Bank Of America Dishonest, fraudulent, theives the business that doesnt give a dam Gaithersburg Maryland

All,

I am a bank fraud investigator from a very large international Bank.

First of all, DirectDeposits, by their very nature, are immediately available. So I find it extremely hard to believe that a DirectDeposit was held.

Secondly, the earlier comment about a check register is right on! Merchants (gas stations, Wal-Mart, etc.) use a 3rd. party processor to process their card transactions and have them sent to the proper Bank. Therefore, if one keeps a check register and calculates what goes in and out of the account, the chances of an overdraft fee occuring is slim to none. Furthermore on the occasion of a good customer getting a fee on an accont otherwise in good standing- most banks will waive said fees upon request.

Lastly, Banks are a service. We offer no goods or products at all. We simply process your money (perhaps some investments, mortgage, etc.)on your behalf based upon the terms you were given in writing at account opening. EVERY customer at EVERY bank is also given a funds availablility policy at account opening and any time changes are made.

So, keep a check register. Balance your checkbook and the chances of incurring fees are pretty minimal.

*PS: All of the folks who are 'victims' of the classic 419/Nigerian scam blame the bank for making their money available, the same folks who complain when the money is placed on hold!

Press release-

Local boy vows to fight second largest bank in the country

After 9 years with the Fleet/Bank America mortgage division in the New York Metro area John Monaco was terminated in 2005. The reason according to Monaco is his wife had beast surgery for cancer in April of 05 and because he spent his time with her at the Stony Brook Hospital his production feel off.

The current management knew of his situation and one of the manager's wives also had breast surgery. In fact, this manager was active in the cancer organizations on Long Island and he even offered what ever support he and his wife could do.

The immediate manager of the Metro area knew of Monaco's situation and even sent him an E-mail wishing him well.

What to do?
Monaco called the Hr Dept and the Bank of America's ?ADVISE and Counsel? Department. He claims he was advised NOT to take family leave because he was a commission salesperson and he should ?Tough it Out?

Make sure this doesn't happen in your company. At the BoA there was no place to turn for any help. Monaco believes they were aware they made mistake and were not willing to own up and correct the financial situation they put his family in.

Mr. Monaco is a Bank of America shareholder and continues to exercise his right and contact the Bank of America board of directors hoping for a resolution to this matter.

John Monaco is willing to, listen to anyone that has a similar story, as he feels this maybe a common occurrence at some corporations.

"first off no merchant is going to hold only one dollar from an account. and i have never seen it done on the 3 different bank accounts i have nor on the 2 businesss accounts i handle."

Tina, I work for the claims division of a large bank. I've handled tens of thousands of accounts, and while I have seen a handful of gas stations (typically truck stops) that place a $50+ hold, I'm telling you that most only place a dollar hold when you use the credit option. Go to any suburban big-name gas station, select the credit option, pump $20 of gas, and then check your online banking.

"and as for direct deposit it was still a hold maybe you need some learning on the banking system."

My irony-meter just exploded. Please look up Regulation CC on google:

The following types of deposits must be made available on the first business day following the banking day of deposit (next-day availability):

Cash deposited in person to one of your employees.

Electronic payments received by your institution for deposit in an account An electronic payment is considered received (deposited) when your institution has received both payment in collected funds and information on the account and the amount to be credited. (Under other rules, funds for most electronic deposits are made available on the day of deposit.)

If you sign up for direct deposit, your deposit cannot be held. If BofA, or any bank holds it, report them to the Office of the Comptroller of Currency.

"because the boa is the worst for fees and holding checks without telling customers."

I guess the signage that all banks are required to have at every teller window and ATM isn't enough notice for you? Not to mention your deposit agreement.

"and when you find that gas station that only holds a dollar and i can pump in 25 let me know because it must be in no mans land."

Well, it just so happens that I filled up my car yesterday, and guess what my online banking shows:

QT #463, 9/5/2006, 00001014, QT #463, PHOENIX - $1.00

I'm sure you'll agree that Phoenix isn't no man's land.

first off no merchant is going to hold only one dollar from an account. and i have never seen it done on the 3 different bank accounts i have nor on the 2 businesss accounts i handle. and as for direct deposit it was still a hold maybe you need some learning on the banking system. because the boa is the worst for fees and holding checks without telling customers. and when you find that gas station that only holds a dollar and i can pump in 25 let me know because it must be in no mans land.

"THE BOA DOES CHARGE FEES TO PEOPLE WHO HAVE MONEY IN THE BANK AND THEN LIE. AND GAS STATION DO NOT JUST HOLD ONE DOLLAR WHERE DO YOU GET GAS MOST PLACE A 20 TO 50 DOLLAR HOLD. THE PLACE HOLDS ON LOCAL CHECKS TO THAT I DEPOSIT EVERY WEEK AND HAVE BEEN FOR A YEAR AND I ALWAYS GET THE SAME EXCUSE."

Some gas stations do place 50+ dollar holds, but it's still fairly uncommon to see anything other than a $1 hold. As far as your local checks, Federal Regulation CC authorizes the depositor's bank to hold a local check up to 2 business days on a case by case basis, or up to 7 business days as an exception hold if the depositing customer's account has had repeated overdraft activity. Why not have the check direct deposited and avoid the hold time entirely?

I'll snip off the rest, but I would suggest that you observe standard posting etiquette and not post in all caps. It's difficult on everyone's eyes.

THE BOA DOES CHARGE FEES TO PEOPLE WHO HAVE MONEY IN THE BANK AND THEN LIE. AND GAS STATION DO NOT JUST HOLD ONE DOLLAR WHERE DO YOU GET GAS MOST PLACE A 20 TO 50 DOLLAR HOLD. THE PLACE HOLDS ON LOCAL CHECKS TO THAT I DEPOSIT EVERY WEEK AND HAVE BEEN FOR A YEAR AND I ALWAYS GET THE SAME EXCUSE.

I LEARNED MY LESSON THE HARD WAY. AFTER BEING WITH THEM FOR 6 MONTHS I ASKED IF THE LOCAL CHECK I WAS PUTTING IN WOULD BE A HOLD AND I WAS TOLD NO SO I DID OR I WOULD OF GOTTEN CASH AND PUT IN. SO I DID NOT GET THE RECEIPT ON A HOLD SO I THOUGHT NOTHING OF IT YET IT HAD A HOLD AND I HAD FEES NOW 3 MONTHS LATER I AM JUST NOW GETTING IT BACK.

AFTER SEVERAL PHONE CALLS TO A 800 NUMBER THAT IS NOT HELPFUL AND SEVERAL SUPERVISORS LATER I DID RECEIVE A REFUND. AND SOMEHOW ACCORDING TO THEM I HAD TO LEGIT BOUNCED FEES OF 68 BUT AFTER IT WAS ALL CLEARED UP I HAD 53.00 IN THE BANK YOU DO THE MATH ON THAT ONE.

I am a former BOA employee in the customer service department (the 800 #). I understand your frustration in the transaction being allowed to go thru. Actually, it's not BOA it's the merchant.

Here's how a check/debit card works. If you use your card as a CREDIT (meaning you sign your name), it could take several days for the item to post to your account.

BOA REQUIRES a receipt of authorization before paying an item. Depending on where the purchases are done is another matter. If you make a gas purchase for $20.00, Keeping in mind MOST gas stations are only authorizing your card for $1.00, then make a grocery store purchase for more than you know is in your account, the transaction will be allowed to go thru for the simple fact the gas station only authorized your card for $1.00.

Let's start off with a balance of $100.00
You go to the gas station on Tuesday and fill up your tank $20.00

You go to the grocery store the same day and spend $50.00

On Wednesday, you go back to the grocery store and spend another 45.00. This transaction is allowed to go thru because 1) the gas station only authorized your card for $1.00 to begin with and 2) the authorization holds and releases we will talk about in a few

Now it is your responsibility to know first of all how much money is in your account and second of all that you authorized transactions you didn't have the money to cover.

The items post on Friday and it will look like this:
$100.00 beginning balance
-50.00 grocery store
-45.00 grocery store
-20.00 gas station

This will cause OD fees on your account which would not be considered the bank's fault. These OD fees would not be credited because it is not bank error. You would be rightfully and legally be charged 1 OD fee.

Now to discuss the authorization holds and releases, this is not set up by BOA, this is set up by the individual merchant.

MOST gas stations only authorize your card for $1.00, regardless of the amount of purchase
MOST resturaunts include a tip in the authorization.

Authorizations are on hold (immediately removed from your balance) until midnight that night and NO LONGER than 24 hrs unless it is done over the weekend or non-banking days.

Let's look at this from the bank's point of view

$100.00 beginning balance
you spend 55.00 at Red Lobster
you spend 40.00 for gas
you spend 25.00 at grocery store
all of this is done in the same day

If you call the automated system or check your balance on-line or even call a customer service representative, they might show your available balance to be $11.00. You think you have this to spend? WRONG!!!! Remember, the restaurant put an authorization thru to include the tip? Let's say they authorized your card for 60.00. The gas station authoruzed your card for $1.00. The grocery store authorized for the correct amount of $25.00. This would show you had spent $86.00.

However, it actuality, when the items came in for payment, let's say all on the same day, this is what it would look like:

$100.00 beginning balance
-55.00 for Red Lobster
$45.00 balance remaining
-40.00 for gas
$5.00 balance remaining
-20.00 grocery store
this would have your account overdrawn by $15.00 and you would be correctly and legally charged an OD fee.

So you see, even though you are using your check/debit card, it is up to the merchants how much they authorize the card for.
BOA is NOT going to pay an item just on an authorization, they have to wait for the merchant to submit a receipt for payment showing proof the transaction was made. Sometimes this could take several days. If the merchant is a large company, such as Wal-Mart, you might as well go ahead and mark that transaciton as paid, they are usually pretty fast about submitting their receipts. However, if it is for the little Mom and Pop shop on they corner, they might only do their banking once a week and it could take several days for that item to post.

That is why you are given a check book register when you get checks, this is not only for when you write a check, but ANYTIME money is taken from your account, by ATM withdrawl, electronic payment, automatic payment, or check/debit card.

If you would like further assistance from a former BOA employee (I know all the tricks of the trade) please post your questions below... I would be more than happy to assist you further so that you can avoid further OD fees.