Bank Of America Overdraft and Keep the Change scam Williamsburg Nationwide
I am 21 years old and have been a loyal BOA customer for about 5 years.
I too have had my share of BOA errors in the past and up until recently their customer service was kind enough to repair those errors. Yesterday, I attempted to make a withdrawal from my checking account. I was declined... I went home, logged into my account, and saw that I was charged six times for overdraft when in fact funds were available... Now this wasn't the first time this has happened, but it is the first time their own representatives told me they could not and get this "would not" refund the fees. They id "because they are valid and accurate". After speaking with the first representative last night, and after spending an hour explaining my situation and frustration she agrees to "attempt" a reimbursement. She fails to do the return and agreed with me that this isn't right. She suggests I speak with a bank manager. So on the following day (today) I went into the local BOA location and spoke with the Account Manager (Micah Johnson Allen, TX). He pulled up the account, stared at it briefly, and said "hummm, that doesn't make any sense"... I agreed and he proceeded to call his corporate service rep. and ask for authorization to have the fees removed. The rep. responds with a big fat no and tells him that we (BOA) cannot return fees that have been applied accurately. He argues with her for a few seconds and then hangs up. He apologized and sympathized with me for the errors and recommended I speak with the GM. I have yet to speak with the GM as she is unavailable until tommorrow, but will do so ASAP. I am just fed up and tired of being screwed by this institution over and over again. I mean if you're going to screw me, at least buy me dinner and a movie first, you know?
P.S. This error situation didn't start until after I signed up for that Keep the Change thing...
Steven
Allen, Texas
U.S.A.
2 Updates & Rebuttals
Chloe
Northglenn,Colorado,
U.S.A.
You keep that change.. keep it out of a savings account. Period.
#3Consumer Comment
Fri, April 18, 2008
***ALL BANKS** adhere to regulation D, and if you can't be "bothered reading all that crap from years ago" or whatever, here's a refresher for you:
"In the United States, under Regulation D, 12 CFR 204.2(d)(2), the term "savings deposit" includes a deposit or an account that meets the requirements of Sec. 204.2(d)(1) and from which, under the terms of the deposit contract or by practice of the depository institution, the depositor is permitted or authorized to make up to six transfers or withdrawals per month or statement cycle of at least four weeks. The depository institution may authorize up to three of these six transfers to be made by check, draft, debit card, or similar order drawn by the depositor and payable to third parties. There is no regulation limiting number of deposits, however some banks may choose to limit deposits themselves."
Why are you complaining about them changing it to a checking account? Obviously you're using it as one.
Cheryl
Hollywood,Florida,
U.S.A.
Oh, I'll Keep My Change, Alright...
#3Consumer Comment
Mon, April 14, 2008
...In some **OTHER** banking institution! I signed up for Keep the Change (KTC) two years ago, and lately, I have been in a bit of a financial bind, due to being paid late. I understand the point of a savings account is to save, but when you're one paycheck away from being homeless... I had to make several transfers to shuffle funds back and forth just to cover the cost of living, plus the fact that I had a couple birthdays to have to buy for, and I logged on Friday to realize that my KTC "savings" account has been changed to another "checking" account instead, due to "too many" transfers between accounts. So now instead of 1 checking and 1 savings account, I now have two checking accounts due to too many transfers!!! ...WHAT?!! TOO MANY TRANSFERS?! This is new news to me!!!
I am absolutely infuriated! Why does BoA penalize their customers for transfering funds between BoA accounts? At least the money is staying within BoA and not being transfered outside BoA. They could have at least flashed a WARNING message when I was online, stating that if I tranfered too many times, etc., to remind me. I mean, it *has* been two years since I've signed up - I can't POSSIBLY remember all the stipulations from back then when I signed up! But nooooo... They let me find out the hard way, which is POOR service! Even in their FAQ - I just checked - there is NOTHING about this regulation! I'm working two jobs *AND* going to school at night to get my associates degree, plus I'm in the middle of trying to apartment hunt/move, so this is just one more aggravation and added stress that I really DID NOT NEED right now - you have no idea!
Oh, but the funny thing is, when I called on Friday, April 11th (which is the same day I had logged on and noticed the change) I immediately called BoA to find out what was going on. This is when the guy I had talked to stated the regulation, but then also stated that he didn't see where I had made excessive tranfers.
Because of this MAJOR inconvenience, I'm withdrawing my funds from this institution and taking my business elsewhere. This is unfair! Besides, what do I need with TWO checking accounts?? They are losing a long-time loyal customer over wanting to penalize me for making "too many" transfers... BETWEEN BoA accounts! I could understand them wanting to penalize me if the transfers were to accounts outside BoA, but they were between two BoA accounts! At least give someone a warning before you just up and switch their accounts all around! I'm taking my MONEY elsewhere, and I will tell everyone I come across to do the same.