Complaint Review: Bank Of America - Watertown Massachusetts

...then people would be complaining that the bank was letting their $10 lunch check go thru but letting their house payment bounce so they'd lose their home and the bank could capitalize on the foreclosure? I think that regardless of the way the bank processess transactions, people will complain. My point is this--you have the ultimate power to keep the bank from making ANY fees by keeping an eye on your account. You also agree to the terms regarding NSF fees when you open your account (and when a bank merges, they provide you with updated information), so you can choose not to deal with a company who processes transactions in an order you do not agree with.

...then people would be complaining that the bank was letting their $10 lunch check go thru but letting their house payment bounce so they'd lose their home and the bank could capitalize on the foreclosure? I think that regardless of the way the bank processess transactions, people will complain. My point is this--you have the ultimate power to keep the bank from making ANY fees by keeping an eye on your account. You also agree to the terms regarding NSF fees when you open your account (and when a bank merges, they provide you with updated information), so you can choose not to deal with a company who processes transactions in an order you do not agree with.

...then people would be complaining that the bank was letting their $10 lunch check go thru but letting their house payment bounce so they'd lose their home and the bank could capitalize on the foreclosure? I think that regardless of the way the bank processess transactions, people will complain. My point is this--you have the ultimate power to keep the bank from making ANY fees by keeping an eye on your account. You also agree to the terms regarding NSF fees when you open your account (and when a bank merges, they provide you with updated information), so you can choose not to deal with a company who processes transactions in an order you do not agree with.

...then people would be complaining that the bank was letting their $10 lunch check go thru but letting their house payment bounce so they'd lose their home and the bank could capitalize on the foreclosure? I think that regardless of the way the bank processess transactions, people will complain. My point is this--you have the ultimate power to keep the bank from making ANY fees by keeping an eye on your account. You also agree to the terms regarding NSF fees when you open your account (and when a bank merges, they provide you with updated information), so you can choose not to deal with a company who processes transactions in an order you do not agree with.

I'm sorry to hear what happened to you Elena. Its never fun to pay lots of fees from a simple mistake. I'd really recommend that you set up Overdraft Protection with your bank. Typically, you just have to set up a Savings account or a Line of Credit with the bank and have them link it to your checking account. There's usually no fee to have it in place, though you may have to pay for the Savings or Credit line, depending on the bank. Also, the fee for using it it usually very reasonable. It can definately save you quite a bit of money and help you out in case you have an emergency. Unfortunately, most banks charge fees the same way and process debits from highest dollar ammount to lowest dollar ammount. Even if you end up going to another bank, I'd still recommend setting this up. I hope this helps!

Ok, everyone should have money in their accounts when writing checks. That is a given. People such as yourself who never make mistakes are few and far between. Life is stressful these days and anyone can forget to enter a debit from time to time. The issue here is that when that happens, Bank of America milks it for all it is worth. Banks are allowed to CHOOSE the method in which they debit checks. There is nothing that makes B of A debit in the manner that they do except greed. B of A knows that by debiting largest check first, a cascade effect will follow and they will collect much more in fees than they would should they choose another method of debiting. B of A could choose to debit by numerical check order and disregard the amount, which might work for the customer at least once in awhile. Or they could even choose to debit from smallest amount to largest; many banks do that. Bank of America has CHOSEN to do business in a way that it knows will deal maximum injury to their customers and maximum benefits for itself. Bank of America is a greed machine. I am surprised they have a customer left in the whole United States. They should change their slogan to "Higher Fees and No Remorse"

I keep seeing these rip off reports about banks charging NSF fees, but I don't understand them. For the record, I do not work for any bank. I am an office manager who makes a modest salary. I also have never bounced a check and have never even come close because I can do basic math and I keep detailed records of what I spend. Somehow I have the feeling that if the banks were letting $5 checks for coffee go thru but letting house and car payments bounce, people would be here whining that the banks were trying to make them lose their homes, cars, etc., but making the bigger checks bounce. Yes, the fees are high. Banks are in business to make money. If you can pay cash for a home, car, education, etc., then you may never have a need for a bank, but the banks must make money to stay in business, to provide loans, etc. Yes, it would suck to get hit with multiple fees for bouncing a few checks, but you were the one who made the mistake. In my opinion, you SHOULD pay for it. I personally believe anyone who bounces a check should be prosecuted for theft. I do not believe there is ever a valid excuse for it. Spend $5 on a small calculator and USE IT. Build up a small reserve in your checking account and STOP WRITING CHECKS when you get to that point. My point is this: My bank could charge $35 per NSF check or $35,000 and it would make no difference to me. It only takes a few minutes to record transactions in your checking register and double check the math. It will make your life much easier!

Posted about Century 21, the new checking system a short while ago. Read an article from Consumer Report(Union) that says the banks expect something like 7 million MORE NSF checks because of the new checking system with UP TO $170 MILLION MORE in NSF fees due to the new system. If you write a check TODAY to someone and they deposit it TODAY, it could hit your bank TODAY. Course the banks aren't going to lower any fees, just more profit for them. CR said that Congress/Senate allowed the new laws because of all the contributions for re-elections. Better watch those balances.