Bank Of America ripoff Excessive NSF Fees Phoenix Arizona
I would just like to express my outrage with the NSF fees Bank of America imposes on its customers.
Modern technology provides the consumer the ablity to pay for their purchases with a debit card. This transaction automatically deducts the amount of the purchase from the consumer's account. This is convenient and transparent to the consumer.
If the consumer makes a mistake and makes purchases in this manner when there are not enough funds in their account, then the banks policy is to reject the purchase or provide the funds and charge the consumer a fee for providing the funds.
This seems reasonable to me as long as the fees are reasonable. My problem with this process is the bank charges for EVERY transaction that falls into this category and they charge an EXORBITANT amount each time. If you make this kind of mistake and make multiple purchases, it can end up costing you HUNDREDS of dollars in NSF fees.
When I have contacted the bank in the past to address this, they have been less than responsive.
It is my sincere opinion this policy is specifically designed, by the bank, to be a lucrative revenue stream. I work in the information technolgy field and know once the infrastructure is in place to provide automated purchasing, the overhead to maintain it is minimal compared to the fees Bank Of America is charging.
Thank you for the opportunity to express my thoughts on this rip-off.
Jerry
Chandler, Arizona
U.S.A.
2 Updates & Rebuttals
Angela
Tucson,Arizona,
U.S.A.
Before people riddle this man with nastiness, please read!
#3Consumer Suggestion
Wed, November 10, 2004
I understand completely what you're saying Jerry. But before everyone posts to this and chastises Jerry for not managing his checkbook better, try and remember that everyone, no matter who you are, at some point or another has had a mistake in their checkbook. If you haven't than I will say you are either a mathmatical genius or you don't have a checking account and I applaude you. And I will exclude those people who 'float' checks and transactions on a regular basis, because that is irresponsible. But for the everyday working or retired person, I have confirmed through my research with both Bank of America customers and the Federal Reserve, that banks have designed software to process transactions so that they get the most fees possible if the account will inevitably be overdrafted. I have printed online statements where Bank of America has shown, online, that checks or other debits have cleared and are no longer in a pending status, only to come back later on and see those same checks or transactions reversed and posted before other smaller transactions so as to deplete the account the fastest and result in more fees.
My suggestion, is that aside from complaining to the bank, which will only probably result in a few refunded fees and nothing more, switch banks. Bank of America has so many disgruntled customers, if even half of them pulled their accounts there may be something done. But, if you chose not to and the same thing happens if you fall short again, please, don't say I didn't warn you.
D
At A Bank In Florida,Florida,
U.S.A.
How much should the fee be?
#3Consumer Comment
Tue, November 09, 2004
I was just wondering What fee amount WOULD be reasonable to you? That is the amount that would teach you not to overdraw your account? Have a nice day.