Bank of America OverDraft Scam

[LloydWilliams]

Bank of America will charge you $35.00 for NSF for charges of $1 or $2, even after an immediate deposit is made. I deposited funds to cover a $1 and for Starbucks drink of $2.00 on 8/13. On 8/14 I deposited $89, BOA took $73 from my account for 2 NSF charges of $35 each and the $3 for the charges. I called to complain and explain I was told that it is not the Bank’s fault. They are theives and instead of helping the public they hurt us. Bank of America are crooks of the worst sort.

[Chelsea]

In the old days it was a loss for banks to deal with accounts going below $0.00 on the account balance and overdraft protection was created. This was an inconvenience but banks would transfer money for you from another account. This was so accounts would stay in positive numbers, checks would not bounce etc.

However these days everything is automated and there is no inconvenience to the bank whatsoever. Let’s say you have $10,000 in your savings and your checking goes below $0.00, the computers transfer money from your savings and charge $10.00 for every debit below $0.00…AUTOMATICALLY. So essentially the bank has no loss and inconvenience and yet they still charge these fees. See an actual example below:

11/29/2007 SAVINGS OVERDRAFT COVE
RAGE TRANSFER CHARGE
-$10.00
11/29/2007 SAVINGS OVERDRAFT COVE
RAGE TRANSFER -…
-$25.00
11/28/2007 SAVINGS OVERDRAFT COVE
RAGE TRANSFER CHARGE
-$10.00
11/28/2007 SAVINGS OVERDRAFT COVE
RAGE TRANSFER -…
-$140.63
11/27/2007 SAVINGS OVERDRAFT COVE
RAGE TRANSFER CHARGE
-$10.00
11/27/2007 SAVINGS OVERDRAFT COVE
RAGE TRANSFER .
-$1,111.76

This can amount to hundreds of dollars very quickly if you are not aware of it.
THIS IS OUR MONEY THEY ARE TAKING FROM US. Bank of America and many other banks are making millions of dollars off of these worthless penalty fees and sadly most of this money comes from people who really need it…people who don’t have 10k sitting in their checking account.

In my opinion this is not about managing a checkbook. If you have enough funds and you do not want to manage your accounts you should not have to just for the sake of avoiding senseless fees.

I pray one day there are class-action lawsuits against these banks and the customers get some of their money back.

[Advocate]

Bank of America customers will be happy to note that BOA will no longer be charging these fees :

Bank of America customers will soon be unable to spend more than they have in the accounts linked to their debit cards. It's a step that may become a common move ahead of new regulations limiting overdraft fees.

Rules set by the Federal Reserve that will ban banks from charging such fees, without first getting permission from the customer, are set to take effect July 1.

But Bank of America is going a step further than the regulations require. It will simply no longer allow debit card purchases to go through if there isn't enough money in the account.

Full Story : http://www.huffingtonpost.com/2010/03/09/bank-of-america-overdraft_n_492667.html

[John Smith]

Hello,I think Bank of America customer is very happy for his service.