BOA Out of Control Overdraft Fees

ComplaintsBanksBank of America

Complaint

0
BofAisEvil
Country: United States
Wow... What a relief! I just closed my BofA checking and savings account and I feel like a heavy burden lifted off my back. I don't have to worry about OVERDRAFT FEES from them anymore.

It's absolutely outrageous how they punish and rob honest, hard-working, and unsuspecting Americans by inflicting exorbatant fees for going even a few cents over your available balance.

I've paid over $700 in overdraft fees this year! It happens the same way every time...

the bank ALLOWS you to go over your available balance (even if it's one penny), which starts a cascading wave of consecutive fees that pile up instantly overnight. One time I was hit with almost 300 in one shot. I pleaded with the customer service agent and told him that was almost my entire paycheck, but he stonewalled me.

This is practice is pure theft! I make about 30k a year and $700 in fees really hurt me. I felt so good walking into the local branch and tell them I was closing my account. I hope someone is able to bring them down. They are professional crooks. How do you justify a $35 fee for going over your account by a few cents?

Comments

  • 0
    tj
    Do Not use debit cards.  As you have seen, they are both an overdraft risk, due to the ease of use without tracking the available funds in your checking account, and a security risk as well, due to the effect any fraudulent activity would have on other payments made from the account.  Only use credit cards.

    Always record all transactions in your checkbook, and balance it weekly.
    Keep a reserve, and never withdraw below your reserve.

    Find a bank that will waive at least some overdrafts.
    For example, WAMU will waive one per year.
  • 0
    toni
    wamu is not any better when they screwed me i had pprpoblems with bank of america i switched to wamu and i had know problems until i was with them for about six months until they decided to do another credit check for check systems and i ended being screwed in the ended they frozed all my accountants until i handle bank of america
  • 0
    toni
    yes i agree with u bank of america screwed me left and right and i am still screwed by them and i am paying the price right now someone stole my identy and my accountant information and really screwed i did not know anything about it until my bank notifyed me {wamu} that is when wamu froze my accountant
  • 0
    tj
    If you had a problem with id theft, you should always both notify your bank in writing, and file a police report, to aid in removing false negative information from the credit reporting agencies such as Telecheck.  You can then send a copy of your police report and fraud affidavit directly to Telecheck, and they then have a limited time to remove the id theft related information.

    Failure to do so will leave you depending on the good will of the bank, while doing so will both allow you to put the burden of proof on them, and sue them if they fail to respond timely to correct and remove errors due to the id theft once you send them notice with a copy of your police report and fraud affidavit.
  • 0
    CER
    Agreed.  BOA appears to be one of those greedy and irresponsible lenders.  One of my payments to them was late (I don't know why, it was mailed to them in plenty of time) and they increased my APR considerably, which hurt.  They would not budge from thier decision either, so I had to wait 6 months before my APR went down again - actually, it never really went back to it's prior rate, but at least it was lower than the 24 percenter.  NOW, they keep increasing my credit limit - probably hoping I will use the card again.  Not a chance!  They are history as far as I'm concerned.

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