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Bank of America is ran by a bunch of thieves.

i am an international student (f1 visa) so it is easier for me to rely on only one bank, and i was lured by bank of america's student checking account offer (no maintenance fee). they stole over $200 worth of overdraft fees.

im not sure how much those crooks usually make, but for me, $200 is a lot (put yourself in the perspective of a 18 year old college student)

the website is always misleading so that they can make more money off you.

For example, say you spend $10, $10, $10, and $200 in this order, the website will post it the other way round, starting from biggest to smallest so if you have $200, you will incur 3 overdraft fees ($75). why don't they post the transactions in chronological order and not from biggest to smallest? even on the website, the transactions are 'pending' in the order you spend your money before it actually gets posted.

also, it was a 20 hour flight to come from my country of origin, and no relatives live in the us, so i brought a bunch of cheques that were pre-written on the first of every month (my allowance). when my account balance was low, it took a ridiculously long time to have the funds available. for example, i had $3.02 at one point on the 1st and it took 20 days for the funds to become available. how the *** is a student supposed to live on 3 dollars for 3 weeks?

well when i complained to the manager of the particular branch he kept on saying "well, this never happens to me" and "you are sorely mistaken". well, of course that "never happens" to him, he works at bank of america, he probably knows all the money scams the banks are involved. I had interned at a hotel, and one thing i learned is that customer service is essential for any kind of business. clearly, these guys had no customer service.

well, here is a website for all you pissed off folks:

http://www.occ.treas.gov

you can file a complaint through this agency and it will go to the highest management of the bank, and they will refund you especially if they have been excessively unfair.

i went back home for the summer holidays, and a month later, i received a letter signed by one of the highest management possible from the headquarters, saying sorry and that they have refunded those funds which is now sitting in my bank account.

will i use bank of america again? no. especially not after even the south china morning post, a hong kong-based newspaper (20 hour flight) had to publicize that a significant portion of bank of america's 'profits' are from these so called 'overdraft fees'. if there was one company that has ever made me so pissed off, it would be bank of america.

Product or Service Mentioned: Bank Of America Checking Account.

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Anonymous
#72405

As used to be a foreign student, I share your pain. As much as I agree with you that banks are thieves, there are many things you can do to avoid it.

For example, you can call the bank to check the balance, their online website must have a feature allows you to sort by date (I know chase does).

Also, once every 6 month, bank will forgive one late fee as a courtesy to their customers. But if you found yourself in a position being charged more than once on late fees every month, you are in need for a controlled spending, better money management and more often account balance checking.

Good luck with your school.

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