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Report: #455264

Complaint Review: Bank Of America - Dallas Texas

  • Submitted:
  • Updated:
  • Reported By: Houston Texas
  • Bank Of America bankofamerica.com Dallas, Texas U.S.A.

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I've been banking with Bank Of America for 10 years. Since they accepted the bail out money I've gone to Bank Of Texas but still use Bank Of America as a spending account and have my merchant services deposits go in there. I keep a typically low balance, about $500 and transfer more money when needed.

Anyway, I woke up to 6 $25 fees but I had not overdrafted. My account fell to $65 and then I transferred another $500. After arguing with the CSR for about an hour we broke down every single transaction and they had to admit they were wrong. What happened was a merchant (over a week ago) authorized my card twice, once for products without shipping and once for products with shipping but the authorization fell off the next day. But they deducted this authorization from my balance and hit me with fees 7 days later when I would have overdrafted had the transaction actually been paid. (I know, it's complicated, but it's highly fraudulent).

After they corrected the six over draft fees of $25 each I wake up the next day and find TEN overdraft fees of $35 each! The first set of overdraft fees caused me to overdraft FOUR more times, which is true but why TEN charges? Nobody seems to know! After another hour on the phone this was taken care of.

So I cynically wrote the bank an e-mail asking for $500 worth of credits towards my account for wasting my time. I made the point that if I had overdrafted by mistake I would not be able to deposit the difference and say "I'm sorry" I would have to pay $500 worth of fees!!!

They wrote me back with "We've researched this account and found that you overdrafted blah blah blah". I wrote back with "apparently you didn't research this account because xxx and yyy". They wrote back again with "Oh. You're right. Sorry".

It just drives me so mad! First, they use a fraudulent fractional reserve system and create money out of thin air! The Federal Reserve is about as Federal as Federal Express and then they have the nerve to assess fraudulant fees on the public!

Let me tell you how money is created. No,it's not backed by gold, it hasn't been in DECADES!

The United States Government decides they need $10 million dollars. So they print up some fancy looking treasury bonds. Then they call up the Federal Reserve (who is a private corporation) and they print up some more fancy pieces of paper and give it to the US government. That's it! 10 million was just created!

Oh but it gets far worse than this. The new created money has to have value and since the only thing regulating the value of money is how much is in circulation 10 million dollars has stolen value from the money you have in savings causing inflation! Now imagine 700 Billion being created out of thin air and given BACK to the bankers! And you wonder why gas is $2/gallon when a barrel of oil is going for $35 (it should be $.75 at the pump!)

It gets worse! The fractional reserve system requires banks to only have 10% of their reserves in holding. This means they can loan out 90% of their reserve. So what happens to the $70 Billion of bail out money? It goes into bank accounts. Not $70 billion has because 7 TRILLION!!! Thus causing MORE inflation!

And if you really want to realize how you're getting screwed let's factor in INTEREST! The US government doesn't just give the bonds to the Federal Reserve but the bonds are promissory notes that the US government will pay back the Federal Reserve with INTEREST! But if the Federal Reserve made the first dollar where does the money to pay back the interest come from? You got it! Print more money and borrow more money from the Federal Reserve! Causing a never ending cycle of inflation!

Inflation is a tax on the people. Look at cars for a minute. In the 80's a new car cost an average of $7000. Now it's an average of $20,000. Did things get more expensive? No! The value of the dollar has been chopped down to a third while wages have not even doubled! So you save a million dollars to retire on. When you retire that million dollars will have the buying power of $250,000 if your lucky!

And to top it all off.. they hit us with overdraft fees! We need to hit THEM with overdraft fees for bankrupting this economy and creating money out of thin air!

And if you really want to hear the truth watch two movies on google video.

America: From Freedom To Fascism
The Obama Deception

And speaking of Obama, lets take a look at the stimulus package for a moment. WE've already established the Federal Reserve printed 700 billion for the bail out right? OK. Well, we authorized the bail out money to be printed and we (the people) took responsibility for the debt, the interest and inflation. Then Obama writes a 700 billion dollar stimulus package. So what does the Fed do? They loan the US 700 billion dollars at INTEREST! AAAAAHHHHH! They're not even using Vaseline!

Chris
Houston, Texas
U.S.A.

This report was posted on Ripoff Report on 05/26/2009 08:05 AM and is a permanent record located here: https://www.ripoffreport.com/reports/bank-of-america/dallas-texas/bank-of-america-fraudulant-overdraft-fees-rip-off-dallas-texas-455264. 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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#4 Consumer Suggestion

A duplicate transaction is covered by Reg E

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

POSTED: Wednesday, May 27, 2009
You should be able to get the fees back without too much additional hassle, though customer service generally isn't the place to go for Reg E situations. Banks have specialized claims groups that are better suited to handle this kind of situation. They will not, however, give you a credit for your time just like the auto dealer won't give you credit from the time you spend taking your car in for an oil change.

As far as your Obama screed, I think it's best to leave it alone except to say that it's unrelated to your issue and that you should stick to the facts of your problem and leave politics out of it.
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#3 Consumer Suggestion

A duplicate transaction is covered by Reg E

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

POSTED: Wednesday, May 27, 2009
You should be able to get the fees back without too much additional hassle, though customer service generally isn't the place to go for Reg E situations. Banks have specialized claims groups that are better suited to handle this kind of situation. They will not, however, give you a credit for your time just like the auto dealer won't give you credit from the time you spend taking your car in for an oil change.

As far as your Obama screed, I think it's best to leave it alone except to say that it's unrelated to your issue and that you should stick to the facts of your problem and leave politics out of it.
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#2 Consumer Suggestion

A duplicate transaction is covered by Reg E

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

POSTED: Wednesday, May 27, 2009
You should be able to get the fees back without too much additional hassle, though customer service generally isn't the place to go for Reg E situations. Banks have specialized claims groups that are better suited to handle this kind of situation. They will not, however, give you a credit for your time just like the auto dealer won't give you credit from the time you spend taking your car in for an oil change.

As far as your Obama screed, I think it's best to leave it alone except to say that it's unrelated to your issue and that you should stick to the facts of your problem and leave politics out of it.
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#1 Consumer Comment

Your Report Described This Ripoff Perfectly

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

POSTED: Tuesday, May 26, 2009
1. You didn't spend more money than you had - Check.
2. The merchant DOUBLE charged you - Check.
3. The merchant corrected their mistake before the transaction posted to your account - Check.
4. But you were still charged with MANY fees - Check.

The Bandits of America managed to STEAL money from your account with fees before your keen eye and persistence FORCED them to return the stolen loot. But think about the THOUSANDS of customers who are affected by this but DO NOT understand what's happening, because it is COMPLICATED, as you say. This TRICK ACCOUNTING method was contrived for just this type of behavior as what you experienced here. They don't anticipate many customers being as keen and persistent as you. My prediction is the very first case where this is tried in court will result in this practice being deemed ILLEGAL.

This TRICK ACCOUNTING, it's complexity, and the motives behind it are the RIPOFF(s) here.
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