Bank Of America consistantly overcharged nsf fees and recorded debits before deposits which should have both posted at midnight in their favor. Processed transactions in an order that allowed them to charge the highest number of fees where one nsf would have been correcr prosecssed on an order that allowed them to charge mutiple nsf fees. ripoff Nationwide

So I have switched to a local bank since I filed this report. Funny all the employees at the new bank used to work for the bofa down the street, and agreed with everything I said.

I have been with the new bank since April, and guess what? Not one nsf.

I do things the same way I did with bofa, not one problem.

I have a healthy savings and checking account because they don't rail me every time I turn around.

For those of you that think I don't pay attention to my balance or spend more than I have, I bank the same way I banked at bofa.

IT IS THE BANK!! Make no mistakes.

I glanced st this entire site today and stopped at 46 pages of people being ripped off by bofa.

I work at a resort with clients who have tons of money and they say bofa recently bought out two credit card companies. They can't phone in payments or make them online. The bank does not go by postmark, but by when they get around to opening the payment, then slap a late fee on it. These people are very good business people and run big businesses, are they able to deal with bofa? Nope. I have shared my experiences and many of them have also switched banks.

It's just a matter of time bofa, just a matter of time.

To all who thought I was stupid, think again.

To all who were supportive Thank You, and a special thank you to bofa employees who told me the truth.

I am gathering statements, even from the former bofa employees at my bank.

One of my clients is a pretty well known lawyer, and is very interested in all this.

To all you who have been ripped off, I am doing what I can, I can get your info on this site, and all the energy I am saving not trying to argue with bofa will go to our cause, you can bet on it. And that's how stupid I am to all of you that thought I couln't keep track of my banking.

So since my report re: bofa I have switched to a local bank, been with them for 5 months now and haven't had a single fee.
So for those of you who said it was my fault how come I have not had a single fee in ove 5 months. I am telling you it is Bank of America, I have had many clients at work with more money that most of us will ever see that have had many problems with the bank
And now they have bought out 2 credit card companies, they will not except online pay or phone in. They don't look at the post mark, they go by when it hits their desk and someone gets around to processsing it, then slap on a late charge, I have heard this from many clients.
So for those of you that think I can't manage a bank account, I seem to be doing just fine after swithching banks.

Steve,

As a follow up answer to your question, technically you are correct. There are no posts from the ACTUAL BANK admitting guilt in those two ROR's. Do you actually expect them to post this on the ROR? But the facts speak for themselves and all NAMES and DETAILS of the parties involved are noted by the authors as proof and verification of their claim and the validity of their story and resolution.

Trust me, if the facts of their stories didn't add up or did not make sense, you and many others would be quick to point this out.

As I posted a couple weeks ago I opened a new B of A checking account as part of the $100.00 current bonus offer. I read everything very well. I get the $100 in about 50 days as long as I do not damage to the account in any way. But while reading all the fine print it was clear that any deposits, cash, checks, cashiers checks etc. would not be available until the next business day, period. I could ask for immediate credit but as a rule it would available the next business day. So I called to clarify this point, the CSR said the exact same thing.

So I asked if I put $1000 in the account today in cash and tonight debits hit the account for tomorrow would my debits get paid. His answer "yes but you will probably get an NSF fee". I asked why? He said debits are cleared first then credits are applied. I said you have had my cash since the day before why would the bank do that to me? Steve, you will love this one, the CSR said "keep the account balanced and always have more available funds in the account than outstanding debits". I linked a savings account to the new checking account in case I should ever have to us the overdraft protection on the account, but that also carries a fee.

My understanding now is about midnight you have to have had positive funds in the account from at least two days before (24+ hours). I use a credit union for my checking account, they give 100% credit on any deposits at the time of the deposit, but that is a local credit union.

In conclusion I see why B of A is doing what they do now, they have found a great revenue stream by doing what they do. Moral of story, don't plan on accessing your money for at least 24+ hours from midnight of the deposit date. Unless "a teller" gives you a receipt showing you have instant use of your funds, which the CSR said they can do with a managers OK. If you can not work with the 24+ hours B of A works with I suggest you find another bank or a credit union that will give instant credit on deposits.

My apologies to this author Jerri for this brief diversion and distraction from this ROR.

To Steve,

1. http://www.ripoffreport.com/reports/ripoff239200.htm.

This ROR has been completely resolved. Notice that the BANK ERROR was first confirmed by the phone rep who couldn't help. She contacted her supervisor who also couldn't help - both becaue of "Decisioned". Only the Junior VP was able to come to the rescue.

Then after the fact you have the BofA employee Bryan who also confirmed he would have refunded on the very first call. I'm interested to know how Bryan would have been able to do this, because it might provide more details about how "Decisioned" works, since he would have to override it to provide the refund.

2. http://www.ripoffreport.com/reports/ripoff240963.htm

It's unclear whether this ROR is fully resolved like the first one but pay special attention to the comments by THE LOCAL BRANCH MANAGER, according to the author. Also pay close attention to the factual details provided by the author, CLEARLY answering any and all questions about holes in her story.

Edward,

You stated that there were 2 posts where the bank admitted fault.

I never saw any post by a bank on here admitting fault.

Do you mean a post made by a customer who could not balance a checkbook that claimed a bank admitted fault?

Please clarify.

Banks do not cause NSF fees, irresponsible customers do.

Carl,

To refresh your memory about BofA admitting guilt, I suggest you take a look at ROR http://www.ripoffreport.com/reports/ripoff239200.htm to refresh your memory. It's interesting that you not only do not recall reading it but apparently you even forgot that you posted to it also. Very convenient. I'll withold all of the usual insults that others direct at customers who make a mistake like yours when it comes to reading their Account Disclosures.

By the way, I agree with you that just because I disagree with bank policy that doesn't make it unethical by default. But when it looks, walks, and quacks like a duck, it's usually a duck.

Just because you do not agree with a policy does not make it unethical. I wish business today was more concerned with ethics, but reality is what it is.

And if BOA practices prolicies that are illegal does that make them unethical? No the two are mutually exclusive terms. Related yes, but not dependant.

I liked BOA a lot better when they debited my account immediately during bill paying. But they changed and yes I got some NSF because of their change. But instead of whining about it, I worked to solve the issue.

And by the way Edward, I did not read posts recently where BOA admitted guilt. I do not choose to respond to all that I could on ROR. I am not BOA's champion.

One of the problems we have today is so many people will not accept responsibility for their actions. Right or wrong, we have to accept our responsibility in life. When we are at fault, admit it. Move on and learn from it. But when you have been honestly RIPPED OFF, then go like a pit bull after them.

To Steve - Private, Massachusetts,

If you are an ex-employee, please choose that category in your future posts to distinguish yourself and give more credibility to your input. Your inside knowledge is valuable and can be very helpful.

To Carl,

It's interesting that you posted your question in THIS ROR and not in two recent ROR's where THE BANK ADMITTED FAULT! No one is disputing the fact that BofA is in business to make money, so you can save that MEANINGLESS question. The REAL question is whether BofA is in business to make money using UNETHICAL albeit LEGAL practices, for now.... If you can answer yes to that question, fine. But others like Jerri, might answer no and thus choose to take their business elsewhere like many others recently.

Once again, Jerri is ANOTHER LONG TIME customer who for so long never had any problems with BofA until recently. Is this coincidence with so many recent occurrences? It's interesting that, according to some, all of these customers developed amnesia AT THE SAME TIME, forgetting how to add and subtract, thus creating their own problems, when they never had problems for 10 years or longer before now.

Question to so many. Who exactly is BOA in business for? Are they in business to protect the consumer or TO MAKE MONEY FOR THE SHAREHOLDERS?

I keep reading people state how for BOA to make money on NSF fees is not fair. How then do they pay their help? their buildings? their electric bills? BOA is a FOR Profit company.

And FYI I do not work for BOA, nor do I own stock in BOA. I read ROR for entertainment when I am bored at work.

Sorry folks but Jerri is 100% correct in his allegations of Bank of America.

They pulled this same BS on myself twice (AND I WORKED FOR THEM!) and would have continued to steal from me if I didn't leave them.

As a past employee who worked in their operations center I know first hand what they are doing and why. Anyone who didn't sit in on a Monday morning "screw the customer session" shouldn't be adding their 2 cents about this disgraceful bank and its borderline criminal actions.

The software program that posts your checks is written to maximize income, not protect the customer or do the right thing. So when two transactions come in, even if the deposit shows up FIRST the system will always post the checks first, access the NSF or over the limit fees and then post your deposit.

There was a time when transactions were posted sequential as they came in but management decided that they were losing FEE INCOME by doing it that way and had the software intentionally rewritten to "maxamize" income. THIS IS A FACT!

This is just plain WRONG to do. If the deposit is there at the same time as a check the deposit should post first and the NSF avoided but they INTENTIONALLY do the opposite and instructed their programmers to do so. As they put it, "This will maximize" our fee income.

They also train their customer service and front line employees to "not refund" any of these fees at all cost. If you have ever been left on HOLD by this miserable organization and wondered what was taking them so long to get back on the line with them you should know that THEY TEACH THIS to their employees and tell them this is a good way to either let the person "cool off" or hopeful hang up and you will no have to deal with them (and the bank will not have to try to defend why it stole their money in the first place). Next time you are on hold for 10 minutes or longer REMEMBER you are just experiencing what Bank of America calls and trains it's employees to do, Poor Customer Service.

You simply cannot defend this action. A class action suit is almost guaranteed against this bank. Keep your records and always watch your mail as it is bound to happen. The same practices were employed by ATT Univeral and Capital One and both got hit with suits, it is only time before Bank of America gets theirs and I for one cannot wait.

I would strongly suggest anyone banking with this poor excuse for a bank to get your money out and move banks ASAP as they will just continue to rip you off and once they have there is little you can do and no one there is trained to care or how to assist you in the matter, they are simply trained to put you on hold and get you off the phone as fast as possible without budging in giving you your money that they stole back.

Jerri,

You wrote:
..."And Steve or course you have every right to respond here of course, and I think it's impressive how dedicated to this bank you are, but I won't be reading you posts I already read 3 yrs worth. Just redundant and well boring. but thanks"...

Jerri - sedona, Arizona
U.S.A.
>>>>

Well, my first visit ever to Rip Off Report was on 11/20/2005, which is LESS THAN 1.5 years.

Therefore, you have not read 3 years worth of my posts. That is a flat out lie.

The ONLY relevant fact here is that you are spending money BEFORE it is being posted to your account. YOU are the problem here, NOT BofA. period. You are ripping yourself off because you cannot figure out how to properly manage your account, as is the case with MOST all other NSF related posts.

If you keep an accurate checkbook register, and spend less than what the register shows, you will never pay an NSF fee. Guaranteed.

Jerri, I work for BOA, just wanted to clear things up for you...we do process credits first then debits. what's happening in your cas is your ck is coming in for the next day's date and the debits are posting for the previous day.

Let's say you had several pending transactions on Thursday scheduled to post at midnight, well if your payday is Friday it won't cover anything coming out of your acct. for Thursday. Your pay would need to come in to the acct. by Thursday at 10:45pm to cover any pending transactions. Your direct deposit is coming in for the next day, that is your problem, I know it, I see it happen every week.

Bottom line...you're spending more than what's in your acct.

Just because someone has factual-real life experience must mean there is a vested interest in that said company? Please.
People want to come on here and bash someone who proves it's not the rip of that is claim and they are the problem? Never the false accuser?
I bank with a local bank around here and have for 20 years. I would defend their actions also if they were accused of something that was actually caused by the consumer's error-like not keeping a register and trying to deposit at day's closing expecting the bank to bend over backward. Does this mean I somehow have a vested interest in this said institution other than my money sits in a free checking account? No.
I have never had a problem with this bank, but I also keep a register-heaven forbid.

I appreciate eveyones input, but Steve come on man you have had posts on this site as far back as 2004, maybe more I didn't look any futher. Please don't tell me you don't have some kind of connection with BofA. Who else would respond to every complaint for so many yrs.

To the other people who responded, I do know those things I swear I am not stupid or inexperienced in money matters.

The thing is when I went to work today I mentioned this to my boss and guess what? She had the same thing happen this week, and as the day went by several co-workers also had fees. Man just this week.

Not one of these people is inexperienced or slow in money matters.

If you want more type Bank of America overdraft fees in your search engine for more the are literally thousands. and in the texts are many other ways Bof a is messed up with the way they do business.

Then type in BankofAmericasucks.com and there are more and more people.

And Steve or course you have every right to respond here of course, and I think it's impressive how dedicated to this bank you are, but I won't be reading you posts I already read 3 yrs worth. Just redundant and well boring. but thanks

The OP is correct. The banks used to process credits before debits. Most of them have changed that around to maximize on fees and profits.

My credit union still process credits before debits, which is the way it should be.

Jeri,

If you have automatic debits coming out on the same day your deposit is scheduled you will continue to have problems.

You are spending money that is not credited to your account yet, and this is clearly detailed in your account terms and conditions in the funds availability section.

This is a very common and widely accepted practice that MOST banks do. Debits/charges usually always post before deposits/credits during the same business day.

Now that you understand how things work, you have the opportunity to fix it, right?

What is your actual payday? You mentioned that you have direct deposit, but let's say your payday is Thursday. It WILL NOT BE EFFECTIVE for anything coming in WEDNESDAY NIGHT AT MIDNIGHT. Your payday is not until Thursday, thus you cannot use those funds UNTIL THURSDAY.

that could only mean that you were drawing against the credit before it was available, thus the NSF fees.

Change the auto debit to AFTER your pay date and draw on the funds AFTER it posts and you should not have anymore NSF fees.

There is nothing really odd about it. Most banks will post the previous days debits before the next days credits.