Bank Of America ripoff honest teenage with outrages overdraft fees Valdosta Georgia

Steve-Arlington,Virginia

Right on Steve.

You hit the nail on the head.

They have their own way of taking from the customers in fees and it is border line
legal.They do switch every thing around from day to day to make the fees more.

I don't know how they get away with it.

Every one should file with the FTC. Not many people do.

I get a lot of mail about them from all over.

They do have several lawsuits pendings.We just need many more filed. FTC will take notice.

I have a new web site about them called, Fraud by Bank of America.

These fees are allowed by the contract that the consumer must accept in order to have a checking account. They have become industry standard so a free market practice of finding a better deal doesn't apply. Credit unions perhaps are an alternative, but any place with "Bank" on the sign is going to do the same thing to you.

Banks have decided to never "bounce" small checks and debit card charges like they used to(*). It is far more profitable to clear these items, essentially making a small loan to the account holder, and then pile on the fees. Since the balance is now negative from the bounced item and the first fee, all further activity will generate fees on top of fees. Often the consumer has deposited enough money to make all the payments to third parties good, but a huge "debt" of bank fees remain.

If you compute the effective cost of this small short term loan in terms of APR, it is hundreds to tenthousands of percent. Should banks be allowed to make that much money, just because the customer made a mistake? Or even if the customer desperately tried to borrow money for a short time by "floating" a check (and the bank decided to cooperate and make that illegal loan, rather than doing the proper legal thing of bouncing the check)?

(*) Despite advertising that implies that debit cards are useful for money management because they won't let you spend money that isn't in your account. This is hardly the case. They will let you spend money that isn't in your account, and charge you dearly for it.

Lauri is not right about credit reporting. The FCRA only [I]requires[/I] creditors to report a couple of relatively obscure things that are actually beneficial to the consumer. That small part of the law only applies to creditors like credit card companies that routinely report all accounts, good or bad, every month. Situations like checking accounts, utilities, landlords, etc. that are not formally "credit" but can become a bad debt if unpaid are never required to report anything.

The law only stipulates that should a company [I]choose[/I] to report a consumer as a bad debtor, it must be accurate. The reason I say that only bad information has to be accurate is that no one is required by FCRA to change anything on a credit report unless (a) it is inaccurate AND (b) the consumer complains. Inaccurate good information is perfectly legal.

Over several months I experienced countless actions of complete disregard for me as a bank customer of Bank of America. They lost two deposits, engaged in trickery with reporting balances on-line to con me into overdraft fees, and treated me like dirt. Their customer service responses all look like pre-generated form letters from a politician that basically send out the message, "Our policy is ..., and you didn't follow or policy, and you are basically screwed and there's nothing you can do about it." Utter and complete vile thieves. Plain evil. I cancelled all accounts, credit cards, and car loan with those hooligans. IMMEDIATELY CANCEL ALL DEALINGS WITH THOSE EVIL PEOPLE AT BANK OF AMERICA. THEY DESERVE TO BE FULLY INVESTIGATED AND BROUGHT TO JUSTICE BY OUR FEDERAL REGULATION AGENCIES AND SMOKED OUT OF THEIR CUBICLES.

An agreement was met, and FYI:
Some banks have the option to open up there banking for teenagers of all ages.

And, A checking account is not a perk, its an workfield option, when you work, and make money its an option, just to clear you up on that one part.
Also, Another part, I NEVER said I was ready to be an adult, therefore I never wanted to convert back to childhood status, The only valid point you made was reporting, I can understand that, the rest was just plain out un-needed, We all make mastakes in like, NO ONE IS Perfect, including your self, but I will take your constuctive cristum.. I will look at it as you where just looking out for my well being.. Thankss.

Actally, It was my fault for the overdraft, My complaint is the ammount of the overdraft, 100 dollars, Lauri, I know math very well, I'm 16, have graduated from Highschool, and have found at that you will get scewed over by banks, FWI: I'm not the only one!!!

Any how, Aparently you need to check your facts, I am indeed 16, I'm not 18, I had no adult co-signer, Nothing of that sort, but thats for your constructive cristsum, and your subjections, I work with a food store, and find people stealing all the time and feel the same way you do, but I am paying back what I owe, even though I feel like its a rober y fee, So don't worry, It woun't cost you a penny! ;)

Lauri- You can have a checking account before you are 18. I had a checking account with bank of america when i was 16 years old. The only difference is you do have to have an adult (guardian)with you when you open the account.They are NOT required to be a bank of america customer or to provide bank of america with any of their personal information. Their name is not on the account and they are NOT held responsible if your account over draws. The adults name is not on the statement, the checks, or your debit card.
PERIOD.

Gordon,

Something for you to chew on (besides that tabaccy in your back pocket)

1) You can't have a checking account until you are 18. PERIOD

2) If you are 18, you are no longer a minor.

3) Learn basic math, you stated in your post that "There are other dates I requested this" (reduction in overdraft fees)

If you keep a register, and only write checks for the amount you have in your account, then guess what...NO OVERDRAFT FEES...it's really amazing!

4) According to the FCRA, if the bank reports regularly, then they are REQUIRED to report the TRUE status of your account (monthly, quarterly, semi-annually or annually) If you don't want negiative info on your CBR, then handle your credit in a manner that is positive.

Amazing how in the end, you wanted the perks of adulthood (checking account) but when you mismanaged it, you wanted to revert back to child status (I diden't know any one could legally hold a minor to a contract, or report them to credit services".)

Do us all a favor, pay cash, and cash only, so the rest of society doesn't end up paying more because of people like you, that can't handle the stress of balancing a checkbook.