I recently relocated and had not changed my bank yet. Indiana does not have any Bank of America locations so I drove 148 miles to Charleston IL to deposit my paycheck.

I arrived at 1:50 in the afternoon, but my deposit slip was stamped 2:01. I want home thinking all was right with the world.

When I checked online the next day, I noticed that the deposit had not cleared yet. Since my company also uses bank of America, I wondered what the problem was. I had three bills coming out of bill pay on the 15th. My cell phone, My BOA credit card and my BOA mortgage payment.

I called customer service and was told that it would clear that night, and I would be fine on my payments. The bank can see that the money was there. No problem.

I checked Saturday morning and sure enough, all my bills were paid, according to confirmation on billpay, but they had only deducted the cell phone bill from my account.

Remember, Monday was a holiday, and all seemed fine until tuesday. When I checked my accounts I noticed I had a $35.00 late charge on my credit card. I then checked bill pay and both my credit card and mortgage, that the day before had shown paid, showed payment failed due to lack of funds. I called my old Branch and spoke to the manager that I had dealt with for the past 15 years. She checked my account. She could not understand it, it did not look like they even attempted to withdraw the money. She gave me a special number to call customer service. Customer service says that there is nothing they could do. Even if I had scheduled the payment, and the money was there, it was scheduled within one week of its due date. They are not responsible for mix ups unless it is over 5 business dates prior to the due date. I had told her that neither payment was due until Monday, and I did not repay it on Saturday because the bank said it was paid. She said sorry, that is the way it goes.

Today, even though I re payed the bills on Tuesday, I got a $35.00 over the limit fee on my credit card. My card was driven over the limit because of the late fee. This is a small card I use for online shopping. I pay it off in full at the end of every month. I also got a 3% late fee on my mortgage. I have a copy showing the money was in the bank. They don't care. They screwed up by being careless with the mortgage crisis, and now are ripping off consumers to make up for the shortfall.

I had heard the horror stories, but, when I had over 100K in their CDs prior to buying my house, I had no problems, now that I have virtually wiped out savings for home ownership, they are ripping me off.....stay away from them...Even if they are treating you good, they are just waiting for the worst time in your life to pounce.

Cathy

Indianapolis, Indiana

U.S.A.

Click Here to read other Ripoff Reports on Bank Of America

20 Updates & Rebuttals

Karl

Highlands Ranch,
Colorado,
U.S.A.

BANK POEM BANK OF AMERICA RIPOFF!!

#2Consumer Comment

Thu, February 28, 2008

Just Google it!! BANK POEM BANK OF AMERICA RIPOFF SLUDGE POEM FED POEM TOYOTA RIPOFF SLUDGE POEM 2 P.S. Toyota's CEO quit his position exactly two weeks after SLUDGE POEM was posted here on 8-23-07!! Read the 9-7-07 Toyota Rip-off Report entitled: Toyota's CEO Can't Stand The Heat!! SPEAK OUT, AMERICA!! IT IS WORKING!!!!!!!!!!!!!

Karl

Highlands Ranch,
Colorado,
U.S.A.

EXTREMELY URGENT UPDATE FOR ALL AMERICANS!! FED POEM!!

#3Consumer Comment

Thu, February 28, 2008

You must Google- FED POEM TOYOTA RIPOFF and read 'Fed Poem'. Thank you!! God Bless all the honest Americans and all the honest people all over the world who are being MANIPULATED by these so-called 'leaders' ??? THE COLLAPSE HAS BEEN TRIGGERED!!

Exemployee18

Addison,
Texas,
U.S.A.

also FYI

#4Consumer Suggestion

Tue, February 26, 2008

I am a bank manager in Texas for a non BOA financial institution. I can also say that bill pay can be done two different ways. One way is they take the money right out electonically and submit it which drafts the funds the same day it is supposed to be processed. Also another way banks do it is the back office will cut a check and mail it to the company. When they do this the funds do not leave the account until the merchant has processed the check they received through their bank. By that time you may have accidentally utilized the funds that were made available for the payment and subsequentally received a NSF charge and I know that BOA has overdraft protection they tie to their own credit cards. This is justa suggestion as I am trying to get a full picture of what happened. Good luck and let me know if there is anything else I can do to help.

Michael

Waldorf,
Maryland,
U.S.A.

Receipts

#5Consumer Comment

Tue, February 26, 2008

Ten minutes is a big difference. I presume you drove your car to a branch and walked a few steps inside. Was the line long? Someone beat me to the punch about pending and posted, which was answered. The last time I used bill pay, it was taken out that night but didn't reflect as the night before till the following day. Direct deposit does take usually 1 or 2 cycles as someone said. I have noticed Bank of America show that as pending as well, but I haven't thought anything of it. I wonder if other banks do the same. I would go into the branch with your screen shots and show them what happened. I think you have a valid argument. Although I see you live quite a ways. Mail copies of your screen shots to the corporate office. I had an issue with Bank of America last year to the point where I complained to the Better Business Bureau and got responses fairly quickly from the corporate office. Mike Waldorf, MD

Cathy

Anderson,
Indiana,
U.S.A.

Response to Faron

#6Author of original report

Tue, February 26, 2008

It was posted, showed on my available balance, the whole 9 yards. The phone payment (payment made) was higher than the credit card and lower than the mortgage. As I said, my old personal banker in California was perplexed because she could not even find on the screen where they even attempted to take out any money for these two bills.

Cathy

Anderson,
Indiana,
U.S.A.

Response to Faron

#7Author of original report

Tue, February 26, 2008

Cathy

Anderson,
Indiana,
U.S.A.

Response to Faron

#8Author of original report

Tue, February 26, 2008

Cathy

Anderson,
Indiana,
U.S.A.

Response to Faron

#9Author of original report

Tue, February 26, 2008

Faron

Houston,
Texas,
U.S.A.

You stated you saw the check was deposited in so many words....

#10Consumer Comment

Tue, February 26, 2008

Did it show Pending beside the deposit or Posted? That would be the key. Because if it showed Pending then, it being a Friday would cause it to be posted on Tuesday, since Monday is a holiday. I have a BofA account and most all of my personal banking business is done online, so I am very familiar with their online screens. My checks are direct deposited on Friday and will show at midnight they are pending. They do post these at midnight on Saturday morning but I don't believe they do it for manual checks deposited with them. Since I don't trust BofA, I wait until the next business day to use bill pay or any ACH transactions to post against my deposit, which I know will be there Monday morning. Another thing they do, which you may have noticed with those three transactions, is they will take your bill pay in the highest order which can also cause you to have more overdrafts.

Cathy

Anderson,
Indiana,
U.S.A.

michaels question

#11Author of original report

Mon, February 25, 2008

I went in on Thursday the 14th. The time difference between actual time and their computers was enough to make it post on the 15th. According to their written policies, I still should have been ok. There is no record of them even making an attempt at collecting the monies out of my account to pay the bills. Bill pay money is not supposed to be collected until after that night and all deposits have been credited. I have saved a screen showing the check had been credited to my account on the 15th. I also have a print out where they showed under bill pay that both payments had been successfully made. However, they never deducted any money for those bills out of my account. There was a third bill to a phone company that was paid the same day. That went through without a hitch. It was only the two payments where they made money in fees that seemed to have problems. All weekend until Tuesday morning, it showed in my account the bills were paid. then Whamo, now that they were late, they showed that bill pay "failed" and they claim they have no responsibility what so ever. As to the person who commented that I should have had direct deposit. I have put in for it, payroll from different states in my company are done separately. When I was transfered, my old direct deposit was stopped, and they skip two pay periods before the new one begins. Hopefully, tomorrows pay will be direct deposited. I won't know that until morning.

Michael

Waldorf,
Maryland,
U.S.A.

Just To get Some Facts Straight

#12Consumer Comment

Mon, February 25, 2008

The original poster said this was dated for Feb. 12th which is a Tuesday. You deposited the check on Friday the 15th. 10 minutes is a big difference for a receipt to have a incorrect time. Does the receipt say posting date 2/15 or 2/19? Mike Waldorf, MD

Michael

Waldorf,
Maryland,
U.S.A.

Just To get Some Facts Straight

#13Consumer Comment

Mon, February 25, 2008

Michael

Waldorf,
Maryland,
U.S.A.

Just To get Some Facts Straight

#14Consumer Comment

Mon, February 25, 2008

Karl

Highlands Ranch,
Colorado,
U.S.A.

URGENT UPDATE TO ALL BANK OF AMERICA CUSTOMERS!!!

#15Consumer Comment

Sat, February 23, 2008

You must Google this: THERE ONCE WAS A BANK IN EARLY 2008 THAT DECIDED ONE DAY RIPOFF and read it! That is BANK POEM! Also Google this: SLUDGE POEM and read it. Toyota's CEO quit 2 weeks after that poem was posted here! Go to the 9-7-07 Rip Off Report on the TOYOTA page of this site and read the post that made this site's Front Page! Also, Google this: THE COLLAPSE HAS BEEN TRIGGERED RIPOFF and read the post and all Updates & Rebuttals. Pay close attention to Pianoman's Update. He has some good advice. Sing us your song, Mr. Pianoman , sing us your song tonite, there are Americans reaching out for the answers, and it looks like you've done things just right, oh la di da diddy daa, la la diddy da... POWER TO THE PEOPLE!!!!!!!!!!!

Steve

Bradenton,
Florida,
U.S.A.

Cathy, I think direct deposit is the obvious answer here!

#16Consumer Suggestion

Sat, February 23, 2008

Cathy, It makes no difference in regards to the time you made the deposit or when it was posted. You are just another person who cannot comprehend the funds availability policy that is common to almost all banks, not just BofA. Your first mistake is scheduling automatic payments when you are living paycheck to paycheck. This is a big mistake. In reality, you had payments scheduled without funds available to cover them. This is on you, not BofA. Why wait so late to make these payments? This is totally on you. And, FYI...There is no "mortgage crisis".

Cathy

Anderson,
Indiana,
U.S.A.

Response to Michael

#17Author of original report

Sat, February 23, 2008

The check was dated for the 12th. I just needed to wait until a day off to deposit it.

Cathy

Anderson,
Indiana,
U.S.A.

Response to Michael

#18Author of original report

Sat, February 23, 2008

The check was dated for the 12th. I just needed to wait until a day off to deposit it.

Cathy

Anderson,
Indiana,
U.S.A.

Response to Michael

#19Author of original report

Sat, February 23, 2008

The check was dated for the 12th. I just needed to wait until a day off to deposit it.

Cathy

Anderson,
Indiana,
U.S.A.

Response to Michael

#20Author of original report

Sat, February 23, 2008

The check was dated for the 12th. I just needed to wait until a day off to deposit it.

Michael

Waldorf,
Maryland,
U.S.A.

Posting Times

#21Consumer Comment

Fri, February 22, 2008

Do you know what the time that a deposit has to be made inside of a branch to post that day? I know you said you were there at 1:50 and the receipt you got said 2:01 which is a huge difference. Is it safe to assume the paycheck had 2/15/08 as the date? I thought with bill pay from experience that the items post that night and shows on your online statement as such. I am guessing this has something to do with that particular branch's posting policies. The branches in DC are usually 5 PM although one that I know of them is 7 PM. Through an ATM, 8 PM.

Reports & Rebuttal