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I've devoted hours and hours to studying Bank of America's "accounting" and this is what I've discovered: During the course of the week they will "recredit" monies to your account that had already been deducted leading you to believe you have more money than you really do. Then they will put those old transactions back through along will all the new charges resulting in multiple overdrafts if you have a low balance and aren't wary of your "true" balance and are using "their" balance. They will even undo transactions that have already posted and "reshuffle the deck" so to speak to get even more overdrafts. Call B ofA (1-800-622-8731) every morning for a week and listen to your balance and see if you don't "mysteriously" have more money in there for some reason even though you've made no new deposits. I pay cash for everything now because I can't afford $38.90 lattes.  Comments (15) |  |
| 1. Written by Hammered, on 28-09-2009 14:12 This past July over the holiday weekend, I managed to double-pay my rent because my lease was in the renewal process and I couldn't confirm that the autopayment had occurred. I initiated a manual online payment. When I discovered the error (one payment went through 7/6 and the other 7/7), I called the bank to alert them, let them know the property management company needed a week to return the funds, and ask if they could work with me during that time to limit the damage to my account. The rep's attitude was quite haughty, and I was advised that my only recourse was to get the funds replaced ASAP. One week and 31 $35 NSF fees later, with my overdraft credit and an entire next paycheck up in smoke, they reluctantly reversed the token 3 NSF fees. The load of NSF fees caused more NSF fees, plus charges for being overdrawn for more than 5 consecutive days. When it happens sporadically it's one thing, but they nailed me to the wall with this one, it cost me over $1000. I lost my job two weeks later, and I'm a single mom, so that $$ was sorely missed. The reason the U.S. economy is in the pooper is greed such as this by the banks, mortgage, and insurance companies. They sell you their 'services' and bend you over at every possible opportunity.  |
| 2. Written by Hammered, on 28-09-2009 13:56 This past July over the holiday weekend, I managed to double-pay my rent because my lease was in the renewal process and I couldn't confirm that the autopayment had occurred. I initiated a manual online payment. When I discovered the error (one payment went through 7/6 and the other 7/7), I called the bank to alert them, let them know the property management company needed a week to return the funds, and ask if they could work with me during that time to limit the damage to my account. The rep's attitude was quite haughty, and I was advised that my only recourse was to get the funds replaced ASAP. One week and 31 $35 NSF fees later, with my overdraft credit and an entire next paycheck up in smoke, they reluctantly reversed the token 3 NSF fees. The load of NSF fees caused more NSF fees, plus charges for being overdrawn for more than 5 consecutive days. When it happens sporadically it's one thing, but they nailed me to the wall with this one, it cost me over $1000. I lost my job two weeks later, and I'm a single mom, so that $$ was sorely missed. The reason the U.S. economy is in the pooper is greed such as this by the banks, mortgage, and insurance companies. They sell you their 'services' and bend you over at every possible opportunity. |
| 3. Written by Sam, on 18-08-2009 09:21 It just seems worthless to keep using BOA because of all the BS overdrafting drama they put you through. It seems like every other month, they are doing exactly that, but charging a larger fee first rather than by the date/time is was ACTUALLY purchased, then overdrafting every single small purchase from there on out.. I need a new bank!!!! |
| 4. Written by FCK BoA, on 08-05-2009 20:28 They did exactly the same to me! guess what? they used the CLEARED transactions to make me get more overdraft fees! they shuffled them back! like wtf. Then i went to BoA branch to talk to one of them, guess what? "sorry we can't do anything about it-- blahhblahh-- you shouldve kept a checkbook where you could monitor your purchases." fckin BS! now i fckin got 3 overdraft fees. Im changing bank!!any suggestions? screw BOA. |
| 5. Written by Dale H., on 05-04-2009 23:04 BOA are ABSOLUTELY, POSITIVELY, CROOKS!!!!. They have pulled several different schemes on me to FORCE overdrafts. No question about it. The last one is EXACTLY as Steve describes. Bought a $10,000 car on 3-19-09. Put $2000 down on BOA debit card on 3-19-09. Checked online ledger on 3-20-09 and there it was, a $2000 PENDING payment. Gave dealer a $8000 Cashiers check on 3-20-09. Car was delivered on 3-30-09. Checked my online balance on 4-05-09 and discovered 3 overdrafts. Guess what payment was posted on 4-04-09? There it was a 2nd time, the same EXACT $2000 payment to the dealer. That means that I got a car delivered to me on 3-30-09 that I STILL owed $2000 for. Who goes back and checks that payments deducted from their checking account are STILL deducted days and weeks later? They know we don't and take advantage of it to make us believe we have more money in our accounts than we do, so they can FORCE overdrafts. Steve you are right on the money!!! Can;t wait until they are sued or go bankrupt!!! |
| 6. Written by Disgusted, on 12-02-2009 17:01 GetAClue22? I truly do understand where you are coming from. And it is our individual responsibility to track our purchases and not rely on Online Banking that BofA SWEARS is more accurate than God. But.. There's always a but... Most banks don't "reshuffle" the deck as someone so aptly put it. Example: You makes several small purchases over the course of the day, and then, right before you head to the bank, you make a larger, more substantial purchase. Now, all of the smaller purchases were covered by the balance in your account, but the larger purchase overdrafts by about $20.00. You then go to the bank and deposit, let's say $25.00, you're covered, right? Not at BofA. They will take out the large purchase FIRST, so then most of those small, individual purchases bounce instead, resulting in more overdraft fees. And that deposit? Oh, that they hold for 2-3 business days. How is this ethical? I'm confused on that one, and it's also they same boat I'm in now. They excel at dirty pool. They already have one class action lawsuit on their hands over this as there is, and after speaking to CEO Ken Wilson's personal assistant today, I wouldn't mind suing the *** out of them myself. Not for personal gain, I'd zero out the account, by a six pack to celebrate and give the rest away. |
| 7. Written by Mckay, on 16-09-2008 20:01 I learned this lesson the hard way myself. I do my own accounting and don't rely on the bank to tell me what I have, unless I am checking on a deposit. I was able to link my savings to checking as overdraft protection. If you have a checking account from one state and savings from another, they won't let you link them. I did, at least, get the money back when that caused an incident. Only because the manager remembered setting up my account. They will still charge $5 for every transfer from savings to cover overdrafts. It has happened twice, and both times they lumped the overdrafts together and only charged me for the transfer one time. Once I got overdraft protection, they stopped "stacking" the transactions to make more charges off of the smaller transactions. After solving this issue with overdraft protection from my savings account, I have had no further problems with BOA. I have two checking, one savings, one loan, and two credit card accounts through BOA. I have been fortunate enough to always make my payments ontime. Be warned, if you don't make payments ontime, they will stick it to you faster than a little boy with a spitball. |
| 8. Written by AGREE!!!!!, on 30-08-2008 11:06 I am in the same situation. I have screenshots and receipts proving what they are doing. Anyone interested in joining a lawsuit??? I'm SERIOUS |
| 9. Written by jdogtacwa, on 29-08-2008 21:44 hey mr banker if its the customers fault then why wont boa link saving to checking like credit union.i'll tell you why, because it is a gold mine they are to greety to stop at $6 banker fees and $8000 mortgage fees they want more. other banks just dont do that because its wrong. ill tell you boa is bigger than you think from that overdraft fee, so get off your high horse and realize thats how your industry really makes is money |
| 10. Written by Ramki, on 15-08-2008 03:36 I made a purchase of $ 140 , $19, $6.09 ,$ 1.90 , $ 13.00 , $10 ,7.76 on same day my balance was like 160 what boa did you know they posted $140 first and they charged me $35 OD fee and again they posted all small charges and end up with 5*35.Sick BOA Sick policy makers.I curse BOA very soon Its going to be Bankrupted. |
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