Bank Of America and its Overdraft fee software is Outrageous !! Memphis Tennessee
That's right, another complaint concerning overdraft fees with Bank of America (BOA). Before you naysayers rise up against me, let me first tell you that I did not monitor my account or my spending as closely as I should have. Now with that being said, let me say this.
My checking account was -$136 (negative). After discovering this, I immediately transferred $300 from savings to my checking. Later on that night after 1 am, I discovered that my account was -$145 (negative). I asked myself how could this be.. I rectified this situation about 10 hrs earlier.
The next morning I contacted BOA and asked an explanation of how this could have happened. I was told that the system recognized that i overdrew my account an accessed my account the overdraft fee of $35 five times. Ouch!
Let me explain to you what I believed happened: The computer software charged me again for 5 items which caused my account to be overdrawn again even after I moved the $300 over from savings to checking.
The BOA contact explained to me that those additional charges were from today and that the previous charges were from the day before. Here is where it gets CrAZy. Before we got off the phone, she stated that "once you get an overdraft fee it unfortunately begins to s****.>
She was not lying at all. When I got off the phone with her about 12:30pm I had a balance of -$145. As you read this my account balance is -$320. I haven't made any additional transactions since this fiasco started.
Naysayers, I know what your thinking... You are probably going to say "You should have been responsible in managing your checking account." Your right but THATS NOT THE ISSUE. The issue here is that the software kept charging me additional overdraft fees AFTER I bought the account current with NO additional transactions pending.
In Conclusion... let me say this. You have your own opinion of what happened here and that's cool, its the American way. This isn't the first time I have complained to BOA about this problem. There is a glitch in the software and no one is publicly acknowledging the problem. You and I both know that the stock would plummet through the earth if the public knew.
It doesn't matter what you think, its my account, my mistake. I can tell you this NAYSAYERS just don't let this happen to you. Its easy to throw rocks when you don't live in a glass house, isn't it?
If you have a similar story please JOIN ripoff report.com and tell us what has happened to you. Thats what I did. If you know a good lawyer have them contact this site and legally get our names so we can file a CLASS ACTION LAWSUIT against Bank of America.
America, WAKE UP !! The large corporations are draining the life out of the honest people who pay taxes. Stop Complaining and talk amongst yourselves and Complain and Protest. You dont have to march in the streets or have a sit in. You have the INTERNET and other people and friends who have been unfairly taken advantaged of. You are POWERFUL thats why this website exists!!
Drake
fort smith, Arkansas
U.S.A.
2 Updates & Rebuttals
Edgeman
Chico,California,
U.S.A.
What's the problem?
#3Consumer Comment
Fri, December 19, 2008
The OP concedes that the overdrafts were his fault. It seems like we don't have an issue here. As Steve noted, the $300 transfer was AFTER the transactions that caused the account to overdraft.
I don't blame you for being upset about the money. It sucks, no argument. But you can control your account balance. No need for a class action lawsuit that won't go anywhere.
And yes, I have overdrafted in the past. I was once charged for two OD fees and I decided that I didn't want to pay those fees again.
Steve
Bradenton,Florida,
U.S.A.
Drake, the method does indeed suck, but there is actually no "rip off" here.
#3Consumer Comment
Fri, December 19, 2008
Drake,
First, I want to thank you upfront for accepting responsibility for not properly managing your account. You know you failed to keep an accurate checkbook register and/or you spent money that you knew was not in your account.
Most people blame the bank for the nsf fee itself.
However, the method of calculating available balance and the application of fees is all covered in the agreement you signed when you opened the account. Therefore, there is no ripoff here.
Furthermore, it is common banking practice to apply checks/charges before deposits/credits in the same business day. Therefore, the $300 deposit you made, was BEHIND the pending nsf fee items for that business day for posting purposes.
Again, no rip off. It is policy at most banks. Therefore, there is no "cause of action" for a class action lawsuit, because there was no legal violation and there was no violation of the terms and conditions of your account. After all, you signed an agreement when you opened the account, right?
I cannot stress enough the importance of maintaining an ACCURATE checkbook register. THat is the ONLY solution here.