Complaint Review: Bank Of America - BOA

You made a mistake but is it really worth $350?  Well...technically if it was 11 overdrafts at $35 each then it should really be worth $385 but, hey, BoA dropped half of the charges.  That was nice of them, right?

To JAFO:  Leave Karl alone!  Anyone can see that his ranting and paranoia are entertaining as all hell, right?

Anyone can find several of these hilarious comments on ANY post that involves banks, right?

Anyone who actually takes him seriously and disagrees with him instead of just getting some lulz from his rhetoric is a corporate stooge working for "THE MAN!", right?

THE UNITED STATES OF AMERICA - AT KARL WE CHUCKLE!

Thanks you all... at least I do not take it as personal as I did without knowing there are many others caught in a similar situation.  Thanks for the info on the class action suite as I will be adding my info if only to see them build a stronger case against these banks.  Also appreciate posting the info on opting out of the overdraft protection program.  Funny how you are automatically enrolled and have to actually take action to be removed - if it is such a good program for consumers, why not wait for me to sign up after I am informed and have had the opportunity to ask questions about the program.  Ooh, I know - if given the option it makes no sense for me to sign up!! Case closed.

I made a mistake fair and square - question is was my mistake worth $350?  In my opinion no and some seem to agree with me but hey, end of day the BoA won and all I can do is take my business elsewhere since I cannot continue to do business with a company that has tried to rob me blind.

You think BofA has outrageous overdraft fees?  Try Union Bank of CA.  Their overdraft fee (NSF) is $48 plus $6 a day continous overdraft fee.   What is going on in the American Banking Industry??  What are they doing with all the FREE money Congress gave them?

Furthermore, I was just mailed a pamphlet from them "important information about your account"  Under overdraft fees - they say they will charge it but won't say HOW MUCH - also with "continuous overdraft fee" - they will charge it but, again, won't say HOW MUCH.  In other words, they will charge you whatever they please!! $100 - $1000 per item!  How much longer are we going to allow these "Robber Banks" to plunder us citizens????

It's not a matter of "blaming" BofA for this...but it is a matter or their deceitful manipulative policies that contribute to this mess.

You see...the bank was covering these overdrafts and telling this customer it was a "favor". Perhaps if the bank shoved hot pokers into this customers eyes... they  could have considered that a favor as well.

Lets cut through the BULL SH*T. The bank has this customer enrolled in courtesy overdraft protection...which was up until recently MANDATORY by this bank.

Now the intent of courtesy overdraft protection (as well as re-sequencing transactions from highest to lowest) is to protect large CHECK payments..such as a mortgage.

So ask the bank..which transaction did they "assume" was a mortgage payment?

The RIGHT thing for this bank to do..was either A) DECLINE the small debit card transaction if the funds were not available..or B)...warn of a fee if the card is to be used when the funds are not available. Now in THAT case...the bank would have TRULY been "protecting" your account..imagine that?

Good news is this bank is now allowing it's customers to opt out of courtesy overdraft protection..and no longer FORCING EVERY SINGLE checking account customer to be enrolled in this "service".

However, this will do nothing to recoup any money they ripped off from you thus far. So your best bet for now..is get involved with a class action lawsuit or two.

Here is some info...


Bank Customers Victimized by Alleged Abusive Bank Overdraft Fees Strike Back

Consolidated, Nationwide Class Action Lawsuits Filed in Federal Court Against Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank
October 20, 2009 11:00 AM Eastern Daylight Time

MIAMI--(EON: Enhanced Online News)--Marking a substantial step forward in litigation over the banking industrys abusive and excessive overdraft fee policies and practices, plaintiffs' counsel announced that bank customers have filed a series of nationwide class action lawsuits against Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank. The complaints were filed in the United States District Court for the Southern District of Florida in Miami, where all federal lawsuits brought against the banking industry for abusive overdraft fees have been coordinated before the Honorable James Lawrence King.

    The collection of excessive overdraft fees, usually around $35 per transaction, impacts millions of Americans each year and has become a multibillion-dollar profit center for the banks

"The collection of excessive overdraft fees, usually around $35 per transaction, impacts millions of Americans each year and has become a multibillion-dollar profit center for the banks," explained lead plaintiffs counsel Bruce S. Rogow. "In many instances, these overdraft fees cost customers hundreds of dollars in a matter of days, or even hours, when they may be overdrawn by only a few dollars. Charging a $35 overdraft fee when a college student uses her debit card to buy a cup of coffee is unconscionable."

How Bank "Overdraft Protection" Works and Why the Abusive Collection of Overdraft Fees is a National Concern

Today, when customers open checking accounts, banks provide debit cards for the withdrawal of cash from ATM machines and the purchase of goods and services. Many bank customers are not aware that as part of the process of obtaining the debit card, banks automatically enroll their customers in "overdraft protection." The overdraft protection kicks in if the customer spends more than he or she has in the account to cover the purchase, up to a limit of a few hundred dollars.

Banks could simply decline to honor customer ATM or point-of-sale transactions if the account lacks sufficient funds, or could warn customers that if they go through with the transaction an overdraft fee will be assessed. In fact, until a few years ago, most banks simply declined debit transactions that would overdraw an account.

"Banks do not record charges and purchases on ATM or debit cards in the order they actually occur," stated plaintiffs counsel Michael W. Sobol of Lieff Cabraser Heimann & Bernstein, LLP. "Instead, banks reorder the charges and purchases so that the largest charge or purchase is the first one paid by the bank. This manipulative practice is intentionally designed, the complaints allege, to maximize overdraft fee revenue."

"If you buy your kids a $15 meal at McDonalds on your debit card and your account was overdrawn, that lunch actually cost you $50," added Mr. Sobol. "The bank wont decline the debit transaction, nor will the bank tell you that you have overdrawn your account and is about to turn your $15 lunch into a $50 expense."

In 2007, banks collected more than $17 billion in overdraft fees. That number nearly doubled in 2008, as more and more consumers struggled to maintain positive checking account balances. In 2009, banks are expected to bring in up to $40 billion in overdraft charges from nearly 50 million customers.

"While all bank customers have been affected, these overdraft fee policies disproportionately affect young people, the elderly and the poor, who are most likely to maintain low account balances," noted Mr. Rogow. "Moreover, these fees have the tendency to create a domino effect, resulting in even more fees."

Further Information for Bank Customers

Bank customers assessed overdraft fees who wish to learn more about this litigation should visit www.bank-overdraft.com where they can submit their complaint to plaintiffs counsel.
Contacts

Lieff Cabraser Heimann & Bernstein, LLP
Michael W. Sobol, 415-956-1000
or
Bruce S. Rogow, 954-767-8909
Permalink: http://eon.businesswire.com/news/eon/20091020005332/en/fee/overdraft/lieff-cabraser

i think it is funny how you are still blaming BoA for this. and it is not hidden in the legal mumbo jumbo about overdraft fees. if you have a been a customer for so long you should know this. and to say that it is not fair for a fee to be 10 times the amount of what you purchased is stupid, it is 35 no matter what the fee and it is the same as if you write a bad check there is a return check fee most of the time the same amount or around that at a business. and i have to agree i dont believe you made the same mistake 11 times , hell the debit card had debit written real big on the side of the card and my credit card and debit card look nothing alike from them

Effective in October, Bank of America out a cap on the amount of fees that they would charge per day for overdraft. It was all over the media. The amount was changed from 10 to 4 making the maximum per day $140 in fees. They also no longer charge a fee if the amount your are overdrawn that day is less than $10. Yes, you could have been charged fees over a period of 3 days or more (unlikely) with the total of the fees equaling $350. You weren't that specific, so I am just sharing information. If you check the website, you can "opt out" of overdraft coverage when using your debit card by calling and requesting it. This means that Bank of America will not authorize any purchases unless the full amount is available in your account. Although this doesn't help what has already occured, it, will in the future.

CONSTANT PURSUIT TO FINANCIALLY INJURE THE INNOCENT PEOPLE LIVING HERE, & ALL OVER THE WORLD.

For the person thinking this was my fault and I deserve the steep fees, I think you are missing the point.  I am not saying that i should not pay at all, but $350 in fees to cover charges totalling $37 is just outrageous to me!  I have been with BoA for over 10 years and have NEVER missed a CC payment - in fact I oay in full for each statement.  I also never overdrafted my cheking account ever before. 

I would think that a banks that cared for my business would charge me something more reasonable.  Yes, you can call 11 charges neglegence but like I said, I was travelling out of state and most of the charges were for small food items.  Can you honestly say that because they have the fees conceiled in the legal jargon on the fine print that needs a team of lawyers to decifer - BOA is morally right to charge me or any other customer 10X the amount I overdrafted?  You must be kidding!

how does this site expect to be taken seriously when trying to help out victims of legitimate ripoffs when they continue to allow Karl to spew his nonsensical drivel all over reports?  It was bad enough when he only spewed on bank reports but now he's branching out and spamming other reports.  He adds absolutely NOTHING to any report he participates in while other posters try to be helpful when they can or try to explain what a poster may have misunderstood.

and they all have 'secret life insurance policies' on their lives, will the executives have the benefits checks divided equally into their bank accounts, or will the benefits checks be put into the TOP executive's bank account, and then dispersed as he sees fit?

"My understanding of how a debit card works is that you are only allowed to use funds that are on your account."

Wrong. Check your terms and conditions with BofA. They plainly state that if a transaction comes in and you don't have enough funds to cover it, they may choose to pay the item and charge you any related overdraft fees.

"know that I am always on top of my finances, checking balances online and always know what $ I have spent etc."

Checking your account balance online tends to lead to overdraft fees and that's true at pretty much any bank. Online banking is not accurate enough to be used as a substitute for your check register and it was never intended to be used for that purpose.


"Sigh.... needless to say i am shopping for a Cr union or decent local bank."

Why? This situation is due to your error. Using your debit card instead of your credit card one time is a genuine mistake. Using your debit card eleven times while you know that you don't have the money is negligence. After all, you did write that you are always on top of your finances and that you always know what you have spent. That means that you knowingly overdrafted your account eleven times.

from the TARP, one would think that the banks would not be charging the American people who have kept them afloat, right?