Complaint Review: Bank Of America

Purple Nights,

I'm glad to hear you enjoy being a member of a credit union. I have two accounts, one with Bank of America and another with a credit union. I keep the credit union account because I have my car loan with the credit union and I get a .25% rate cut for keeping an open checking account. I use BofA for my primary checking.

Now, why do I do this, you might ask, since in your estimation BofA is only out to make a profit. First off, BofA offers a number of things that my credit union doesn't offer. My credit union doesn't have a particularly good online banking system. It doesn't have free online bill pay, and I had to go through a credit check in order to get a Visa branded debit card.

Does BofA exist to make a profit? Of course. All for profit companies do. Does BofA make a profit off of my checking account? I'm sure they do. I use my checkcard quite often and I'm sure they make money off of the interchange fees, but I do not overdraw my account and so they do not make profit from overdraft fees. The credit union does a fine job servicing my car loan but they simply don't offer the services I need.

As far as your deposited check, the credit union is able to hold checks the same as a large bank. Back when I was in college I deposited one check that turned out to be NSF. For the rest of the life of that account, the credit union held every check I deposited for at least 2 business days. By contrast, I've only ever had one check held with BofA. It was an out of state check for over $5K and it was held for 5 business days.

In terms of processing items my credit union is no different from BofA. They hold items, they process debits high to low, they charge fees if the account becomes overdrawn. At the end of the day, if you're a responsible account holder then it doesn't matter which you use. All that matters is what services you want and whether or not your financial institution offers them.

'Google' this- INSIDE THE MELTDOWN, and watch that 'Frontline' special that aired on PBS!!!!

Thank you.

SPREAD THIS ALL OVER THE WEB!

P.S. Don't forget to 'Google' this- DID SPECULATION FUEL OIL PRICE SWINGS, and watch that too!


POWER TO THE PEOPLE

These big banks are simply out to make a profit on the backs of their customers. There is no rationale for them to do this. I repeatedly keep telling people to get out of all the big banks, and join a credit union. A good example of excellence in customer service: Friday, I went to my credit union to deposit a check I had received from a family member form out of state. It wasn't a small check, $500, which I had loaned a family member to buy an airplane ticket, and was being repaid. I took the check to the credit union and deposited it into my account. When I got home, I checked my balance online, and it showed both the balance and the funds available amounts the same. I was prepared for the check to be held, especially since it was from out of state, and drawn on a small bank. But my credit union deposited the check and made the money AVAILABLE to me immediately. No holds were placed, and the funds were there. Had this been B of A, more than likely, they would have held this check for several days, before it would be made available to me. It amazes me how credit unions do not have to "trick" their customers into fees to make a profit, and do very well without taking government money. These places look out for the customer, just the opposite of the big banks, where you have to constantly look over your shoulder to see what tricks they are going to pull next to attack your account with, and even with all these fee-generating schemes, they still cannot make it without government intervention. I strongly encourage anyone who wants to say money, and worry, to shop around and find a good credit union. It is one of the best things I have done for myself.

Answer for Susan. Bank of America does post deposits before debits during it's nightly posting, like most other banks. But what's weird is, the nightly posting doesn't matter. They have already PRE-DETERMINED the fees in advance of the nightly posting, the minute the card is swiped at the store. Here's an example:

You have $50 in the bank. You go swipe your card at Walmart for a $100 purchase. Your AVAILABLE balance is now overdrawn by ($50). You realize the mistake and immediately go to the bank to make a $200 CASH deposit, before cutoff. Here's what Bank of America does during nightly posting.

1. Beginning Balance = $50
2. Deposit $200, Balance = $250
3. Walmart purchase $100, Balance = $150
4. Overdraft Fee $35, Balance = $115

Even though your ACCOUNT balance is never reflected as negative in the LEDGER, it was negative at the precise moment the card was swiped at Walmart. Even before the transaction posts, it is determined at the point of sale that a fee will be charged no matter how much money you deposit in the bank before cutoff. In the past, their policies allowed customers to do this. But they have now closed that loophole so savvy customers couldn't exploit and take advantage of the system. No problem or complaint there.

But what if these PENDING and UNPOSTED debit holds are not caused by the customer but by the merchants instead? Still the customer is penalized with a fee for the merchant's mistake. Or, what if the merchant realizes their mistake as well. They later remove the debit hold and never send in the transaction for payment. Again, the fee has been pre-determined the minute the hold was placed. So now the merchant is going to CRY FOUL, like the customer, because Bandits of America will go after the merchant to reimburse the fee to the customer, even thoughy the merchant never sent in any payment request. Even though no ACTUAL money ever OFFICIALLY changed hands between the customer's and merchant's bank accounts, the Bandits of America are going to make someone pay FOR NOTHING, and they could care less who it is.

And that's the ripoff here.

appears as an 'Update' to Fausto's Rip Off Report that was dated 12-21-2008 at the TOYOTA page of this site the last time I checked.

Go read 'PONZI POEM', & sing 'PONZI THE BEAUTIFUL'.

Thank you.

POWER TO THE PEOPLE

My bank always posts deposits before debits. The same with US Bank and my little Bank Midwest. If I see I am overdrawn in the am and go make a cash deposit before close of business they always post deposits first, especially cash or payroll. A check may be held for a day. Sounds like you need to switch banks!!

are both available as 'Updates' to Fausto's Rip Off Report at the TOYOTA page of this site!

I believe Fausto posted his Rip Off Report around 12-18-2008, or thereabouts.

Go to the TOYOTA page of this site and scroll back to Fausto's Rip Off Report and read 'PONZI POEM', which is about Bernard Madoff, and sing 'PONZI THE BEAUTIFUL', which is about how much of our economy in the USA operates.

POWER TO THE PEOPLE

They can post the cash as soon as they post all of the debits since they were incurred BEFORE the cash was deposited. Once all of the overdraft fees posted, then the cash can post to the account. By the OP's own posting, the overdraft was their fault - that's what happens when you keep an inaccurate register.

B of A should have posted the cash deposit immediately. Once the cash is handed to the teller, the bank has received the money. there is no rationale to place a "hold" on cash. Yes, the initial overdraft and its fees should have to be paid (the alert that was received online announcing the OD), however, the other overdrafts appear to be part of the "pending" overdraft scheme that B of A has begun to acquire additional fees. The additional overdrafts did not post until after 4 PM. The cash deposit was made midday, and should have posted immediately and should have covered the "pending" overdraftes once they POSTED. I know that is not the way B of A does it, but this is how it should be done correctly. I cannot wait for the day when these big banks fall like a house of cards. Get out of these big banks, or they will work to bring about your ruin.

is available by simply 'Googling' this- RIP OFF REPORT TOYOTA MOTOR CORPORATION USA MANIPULATION, and it appears as an 'Update' to Charlene's Rip Off Report that was posted at the Toyota page of this site.

POWER TO THE PEOPLE

The reality is that using an account register and reconciling that register with a monthly account statement from the bank will prevent any account holder from causing any NSF/OD fees.

The majority (if not all) of the reports I've read about NSF/OD fees have common behaviors of the account holders:

using atm cards for everyday purchases.
using more than ONE card attached to the account (husband and wife)
using atm cards for online purchases.
using atm cards for 'auto-bill pay' (autodebits)
relying upon telephone or online account balances to determine what money is available for that shopping trip to Walmart.
*NOT using an account register.
*not reconciling an account register with the scheduled monthly account statement generated by the bank.

Ways to avoid these NSF/OD fees:

1. Use an account register and reconcile the account register with a monthly written statement generated by the bank. If the bank is not mailing statements, contact customer service to have monthly statements MAILED to you.

1a. Be aware of ATM fees, such as the 'non-bank ATM fee' that most banks charge when you use an ATM that is not owned by your bank to make a withdrawal and post that fee in your account register immediately.

1b. Also be aware of any monthly 'account service fee' charged by your bank and post that to your register on the appropriate date.

2. Do NOT GIVE bank account information (or ATM card info) to any merchant, service provider, utility, online service to pay for services and goods. Use a REAL credit card for this purpose (either secured cc or unsecured cc.) Do not setup any automatic deposit to an account that is attached to said cc-NO auto payments to CC company-mail a check each month. If the entity demanding payment makes a mistake, you're gonna have a host of problems and risk OD/NSF fees.

3. Do NOT use an ATM card for everyday expenses-USE CASH. Establish a monthly budget and withdrawal a weekly 'allowance' for every day expenses such as 'milk and bread' from the corner store, Burger King, etc. This will reduce the amount of transactions on the bank account which in turn makes RECONCILING the account and detecting ERRORS easier to accomplish. Again, if the entity demanding payment makes a mistake, you're gonna risk NSF/OD fees.

4. Do not shop with the ATM card-use a real credit card. A real credit card offers protections that you don't have with an ATM card. If the merchant/service makes a mistake, you can dispute it with the CC company WITHOUT getting any OD/NSF. Not true if you use an ATM card-if the merchant makes a mistake, your money is gone until you can convince your bank to give it back, as well as OD/NSF fees.

5. ONLY ONE ATM CARD to one account. Do NOT have 2 or more atm cards for one bank account. Having 'his and hers' ATM cards attached to the same account is the same as in the old days when some folks would have 2 checkbooks for writing checks. It was an invitation to disaster then, and it is today.

6. Verify that deposits to the account have actually cleared. Deposits can take anywhere between 1 and 5 BUSINESS days to clear depending on the type and/or source of the deposit.

Follow ALL of these suggestions and you will NEVER pay an OD/NSF fee again unless it is a LEGITIMATE bank error, and then the bank will gladly and quickly rectify the situation and credit any fees generated as well as contact payees and cover any fees the payees assess to you.

This is a tried and true method to avoid these fees. It works EVERY TIME it's tried.

Oh, I almost forgot one last item- ignore Karl.

The reality is that using an account register and reconciling that register with a monthly account statement from the bank will prevent any account holder from causing any NSF/OD fees.

The majority (if not all) of the reports I've read about NSF/OD fees have common behaviors of the account holders:

using atm cards for everyday purchases.
using more than ONE card attached to the account (husband and wife)
using atm cards for online purchases.
using atm cards for 'auto-bill pay' (autodebits)
relying upon telephone or online account balances to determine what money is available for that shopping trip to Walmart.
*NOT using an account register.
*not reconciling an account register with the scheduled monthly account statement generated by the bank.

Ways to avoid these NSF/OD fees:

1. Use an account register and reconcile the account register with a monthly written statement generated by the bank. If the bank is not mailing statements, contact customer service to have monthly statements MAILED to you.

1a. Be aware of ATM fees, such as the 'non-bank ATM fee' that most banks charge when you use an ATM that is not owned by your bank to make a withdrawal and post that fee in your account register immediately.

1b. Also be aware of any monthly 'account service fee' charged by your bank and post that to your register on the appropriate date.

2. Do NOT GIVE bank account information (or ATM card info) to any merchant, service provider, utility, online service to pay for services and goods. Use a REAL credit card for this purpose (either secured cc or unsecured cc.) Do not setup any automatic deposit to an account that is attached to said cc-NO auto payments to CC company-mail a check each month. If the entity demanding payment makes a mistake, you're gonna have a host of problems and risk OD/NSF fees.

3. Do NOT use an ATM card for everyday expenses-USE CASH. Establish a monthly budget and withdrawal a weekly 'allowance' for every day expenses such as 'milk and bread' from the corner store, Burger King, etc. This will reduce the amount of transactions on the bank account which in turn makes RECONCILING the account and detecting ERRORS easier to accomplish. Again, if the entity demanding payment makes a mistake, you're gonna risk NSF/OD fees.

4. Do not shop with the ATM card-use a real credit card. A real credit card offers protections that you don't have with an ATM card. If the merchant/service makes a mistake, you can dispute it with the CC company WITHOUT getting any OD/NSF. Not true if you use an ATM card-if the merchant makes a mistake, your money is gone until you can convince your bank to give it back, as well as OD/NSF fees.

5. ONLY ONE ATM CARD to one account. Do NOT have 2 or more atm cards for one bank account. Having 'his and hers' ATM cards attached to the same account is the same as in the old days when some folks would have 2 checkbooks for writing checks. It was an invitation to disaster then, and it is today.

6. Verify that deposits to the account have actually cleared. Deposits can take anywhere between 1 and 5 BUSINESS days to clear depending on the type and/or source of the deposit.

Follow ALL of these suggestions and you will NEVER pay an OD/NSF fee again unless it is a LEGITIMATE bank error, and then the bank will gladly and quickly rectify the situation and credit any fees generated as well as contact payees and cover any fees the payees assess to you.

This is a tried and true method to avoid these fees. It works EVERY TIME it's tried.

Oh, I almost forgot one last item- ignore Karl.

The reality is that using an account register and reconciling that register with a monthly account statement from the bank will prevent any account holder from causing any NSF/OD fees.

The majority (if not all) of the reports I've read about NSF/OD fees have common behaviors of the account holders:

using atm cards for everyday purchases.
using more than ONE card attached to the account (husband and wife)
using atm cards for online purchases.
using atm cards for 'auto-bill pay' (autodebits)
relying upon telephone or online account balances to determine what money is available for that shopping trip to Walmart.
*NOT using an account register.
*not reconciling an account register with the scheduled monthly account statement generated by the bank.

Ways to avoid these NSF/OD fees:

1. Use an account register and reconcile the account register with a monthly written statement generated by the bank. If the bank is not mailing statements, contact customer service to have monthly statements MAILED to you.

1a. Be aware of ATM fees, such as the 'non-bank ATM fee' that most banks charge when you use an ATM that is not owned by your bank to make a withdrawal and post that fee in your account register immediately.

1b. Also be aware of any monthly 'account service fee' charged by your bank and post that to your register on the appropriate date.

2. Do NOT GIVE bank account information (or ATM card info) to any merchant, service provider, utility, online service to pay for services and goods. Use a REAL credit card for this purpose (either secured cc or unsecured cc.) Do not setup any automatic deposit to an account that is attached to said cc-NO auto payments to CC company-mail a check each month. If the entity demanding payment makes a mistake, you're gonna have a host of problems and risk OD/NSF fees.

3. Do NOT use an ATM card for everyday expenses-USE CASH. Establish a monthly budget and withdrawal a weekly 'allowance' for every day expenses such as 'milk and bread' from the corner store, Burger King, etc. This will reduce the amount of transactions on the bank account which in turn makes RECONCILING the account and detecting ERRORS easier to accomplish. Again, if the entity demanding payment makes a mistake, you're gonna risk NSF/OD fees.

4. Do not shop with the ATM card-use a real credit card. A real credit card offers protections that you don't have with an ATM card. If the merchant/service makes a mistake, you can dispute it with the CC company WITHOUT getting any OD/NSF. Not true if you use an ATM card-if the merchant makes a mistake, your money is gone until you can convince your bank to give it back, as well as OD/NSF fees.

5. ONLY ONE ATM CARD to one account. Do NOT have 2 or more atm cards for one bank account. Having 'his and hers' ATM cards attached to the same account is the same as in the old days when some folks would have 2 checkbooks for writing checks. It was an invitation to disaster then, and it is today.

6. Verify that deposits to the account have actually cleared. Deposits can take anywhere between 1 and 5 BUSINESS days to clear depending on the type and/or source of the deposit.

Follow ALL of these suggestions and you will NEVER pay an OD/NSF fee again unless it is a LEGITIMATE bank error, and then the bank will gladly and quickly rectify the situation and credit any fees generated as well as contact payees and cover any fees the payees assess to you.

This is a tried and true method to avoid these fees. It works EVERY TIME it's tried.

Oh, I almost forgot one last item- ignore Karl.

The reality is that using an account register and reconciling that register with a monthly account statement from the bank will prevent any account holder from causing any NSF/OD fees.

The majority (if not all) of the reports I've read about NSF/OD fees have common behaviors of the account holders:

using atm cards for everyday purchases.
using more than ONE card attached to the account (husband and wife)
using atm cards for online purchases.
using atm cards for 'auto-bill pay' (autodebits)
relying upon telephone or online account balances to determine what money is available for that shopping trip to Walmart.
*NOT using an account register.
*not reconciling an account register with the scheduled monthly account statement generated by the bank.

Ways to avoid these NSF/OD fees:

1. Use an account register and reconcile the account register with a monthly written statement generated by the bank. If the bank is not mailing statements, contact customer service to have monthly statements MAILED to you.

1a. Be aware of ATM fees, such as the 'non-bank ATM fee' that most banks charge when you use an ATM that is not owned by your bank to make a withdrawal and post that fee in your account register immediately.

1b. Also be aware of any monthly 'account service fee' charged by your bank and post that to your register on the appropriate date.

2. Do NOT GIVE bank account information (or ATM card info) to any merchant, service provider, utility, online service to pay for services and goods. Use a REAL credit card for this purpose (either secured cc or unsecured cc.) Do not setup any automatic deposit to an account that is attached to said cc-NO auto payments to CC company-mail a check each month. If the entity demanding payment makes a mistake, you're gonna have a host of problems and risk OD/NSF fees.

3. Do NOT use an ATM card for everyday expenses-USE CASH. Establish a monthly budget and withdrawal a weekly 'allowance' for every day expenses such as 'milk and bread' from the corner store, Burger King, etc. This will reduce the amount of transactions on the bank account which in turn makes RECONCILING the account and detecting ERRORS easier to accomplish. Again, if the entity demanding payment makes a mistake, you're gonna risk NSF/OD fees.

4. Do not shop with the ATM card-use a real credit card. A real credit card offers protections that you don't have with an ATM card. If the merchant/service makes a mistake, you can dispute it with the CC company WITHOUT getting any OD/NSF. Not true if you use an ATM card-if the merchant makes a mistake, your money is gone until you can convince your bank to give it back, as well as OD/NSF fees.

5. ONLY ONE ATM CARD to one account. Do NOT have 2 or more atm cards for one bank account. Having 'his and hers' ATM cards attached to the same account is the same as in the old days when some folks would have 2 checkbooks for writing checks. It was an invitation to disaster then, and it is today.

6. Verify that deposits to the account have actually cleared. Deposits can take anywhere between 1 and 5 BUSINESS days to clear depending on the type and/or source of the deposit.

Follow ALL of these suggestions and you will NEVER pay an OD/NSF fee again unless it is a LEGITIMATE bank error, and then the bank will gladly and quickly rectify the situation and credit any fees generated as well as contact payees and cover any fees the payees assess to you.

This is a tried and true method to avoid these fees. It works EVERY TIME it's tried.

Oh, I almost forgot one last item- ignore Karl.

OVERDRAFT POEM

My money's all gone
The bank's CEO laughed
I call it theft by deception
He says it's a BANK OVERDRAFT!

We can't afford salmon or tuna
Gotta go fishing for carp
The bank's CEO keeps laughing
Government still throwing them TARP.

That the TAXPAYER'S money
They're getting richer each day
While we're all fishing for carp
They're eating lobster & fillet!

Obama said he's for us
Said it in last year's campaign
Now we're losing our jobs
While CEO'S sip their champagne!

What's going on in this country
Seems as though everyone lied
No more salmon or tuna
Only carp that's deep-fried.

OVERDRAFT POEM is over
Got me a fish that's a bitin'
I'll fillet it & deep fry it
And I'll never stop fightin'!

End.


SPREAD THIS RIP OFF REPORT ALL OVER THE WORLDWIDE WEB!

Thank you.

POWER TO THE PEOPLE

You saw online that your account was already overdrawn and after that tried to deposit money so that you would not be charged overdraft fees? Sorry, but the money was already spent.. they DID honor the charges/checks you wrote and therefore, you owe them overdraft fees for each item. The debits were made BEFORE the deposit.

It's hard to make BoA look innocent, but you sure did the trick. You wrote checks (or used your card) when you didn't have the funds in the account. (a felony in some states). Then you tried to make a deposit to cover them before they cleared. It doesn't work that way, and it hasn't for some time. The days of the float game are long gone at all financial institutions.