There are many reasons to my slow methodical demise of respect for BANK OF AMERICA, but the first of many is the FEES.
1. Free Checking
Is this a truthful advertisement? It clearly states on the website and commercials that checking accounts are free w/ Direct Deposit. As you can witness to my former statements, I have had direct deposit for months and every month I pay the same monthly fee.
2. Hidden Fees
Of all the fees that are siphoned from my account this is the most subtle. I recently noticed while extracting my usual cash advance from my former account, a balance on the receipt. I then immediately go home to check what charges had cleared the account. I immediately noticed that amount listed on my transmittal receipt is DIFFERENT than the available amount now listed on my online account. The difference is only $1.
One dollar makes me question is this a fee. I inquire, I get the standard email. I watch carefully next time I make a withdrawal. The same thing happens again a week later.
This is I feel deliberate.
I think this is a subtle embezzlement scheme. Because $1 is hardly noticeable so if there are millions of transactions like this a day $1 per customer, millions of dollars are made by your company without being discovered.
3. FEES for Profit
I had my checking account opened a total of 12 months ; savings for years and was I was unemployed for 6 of the last 12 months last year. My point being, I had been a customer of NationsBank/BOA for years and have never experienced the insidious amount of charges placed on my account in the last 4 months. Every week there were $90-$120 being subtracted from account. At first I was patient, because I realized how hard it was to keep the account open due to long stretches of unemployment. Then I noticed a pattern in the last few months that made me spiteful with anger.
Over Zealous NSF charges.
Years ago I had heard of NationsBank/BOA being sued by customers claiming they purposely, intentionally, waited to charge or clear checks until the balance was at its lowest. Then if there were 5 charges/checks to be cleared they would clear the largest first to insure that the other 4 would bring in the most NSF fees.
For example.
Account #xxxx has 109.80 available.
There is a weekly deposit (direct deposit) on Friday May 1st
4-15There is an automatic bill pay $79.05 PENDING
4-29Gas charge $2.62 PENDING
4-29Food Store $3.60 PENDING
4-30Dollar Store $7.50 PENDING
4-30 Cash Withdrawal $30.00
5-1 Deposit $511.34
If you look online the available balance is still good, but 3 days later May 3 you notice online that you have 1 charge for bill pay and 4 others charges that caused your account to go negative. Meanwhile you have deposit May 1 that actually can be applied to the charges. The charges are post-dated. Then the customer is charged 4 times (4 X $30) for smaller fees incurred days after the original charge.
This is what I mean by waiting to charge the account. This is an example of preying on the poor. Customers that the bank knows have trouble keeping their accounts above zero level. And it seems to be a pattern to charge my account on the end part of the week, to insure a zero/negative balance. This has just started to happen more and more often. Check the history on my account. There have never been this many fees assessed to my account on a weekly basis.
Situation 2
I viewed a charge online originally made Feb 7(Sat). This charge I am positive cleared the account by Feb 11. There was no reason it should not have. As the next deposit date approaches for Feb 20 the following week, I SEE THE SAME CHARGE AGAIN, Feb 17th! This is odd and peculiar to me. Why would a charge re-appear on the 17th 10 days after the charge itself?
I don't understand why I would be charged twice. Then it makes sense. The balance on my account was getting low. There were several charges pending. I believe that BOA deliberately subtracts the funds from the account twice to lessen the available balance, so as to intentionally put the accounts in the negative. More fees to collect means more money for BOA that I must pay because of my direct deposits. More money for BOA.
FEES For Profit.
These are just some of many reasons, why I had become disgusted with BOA and their handling of my account. I am not apologetic about anything I have said or written about the company.
They have recently closed my account to keep my mouth shut!
But If anything I have stated is true, then I smell an ENRON in your future!
A running dog is a scared dog.
K
Dallas, Texas
U.S.A.
Click here to read other Rip Off Reports on Bank of America
3 Updates & Rebuttals
David
Oklahoma City,Oklahoma,
U.S.A.
Heather, I am glad to hear that BOA has treated you well.. convinced BOA is fleecing its' customers.
#4Consumer Comment
Fri, May 07, 2004
I must say though, that your time is coming. BOA(Which I have come to call Bank of the Northern Hemisphere) has gotten too big for its' britches, too compartmentalized, which it uses to its' advantage in running us around by blaming another office in another city. I have been with BOA for several years and I have had money slowly trickle out of my account. My balance never agrees with theirs, and I keep my checking register on computer in an Excel spreadsheet. I am convinced BOA is fleecing its' customers in the most subtle of ways that make it hard to expose. It's time for all BOA customers to bring this racket to its' knees by dumping them. My advice to you is to dump them now like I am before they start screwing you out of your hard earned money.
Heather
Manassas,Virginia,
U.S.A.
The first bank I have NOT had problems with
#4Consumer Comment
Fri, March 26, 2004
I have been a Bank of America customer for a few years now. At one point, I was charged for my Free Account with Direct Deposit also. It was an error, and all I needed to do was contact the bank and they fixed the problem immediately. Have you contacted them? I have never been charged any fees that I was not supposed to be charged. Customer service has been excellent when 2 fraudulent charges appeared on my account from companies (not from the Bank) and Bank of America removed these charges immediately and also removed the resulting overdraft fees. Bank of America is actually the FIRST bank I have dealt with where I was not wrongfully charged fees or otherwise robbed or taken advantage of. My experience with Bank of America has been excellent, and I have received excellent customer service from them.
Merritt
Venice,Florida,
U.S.A.
Send your complaints to:OFFICE OF COMPTROLLER OF THE CURRENCY
#4Consumer Suggestion
Fri, March 26, 2004
I have tried to fight B of A on my own and it doesn't work. So I wrote the Attorey Generals Office and Consumer Affairs, They forwarded my complaint to:
Office of the Comptroller of the Currency
Administrator of National Banks
1301 McKinney Street, Suite 3450
Houstan, Texas 77010-9050
1-800-613-6743
Please send your complaint to them, They are the Primary Regulator of National Banks, B of A's BOSS. Please pass this info on. They are also on the internet,(OCC) Office of the Comptroller of the Currency.