- Report: #1324844
Complaint Review: Bank of America - Nationwide
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Author Confirmed
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Bank of America
Nationwide, USA
Phone:
800-432-1000
Web:
https://www.bankofamerica.com/smallbusiness/
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Bank of America beware of "Free" savings accounts Nationwide
Several years ago when I was in the bank making a deposit, they asked me if I wanted to open a free savings account. Since it was free I said "why not" they set me up with "save the change" and "over draft protection" I never really used the account but everytime I used my debit card the change went into this account. It was kind of cool because every few months I would find my balance was up to $100
Well lately I noticed that my balance has stayed around $2-$5 So I went online and looked at the account. It is now a checking account and I'm being charged $12 a month. I called and was told that because in one month I made over 5 withdrawels the account became a Checking account. WHAT THE H ..... the guy said that for over a year they have been charging me $12 a month .... he said by law they are allowed to do this and don't have to notify me and they won't refund any of the $12 charges. He said I should have read the fine print
This is so sneaky and underhanded ... they clipped me for about $200. My fault because I wasn't checking my balance. How many other people are they doing this to
SHAME ON YOU B of A
2 Updates & Rebuttals
Striderq
Columbia,South Carolina,
USA
BOA savings accounta and Fed Regulation D---
#2General Comment
Wed, August 31, 2016
From the BOA website, info for Florida accounts: Federal regulations and the Deposit Agreement and Disclosures limit the number of the following types of withdrawals and transfers from a savings account to a total of six (6) each monthly statement cycle (each month for savings accounts with a quarterly statement cycle): automatic or pre-authorized transfers, telephone transfers, Online and Mobile Banking transfers or payments or, if checks or debit cards are allowed on the account, check, draft and point-of-sale transactions. If you exceed these limits on more than an occasional basis, we may convert your account to another type of account and your account may no longer earn interest. Emphasis added.
So not only did you exceed the number of withdraws from your savings account, you did it on "more than an occasional basis" (often 2 out of 3 months or 3 times in a 6 month period). The information is easily available when you look at account information. You just chose to ignore it (like your statements) and then blame the bank.
Robert
Irvine,California,
USA
Yes you are at fault....
#3Consumer Comment
Sat, August 27, 2016
As the account holder it is YOUR responsibility to manage YOUR account.
Now, I could give you a "pass" on not knowing that a SAVINGS account was for (shocking) SAVINGS. Where if you do excessive withdraws the bank is bound by FEDERAL LAW to change the status of the account to a deposit account aka "checking". As for what is excessive, that really depends on the exact type of the account. But it could be anywhere from 4-6 witdraws in a single month.
But I call BS on the employee telling you that they don't have to notify you. As I can just about guarantee that you got at least one letter stating this was happening....oh and let us not forget that you had ignored about a years worth of statements as well. But one thing the employee was right about. All of that paperwork you got when you opened the account laid the terms out. It is up to you to read and understand it.
You see as the account holder YOU need to review your monthly statements whether they come in the mail or in an electronic format. Had you done this, the account may not have even been converted over. But if it had you would have know the very first month it happened.
