NEW YORK -- I am writing to warn everyone to steer clear from Bank of America. I have dealt with many banks and this one appears to be taking full advantage of the economic crisis. A year ago, I applied for a loan. The representative from Bank of America talked me into getting a line of credit instead of a conventional loan on the premise that as I pay down my balance my line of credit would become available for use when I needed it. I agreed and applied for the line of credit. Upon receiving the line, I notice the loan amount was greater than we agreed upon on the telephone. Also the pay back terms were for 90 months. When I called to change the terms they claimed I could not change the terms until I made good faith payments for 6 months. They claim the extra funds included fees. I called back 6 months later they told me I would have to make good faith payments for a year. So here I am paying back a line of credit for the amount of $39,500.00 at 15% interest. I was very upset because I am paying over $400.00 in finance charges. To make matter worse, I am on a school teachers salary. As the economy began to tank and the cost of living went up, as gas prices increased, I like many Americans began to struggle. However, I was never late on my payments and in fact I was paying more than the minimum payment monthly ($718.00). I still noticed that the balance was not budging because my payments were not being applied to the principle.
Here is when the story goes wrong. After paying for over a year, I wanted to access available funds to free up some cash. I called Bank of America asking that they deposit some available funds into my account. The unprofessional representative informed me that I would not be able to access my available funds unless I had a cosigner. I was calling from a Bank of America branch so I explained I would have to call when I got home. I was confused and upset and did not want to make a scene at the bank. I was confused, I had been paying as agreed and now I needed the funds. As I previously noted, I was sold on the premise that this loan would come in handy when I was short on cash. I also had blank checks that I had just received in the mail from Bank of America. The checks were good until December 31st and they clearly stated access checks for your line of credit account. After calling back, another representative told me that it was explained in the previous conversation that the credit line had been dropped from $39.5000.00 to $34,500.00 due to my outstanding debt.
I told the representative no that is inaccurate, that I was never informed of that. I explained how I had access checks and perhaps if I never would have called (obviously trying to do the right thing) I would have had my funds deposited with no questions asked. This representative insisted that I was informed on Dec 17th of the decrease in my credit and there was nothing left to discuss. I preceded to plead the facts and asked to speak to a supervisor and the representative hung up on me. I called back and asked for a supervisor. This supervisor was just as unprofessional as the representative and even refused to give me his name and the person's name whom I conversed with on December 17th. They insisted they had hefty notes on my account from that December 17 conversation, so I asked them to give me the reps name.
They refused so I hung up and called back and requested another Supervisor. This time I explained that I would be contacting my councilman to inform him of what appeared to be fraudulent business practice. I also stated I would be contacting their corporate branch and share holders and required a corporate address. This supervisor did provide his name but explained he did not know the corporate address. He also conceded that the line of credit was not dropped prior to my call ( as the second representative indicated )but in fact after my initial phone call on December 17th. He informed me that my phone call prompted them to run a credit check on me and based on that report they reduced my available credit. I asked how could they do that without informing me in writing and how could they do that if I have been paying as agreed.
I have never defaulted or paid late. Yes it is true my debt has increased this year (many Americans are feeling the pinch). It was my contention that if I am paying as agreed that they should honor their obligation. I further stated that I belong to a Credit monitoring service and my credit score is 716. So although my debt had increased ALL of my accounts have been paid as agreed no late payments, no defaults, no judgments and definitely no bankruptcy. Although this supervisor was respectful and explained things more clearly he was not helpful in overturning the decrease in my line. In fact, his position was that there was nothing I could do about it. That the Bank can do as they feel.
I believe this bank is part of the problem with the economy today. They practice predatory lending by charging ridiculous fees, ridiculous interest, and longer payback durations and loaning additional money so they can earn a commission and then do not follow through with their end of the obligation. After speaking to the supervisor, I asked since they changed the terms without notification and since now I have no access to funds and since they reduced my line, could I change the payback terms to a shorter duration so the interest would be less and I could pay it off faster. You don't need me to tell you the answer. They claimed, if I wanted to change my payback terms on the lower line of $34.5 I would have to restart my loan as if it were day one( accruing more fees) They even stated well, why don't you pay it in full and then quoted me a payoff amount. Bank of America is changing the rules in the middle of the game. They want the banking customer to follow through with their contractual obligation but they are changing the terms as they see fit.
I will be following up with my Congressman, with Consumer Affairs and if need be the Senate. Since they are the ones bailing out the banks and giving them the power to do as they will to hard working Americans. In my opinion, bail out funds should be revoked from this bank and this bank should be audited!.
I am a New York City School Teacher and I will be sure to warn members of the UFT, members of the Dept of Education, colleagues and anyone else who will listen.....PLEASE PLEASE PLEASE BEWARE OF BANK OF AMERICA. They are ripping off hard working Americans to line their greedy pockets.
If anyone knows of anyone else I can contact or perhaps a class action suit against this bank please let me know. This is a fight I will not back down from. I will write President Obama if I have to.
Our hard earned money and credit ratings should not be at the mercy of any bank establishment.
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Cash Deposit Not Credited - BoA Truly Does Not Care About The Small Guy
Posted by hOk on 2008-06-30
BOSTON, MASSACHUSETTS -- I had been a satisfied customer of BoA for over 6 years, until this last month. One Saturday in April, I went to deposit $380 in cash at an ATM that I frequently use. Got the deposit receipt, kept it as usual to make sure that the deposit is posted online, got my card back, waited until the ATM was completely done and left. Now, you may call me an idiot but I had been successfully depositing cash into ATM machines for at least 4 years now without a single problem. YES, that does NOT mean that something can ever go wrong, but my problem with BoA does not center around the actual deposit, so read on before you criticize (I’ve read some posters on this website that jump on complainers’ throats, so I’m just preemptively covering my own @$$ here).
So, the deposit NEVER posted on the online banking website, which I check at least once a day. I immediately called and filed a claim with the Electronic Claims (EC) department. Simple machine malfunction, I understand, it happens. No one’s 100% perfect all the time, and BoA is a huge company with thousands of ATMs to manage. They even gave me a temporary credit so that I could write my rent check that month, and in a month, I got a formal letter from the EC dept saying that they ruled in my favor and thus made the temporary credit permanent. I was honestly very pleased with their relatively quick service. However, fast forward a month, they reversed that “permanent” credit for $380 without any kind of notice. Fortunately I had enough money in my account, or I would have had to go through that whole NSF charges hell. However, little did I know that was pretty much the last time I’d see that money. I called the EC dept to complain and they said that it is their ATM department that took out that money for reasons unknown to the EC dept?
Okay, I kind of understand that. BoA is a HUGE company and different departments can sometimes have miscommunications. So I filed another formal claim with the EC dept, got a temporary credit, which obviously was reversed second time because this was a “duplicate claim” although the second claim pertains to the REVERSAL of credit without any kind of notice, NOT the ATM deposit. Their own “investigators” took a whole MONTH to investigate that ATM deposit and deemed it legitimate. Well, now, apparently the other department can only see that I was credited twice but NOT the fact that I was debited twice? I can put in $380.00 in the search window on my internet banking website and get that information in about 5 seconds, but okay, fine. I’ve since talked to about 20 different EC dept agents and THIS is where my problem with BoA is. I have my phone records showing phone calls to the EC dept direct line lasting 20-30 minutes, placed almost every other day.
Almost every agent I have talked to seemed understanding and although not very knowledgeable about what’s going on, and EVERY SINGLE agent I have talked to have assured me that they are taking meticulous notes while I explain my case over and over again from start to end, and two of them even told me that they put this “escalade” status on my claim that makes the process go faster. Well, don’t you know it, the case never got resolved and it never got ANYWHERE. THE THING IS, every time I talk to someone they have NO IDEA what I am talking about. They all claim that the agent who talked to me previously did not take notes or take proper actions (the agent I talked to today placed a “service call” whatever that means? Probably was lying, anyway). THAT MEANS, all that time I was talking to these agents explaining every single detail about my case over and over again, THINKING that they were listening and taking notes on it because they were going to help me, they were probably just yawning and zoning out. Or maybe laughing at me for fussing over just $380. ALSO, WHAT ABOUT ALL THOSE ACTIONS THAT THEY ASSURED ME THAT THEY WERE TAKING? Every single one of those agents have promised me something - “Oh, I just talked to someone over at that department and they are going to take care of it.” “Oh, this is just a simple misunderstanding. We’re going to look into it right away.” Yea right. Every single one of those agents have told me that this “will be resolved in 10 days.” that was over a month ago.
They’re obviously just telling me that to shut me up for 10 days, but obviously I keep calling back and what do you know, they’ll make me explain the whole thing all over again because no action was taken that I would have to wait 10 days for. They are clearly just taking my calls and not doing anything about it, since when I talked to another EC dept agent today, there were no notes or actions taken on this and she “doesn’t know why.” Same crap, different day. Sure, theoretically I could have put in an empty envelop for $380 as they told me that a lot of people do - I probably lost at least a year of life being frustrated over this, and countless wireless minutes.
Lastly, I apologize to anyone reading this who may be offended because I am, after all, sitting here writing about “only” $380. From reading some of the other stories posted on here, I really AM lucky, I guess - and I really feel sorry for anyone on this forum who were not as lucky. Everyone I’ve talked has told me to consider this “a $380 lesson” and move on, and be thankful that it did not involve a bigger sum of money - and that is what I am planning on doing. I am opening a new bank account next week with another bank account next week, and moving all my money out of BoA’s reach. I have simply lost my trust in BoA, and do NOT want them anywhere near my hard-earned money, no matter how little it may seem to other people.
The thing that kills me most is that if it were ME who owed them $380, heck even if it were only $0.01, whether it was a legitimate charge or not, they would be dragging my good credit through mud as soon as they can file a report, and doing everything they could to make my list as miserable as possible. Or maybe things would be different if I were a big business pulling in a lot of money for them - maybe then they would be more willing to help and actually give a hoot. What can the little guy do against the corporate America?
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They gave away my life savings
Posted by TomCat50 on 2005-05-01
SEATTLE, WASHINGTON -- Bank Of America gave away $29,915.62 of my life savings and won't give me one red cent back. Bank of America cashed 42 forged checks at 8+ of there branches while I was sick and I ended up in the hospital and under 24/7 medical care for a month.
The bank told me when I reported the wrong balance that they were definitely where forged and they are going to cover their mistake but due to the large amount it would be transferred to the banks fraud department. I got a call a week later from a Tim Whitesitt and here is where things get really bad.
Tim pretty much laughed and said boy oh boy you really got hit hard didn't you. I said What ? Your bank said its insured and I get reimbursed right? Tim laughed and said I was at fault for not reporting it sooner. Tim said it had been more than 60 days from the first forged check.
I said where is this rule and what about the last forged check written 2 days before reporting the fraud and closing my account? Tim just laughed and said that doesn't matter. What abot the banks managers mistake on issuing the checks to the wrong account? Tim said with a laugh, That does not matter.
I explained how I had become sick and how I had gone to my local branch and talked with the bank manager about a internet purchase I had been charged twice for $20.00.
I explained that the bank manager had me close my checking account and how she (Valerie Lunn) had set up 2 new accounts for me to prevent any fraud to my accounts.
Valerie Lunn of the Cle Elum, Washington Bank of America branch explained that I was to just use one account to keep money in and the other account to do ALL transactions from. I was to use the first account ONLY to transfer funds to the second as needed and that way No One could really do much fraud and it would be notice right away and dealt with.That's what I did... Also Valerie Lunn, explained that if fraud occurred it was covered by the bank. Total Security Protection as stated on your websites.
Well that sounded good to me and after all this was a bank branch and manager I had done business with for 18 years so they know how to keep my money safe right? WRONG!
This was in late July 2004 and I was busy seeing doctors to try to figure out why I was feeling sick. I had a bunch of test done in the middle of August I had more test done and also received a box of checks to my new active account. I counted the checks and locked them in my desk at home. I don't use checks unless there is no other way. I use the visa to pay almost everything I do. Bills, gas, food etc. I write maybe 2 checks a month on the average and mail them from a drop box. Heck I watch the news and hear about mail theft now and then.
Late August I went on a trip for 2 weeks and returned to find out from the doctor I had a disease and if I did not feel better soon I needed to seek medical help as this disease can be fatal if not treated correctly. I had to seek medical help and check into the hospital on 10/16/04 and was under 24/7 medical care till 11/11.04 at which time I was under home care with my sister for another month. I am still under a doctors care and temporary disabled. I don't know how long or if I will ever be off the disable static?
Well back to Bank Of America!!!
Little did I know that the Bank Manager had issued the checks I received to the secure account she had told me not to use for anything but transferring money to my second active account. My check where stolen and I didn't even know it because I had one check book with me for those few check I might have to write and that was very few checks in several months time. Heck I was in the hospital a monthâ¦â¦â¦â¦.
From September 1st till December 23rd the theft's wrote 42 checks for $29,915.62 against my secure account. The last check was written for $1,233.00 on the 21st of December. That is more than 60 days from the first check forged so the bank says I lose it all. I got my hands on a bank account rule book that the bank doesn't seem to give everyone when the open an account (ignorant is no excuse for the law) and here is what I read on page 32
Bank of America account Rule Book
(Deposit Agreement And Disclosures)
If your Statements shows transfers that you did not make, tell us at once. If you do not tells us in writing within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days, If we can prove that we could have stopped someone from taking the money if you had told us in time.
I reported it after 60 days. Hummmm? Here is what the next paragraph say's in there little rule book??????? It reads like this.
If for a good reason (such as a long trip or hospital stay) kepts you from telling us, We will extend the time period.
The bank refuses to even consider my claim. I have letters from the bank vice president of relations Jim Blanton in Seattle and the investigator Tim Whitesitt in Seattle saying you been denied and we don't want to even talk to you anymore, basically they say Go Away!!!!!!!!!!!! All letters to Ken Lewis the CEO of Bank of America are just forwarded to Seattle main office. The tallest building in the Northwest USA. The Columbia building in downtown Seattle.
This is down right bank robbery !!!!! The bank has given my life savings to criminals and told me it's not their problem. Your bank was put in trust of my money. I have tried every way possible except a long expensive lawsuit to get my money back. I have all the documentation to prove everything I say and welcome being contacted by a good lawyer or any other form of help. Right now I would like to hear what the people have to sayâ¦
I will not go quietly into the dark and be silent.
I will not vanish without a very long fight.
How can they use the word (America) in there name and steal from people like this???
This brings new meaning to the words Bank Robbery!!! I was robbed by Bank Of America.
The gloves are off Bank of America. I tried your way for justice and it took you well over 60 days to even tell me where the checks where even cashed at. 2 checks you call undetermined bank locations. What??? You cannot even tell which branch of yours they wear cashed at??????
The police need to know this to know who's jurisdiction the crimes where in and what agency goes after the criminals and your well aware by now that I closed my account and protested your Bank of America branch (Issaquah Wa. West branch) yesterday that cashed over $11,000 dollars and 18 forged checks at and you know that a few thousand cars driving by saw my sign.
You know people came up to me and read my flyers and letters and you know they agree with me 100% Most where shocked but read your managers letters and your rule book and said oh my gosh the bank ripped you off. Doesn't Bank of America ever check signatures??????? Not in my case they never checked a signature even once.
All you did and can do is watch me tell everyone my story and calling the police on me did no good did it? I was just telling my story and protesting as this countries 1st amendment protects me to do so. The police called me and said I was total legal later that day. So you cannot hide behind the police either. There is no slander in telling my true story. Our founding father knew this and made it the very first amendment. True shall prevail. Free Speech is alive and well and if my protest is total legal as it will always be.
When will you see your business is the people and there accounts at your banks? I trusted your bankâ¦â¦â¦â¦â¦â¦..I guess most people do trust there banks? That's where we are supposed to be safe with our money. If that trust is broken??????? What will become of that bank??????
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Making Home Affordable is a Scam!
Posted by Cebikin on 2010-01-13
I started my process in April 2009 and have been getting the same run around as everyone else. They recommended that I pay half my mortgage for 3 months as part of a 3 month trial period prior to beginning the Making Home Affordable process. After the 3 month trial period was completed in August, I received a very nice letter from the Sr VP of the Home Retention Division who seemed excited to assist me and recommended I call them right away to get started with the MHA! Yeah! It has been a nightmare ever since... I gave them my financial info over the phone, three months later I was told I was supposed to fax it and then later I was told to mail it. I have over 30 phone calls to date trying to get qualified. In December, I finally had an agent assigned who told me I needed to set up an escrow for taxes and insurance in order to proceed with the qualification process. On December 28th I was denied qualification due to an agent error who doubled up my mortgage and car loan payments which created an excessive monthly expense and thus disqualified me. They are now in process (supposedly) of re-reviewing my qualification after recognizing the error. Here's the kicker... Due to the erroneous disqualification they have done the following: a)sent me a letter demanding payment of my 3 month half mortgage balance due by January 27th or default; b)blocked my access to my mortgage information on-line with a notification that I am delinquent on my December and January mortgage payments and will go into default if not paid by February 11; c) calling me daily via automated voice response saying I am delinquent and need to remit payment immediately; and d) best of all, they have erroneously doubled my escrow amount on my next mortgage payments. Bottom line, instead of assisting me with a reduced mortgage payment they have made matters worse by increasing my payment with an erroneous escrow. All they care about is BAC profits - I got nothing and now they're going to hold my money all year for escrow and make 20%+ interest on some other poor soul. I GOT DUPED!!!
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Life work destroyed!
Posted by Consumer on 2009-08-24
My home, my entire lifetime of working a minimum of an 80 hour work weeks, taking our first vacation only 7 years back going to NYC after 911,and for the last 35 years, is in ruins.
The catalyst was Bank of America.
Heck, my 20 plus year Premier checking account that I have closed 4 times now, is still open accumulating fees as we speak!
I was considered one their "most valuable customers".
My mother worked banking her whole life. I was brought up to believe the people within those vaulted walls were the most honorable and integrable people, and could always be trusted!
From the "I am so sorry, though you have never been late" letters to raise interest rates from 3 and 5 percent to 30 percent, to transferring payments on my home back into my checking which had us fearing to deposit monies to pay our bills through them, especially those they had with us that were mysteriously were not canceled on my overdrafted protected account via auto pays, when they attacked us because of their unwise executive decisions, has left me hopeless and in ruins! I feel like such a failure, a loser, and without any faith in our nations banking industry.
I worried about my credit rating! To me it was vital to survive and not to be messed with. I was also so proud of the numbers, jointly and individually as a woman, that we scored.
How ironic, I was someone who 'paid it forward' so to speak, from getting an Iraqi war vet's mom a home and many other single parent families, that I will soon be homeless myself! At my age, with the economy as it is, and having only my hard work ethics to offer, finding employment to rebuild, is near impossible.
I paid my bills always on time and never the minimum that is required. Between Bank of America, Discover and Chase, (I won't share what the insurance companies contributed, we have discovered there is a loophole for all the extra protection's sold to us in order to prepare for the shaky economy to keep us viable, I have no more faith.
Loan sharks are more honorable. Definitely less costly!
I would like to share my experiences with them to a lawyer or Congressmen who will look at my documentation of events that had led us to bankruptcy and giving up our family home!
I never asked anyone in my life for a handout, accept personal responsibility for my actions but was no match against Bank of America's pirates. Besides letters written and received, emails and online records (scanned before I was denied access to my own accounts online btw), phone calls and a years work of documentation, I would like them to get what they deserve.
Whether it helps my family, doesn't seem as important anymore. But the rage, the anger, the bitterness and how it has effected me personally, I need closure.
A closure that cannot be done until the despicable, UnAmerican, TREASONOUS actions of Bank of America is investigated!
I cannot believe that this could happen in our country! From the phone calls from India on Christmas Eve when only 10 days late, a first and the result of the games they played on us previous robbing us of months of income for service charges, all the while going through chemo, which was what I think when I told them in preparation to insure timely payments via auto debits. It's like they red flagged me after that!
Imagine with all the offices they have, and if 1 percent of their customers who cared about their credit scores, if held hostage because the thinking they will pay to protect those scores and were treated this way, the kind of money Bank of America made!
Sure, I admit, times were lean and extra funds were almost bare. But, we lived "lean and mean" and were more than willing to eat cereal for supper before not paying our bills. We would do without phones, cable, whatever, before not paying our bills.
Not even, 4 years back, when my husband endured lung cancer, we left the hospital debt free but then they were not told! It does make me wonder if being so truthful and honest, led to our downfall.
We even sold all we could, canceled my health insurance in order to keep our credit stable! Nothing was ever enough!
Every penny was robbed on an account with overdraft protection.
The first banking error, when addressed at the local branch instead of the faceless customer service, gave us back half and assured us that all auto payments, 100% monthly bills paid on 1st to insure they got paid, was to be stopped.
Even after we left them, they re opened the checking account.
I hope there is karma for those so called "geniuses" rewarded so well and they get what they deserve. They destroyed this country and someday my grand kids will read about this rape on middle class America by the bank that shares our nation's name in school and in the history books. That is if this country isn't ruined by such deceit!
It hard to realize, your entire life was for nothing! That you feel like such a loser! It hard to believe that the only thing I ever wished for, that my grand kids be secure, is gone.
I do not wish this on anyone. Can anyone help advise us on who is brave enough to take them on?
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Lost a Loyal Customer
Posted by Steph12345 on 2009-07-31
CALIFORNIA -- August 1, 2009
To Whom it may Concern-
I want to Thank You in advance for reading my long and detailed email.
After being a customer of Bank of America since 2002, I closed my Account's today. This was a very hard decision to make as I believe long term relationships between establishments and their Customers are very important. I closed my accounts after I received inexcusable treatment from two different employees at your Newbury Park Branch located at 2345 Borchard Rd. Newbury Park, CA 91320. Being a former BofA employee myself, I am very aware of the standards and expectations BofA has of their employees in regards to customer service.
I went into the branch yesterday June 31, 2009 to make a deposit. I was gestured to come over when it was my tur n by your Teller. As I approached the counter he took my deposit without so much as a word or any eye contact. ; I then asked him if he was having a bad day, which he then mumbled "No". I then said it just seemed strange because everyone is usually so friendly at BofA and I receive such excellent customer service. He then looks and me and says "Huh?". I repeated myself. He shrugs his shoulders as if I'm joking and mumbles "I don't care" with a smirk on his face. At this point I am completely dumb founded. I took my receipt and left. When I came home I explained what had happened and found out that two members of my family had received very similar treatment from the same tell and knew him on a first name basis as they had already made complaints to your Manager about him. Confused as to why he was still giving such poor customer service after receiving complaints about him, I called the bank and spoke with the manager. After explaining what had happened she simply said she would speak to him and asked if I needed anything else. I told her no and that I would be in tomorrow to close my account's to my surprise she said casually said âOkayâ and hung up.
Today I came into the branch and waited to speak with the manager. After she called me over, without making any eye contact, I sat down and she took my ATM card, still the same treatment (not a word and no eye contact). When she was ready she looked up and asked "what are we doing today?" I told her I was there to close my account. She then tells me I can do that with a Teller and to give her a minute to get the codes. After a moment I told her how disappointed I was that I had to close my accounts and could not believe that she didn't offer an apology or show any concern to keep me as a Customer. She then throws her hands up in the air saying " You were the lady that called last night, I spoke to him, there are two sides to every story, he claims nothing you said happened and I have nothing more I can do for you". I then told her as she could see by reviewing my account's at one time I had over six figures with BofA and unfortunately due to hard times that is no longer the case, but if it was I'm sure we would be having a completely different conversation. Her response: "Possibly". WOW!
I highly doubt that Bank of America is doing so exceptionally well during these hard economic times that you can afford an employee who has no regard for giving good Customer Service, not to mention retaining loyal Customers. I will be forwarding this letter to Customer Solutions, all of my former BofA Colleagues, all So. Cal BofA branches, and everyone in my Address Book.
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Let's Put Our Foot Down America!
Posted by Becks13 on 2009-06-29
Don't trust your on line banking. A bank officer even admitted that you can't trust it and that it is not as accurate to the consumer as it is to the bank...then why have it? We are a middle income family that uses our debit card for everything...first mistake. Charges are held for days, sometimes up to a week. Bank of America got us this week for nine $35 fees. They put through the largest item first to the smallest so they could hit us for all nine. I was charged $35 for a slurpee at 7-11 and $35 for a McDonald's hamburger. Our online banking did not show the pending items, only 2 that would put us in the red. We went to the Bank and made a cash deposit to cover our pending 2 items, plus additional funds, yet we were hit that night for 9 items, Today we went in and showed the banker our print out of what was actually pending according to their bank on line, but he responded by telling us the other 7 pending items could be accessed by yet another link, that is not on the main page that shows your current register. Our loyalty or our explanations didn't matter and we were at the banks mercy, there was nothing we could say or do to reverse any of those fees. Most of the items that we got hit on were many days old, being held back until there were nine total they could get us for. Part of this is our fault for sure for not keeping track of every slurpee or hamburger bought, but BofA knows our patterns, and they have us by our check books. They hold back your charges until you overdraw yourself because you think you have a balance according to their bank by phone or on line banking. They told me depending on the charge, it sometimes takes days for the paperwork to come through....yeah right, they know every transaction you make and the minute you make it. They have no mercy, nor do they care if your power is being turned off or you can't buy groceries. Six months ago the maximum they could hit you for was 6 items, but the manager told us today they just raised it to 9, so watch out. America is in the worst shape it has ever been in, and more than 50% of American's live paycheck to paycheck. We need to put an end to the banks stealing our hard earned money. They have many tricks up their sleeves that rip off their loyal customers (25 years loyal) because they can get away with it. They are sitting fat right now while our country is hurting and we need to put our foot down. We should all close our accounts on the same day and give our business to someone else like a good old fashioned credit union. We need to somehow send a BIG message to Bank of America!
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Class Action Lawsuit Against Bank Of America Anyone?
Posted by hatecrooks on 2009-03-17
THANKS TO ALL OF YOU WHO EMAILED ME YOUR INTERESTS, CALIFORNIA -- FILE FTC COMPLAINTS HERE information is at the end of my review:
Well, what can I say? After having experience it for myself, I wish that I had done a quick net search BANK OF AMERICA RIP OFF and read the thousands of Americans that have been reamed by this institution. I would have taken my small business bucks elsewhere! Within the roughly six months that I have been with this 'bank', I have authorized under 5 checks. In all fairness, I have bounced one of them because of a deposit that was made and 'held' by BofA conveniently until this item bounced and I was assessed a fee. However, BofA has managed to rack up a whopping 1700apx in fees and I do not even know from where these are coming. I have payroll and expenses and so I opened up another checkings account in order to pay these people and EVERY dollar placed into this account, BofA takes and puts into the other EVER increasing in fees account! Now, they are going after my unattached personal bank savings accounts?? My business accounts are attached to my EIN # and my personal savings are attached to my social security #, I called and confirmed that they were in fact unattached (recorded the conversation--always record your conversations with BofA) yet they persist with stealing this money from me!! Bofa has even gone so far as to change my personal accounts into business accounts! I have proof, their own proof, that they have done this!! So, now, I am sustaining damages and may have to close my business and go on welfare to pay my rent...SHAME ON YOU BofA. If you cannot get 'Stimulus' money, it is not right for you to steal it from the blood and sweat of hard-working Americans...SHAME OF YOU BOFA.
I believe that I will file suit (small claims or other), file complaints with the BBB, file complaints with the consumer departments within the Federal and State governments, alert President Obama that he also needs to be 'pissed' off at predatory banks such as BofA (not just AIG)...
I found this information from another poster (whose post has somehow become 'unavailable'...hummm? Oh well, until I am censored, file banking complaints here:
(enough complaints will bring action)
Office of the Comptroller of
Customer Assistance Group
1301 McKinney St., Ste 3450
Houston, TX 77010
1-800-613-6743 or email: customer.assistance at occ.treas.gov
FDIC CONSUMER RESPONSE CENTER
3245 Grand Boulevard, Ste 100
Kansas City, MO 64108
The poster below, has been quoted as posting I LOVE BANK OF AMERICA! Every single post that he/she has posted has been gleaming towards bofa and others (all that I have read)...Hummmm. Can you spell paid t r o l l?? Online Reputation Management Companies are pretty good at what they do, guys. Read all of the comments-those of the below poster and those of his comrades as well as others who have had more real experiences with bofa and other institutions.
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Posted by rexljones on 2008-12-15
On October 31, 2008 I contacted FIA card services for Bank of America in order to pay the remaining balance of my overdue credit card account. As specified by the customer service representative XXX, my remaining balance on that date was 718.49. I informed XXX that I would not be able to pay that balance and asked him if there were any alternatives. XXX informed me that I could arrange a settlement agreement for 560.00 but that it would have an adverse effect on my credit report. I then asked XXX if he could credit the latest months over limit fee and late charge because I would then be able to pay that amount. XXX informed me that this would be acceptable and proceeded to credit the latest month over limit charge and late payment charge and process a phone payment of 655.00 to pay off the remaining balance. Upon receipt of payment I informed XXX that I wished the account to be closed and was told by XXX that the account was now paid in full and closed.
As of early December I received a statement that says I have a remaining balance of 65.16. The statement shows that the previous balance on the account was 718.49. It also shows that there was a payment of 655.00, a late charge credit, an over limit fee adjustment all being applied on 10/31/2008 bringing the total amount applied to the account on 10/31/2008 to 725.00. However, it also shows Bank of America decided that they would reverse the late charge adjustment on 11/21/2008, 3 days before the end of the billing cycle. They also proceeded to charge me interest on the reversed credits after my account was supposed to reconciled and closed.
Shortly after receiving the statement I also received a letter stating that I agreed to a settlement of 560.00 for this account and that it was being reported to the credit bureaus. This is completely false as I agreed to no settlement and paid my balance in full as of 10/31/2008 as noted on my statement.
I then contacted Bank of America on 12/11/2008 and spoke a customer service representative informing them of the mistake that was made with my account. The customer service representative then informed me that the individual that accepted my payment (XXX) went back into my account and reversed the adjustments on 11/21/2008. I informed the customer service representative that this was unacceptable and that I would like to speak to a manager. I was then placed on hold for 54 minutes at which time I decided to call back. I then spoke to a customer service representative named YYY and explained the same situation to her. YYY informed me that I had agreed to a settlement of the account in the amount of 560.00. I once again informed YYY that I did not agree to any settlement and that I had paid my balance in full as of 10/31/2008. YYY proceeded to place me on hold again and transferred me to a Mrs. ZZZ (she would not provide a last name) of the Norfolk division. After Mrs. ZZZ reviewed the account she apologized for the mistake and informed me that she would be sending an email to the loan department to rectify the mistake and that I should call back in 2 days.
I then contacted Bank of America on 12/15/2008 and spoke to customer service representative TTT. TTT informed me that I had a remaining balance of 65.16. I once again explained the same details and was informed by TTT that the reason the overdraft limit fee and late charge was reapplied was because that when I paid off the account there was a remaining balance of 1.67 as the finance charge. I then informed her that on 10/31/2008 I overpaid the account in the amount of 6.51 and that that amount would be enough to cover this finance charge. TTT then requested a contact number so that she could have an account manager contact me regarding my account.
I am still awaiting that call.
WORD TO THE WISE. NEVER PAY ANY AMOUNT TO CLEAR A BALANCE FOR A CREDIT CARD OVER THE PHONE WHEN ACCOUNT IS IN DEFAULT. REQUEST IN WRITING OF WHAT YOU WISH TO DO. GET IT NOTARIZED AND SEND BACK COPY OF NOTARIZED LETTER ALONG WITH PAYMENT.
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Cashier's Check Hold
Posted by SusieQRealtor on 2008-07-29
LANCASTER, CALIFORNIA -- After being a loyal customer with Bank of America through good times and bad for DECADES, I have finally decided that I no longer will tolerate being treated like a criminal.
I brought in a $5500 commission check from my employer (a long respected local major Real Estate firm) to the local BofA branch I always use on Wednesday 7/16/08 and attempted to deposit it into my account. I requested that it be posted immediately as I had a business trip scheduled for the next day. I was told no, they had to hold the check. I very politely requested access to $1000 as needed about that much for my trip. I was told that a two day hold was required and was referred to "supervisors" who turned out to be the greeters at the front of the bank. After telling my story, one of the greeters took my check and said he would ask the manager.
After a few moments, the greeter came back, looking rather abashed and said it was not possible. I took the check and went to the bank it was drawn on, a local bank a few miles away. That bank took it and cashed it with no problem. The cashier patiently listened to my story. I was so pleased that I immediately opened a savings account. The teller hesitated when she opened the drawer and suggested that I carry a cashier's check back to BofA instead of all that cash, since they "wouldn't put a hold on that".
I agreed, but then asked for $1000 cash, and the rest made into a cashier's check, just to make sure.
I went back to BofA and deposited the check (there was a whole new crew - all very young). After the deposit was made and AS I WAS TURNING AROUND TO WALK OUT, the teller said there would be a two day hold on the check.
I turned around and very loudly said, "You're putting a two day hold on a CASHIER'S CHECK???" Everyone in the bank heard me, and one older woman in line made a wry comment how our money isn't ours anymore. I ranted (no swearing!) about how my husband and I had been BofA customers for decades and I just couldn't see the logic in holding a CASHIER'S CHECK drawn on a local bank when in real estate we regularly transfer hundreds of thousands of dollars instantaneously, why ON EARTH would it take 2 full days to verify the validity of a cashiers check drawn on a local bank that's just a phone call away?
The cashier then rather sheepishly said I had immediate access to $100. I stared at him disbelievingly for a second, stormed out and swore I would close my account and never do business with them again.
After coming back from my business trip the next day, I found 3 NSF charges on my account. I called customer service (what a joke of a name) to request that they be removed due to the circumstances. I was told no. I asked to speak with a supervisor, who also said no, I had been informed of the hold, therefore they were not liable and I had to pay the charges.
I was very upset and told her I couldn't understand their logic, especially with a long time customer. She was very snooty with me and told me she did not have to listen to such language - I had to think about what I had said, it was "damn". I was absolutely speechless. Not only was I being treated like a criminal by my own bank, but I was being lectured on using an extremely mild expletive by some kid??? Then I told her that after over 25 years with BofA with service getting worse every year, I was closing my account and hung up. I think I used the word "hell" in that rant. Bad me.
(On a side note, my husband called them about 1/2 hour later and demanded that the charges be removed and THEY REMOVED THE CHARGES. Does this smack of sex discrimination - they refused to do it for me but did it for him - or just that my hubby is more forceful and browbeat them into it? Who knows.)
I have already been burned by the "biggest first" NSF scam a few years ago. Due to a bookkeeping error that I readily admit, five items came through at the same time, but instead of paying them in the order they were received, the largest one was paid first, which left me with FOUR NSF charges, instead of the one I should have had.
I have found with very little research that NationsBank (one of BofA's predecessor organizations) was involved in a class action lawsuit in 1999 that was settled for $9 million dollars, for this very practice. So they paid a chunk of cash to make the suit "go away", but continue to "help" their customers by deciding FOR us which checks/payments should be posted and which should be NSF'd... Wait a minute... Since they were all paid against the account with their "overdraft protection", why would it matter which order the checks were posted EXCEPT to garner all those unnecessary NSF fees and therefore boost their revenue???
But I digress...
After waiting a few days to make sure everything has cleared, I am closing my accounts with BofA forever. My husband and I will be banking with a local company that actually cares about people and the value of loyal customers.