Complaint Review: Bank of America

publicly held bank and put it into a Credit Union, wouldn't you agree?

Credit Unions invest the money into the local community. Credit Unions also have someone who is in charge, and a customer can drive down to the Credit Union and request a meeting with that person if a problem occurs in any of their accounts, right?

Publicly held banks, like Bank of America, JP Morgan Chase, Citibank, Wells Fargo, US Bank, Goldman Sachs, Morgan Stanley, and the others, all have CEOS who are not readily available for meetings with their customers who might have problems with their accounts, correct?

Credit Unions haven't been exposed for 'gambling' on derivatives and credit default swaps with their customer's money, like many of the publicly held banks are doing.

Feel free to 'Google' this- FRONTLINE: MONEY, POWER AND WALL STREET, and watch that video on the web in order to understand how much of the publicly held banking system operates in the USA.

Good luck to you.

WELCOME TO AMERICA & EUROPE- OUR GOVERNMENTS ARE BEING CONTROLLED BY A CARTEL OF CORRUPT, GREEDY, AND INEPT BANKERS WHO ALSO CONTROL WALL STREET, THE EUROPEAN STOCK MARKETS, THE MILITARIES IN THE USA & EUROPE, THE MAINSTREAM MEDIA, THE PRICE OF OIL, AND MOST IMPORTANTLY; THE MINDS OF ALMOST EVERYONE LIVING IN THE USA AND IN EUROPE

Bank of America chooses a Scam over a customer!

(We'll attempt to unsubscribe you from these emails.) (The Key is attempt!)

The Identity and fraud war is very real and most Americans dont have access to a weapon to defend themselves!

Just 3 easy payments of 19.95 (ACH RED FLAG)

Only $4.99 a month (ACH RED FLAG) 

The TV and Internet payment system connected electronically to your Bank and credit cards
has become the most dangerous convenience you will ever encounter.     

Dating sites, Orgs, Greeting icards, Porn, Newspapers, Services, Banking, donations and stolen account information from company security attacks has put everyone in danger of serious financial insolvency. 

Any fly by night Scam company can post an ACH debit transaction on your account!
 
Every credit or ATM card you own can be accessed by anyone for an unauthorized transaction.

In order to protect yourself from theft you now have to contact every account you have, in
writing, and authorize ACH debit and electronic blocking. (Do it now!) 

Wire fraud occurs when someone other than an authorized individual performs a wire transfer to an account that is not intended as the recipient. 

ACH Definition: Automated Clearing House, a network of financial institutions that
facilitate electronic transfers. This system makes direct deposit, some bank
transfers, and some online bill payments possible. 

ACH fraud occurs when a clients account is accessed for unauthorized ACH payments (debits). 

Internet fraud takes several forms and is intended to intercept, view or redirect confidential information about the client and the clients financial information in order to compromise accounts and commit fraud. The worst forms of internet fraud create situations where the client believes they are dealing with legitimate Web sites that are in fact fraudulent. 

Who can you trust to protect your money and accounts?  Nobody!  

Anybody, from the Government on down, can take all your money and you have to is hire an expensive Attorney, after the fact and just hope you can get any of it back.  

The Identity and fraud war is very real and most Americans dont have any idea or access to any weapons to defend themselves! 

(When it comes to your money an honest weapon doesnt exist)

When you ask a bank to not allow overdrafts, it only effects debit card purchases. If you have $9.99 available in the account and try to spend $10.00 or more the card will be declined. But this does NOT effect checks and ACH debits coming in. Those going through to a negative balance is based on the bank's policy of how much over your balance they will pay. I'm puzzled and concerned that with the account history of overdrafts that you mentioned that they allowed a transaction of the amount to go through. What time and day of the week did you request the stop and close the account? This would determine when the stop and closure would have been effective, it's possible that the payment request was received by BOA and readied for processing and then you took the money they were going to pay it with out of the account. This is the only way that I could understand them paying that amount.

The problem is going to be getting your money back. A dispute won't work as you did indeed order the product. You may have to consider filing a small claims suit against the company. Especially since they've been paid and you still haven't received their product.I would urge you to bring the BOA account to a zero balance and close it as soon as possible. If BOA closes it while at a negative balance they will report it to Chex Systems and you won't be able to open a new account until BOA is paid. Even if you already have an account your current bank may tell you that you have to pay BOA or they will close your account also. Good luck on getting this squared away.

Thank you for your response. It might help others understand the extremely complicated implications of buying anything and trying to stop payment even if you never receive the product.     

I understand that using an ATM card for a purchase is a bad idea. 

I dont understand why, after I went to all the trouble to block my account from overdrafts, the bank would pay 504.85 when there were no funds in the account.

I am aware there is nothing I can do, cost effectively, to get money back if I didnt even receive the product.  I am not a CPA and have never worked in a bank but I am uncomfortable with the difficulty I have encountered when dealing with businesses lately.  

Maybe others will think more carefully before making a purchase in the future or using a Bank that had to settle a 410 million dollar lawsuit in court for overdraft fees.

If I have to have a law degree or be a CPA to do simple business with a bank I will pass. 

When you placed the stop payment, what amount was the stop for? Did you put it for $19.95 or for $504.85? If the stop was for $19.95 it would have no effect on the payment request for $504.85.

Additionally did you request a stop on a check or an ACH? Companies have figured out that some customers may place a stop on the check information they were given. So the company uses the routing number and account number and requests payment via ACH. A stop on a check will not effect an ACH payment (and vice versa).

Why did you close the account? This effectively deleted the stop payment.

The block on transactions taking you negative being rejected works on your debit card. Not on checks or ACH. If a check or ACH comes in that would take the account balance negative, the bank will follow their policy on whether to pay or reject the transaction. The debit card overdraft fee doesn't effect this decision. Stop payments cost money, usually around $30 or so. When you emptied and "closed" the account, the fee that hit was the fee for the stop payment not an OD fee. This fee caused the account to be reopened. (By the way, did you request the bank officer close the account or just assume an account with no money in it would be closed?) Most stop payments are good for 6 months and then must be placed again with a new fee or the item can go through.

The only complaint that I see you have is why with your history of overdrafts the bank approved the payment of the $504.85 when the money wasn't in it. (Although it being returned unpaid would have caused a NSF fee on your account.) As far as the dispute, the bank is correct, you did authorize the company to process this payment request. So you would need to try to get the company to refund the money.

And since you're probably going to go there, I'll tell you now that I don't work for BOA.

After reading your posting again. I can see that you were not aware that banks do not handle stop payments the way they used to. In the past you would go to your bank and say I want to issue a stop payment on this check and they would charge you anywhere from 5 to 10 dollars (maybe more).

I think if you check again you will see that stop payments are only good for a month now and if you want to permanently stop payment on a check you must pay for it each month (I think about 10 dollars a month). You may be able to pay for 12 months in advance by paying 120 dollars per check.

It would probably have been better to put a charge like that on your credit card then you could have tried to dispute it.

Review policies on stop payment of checks. I am not positive but you may find that if there is a signed contract that banks must pay the check (I think the same thing goes for credit cards though).

You have to sue Carleton Sheets to get your money back.