First, I want to start with I have been a LOYAL Bank of America customer for 4+ years, even after I started working for another bank. I have two separate checking accounts both with direct deposit, a savings account, that is linked to both checking accounts for over draft protection, and a credit card.
Recently after having my income tax refund deposited into my savings account, and my billing cycle closed, there was a $12.00 fee on my savings account for"Fee For Checks And/Or Withdrawals Over Limit."
I was confused on what exactly that means, being as I just had 3 direct deposits go into each of my accounts, so I did an online chat with an "account specialist."
1st chat I spoke with Valerie, who stated that I was only allowed to have 3 withdrawals from my savings account, including overdraft protection. Anytime one of my checking accounts goes into a negative balance, they pull from my savings accounts to cover the negative balance, AND charge me an additional $10.00. Now I am getting an additional $3.00 fee on my savings account, if I withdraw more than 3 times a month.
Now when I talked this over with Valarie, she said, if i kept my DAILY balance at $2,500.00 they would waive that fee. SERIOUSLY? DON'T YOU THINK IF I HAD IT I WOULD? I asked to speak to a supervisor and she disconnected.
I then started a new chat and spoke with Collin. Who again informed me that if I had a daily balance of $2,500.00 this would not be an issue. I asked him what I needed to do to close my account, and here is a direct verbatim of that conversation.
"Collin: I apologize for any inconvenience this may have caused you. If your balance is above $2500, this fee is waived.
You: so if i made more money it would be waived?
You: i want you to tell me how to close all of my accounts, if my money isn't enough for Bank of America, then i can take it all somewhere that will appreciate it
Collin: I apologize, once the account balance is $0.00, you may contact us for account closure.
Collin: If you wish, I am able to send the cashier's check for the balance amount and close the account."
How nice of them to offer to cancel it for me, and they are going to send me a check! I asked to speak with a supervisor and got Magnolia to which again she stated:
"Magnolia: Thank you for waiting. Upon reviewing the account, I see that it is being assessed with Fees For Checks And/Or Withdrawals Over Limit. Your Regular Savings Account offers three withdrawals/transfers per monthly statement cycle at no charge. After three withdrawals/transfers, the charge per withdrawal/transfer is $3.00 if the minimum daily balance is below $2,500.00.
You: again do you realize how rude it is to say, that since i am not making enough to have a $2,500.00 balance you are going to charge me extra?
Magnolia: I'm sorry that you feel that way. I am only providing ways on how to avoid the fee."
So, basically what Bank Of America is saying to me is this... We understand that you have money in our bank, but since you don't make enough to keep our daily balance, we want more of your money, BUT if you made more, we would totally let you keep it all!
I will be closing all of my accounts and never again, will I bank or have anything to do with Bank Of America. I will also be relaying all of this information to my friends and family. I will make sure all of them are aware of how Bank American "values" their customers.
Product or Service Mentioned: Bank Of America Checking Account.