Report: Bank Of America
Category: Miscellaneous Companies
Bank Of America, BOA I'm getting ripped off! GLENDALE California
*Consumer Comment ..I Frickkin' Love It
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Bank Of America
Fax:
GLENDALE, California, 91204
U.S.A.
Submitted: 7/24/2008 10:57:04 AM
Modified: 7/25/2008 2:41:21 PM
Chelle
Glendale, CaliforniaHere is my brief story...all of you greater than thou can judge me as you like, seeing how this is the one area in your life you might actually have a handle on, but I was ripped off.
Basically, I paid a bill over the phone first, then went to the computer and transferred the money from my savings account into my checking. The account was overdrawn for literally a minute. Now...this is common practice because I know, or knew, credits were posted to the accounts before debits on a daily, not minute, basis. An overdraft fee was posted to my Bank of America account the next day even though my account never showed overdrawn. I called the worthless banking center then went to my branch to talk to them about what happened. Because I had called the banking center first, the branch, although sympathetic couldn't do anything. The way Bank of America's computer system works wouldn't let the manager in to reverse my fee. So much for customer service.
Bank of America is quietly changing certain practices from common banking knowledge to steal from its clients.
If there is a lawsuit filed I would like to be notified.
Chelle
Glendale, California
U.S.A.
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Updates & Rebuttals:
- You overdrew on purpose, knew you overdrew, John [7/24/2008 12:02:53 PM]
- You authorized a transaction... Edgeman [7/24/2008 3:21:01 PM]
- BANK OF AMERICA RIP-OFF!!!! Dee [7/24/2008 6:21:17 PM]
- Revert to the old policy Jtcne [7/24/2008 7:25:53 PM]
- I Frickkin' Love It Cory [7/25/2008 12:53:42 PM]
You overdrew on purpose, knew you overdrew,
then still have the balls to blame anyone other than yourself? Wow, how do you get through life?
'I paid a bill over the phone first, then went to the computer and transferred the money from my savings account into my checking. The account was overdrawn for literally a minute'
You knew you spent money that you didn't have in the account. How stupid are you? Why didn't you transfer the money first?
You authorized a transaction...
While knowing the funds were not in the account to cover it.
And you want to sue the bank?!
BANK OF AMERICA RIP-OFF!!!!
I couldn't agree more!! Bank of America has done this very thing to myself and my daughter 4 different times. They are suppost to do 'credits' first, then 'debits'. At least thats what BoA told me. You can check your account every day and have enough to cover what you have out but they have given me a b.s. of, well, the electronic pay is one to three days.... There is money in the account..
Talking to anyone is of no use!! They are not going to change their pratice unless a movement of 'all customers' along with the powers that be, lawyers, etc. file and hit them hardest... Their pocket book!
If there is a law-suit, count me in!!!
Revert to the old policy
Bank of AMerica used to charge overdraft fees only when performing nightly processing. Customers knew they could move funds over from another account or deposit funds before the daily transaction cut-off time. As long as sufficient funds were present at nightly processing time, no overdraft fees would be assessed. As of a few weeks ago, a policy change was implemented. Now when a customer 'overdrafts' before nightly processing, charges are assessed. Given the order of processing is largest drafts through smallest drafts, this creates a situation heavily weighted in the bank's favor when it assesses any overdraft fees.
My wife and I manage our money through several Bank of America accounts and are 'platinum' customers by their standards. Even when there is adequate money spread across our accounts, sometimes we make a mistake because we share accounts and can't always communicate immediately to the other regarding pending charges. Thus we sometimes find ourselves covering the mistake before nightly processing. No harm, no foul. If we forget, we incur overdrafts and accept the responsibility that we caused them. However, normally the drafts we made have yet to go through the automated clearing house. Now, since the policy change, the bank profits when it has not been harmed. This is because the bank now assesses overdraft fees for drafts which have not been processed by the automated clearing house. The bank has not been harmed, yet it imposes penalties against their customers. If ever there were a predatory business practice, this policy certainly would qualify as such.
My wife and I used to advise everyone of how wonderful it was to bank with Bank of America. Many friends and family listened and made the switch. Those times are over and now the reverse will be true.
If Bank of America continues down this path, customers will leave in droves to other banking institutions that treat customers with a modicum of respect. In the coming days, we will be closing our Bank of America accounts and seeking a bank which respects it's customers. Clearly, Bank of America no longer does.
We look forward to joining any class action lawsuit against Bank of America in an effort to protect fellow customers from further harm.
Bank of America - if you read this - revert to the old policy. Your existence may well depend on it.
I Frickkin' Love It
These people want the advantages of instant banking but not the disadvantages. Why not transfer the money first and THEN pay the bill? The new version of the 'float'.
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