TEXAS -- My husband and I, a couple of semi-retired old people, have a 10,000.00 CD at Bank of America. It matured on 8-18-08, and my husband went to the bank branch, withdrew the interest and asked to move the principle to a 3.7% CD. He was told we were not eligible for that rate, as we did not have "the correct type of account" for that rate.
I called the CD Customer Service number, which I got from the website and asked how we could receive this rate, which is advertised online. I was told "We will switch the CD for you to that rate." Two days later, I again called, as I did not see that rate applied and was told "Wait a few days for the higher rate to take effect. I have looked and the change order is in our computer".
On 8-25, I wrote to BofA Customer Service, through their website with an e-mail, thanking them for doing this for us and complaining that the local branch could tell us how to do this, and asking when I would see the change. I requested that any correspondence be sent to my e-mail account.
Now, over Labor Day weekend, I went on to their website to check my savings account balance. The ten day period in which we could move the money has expired as of 08-28. There is a small spot on their customer service page where there is a note that I have e-mail from their Customer Service people. I opened that link and found a note stating that 'you are screwed' and will not get the higher interest rate, as its 'only available online to new accounts.'
I had asked on my first and second calls "Do I need to do a transaction online to cancel the CD then move the money into another account, then open the CD online?" I was told "We will take care of that, for you and you will receive the higher rate on your new CD."
After it is too late to cancel the CD transaction, having been told twice that we would receive the higher rate, I was told by a person from their CD department "Sorry, you didn't open the CD online, so you can't have that rate." I followed instructions, as provided by the bank's customer service representative "Don't worry, we'll take care of all of that for you".
So, now I have filed a complaint with the SEC and the state banking regulators, and I will take the afternoon off from work on Tuesday to close my checking and savings accounts at Bank of America, will have to open at another bank and notify my direct depositors that I have changed banks.
Bank of America has just told me how much my accounts mean to them: Nothing. The trust that must be inherent in any banking institution is missing. They have become a greedy mega business with no interest in their customers, except to see how many lies they can tell, in order to grab what amounts to 40.00 from my husband and me. While that's a small amount of money, it is enough, if done often enough to pay some big bonuses to them.
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 envelope 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?
HOUSTON, TEXAS -- Hello, my name is Evelyn ** and I was writing you because I saw your article online. Here is my situation. About a week to two weeks ago, my husband and I received an economic stimulus check and we both endorsed the check and then deposited it via an ATM. The check cleared and we began spending it on necessities and a few other things that we had been wanting.
Today, I looked online to see how much extra money I had (according to my records I should have had around 700.00), only to find that my account was overdrawn by $204.00. I looked at my transaction history to see that today, June 2nd my deposit of $900 was reversed. I could not believe this (nor could I begin to fathom why this would occur), so I called "Customer Service".
This phone call was a big disappointment as I was only told, "I am sorry for the inconvenience. Due to the large number of people stealing from each other, we are forced to do occasional audits on ATM deposits. If a check has a name that is not on the account, then the funds are removed from the account and a duplicate certified check is sent to the customer. You should wait for the check to come, and then take your husband into the nearest B of A with your IDs and re-deposit the funds."
I was completely flabbergasted as my husband has made bi-weekly deposits into my account (with his company check) for the past year via to the ATM. The justification seems sketchy at best. When I asked them what I was supposed to do to pay for my 4-month old child's formula or gas to go to work, the bank said that they don't have that answer.
They also informed me that they did not know when I would receive the check. They said it was dependent on the United States Postal Service, which tells me that they didn't even send the check certified so it could very easily get lost in the mail. To further my frustration, I am being charged a total of eight overdraft fees ($35 a piece) for transactions that posted after they took the money out of my account.
Again, I am shocked because it is due to their mishandling that I did not have the money in my account. Is this legal? What are my options? Can they be required to compensate me for the fact that I cannot feed my children, put gas in my car or anything else for that matter?
This isn't the first time something strange has happened. Deposits totaling more than $800 in the past year have randomly disappeared from my account. When confronted, their statement is simply the deposits were never made. When I had my employee go to the bank with receipts, they "apologized for the inconvenience" and issued the credits. What is going on? What can I do besides file a complaint with the BBB (already done)?
VENICE, FLORIDA -- Banking practices can be true, but lets also put it where it belongs. How is the bank acting in the best interest of its customers if it allows transactions to be made if the money isn't there because they don't post my deposit, but they will post my transactions as pending and subtract them from my account the same day, causing a negative posting, but doesn't post my deposit that was the same day of my transaction, but will post those $35.00 ISF fees?
It's just becoming more unethical with this banking establishment of customer service and morals of the name that they carry "AMERICA", because they are far from American. We are working to pay banks a gallon of gas, Right, I'm all over that. PLEASE let's put it there that this bank doesn't care about the American people.
This is a hilarious cost of a fee. I had overdrafted my account by $1.25 with keep-the-change transactions. Well the bank was so kind to transfer the amount from my savings with the overdrafted protection plan, HA HA! And the funniest part was they charged me $10.00 to do that and overdrafted my account with the transaction fee and charged me an overdraft fee of $35.00 so that $1.25 was worth to them $45.00 - HA HA! Welcome to Bank Of AMERICA!!!
Let's totally protest this banking establishment as I will do only direct deposit to a savings if I can. My employment demands direct deposit only, but I'm not sure if it's only checking, and it will not be with this bank as I seek a new establishment. There online services are a joke too and are totally not accurate just as their ATMs - they give you different balances and then brush the blame off on technology, not posting our deposits or pending transactions. What a joke they are...
This is their choice to offer us the ATMs and online services, but it's not accurate equipment so you can be messed up in counting your next American dollar and to count money that you don't have because they say you have it one minute, and you don't the next. So much so that you owe them more in the long-run because they mess with your accounts and do what they want with your money, especially in taking it.
I hate their online services showing me pending transactions and subtracting them from my account and then the next day re-organize my transactions largest to smallest, causing transactions to bounce because the transactions was made before my deposit but the day before they were pending. And I made a deposit that evening being way in the positive, but oh no, they start bouncing my account all over the place with their NSF fees of $35.00 because at one moment, my transactions are showing pending and not posted, and then all of a sudden they post before my deposit.
They can show and say one thing and then turn around the next day and say "oh no it doesn't work like that" and give us your money. Double standard practicing there and non-American, and their practice is misleading, and false advertisement and use of information is deceptive. They either need to make it right or answer for their deceitful ways in the materials they offer to their customers being misused for their advantage.
It's almost like price gouging and any attorney willing to take this company on sure will have a huge class action suit to have this bank be accountable for their deceitful ways of business and keeping their customers' best interest at hand.
Bank of America came to us not by choice because we did have Countrywide as our mortgage company. Well in the midst of the change and all, we were trying to refinance or remodify our loan. Well we fell behind when my husband and I both lost our jobs. It took me months of begging for BofA to send us papers for the "Making Homes Affordable" program, which by the way is a JOKE as well (started in June 2009). What BofA didn't tell us was that our credit score would go down significantly, and it showed we were making partial payments.
Well, we made our NEW payment of what "Making Homes Affordable" told us to make and said we have to make them on time for 3 months. Well, almost a YEAR later, here we sit not knowing if we get to keep our house. Making Homes Affordable program kept telling us they didn't have all our information and I faxed them almost 400 pages which included all the paperwork numerous times with the confirmations of confirmations of confirmations that they received it. Then the program failed to let us know that they gave our case back to BofA.
There it sits since December of 2009. We were supposed to have a new loan payment in October of 2009. It is now April 2009 and all we get are phone calls from BofA asking we need updated information on "why you fell behind." Well, they have almost 400 pages to read. We have been lied to and we're going to be checking into a lawyer. Don't know how much help it will do.
BANK OF AMERICA only wants your money and does not help you out. They make you sit and wonder if you will have a home. They think this is a big game. They want as many people out of their homes because they are banking on the housing market to go up and all these empty houses they are sitting on, they will charge an arm and a leg for. I am pretty sure they also are waiting around for the unemployed to get jobs so they don't have to remodify anyone's mortgages. GREEDY, GREEDY people!! Glad I don't bank with them.
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 online 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!!!
There is something extremely not right about the way Bank of America is doing business. Bank of America was in the second lien holder position and due to their delay, my home was forced into foreclosure. I had a property that was in short sale status. I had a buyer that was willing to pay cash. The paperwork had already been reviewed by the first position lien holder and accepted. I provided the paperwork to Bank of America and they, were extremely slow to review. The paperwork was sent to them with over 3 month prior to any foreclosure date, I even negotiated extra time with the 1st position lien holder, but that still wasn't enough for BofA.
The first BofA negotiator held on to it for at least 60 days. When I called to check status, I was told that the more I called, the more that my file would be delayed, even when I relayed the urgent timeline. After the first negotiator looked at it, it had to go and be reviewed by another negotiator, and they told me she had an additional 60 days before she had to get back to me with a decision. 2 negotiators 60 days each - that was their process, take-it or leave it.
In Calif., the second lien does not get anything back if the home goes into foreclosure, so I would think it be in their best interest to try to proceed with the short sale, and avoid the foreclosure. The first lien holder finally turned down my second request to extend the date. They said they had already extended the foreclosure once and was not in their best interest to wait any longer. The home ultimately went into foreclosure.
I felt like someone spat in my face. I didn't understand why BofA was making it so difficult to avoid foreclosure? Please if anyone is in a position where they can create change, do so. Bank of America bought Countrywide, who had my lien, but now, they can not service those loans. They bought a troubled asset to get government help, without owning up to the responsibilities...sorry if I added my 3 cents, but what they are doing is WRONG!
I've a AAA gas rebate Bank of America Visa credit card and while I was looking at recent monthly statements, I found how Bank of America grossly misleads customers and collects interest through devious methods. Here is what happened in my case and same must be true for all customers, therefore good cause for class action suit, and request all customers to look closely your statements if you took cash advances any time.
Initially AAA card was offered to me with low interest rate balance transfer. After the initial offer period, interest rate on my balance transfers and purchases gone up to 13.99% and now I've cash advance interest rate of 19.99%. Looking at my recent statements I took $300 and $400 as cash advances. I took second cash advance way back in Nov '08.
Even though I never missed single payment, cash advance amount now shows $1064 instead of $300+$400 - prorated monthly payments applied to cash advance amount of less than $700. When I spoke to customer representative, reasoning he gave me was every month though I make monthly payments regularly, they add 19.99% interest amount accrued monthly on cash advance to original cash advance amount.
That means to start with, I had $700 as cash advance, next month it became 700+11.66 =$711.66 as interest added to original amount. In next month statement, they calculated 19.99% interest rate on $711.66 so the cash advance amount now became $723.51 and goes on and on, even though I make my monthly payments. Monthly paid amount is applied only to balance transfer/purchase amount, whereas cash advance amount keeps growing leaps and bounds.
This is kind of charging interest on interest every month, which is kind of deceiving customers with hidden charges. Customers will have no clues unless they drill down and see or find out through some analyst. This is like daylight robbery by same big bank which was bailed out by our tax $$$. This greed should come to an end, else most of American end up in debt trap. Govt should act fast and stop this bleeding.
I have been a Bank of America customer since 1999. I have personal and business checking accounts with them and have been increasingly disgusted with their practices. Lately, it seems apparent how they will make up the $34 billion CNN reports they need to raise. NSF FEES. The computer programs are designed to treacherously maneuver credits and debits to create NSF situations.
When the account has a lot of funds, charges come in, pend, and are paid within a few days. When the account is low on funds, charges raise past the pending stage and quickly post to create a NSF situation which they will happily "cover" for you while charging $35 as many times as possible. The only way to document this is to printout your bank statement 3 times each day for a few months and you can then prove this is happening. Two days ago, my business account dipped to $67.95 and a $45 check came through and was paid. Close but not NSF. My account balance was then $22.95.
Later I received a NSF email alert on that very check and again checked my account. It still listed a balance of $22.95 with no pending charges. Since it is nearly impossible to make phone contact with your local Bank of America, I drove to the nearest branch 20 minutes away. It took 30 minutes for the bank representative and internal phone support to tell me we'll all have to wait until the following day and see if the charge shows up, then they'll remove it because there's no reason for it. This morning I see a $35 fee even though the account never was in the red, pending or cleared.
What does this prove? The computer program holds dominance over bank personnel. Doesn't it seem like a simple thing for the Bank Rep and Internal phone support to see the wrong and correct it immediately? Rather, they have to wait until the next day to credit my account. As a business owner, I might be too busy to spend an hour or two fussing about $35. In the past, I've just overlooked this type of thing and wrote it off being too busy to worry about it.
What is the solution? A class action lawsuit. If enough Bank of America customers printout their online bank statements 3 times each day, it will become crystal clear to any judge that the Bank of America Executives feel the best way to rob a bank is to own one.
LAS VEGAS, NEVADA -- Can you believe this! My Attorney's client who was issued a settlement check drawn off the Lawyers Trust Escrow Account (25 years old) with B of A walked into the main downtown branch here in Las Vegas and offered the $15,000 check to the teller to be cashed. 1st, he was told they could not cash the check because he did not have an account with them. After protest, they reconsidered and then told him they do not have that much cash on hand and could not cash his check.
After much protest he asked for $5,000 in cash and a $10,000 bank cashier's check. They informed him that he must have account with them to be issued a bank cashier's check. After another protest to see the Bank Manager who stated that his State of Nevada DMV Photo ID Card along with his Original Birth Certificate and his Original Social Security Card WERE INSUFFICIENT IDENTIFICATION for Bank of America. The client called his Attorney who's signed the check it was drawn on.
The Attorney went round and round with the Bank Manager, telling her that he recognizes his client's voice and would okay the check for cashing. Also B of A makes everyone get finger printed and charges $5 as well but to no avail was the check still going to be cashed. The Bank Manager insisted for a Passport ID, or a Federal Gov't ID, and or a Major Credit Card ID. The lawyer's client produced 4 forms of valid identification and the check was telephone verified by the issuer. The client agreed to be finger printed, pay the $5 check cashing fee, accept a partial cash payment now, with a Bank Cashier's Check on the balance.
Can you believe the lawyer has to get the cash from his bank in person himself with the client and handle this fiasco at his bank. I would say Adios Bank of America. Where the hell is customer service? Good Riddance B of A. You should not be bailed out, but butted right out of business for good!