller said 'No, maam, we don't do that.'
'So, how can I be sure that you actually ever sent it in the first place?' was my question.
'Sorry, Maam. We didn't need your consent to change your terms. You would just have been given the option of closing your account.'
I'm leaving Bank of America if not this month, then definately next month and so is all of my family and about three of my friends.
My family and friends and I don't make much, but our combined withdrawl is going to take about 1.5 million dollars away from B of A. Probably not the best trade that B of A has done... $400 dollars gained for $1.5 million dollars lost, but I'm sure they'll hardly notice it anyway. We're like a drop in the bucket, and we're cranky, too, now...so they'll actually probably be glad to be rid of us.
Consumers beware! Bank of America can and does make changes to your account without telling you.
Heatherb
Davis, California
U.S.A.
Click here to read other Rip Off Reports on Bank of America
Looking for premium tickets? Concert Tickets | Sports Tickets | Theatre Tickets just visit www.TicketFeeder.com
Search for additional reports
If you would like to see more Rip-off Reports on this company/individual, please use the search box below:
In order to assure the best results in your search:
- Keep the name short & simple, and try different variations of the name.
- Do not include ".com", "S", "Inc.", "Corp", or "LLC" at the end of the Company name.
- Use only the first/main part of a name to get best results.
- Only search one name at a time if Company has many AKA’s.
Rebuttal Box
Respond to this report!
Are you an owner, employee or ex-employee with either negative or positive information about the company or individual, or can you provide "insider information" on this company? Victim of this person/company?
Are you also a victim of the same company or individual? Want Justice? File a Rip-off Report, help other consumers to be educated and don´t let them get away with it!Repair Your Reputation
Got Reports filed against you? Resolve the issues and rebuild trust through our Corporate Advocacy Program.
Updates & Rebuttals:
- There is a Major Misunderstanding Here Jim [1/3/2008 5:34:35 PM]
There is a Major Misunderstanding Here
A free overdraft account does not mean you will not get overdraft charges; it means you don't have to pay extra for the service of having the protection, and you should have known that from the very first overdraft when you got nailed for a $35 fee. I also can't tell what you mean when you said, 'I have been charged over $400 in overdraft fees now, but... that $200 in overdraft protection should have covered the amount I was overdrawn and everything should have been okay.' You don't offset the overdraft protection against your outstanding negative balance. You're making it sound like the Overdraft money is free and clear money you get to spend without consequence. It isn't. That is not what Overdraft Protection is or the purpose of Overdraft Protection.
All that overdraft protection does is that if you happen to spend more than what is in your account, the bank will continue to allow you to spend money up to a negative $200 that you will eventually pay back. After you hit the limit, your checks bounce, your debit card is declined, and you're pretty much SOL. It doesn't stop you from incurring overdraft fees, which are calculated seperately, and won't stop being incurred until you hit your overdraft limit. Technically, you also stop incurring OD fees. The jist of it is that you have to pay the OD fees and the amount you went over on the account; if the combined amount is $400 - then you have to repay $400.
It's up to you if you want to leave BofA; lots of people do it all of the time, but at least most end up leaving for a valid reason. You're leaving because of your own misunderstanding of what overdraft protection is. Wherever you end up, at least you ought to get yourself up-to-speed on things like this because I can just about assure you the problems you're having now will follow you to the next bank.
Rebuttal Box
Respond to this report!
Are you an owner, employee or ex-employee with either negative or positive information about the company or individual, or can you provide "insider information" on this company? Victim of this person/company?
Are you also a victim of the same company or individual? Want Justice? File a Rip-off Report, help other consumers to be educated and don´t let them get away with it!Repair Your Reputation
Got Reports filed against you? Resolve the issues and rebuild trust through our Corporate Advocacy Program.
Advertisers below have met our strict standards for business conduct.
Problems viewing the above ad, click here
Has Citibank asked you to refinance your mortgage?
Did you get taken advange of?
E-mail
classaction@
careylaw.com
