- Report: #402994
Complaint Review: Bank Of America - Memphis Tennessee
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Bank Of America
3741 Winchester Rd Memphis, 38101 Tennessee, U.S.A.
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800-4321000
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Bank Of America and its Overdraft fee software is Outrageous !! Memphis Tennessee
That's right, another complaint concerning overdraft fees with Bank of America (BOA). Before you naysayers rise up against me, let me first tell you that I did not monitor my account or my spending as closely as I should have. Now with that being said, let me say this.
My checking account was -$136 (negative). After discovering this, I immediately transferred $300 from savings to my checking. Later on that night after 1 am, I discovered that my account was -$145 (negative). I asked myself how could this be.. I rectified this situation about 10 hrs earlier.
The next morning I contacted BOA and asked an explanation of how this could have happened. I was told that the system recognized that i overdrew my account an accessed my account the overdraft fee of $35 five times. Ouch!
Let me explain to you what I believed happened: The computer software charged me again for 5 items which caused my account to be overdrawn again even after I moved the $300 over from savings to checking.
The BOA contact explained to me that those additional charges were from today and that the previous charges were from the day before. Here is where it gets CrAZy. Before we got off the phone, she stated that "once you get an overdraft fee it unfortunately begins to s****..
My checking account was -$136 (negative). After discovering this, I immediately transferred $300 from savings to my checking. Later on that night after 1 am, I discovered that my account was -$145 (negative). I asked myself how could this be.. I rectified this situation about 10 hrs earlier.
The next morning I contacted BOA and asked an explanation of how this could have happened. I was told that the system recognized that i overdrew my account an accessed my account the overdraft fee of $35 five times. Ouch!
Let me explain to you what I believed happened: The computer software charged me again for 5 items which caused my account to be overdrawn again even after I moved the $300 over from savings to checking.
The BOA contact explained to me that those additional charges were from today and that the previous charges were from the day before. Here is where it gets CrAZy. Before we got off the phone, she stated that "once you get an overdraft fee it unfortunately begins to s****..
2 Updates & Rebuttals
Edgeman
Chico,California,
U.S.A.
What's the problem?
#2Consumer Comment
Fri, December 19, 2008
The OP concedes that the overdrafts were his fault. It seems like we don't have an issue here. As Steve noted, the $300 transfer was AFTER the transactions that caused the account to overdraft. I don't blame you for being upset about the money. It sucks, no argument. But you can control your account balance. No need for a class action lawsuit that won't go anywhere. And yes, I have overdrafted in the past. I was once charged for two OD fees and I decided that I didn't want to pay those fees again.
Steve
Bradenton,Florida,
U.S.A.
Drake, the method does indeed suck, but there is actually no "rip off" here.
#3Consumer Comment
Fri, December 19, 2008
Drake, First, I want to thank you upfront for accepting responsibility for not properly managing your account. You know you failed to keep an accurate checkbook register and/or you spent money that you knew was not in your account. Most people blame the bank for the nsf fee itself. However, the method of calculating available balance and the application of fees is all covered in the agreement you signed when you opened the account. Therefore, there is no ripoff here. Furthermore, it is common banking practice to apply checks/charges before deposits/credits in the same business day. Therefore, the $300 deposit you made, was BEHIND the pending nsf fee items for that business day for posting purposes. Again, no rip off. It is policy at most banks. Therefore, there is no "cause of action" for a class action lawsuit, because there was no legal violation and there was no violation of the terms and conditions of your account. After all, you signed an agreement when you opened the account, right? I cannot stress enough the importance of maintaining an ACCURATE checkbook register. THat is the ONLY solution here.
