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Report: #296751

Complaint Review: Bank Of America Overdraft Protection Removed Without Consent - Nationwide

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  • Reported By: Davis California
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  • Bank Of America Overdraft Protection Removed Without Consent Nationwide U.S.A.

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

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When 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, 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.

Davis, California

This report was posted on Ripoff Report on 01/03/2008 04:13 PM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

There is a Major Misunderstanding Here

AUTHOR: Jim - (U.S.A.)

POSTED: Thursday, January 03, 2008

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.

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