Bank Of America Stole from my savings account (Christmas money for kids presents!) San Diego California
I have been a BofA customer for about 2 1/2 years. I have a checking and savings account threw them. This was an account I set up myself and have maintained. The reason I am upset is because I have been saving some money for this coming. I haven't looked at my account for what I would say is the better half of 2 weeks. Totally forgeting about the funds I had in my savings.
Well today I decided to check on my account and wouln't you know I HAD $225.00 in my savings. This is the way it happened. I guess a transaction had occured in my checking since I last checked my account which they tell me mounted to $121.00 ($52.00 to one of my payess and 2 overdrafts of $35)and so they took it upon themselves to deduct this amount from my savings and on top of that charged me another $10.00 for having to do so. Now as of today another $90.00 is to be deducted from my account to cover some fantom $131.00 debit plus any additional overdraft charges they would like to add.
Now please note that I never signed up for the overdraft protection from my savings account. As far as the Customer Service rep could see from him computer and my account history he could see that I wasn't the one who placed the savings overdraft protection on my account it looks as though one day it just happened and since it had already gone threw my checking account there was nothing that they could do about it. Also let me point out the $90 is still pending at this time but again I was told there is nothing they can do sorry for any inconvences.
So I went into a branch to speak with someone personally because that just didn't sound right and would you know it this dude has his nose so far up in the air towards me that I dought he has even seen my face and talk about s****.>
He then says this is just the way we do it. If you have overdrafts in your checking and over $50 in your savings we will move that money over to cover it.All I can do is refund the $10.00 we charged to your account.I knew this not to be true. This man was coming up with every reason as to why they will not return my money, I remembered that I had asked the rep with whom I had spoken with on the phone is this automatic and he assured me no this is something you have to request and I don't have any records that show that you requested this. I then asked the suit at the bank if there was someone else I could talk to? He said yeah you can call Customer Solutions and handed me a card, I said ok thank you I 'll give them a call ,he then says sorta under his breath please do and rolled his eyes. I looked at him side ways and told my daughter to get up and lets go.
Isn't this illigal? What the difference in the bank taking for my account without my concent and a stranger? And who's gonna be the one to tell my kids mommie don't have money for gifts now?
Sumthin smells funny!
SAN DIEGO, California
U.S.A.
5 Updates & Rebuttals
Jim
Anaheim,California,
U.S.A.
Pretty Standard Fare
#6Consumer Comment
Wed, December 19, 2007
It's obvious the overdraft was setup, or the bank would have rejected a check and you would have bounced a check or two. No one likes bounced checks because they have a way of ruining an account holder's credit. In other words, it would have been your credit damaged when the check bounced. If given an option between ruined credit and overdraft, account holders choose overdraft. What can happen if your credit is ruined? Only the following:
1. Inability to obtain a decent job since employers check credit of prospective employees now.
2. Inability to find a decent place to live
3. Inability to finance a car with a reasonable interest rate
4. Inability to obtain credit at a reasonable interest rate
It is better to have overdraft than ruined credit.
Now, can they transfer from savings to checking? Probably, but it depends largely on the account setup again. I say probably because the bank always pitches the idea that you can insure your checking account won't overdraft for any extended period without a transfer from savings to checking (and vice-versa). Most banks out there (not just this one) link the two accounts. So if you're asking if the bank can transfer the money without your consent - the answer is it depends on the account setup when the account was created. If they are linked, - the answer is absolutely YES, they can and they transfer without coming to you each time asking for permission.
It doesn't sound from your ROR that you questioned the overdraft in your checking account - I suspect you knew you were overdrafted. The one good thing in doing the transfer is that the bank would continually pile on daily NSF fees to your account at a rate of $35/day. If the bank had not performed the transfer when they did, you would not have any of the $225 in your savings. As it is, the bank actually performed a service that benefitted you (I'm always amazed when banks do something that benefits a customer and not themselves) at their expense. The bank saved you $100+, which doesn't save anything, but it at least puts some food on the table.
Best of luck to you.
Jim
Anaheim,California,
U.S.A.
Pretty Standard Fare
#6Consumer Comment
Wed, December 19, 2007
It's obvious the overdraft was setup, or the bank would have rejected a check and you would have bounced a check or two. No one likes bounced checks because they have a way of ruining an account holder's credit. In other words, it would have been your credit damaged when the check bounced. If given an option between ruined credit and overdraft, account holders choose overdraft. What can happen if your credit is ruined? Only the following:
1. Inability to obtain a decent job since employers check credit of prospective employees now.
2. Inability to find a decent place to live
3. Inability to finance a car with a reasonable interest rate
4. Inability to obtain credit at a reasonable interest rate
It is better to have overdraft than ruined credit.
Now, can they transfer from savings to checking? Probably, but it depends largely on the account setup again. I say probably because the bank always pitches the idea that you can insure your checking account won't overdraft for any extended period without a transfer from savings to checking (and vice-versa). Most banks out there (not just this one) link the two accounts. So if you're asking if the bank can transfer the money without your consent - the answer is it depends on the account setup when the account was created. If they are linked, - the answer is absolutely YES, they can and they transfer without coming to you each time asking for permission.
It doesn't sound from your ROR that you questioned the overdraft in your checking account - I suspect you knew you were overdrafted. The one good thing in doing the transfer is that the bank would continually pile on daily NSF fees to your account at a rate of $35/day. If the bank had not performed the transfer when they did, you would not have any of the $225 in your savings. As it is, the bank actually performed a service that benefitted you (I'm always amazed when banks do something that benefits a customer and not themselves) at their expense. The bank saved you $100+, which doesn't save anything, but it at least puts some food on the table.
Best of luck to you.
Jim
Anaheim,California,
U.S.A.
Pretty Standard Fare
#6Consumer Comment
Wed, December 19, 2007
It's obvious the overdraft was setup, or the bank would have rejected a check and you would have bounced a check or two. No one likes bounced checks because they have a way of ruining an account holder's credit. In other words, it would have been your credit damaged when the check bounced. If given an option between ruined credit and overdraft, account holders choose overdraft. What can happen if your credit is ruined? Only the following:
1. Inability to obtain a decent job since employers check credit of prospective employees now.
2. Inability to find a decent place to live
3. Inability to finance a car with a reasonable interest rate
4. Inability to obtain credit at a reasonable interest rate
It is better to have overdraft than ruined credit.
Now, can they transfer from savings to checking? Probably, but it depends largely on the account setup again. I say probably because the bank always pitches the idea that you can insure your checking account won't overdraft for any extended period without a transfer from savings to checking (and vice-versa). Most banks out there (not just this one) link the two accounts. So if you're asking if the bank can transfer the money without your consent - the answer is it depends on the account setup when the account was created. If they are linked, - the answer is absolutely YES, they can and they transfer without coming to you each time asking for permission.
It doesn't sound from your ROR that you questioned the overdraft in your checking account - I suspect you knew you were overdrafted. The one good thing in doing the transfer is that the bank would continually pile on daily NSF fees to your account at a rate of $35/day. If the bank had not performed the transfer when they did, you would not have any of the $225 in your savings. As it is, the bank actually performed a service that benefitted you (I'm always amazed when banks do something that benefits a customer and not themselves) at their expense. The bank saved you $100+, which doesn't save anything, but it at least puts some food on the table.
Best of luck to you.
Jim
Anaheim,California,
U.S.A.
Pretty Standard Fare
#6Consumer Comment
Wed, December 19, 2007
It's obvious the overdraft was setup, or the bank would have rejected a check and you would have bounced a check or two. No one likes bounced checks because they have a way of ruining an account holder's credit. In other words, it would have been your credit damaged when the check bounced. If given an option between ruined credit and overdraft, account holders choose overdraft. What can happen if your credit is ruined? Only the following:
1. Inability to obtain a decent job since employers check credit of prospective employees now.
2. Inability to find a decent place to live
3. Inability to finance a car with a reasonable interest rate
4. Inability to obtain credit at a reasonable interest rate
It is better to have overdraft than ruined credit.
Now, can they transfer from savings to checking? Probably, but it depends largely on the account setup again. I say probably because the bank always pitches the idea that you can insure your checking account won't overdraft for any extended period without a transfer from savings to checking (and vice-versa). Most banks out there (not just this one) link the two accounts. So if you're asking if the bank can transfer the money without your consent - the answer is it depends on the account setup when the account was created. If they are linked, - the answer is absolutely YES, they can and they transfer without coming to you each time asking for permission.
It doesn't sound from your ROR that you questioned the overdraft in your checking account - I suspect you knew you were overdrafted. The one good thing in doing the transfer is that the bank would continually pile on daily NSF fees to your account at a rate of $35/day. If the bank had not performed the transfer when they did, you would not have any of the $225 in your savings. As it is, the bank actually performed a service that benefitted you (I'm always amazed when banks do something that benefits a customer and not themselves) at their expense. The bank saved you $100+, which doesn't save anything, but it at least puts some food on the table.
Best of luck to you.
Billcoll01
MESA,Arizona,
U.S.A.
SIMPLE SOLUTION!
#6Consumer Comment
Tue, December 18, 2007
JUST TAKE THE MONEY THAT YOU WERE GOING TO USE TO REPLACE THE MONEY THAT YOU SPENT THAT YOU DIDNT HAVE IN THE ACCT IN THE 1ST PLACE & PUT IT IN YOUR SAVINGS TO REPLACE WHAT THEY MOVED. UNLESS YOU,WERE PLANNING TO NOT REPLACE THE MONEY THAT YOU SPENT THAT WAS NOT IN YOUR ACCT. IN THAT CASE, THEY ONLY REVERSED A RIPOFF THAT YOU WERE TRYING TO DO TO THEM. I DONT SEE THE PROBLEM, THE MANAGER OFFERED TO TO REFUND THE FEE. ITS NOT A RIPOFF IF YOU WERE PLANNING TO RIP THEM OFF 1ST SHAME ON YOU, YOUR CHILD WOULD PROLLY RATHER HAVE PRESENTS OBTAINED HONESTLY. BUT IM SURE STEVE & BART WILL COME ON HERE & CHALLENGE MY HONESTY BECAUSE I USED TO BE A DEBT COLLECTOR & THEY THINK ALL COLLECTORS ARE AS SCUMMY AS THEM. IM SURE TRUTH DETECTOR, OR WELFARE GUY , AS I LIKE TO CALL HIM WONT BE FAR BEHIND