Bank Of America - BofA Debit Card "courtesy" Fee Trap RipOff Internet

type in 61736 at this site and go to Ripoff Report #61736 you will see a picture of Lisa standing outside the Wells Fargo branch in San Francisco holding a picket sign and directing people to this website.

Have a nice day.

***GLOBAL ALERT: "PROTESTER SONG 9" was submitted at this website on November 30, 2011. Just type in 271454 to see if it is available in the consumer comments section at Ripoff Report #271454.


POWER TO THE PEOPLE

HARVARD PROFESSOR POEM

I didn't want to be hypocritical and presumptuous like I see some others act around here..so I gave the video a shot.

Seems on the surface to be unbiased and very informative. However it also seems to be missing something that I can't put my finger on. I have to watch it again.

'Googled' this- THE ASCENT OF MONEY PBS, and watched that documentary by a Harvard professor on the web yet?

The reasonable changes in some of the banks policies and terms many of us want and are starting to see happen, are not designed to or an attempt to prevent the bank from charging fees. Some of us feel that many customers have been charged excessively due to certain tactics by the bank that encouraged and allowed it to happen by deception, manipulation and unethical practices.

Anyone who continually overdrafts by intent or carelessness (and if they choose not to opt out of overdraft protection) is of course increasing their chances of incurring fees.

The changes are only in hopes of better protecting the good customers money..nothing unreasonable and no system will ever be perfect..because people are not perfect..and the world is not perfect...the banks will still have plenty of opportunity to charge fees. But perhaps by all this exposure some people that were not fully aware of how the system works..will understand and be given the choices  which can best protect their money.

For myself..and MANY other bank customers that have reported here..we would have  saved a bundle in fees if the card was simply declined if the account did not have the funds...we didn't want the loan but the banks "courtesy overdraft protection" is nothing more then a "pre-authorized loan" in the banks eyes..and THAT is how THEY were getting away with it...the banks (such as BofA) that forced this service onto their customers as "mandatory"..in many cases are just as "guilty" as a customer that overdrafted a single transaction..expected a single fee..but got hit with hundreds of dollars in fees..they had no intent of ripping off the bank..and quite the contrary was the result.

That even with the changes in policy an account holder can still rack up multiple overdraft fees? BofA can still charge four overdraft fees per day and somebody who uses their debit card repeatedly can still wind up paying hundreds of dollars in unnecessary overdraft fees.

Join up with those of us who choose not to pay overdraft fees and keep your money where it belongs - with you.

It seems as though the FDIC is running out of money, correct? The FDIC is the entity that makes certain customers who have deposits in banks are protected so they don't LOSE all their money that's in the bank, in the form of- checking & savings deposits, right? The FDIC is mainly funded by assessing fees to banks, but these fees have almost all DRIED-UP because of the many bank failures, haven't they?

To Lisa... if you overdrew by that much it's your own fault (assuming you were talking about yourself). If you kept a check register it wouldn't have happened. And to Ronny G... my accounts are free because I don't overdraw, even though I live paycheck-to-paycheck. I keep a register, don't use deposited money until I know it's clear, and NEVER depend on the ATM or online balance. I also use cash for small purchases so that my debit card doesn't get me into trouble. It was a valuable lesson learned.

   Bank Of America authorized FOUR  different VISA check card  (debit) purchases which totaled just under $1000 on an account that was  overdrawn by $-68.47.
   I understand how this can happen when an account has a positive balance to begin with but this account was overdrawn for at least 72 hours......why would ANY purchase be authorized at this point  CLEARLY THERE IS NO MONEY IN THIS ACCOUNT  
  Do they  "extend credit" to  all overdrawn accounts  just  so they can collect  a few $35 NSF fees? I can't get anybody to tell me why these purchases were authorized...

I have to ask myself if free checking or anything the bank offers free..is not just part of the overall ploy to further bilk low income and low balance customers.

I can bet most of the customers that reported here would have gladly paid a fee for checking if they knew how much it was really going to cost them in the long run. And I would trust the banks are aware of this..I mean why would they do anything for free if it wasn't going to give them a profit in the long run? They are a business right? And a rather shrewd one if I say so myself.

Why would anyone with a decent income mind to pay a small fee for checking..if it could really help lower income people from being wiped out? I mean laws and business and even ethics aside..do we really want to be a society that has no compassion or willing to sacrifice a tiny bit to help the needy?

And as Edward stated...and is 150% correct..the habitual offenders who consistently overdraft and blame everyone else..will probably not opt out of the protection..and probably continue to overdraft again and again.. they deserve what they get as long as the bank is not violating any laws or using unethical tactics.. the bank can fee the crap out of those types of people until they learn.

To Robert. According to some, those who overdraft will probably continue to do so, no matter what the policy is, and no matter where they bank. So this means even after these new policy changes, the same old overdrafters will still contribute to the bank's bottom line with OD fees. Thereby protecting your precious free checking. That's if you believe the all of the condescending comments routinely issued on this site and others.

To the OP Chuck. You should feel privileged. According to those same skeptics and critics, customers who overdraft, like yourself, are in a very small percentage group. While the majority of customers have no problems with their banks accounts.

So Chuck, you should feel privileged that the bank would revise it's policies, just throwing away billions of dollars in profits, all for little old you. Now don't you just feel special?

With the possibility of OD fees being regulated, I would expect to also see the end of free checking and services.

Expect to see monthly service fees for checking accounts as well as per check charges, minimum balances and charges for online bill pay.  Just like the old days of checking accounts.

Thanks alot congress.

They had their little hayday and made a killing off these fees and manipulations.

Now, I can't say you don't hold any responsibility..and I think you understand that..but either way..the banks tactics worked in their favor..how??

You stated it yourself..by having difficult financial times..your account balance was low..so of course you are more likely to overdraft..and more likely to suffer greater hardship due to it. Think the banks are aware of this? If they weren't we could say they were pretty ignorant..right? But we can't say that..so there in all logic must have been some intent..possible? Nah, the banks would never mislead their customers with intent now..would they?

With that said..aren't you glad you had overdraft protection? Tell us..how well did it protect you from any overdrafts..regardless of the reasons they occurred?

Sarcasm aside..can you understand why the bank did not let you opt out? Because if they had..most of that money would have remained yours..and not theirs. The banks know we are on to this game..and we are coming for them..so they are starting to implement reasonable changes..and perhaps one day the banks will actually be what they once were..a safe place to keep our money.

California, right?

A woman did it at her Wells Fargo bank. You can see a picture of her at the WELLS FARGO page of this site. It is one of the Rip Off Reports there that was recently Updated.