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Bank of America - Page 5

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Bank of America are a bunch of LIARS and THIEVES!!!
Posted by on
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 were 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 houseing 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 anyones mortgages. GREEDY GREEDY people!! Glad I don't bank with them.
     
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Somebody has to stop Bank of America. But Who?
Posted by on
Is there any benefit in having a good credit score and credit history?

When I moved to this country in 2000, I thought there was and I must admit that because of my good credit I was able to accomplish many things. Unfortunately economy changed and it seems that now having worked hard in maintaining a good credit does not pay off any more and I am concerned of the message Bank of America is sending out to young people.

1st problem with Bank of America:

As a high percentage of the population I am upside down in my condo, I owe around 149K and it is only worth 60K. Per Bank of America I do not meet the criteria for hardship so I do not qualify for a refinance program and I do not have 30K to come to the table to enter the restructure of debt program. As a matter of fact I really do not want any of those; I want a debt elimination program which of course is not available.

I have always been a good client, paying my mortgage on time or earlier, never late whether the mortgage was under Bank of America’s name or Countrywide before them.

I tried to negotiate my mortgage with them offering to split the loss in value of my condo between the two of us and informed I was willing to pay 90K for my condo (50% more than market value) if they would reduce their part (39% of the debt). In my simple mind I was thinking that if I decide to ruin my credit and walk away from the place they will have to sell it at 60K, so I thought offering 90K was a good deal for all of us, but they insist in not having loan elimination programs. How do they call it when they have to eat the gap between the debt the prior owner of the residence had and the re-sale of the property at 60? And I am not including in my calculations the expenses to maintain the place until they find a buyer. Isn’t 59K write-off better than 89K?

2nd problem with Bank of America:

I had a 27K credit limit in my credit card, accumulated points on it and paid it off every month. Once I used a Balance Transfer deal, which I also paid off on time before the promotional rate expired. I have been a credit card client since 2001. Bank of America sends me a letter offering a 0.99% interest on balance transfer which I resolve to use because I had another credit card debt which 0% was expiring at year end. I’ve been on the phone with the representatives several times asking for some details and making sure I was doing my homework, they confirmed it was better to leave the balance at zero before doing the transfer.

So, I put my account in zero and when I call to do the transfer, I was informed the account was closed because I have too much credit card debt and they did not want me to have more. I appreciate their concern on my financial business but the balance transfer was going to be used to cancel other credit card debt so my overall credit card debt was not going to increase.

It is difficult for me to understand why the decision was so shortsighted. The focus was only on one aspect of my credit and my impeccable history with them in all my accounts did not count at all. Nobody asked about my intentions on what I was doing with the transfer, nobody cared how good of a client I had been since 2001 or what sources of income I have.

As if this was not bad enough, they said the points I had on the card (which added to 23K, equivalent to 23K dollars spent on it) were forfeited. After several phone calls and customer service representatives they felt kind enough to mail me a check for $172,50 as payoff for the points. Of course it did not matter to them that I had requested to have the option to choose from the catalog instead of receiving a check, but again that was only a customer request, it really doesn’t matter to them.

So in just one brush, they took away my ability to manage my own finances, they took away my points and they worsen my credit by reducing my borrowing capability.

Bank of America, with their actions made me the kind of client no bank wants to have. Obviously we are not in control of our own credit, others are and unfortunately not the ones who are really interested in helping you out.

So now, I ask again, is there any benefit in having a good credit score and credit history?

     
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goduke on 2010-01-13:
Or you could do what you agreed to in the first place, and make the payments on the condo for the amount you borrowed. While I understand you want to blame someone for the mess and BOA is a good target for the "bad guy" label, it's really not their fault that the value of the condo dropped so dramatically. They didn't force you to buy the condo. They didn't tell you have had to buy that condo. They loaned you to buy the property you wanted.
Anonymous on 2010-01-13:
I pay my mortgage too. Can I get my debt eliminated?
Anonymous on 2010-01-13:
It's just not a loss of $89K by foreclosing, they are still able to resell it.
tnchuck100 on 2010-01-13:
goduke, I'm sorry you thought I was being confrontational. I wasn't. It had nothing to do with weather I think banks are evil or not. Your answer was "bank like" evasive. Placing additional circumstances. At any rate, it was not intended to upset you. It was only a discussion. I'm done.

justthefaxx, the sale after foreclosure was already factored in.
goduke on 2010-01-13:
I'm not upset at all. And I don't think I was being evasive. I've dealt with customer issues for many, many years, and I have a pretty good sense for when there's more to the story. But let me be more direct.

If looking at a really big loss vs. a sort of big loss, do I think the bank ought to take a gander at the issue? Absolutely. Do I think there's also more here that we don't know about? Absolutely.
RestaurantGuy on 2010-01-13:
Chuck I think what goduke is saying is there is more to this than what the op is saying. Also if the op states at $149K I walk but at $90K I pay you, so what happens when just for kicks we say the condo is worth $40K next year. He goes back to BOA and says for $90K I walk but for $50K I pay you. When does it end. The op took out the loan he pays the loan as he agreed to. People need to take more personal resonsibility for what they do and agree to
Anonymous on 2010-01-13:
Add in the fact that the bank's insurance may cover some or all of the loss on a foreclosure. It is not as cut and dried as it seems.

Suppose the bank forgives $39k of his debt. What about the next one who comes along, and the one after that? The fact that the OP made a bad investment does not automatically entitle him relief. He's not homeless, stay in the condo and ride out the recession.
Anonymous on 2010-01-13:
The economy has hit everyone's property. HARD. My house, my mother's house. Everybody is feeling it. Why don't we demand the banks eliminate all of our debt so that we can live free and easy. Then when the banks fail and we have none,we can all blame the banks for their own demise.

My house may not be valued at what I owe at this moment, but the market WILL improve and when it does, my house will once again have a golden star above it. Until that time, I will continue to pay what I AGREED to each month.
Anonymous on 2010-01-13:
Best answer from you in weeks, LadyS!
Anonymous on 2010-01-13:
It sounds like the bank made the bad investment on this one seeing that they are holding a loan secured by an asset worth less than half of the outstanding loan amount. The OP can CHOOSE to walk away or stay. BoA is powerless in this situation left to HOPING not to incur the loss if the OP decides to walk. The OP has the ace in the hole on this one.
Anonymous on 2010-01-13:
So Stewart or should I say Mr. Trump, if the OP dashes will the bank charge the balance off or will the debt be discharged in this case.
Waiting anxiously for your response.
Anonymous on 2010-01-13:
Zz, unless things have changed, banks don't totally lose on a foreclosure. They always include a little bitty insurance premium in their contracts. Back when I did credit, it was called NON FILING insurance. It was used ONLY in extreme cases where maybe the customer passed away and did not have the life insurance on the account etc.

I would bet that the banks have similar that would gain them, perhaps not the whole debt, but at least the principle back. And honestly, why should a bank lose all of their money? Especially, since as we know, the market is not seller friendly these days.
jktshff1 on 2010-01-13:
what they said
Anonymous on 2010-01-13:
So it would be discharged with a deficiency, right?
I have no beef with banks to speak of anyway.
You borrow, you pay,
you invest you pray.
Slimjim on 2010-01-13:
Don't forget too, a bank forecloses and sells a property at auction, they can and many times DO sue the borrower for the difference of what the property netted and the loan balance. Do they collect?- not often, but the judgment is still there.
Agree with the others, we do not know all the facts Bank of America weighs in with here from their perspective. It's no slam dunk to me criticize them for not grabbing some other offer when they are legally do a mortgage contact's terms. Like Ken indicated, the precedence set alone may be the problem.
Anonymous on 2010-01-13:
Z, yes. And hopefully, the bank would recoupe at auction. Sometimes not.
Anonymous on 2010-01-13:
Here's a very interesting paper written by an University of Arizona professor talking about the virtues in certain circumstances of just walking away from your home mortgage.

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1494467
Anonymous on 2010-01-13:
A case of the Google-itis today, my friend?
Anonymous on 2010-01-13:
ZZ not that it's any of your business but my friend sent me that article a month or so ago. This discussion sparked my memory so I thought hey why not share it with the group. I did a good thing! Now, PRAISE ME!
Anonymous on 2010-01-13:
I learned the cold hard facts regarding that subject years ago from a pretty money savvy g/f but it is as true as ever.
Tell that comrade of yours that his Google was spot on and thanks!
goduke on 2010-01-13:
Good boy, Stew. Have a cookie!
Anonymous on 2010-01-13:
You got the "boy" part right to be sure!
Alain on 2010-01-13:
Your condo was a bad investment. While I hope your situation improves, Bank of America is not responsible for your decision or the risk you took using credit for your investment.
tnchuck100 on 2010-01-13:
As far as the mortgage goes I understand your attempt to negotiate with them makes LOGICAL sense. Bank of America is too big an organization to be able to deal at that level. The fact is they would rather lose the $89K. They are simply unable to respond.

As far as the credit card goes it sounds like you are trying to reorganize your debt to deal with today's economics easier. Here again, Bank of America is not concerned with you as a customer at all. Good or bad. They would just as soon let you fail and lose all that you owe them.

Bank of America is probably responsible for forcing many into bankruptcy by not working with them. That are just too big to be responsive to customer needs.
goduke on 2010-01-13:
I'll have to say first that I am no fan of BOA at all. For all sorts of reasons.

But I'm just not seeing why BOA should give the OP 50K so that the OP gets to stay living in the condo, and have the debt eliminated. I don't see how that's even remotely equitable to the millions of folks who are paying their mortgages in full.
tnchuck100 on 2010-01-13:
goduke, I was only pointing how how given the choice of losing ~$50K by working something out vs losing ~$89K by foreclosing. If YOU (as BofA)were making the choice which loss would you select?
goduke on 2010-01-13:
I would make the selection that makes the most sense given all of the facts I have, not just on what the consumer says is the math. I'm not a bank person, but I've got enough business background to know there's more to it than that. If the OP is saying "If the debt stays at $149K I walk, but if you lower it to $90K I stay" it sounds like they are a risk, irrespective of what they say the credit rating is.
tnchuck100 on 2010-01-13:
goduke, you are avoiding the question. With only the facts given what would you do? Work with him (lose $50k) or foreclose (lose $89K)? This risk is already there and has been. That has not changed.
goduke on 2010-01-13:
Sorry, chuck, but I did answer the question. Just because you don't agree with my answer doesn't mean that it's not an answer. I get that you believe all banks are evil and exist only to pillage the universe and destroy people's lives. I'm o.k. with that.
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Bank wire nightmare and customer abuse
Posted by on
I am currently in USA and I was going to buy collectibles from various countries from one seller (last year in October, that's 3 months ago!) for my collection and a couple items that were made in Myanmar, a buddhist country, which total less than 10% of the total amount I will spend. Those items are all located in Germany at my friend's place, not in Myanmar! So I tried to send a bank wire via BANK OF AMERICA, but they froze my wire telling me I am not supposed to buy something from Myanmar. OVERDONE! When I signed up to Bankofamerica's SAFEPASS card to be able to send bank wires from my PC (banking centers do not process wires anymore! and I had a 2 hour torture-wait in a bank branch not once and not twice! just to find out they will not do a wire for me!) they did not tell me that I can not buy anything made in Myanmar. Well, the postcards are located in Germany and not in Myanmar. So now BANK OFF AMERICA froze my wire without sending it, but also they will not cancel it and started questioning me very private questions like who is the seller and who is the buyer and they want to see the shipping documents etc.! Well, duh! The buyer is me! I told them that many times! Also the compliance manager of the bank emailed several times my and my friend's bank account back and forth and other sensitive private data via unsecure email. The manager sent my bank account even after I emailed them and asked to not send such sensitive data via email! They are treating me like a criminal after all those years that I have been their customer! OVERKILL! It looks like now they made it a big deal and they want to investigate me, probably suspect in terrorist connections!? All because I want to buy collectibles for my collection? That is DIS GUS TING! Look how many items made in Myanmar are for sale on the web! Ebay is not shutting those items listings down! Why should I be bothered, especially after I told them I have asked my friend to send me some other country's items in place of Myanmarians. I think this "compliance" department from Bank off America are enjoying annoying their customers! No wonder they made so hard to send bank wires between ordinary people by small amounts! My amount was less than $1000 only! And they made me sweat (get SAFEPASS, while first two times they lied and never sent my safepass card! I was waiting for it for a month until I realized they never sent it - that happened twice!) for over 2 months trying to send that wire and it's not sent yet! Now it is frozen and is under in-ves-ti-ga-tion! Wow, what a big deal! Someone bought a couple stamps with Myanmar on them! Wow, going after small guys is easiest! How about catching Binladen? No... Binladen is still free, because its all a fake game! Customer at Bankofamerica is always wrong and bad!

P.S. Update: now Bank of America stopped my wire and notified me by email about that, it says "failed". They sent me a receipt for $35, so they seem to still charge $35 fee even if the bank wire was not processed...

Sincerely, soon to be ex-Bofa customer
     
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Anonymous on 2010-01-06:
Bank of America is following the law on imports from that country. You say you are buying items that were made in Myanmar, and the law says you can not import any item made in or from that country.

http://www.rttnews.com/Content/GeneralNews.aspx?Node=B1&Id=1019930

It does NOT matter WHERE that item currently sits. If that item in Germany was made in Myanmar it can NOT be imported, and even if BOA allowed the transfer, customs would confiscate it and YOU would be the one investigated.

So get over yourself and try to LISTEN sometimes when people try to tell you something.
jktshff1 on 2010-01-06:
For once, BOA is doing the job they are supposed
Inat on 2010-01-06:
ladyScot is absolutely right! Maybe you should try buying a few things, cigars perhaps, from Cuba?
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Bank of America • Use at Your Own Risk!
Posted by on
Dear Bank of America Executive:

If you are not a decision making executive, please forward this email to one or more. To ignore this request would put you in violation of U.S. Federal laws governing email.

I am an American expat living in the Republic of Panama.

I just want you to know that I am thoroughly disgusted with the way you do business:

1 You charged me an overdraft fee when I have "Overdraft Protection"! Your customer Non-Service wrote to tell me I should watch my balances!

1a You charged me several times for late fees on Sunday due dated bills when paid on Monday! If I went to one your branches and paid my credit card bill with a Sunday due date on Monday there would be no late fee!

2 You are now charging a "Foreign Transaction Fee of 3%. I asked about this and the form letter sent to me told me about fees for withdrawing from ATMs. I have never in my life used an ATM. I don't want to pay to withdraw my own money! I have resorted to using my American Express Card exclusively in Panama. I have had AMEX for thirty years without the first problem! If AMEX is not an option I use CASH!

2a when I got this card through MNBA there was never a problem, just since BoA took them over!

3 Since I can no longer accumulate meaningful points with your "Point Program" I asked to cancel the point portion of my card. I'll give up the 21,000 points accumulated. But no, your agent demanded that I cancel my entire card. so I did!

4 When I took out my homeowner's loan your officer told me I could the fix the rate at the current percentage rate. When I tried to do this, I was told the rate was 11%! BoA is using government money at close to 0%, but won't fix my rate at the current 3.5% or whatever it is today.

5 Dealing with your customer service department via "Online Banking" is near impossible. For the simplest questions I get "Form Letters" instead of an answer. It has taken me dozens of online banking messages to accomplish one simple thing, several times.

6 Dozens, yes dozens (Check it) of times I have told your agents that I cannot call you. We are restricted to 8 digits on our phone. If we use more, even for 800 numbers we get charged outrageous amounts. But your agents keep responding that I should call! Collect is not good. I don't speak enough Spanish to use an operator.

Here's today's example:

To:
LONNIE CROSS
Account:
REGULAR CHECKING ending in 9859
Date:
11/14/2009

Because email is not a secure form of communication, this email box is not equipped to handle replies.
If you have any questions about your account or need assistance, please call the phone number on your statement or go to Contact Us at www.bankofamerica.com.

The above message says if I want a credit card without the point option I have to apply for a new card. The year I began my credit being on my card is very important to me.

7 I have been banking in the same building in LaGrange, GA. U. S.A. for thirty years! Never had a problem! Until BoA took over!

8 My credit score was 787 until I signed for a car loan for my daughter. Her late payments brought my score down to 702. Still not a credit risk. My loan with you is the only debt I or my wife have. Yet, you cut my credit limit in half from over thirty thousand dollars! I have never accessed that amount, but the cut is a slap in the face. American Express is still UNLIMITED and has no "Foreign Transaction Fee"!

It seems, from talking to other expats that everyone who deals with Bank of America gets the same treatment and BS.

I know my accounts don't really mean anything to BoA in the big scheme, but if thousands of us stand up and change banks, credit cards, etc. stock holders are liable to ask questions. This is not a threat. Merely a fact. Poor service loses customers.

If you wish to correct and rectify this situation, reinstate my Mastercard without the point option. Repay all the late fees you've charged me for Sunday due dated invoices paid the next day, as well as the overdraft charge you charged despite my "Overdraft Protection". I don't expect you to change your fees, I just want to be treated fairly.

Please don't ask me to give you dates, you have it all on record. Regular Checking-9859, Bank of America Platinum Plus Visa - 4993, IT Professional Platinum Plus MasterCard - 6113, Home Equity Line-5099, Fixed Rate Option-5001

If I don't hear from a decision maker within the week, this letter will be forwarded to every Expat Group in the Yahoo! system all over the world. Check this out for a sample Gringos_in_David_Panama@yahoogroups.com. There are hundreds of these groups located in almost every country in the world.

Since I am retired, I have nothing better to do, other than spread the ways you gyp the consumers worldwide! Under those circumstances all of my business will be going to another bank, along with those of all my relatives that bank with you throughout the country.

FED UP WITH YOUR BULL!

Very Sincerely,

Lonnie R. Cross III
Puerto Armuelles, Panama
     
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SadSackSam on 2009-11-14:
You are retired and cannot find any thing better to do? Pay your bills on time, have then set to pay the Fri. before they are due and yes e-mails are not only not secure they are descoverable in a legal action so you will have to call them. It is not their fault you are in a country that has a poor phone system. Follow the rules and call like everybody else.
YunkaG on 2009-11-14:
Overdraft protection is where they pay the check, even when you do not have the funds available and then charge you $35 for that. You can cancel the Overdraft Protection and then your checks will bounce back to the merchant/retailer or whoever you gave it to. And you'll be charged a fee for that. Overdraft Protection doesn't mean the bank is going to pay your checks for you for free.
madconsumer on 2009-11-14:
on my account, I have overdraft protection, if used, I pay a fee. it is in the user agreement.

all transaction made on Sunday, count as Monday transactions, and post on Tuesday.
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Bank of America Delayed Short Sale Caused Foreclosure
Posted by on
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 time line. 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!
     
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Weathermom3 on 2013-04-23:
My experience with my short sale has been a nightmare! I have done everything I should have per BOA. I pre qualified for the short sale in December 2013, got an offer in on 2-15-2013. The file went through 3 different negotiators... Even got the so called presidential escalation department involved for lack of communication. Still nothing. No contact, no updates... Calling on a daily basis. Oh, and forget about getting in touch with anyone when your negotiator takes a 2 week vacation!!! Managers do not call back. Returning calls in 48 hours never ever happen!! So congrats to me... My buyers pulled out of a good cash offer after almost three months of no communication from BOA! Of course, my short sale agreement shows I had to have an offer in 6 days ago. So now I have nothing but almost three months of stress and headaches! This is the worst experience I have ever faced. Not that I don't have enough stress having two children with serious illnesses. They are horrible! They have made my life hell just for me trying to give my credit help to avoid foreclosure. Not worth it! Just let it go into foreclosure... Let the bank take the loss... They don't care about short sales... They are full of it!! Bank of America short sale department is a CON!! Don't fall for it, don't waste your time!
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Bank of America: something is wrong when you can't "put it in writing"!
Posted by on
PENSACOLA, FLORIDA -- Bank of America: Hundreds of dollars taken in overdraft fees because they
1. Fail to return money that is recredited by vendors when it is credited, which throws you into an overdraft which perpetuates the problem. They take out $35 for even $1 spent which in turn spends your money without your knowledge, and anything else you've done before you find out has again charged you $35..
2. They fail to respond to your online requests to stop payment of a monthly car insurance premium a week in advance. Even though the insurance company was told to stop the account, they removed the money, thereby throwing me into overdraft mode for $5 Burger King expenditures, spending my weekly checks down till other small amounts I spent without the knowledge this happened, spent all my money at $35 a pop, taking all my money and continuing the cycle. Oh, and did I mention, took $200 cash in person with the pityful request to please be sure this didn't happen on the day it happened without my knowledge... and they not only let that happen but took that $200 in $35 overdraft money too which addressing it with a "I couldn't do anything" messege on my phone voicemail.
3. After weeks and weeks of weekly check being direct deposited, one fails to deposit due to a clerical error without my knowledge and once again the $35 cycle which spent everything I got with the $35 cycles before I got it.
4. The overdraft protection just allowed them to charge $10 to dip into the savings and spend all that and again get to more overdraft fees. 5. WHAT'S WORSE IS YOU A. WRITE AN ONLINE LETTER AND GET A CANNED LETTER BACK NOT EVEN ADDRESSING YOUR NEEDS.
Then what? Lets go face to face and at least get them to look at the problem. You talk to one person who stops you midstream and says "I can't put anything in writing"... after he hasn't told you anything anyway and really hasn't looked at anything. You are referred to the bank manager who says in less than 1 minute "I can't do anything for you"... Questions how I do things and offers to print you a copy of bank policies. Then again says "I can't put anything in writing",she REFUSES MORE THAN ONCE to give me a name of someone above her to see or write and then calls your calm and firm commitment to having someone look at this as "combative" saying "you want me to pore over your account for hours" "I looked at it here" (which in all fairness a brief one eye view did occur while I sat there that one minute). WHAT IS WRONG WHEN A COMPANY CAN'T PUT "ANYTHNG IN WRITING". I told her when I left that I have been wayyyyyyy to docile with this bank and I have. I am just beginning to find out what I can do to make their life miserable if I don't get every cent they have taken from me back.

I only wanted someone to look at it and take mercy on me as a lowly consumer and act like they cared and maybe consider the error of their ways and return what is fair and mine......but now I want every single cent. Which is only fair at this point.

I want them to know everything I say and this is only the beginning because they are UNFAIR, UNKIND, LIKELY ILLEGAL IN THEIR ACTIVITIES, AND HAVEN'T GOT A CLUE ABOUT CUSTOMER SERVICE.
     
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goduke on 2009-10-31:
They don't put it in writing because they know you'll post it online.
warddw1526 on 2009-10-31:
For situation #3, was the "clerical error" the bank's error?
bcd on 2009-10-31:
“They take out $35 for even $1 spent which in turn spends your money without your knowledge …”

This makes no sense.

“Oh, and did I mention, took $200 cash in person with the pityful request to please be sure this didn't happen on the day it happened …”

What person?
msnanny on 2009-10-31:
I see nothing in your post that indicates that the bank did anything wrong.
Anonymous on 2009-10-31:
OK, I'll admit I don't get most of this. But from what I can see is the account went OD and NSF for lots of faults that were not the banks.

Bank with a credit union, at least there is a human to talk with when things go wrong.
Anonymous on 2009-10-31:
Stop spending money you don't have. When you get a refund don't run out and spend thew money til it clears your account. Credits from refunds take 3-5 business days to post.

Instead of emailing the bank, call the 800 number for BOA to stop the insurance payment. Why are you mad at the bank for allowing the charge when it is the insurance company who REQUESTED it when you told them not to?

Keep a register, and learn to manage your money. It isn't the bank who refuses to listen.
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Bank Of America - Interest on interest
Posted by on
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 tan $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. monhly 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 day light 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.

- Andy
     
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Anonymous on 2009-10-07:
You pay interest on the BALANCE every month you hold a balance. So you are paying interest on your cash advance every month, as well as your normal monthly balance interest. This is outlined in your disclosure statement you signed when you applied for the card.

No different than any other type of loan.
grandma005 on 2009-10-07:
All payments go to the lowest interest balance-regular charges. This means until you have a zero balance on your regular charges no payments to your cash advance balance will be posted. That is why if you do a cash advance on a card you have to have a zero balance to begin with and you cannot use the card again until cash advance balance is paid off. This method is about to change soon.
lobo65 on 2009-10-07:
Cash advances are never a good deal. You're better off getting a loan from a pawn shop.
JR in Orlando on 2009-10-07:
The government has, that's why Chase and other banks have raised their minimum payment amounts so that people pay off their cards in a reasonable time. Then people complain because the minimum payment is too much.

PepperElf on 2009-10-07:
in a way ... it's becoming a bit of a fact that it's better to NOT buy stuff with credit cards, not if you can't pay it off right away.

I rather wonder really... the stats on what people purchase with regular credit cards... how many of those purchases are "wants" and not actual "needs"

Like, oh a big-screen tv - that's a want. no one needs TV to live.

True needs? Food, shelter, clothing.
Secondary needs: purchases or items that allow you to go to work or seek employment.

but keep in mind, there is no requirement that these items be top-of-the-line or expensive.

sometimes it's better to start doing without fancy treats unless you're in a position that you can afford them.

I mean sure I can go and order the pizza I want, but that could cost me up to $30. For $30 I can buy enough groceries to last me a good 2-3 weeks if I plan things out properly & do my own cooking

Basically, in my opinion, people have gotten addicted to the idea of living like they're rich. When reality tells them differently, many people get offended by this instead of owning up to their own responsibilities.
Disaster Worker on 2009-10-07:
First, don't take cash advances out on a credit card. Make a family budget based on your income and stick with it. (Always have to put in that disclaimer first.)

Second, this situation is the same as your savings account getting compounded interest. Good interest is added to good interest, making your more money. Yes, you're paying out the nose for $700, but it's not illegal for the credit card company to make money on it.

I like PepperElf's advice as well. Common sense goes a long way.
PepperElf on 2009-10-07:
thanks.

I was thinking about getting pizza the other night but then I realized how many groceries I could get for the same price, including some homemade pizza
Anonymous on 2009-10-07:
Pepper we think alike. Sure I like my HoHos and Ding Dongs, but I really do not need BOTH at the same time. So I make myself compromise...1 box this week, 1 next.
Andy2009 on 2009-10-08:
This is like a daylight robbery or ponzi scheme crafted by Bank of America. Here are the details how it works. I'm taking bigger credit limit for bette understanding. Assuming a consumer has $100000 credit limit of which assume $10,000 taken as cash advance and $10,000 purchases total so the total balance on this is $20,000 and consumer pays minimum amount + some additional amount every month. Even though consumer pays every month this is applied only to purchase amount and interest accrued on $10,000 cash advance is added back to original cash advance. In my case for example interest rate is 19.99%.
This $10,000 cash advance amount will become $72682.54 in 10 years even though I make minimum payments every month. See how I go these nos:

Year 1, compounding after month #1

Current principal is $10000.00
Interest earned on $10000.00 is $10000.00 × 0.0166667 = 166.67
This makes your new principal $10000.00 + $166.67 = $10166.67

Year 1, compounding after month #2

Current principal is $10166.67
Interest earned on $10166.67 is $10166.67 × 0.0166667 = 169.44
This makes your new principal $10166.67 + $169.44 = $10336.11

Year 1, compounding after month #3

Current principal is $10336.11
Interest earned on $10336.11 is $10336.11 × 0.0166667 = 172.27
This makes your new principal $10336.11 + $172.27 = $10508.38

Year 1, compounding after month #4

Current principal is $10508.38
Interest earned on $10508.38 is $10508.38 × 0.0166667 = 175.14
This makes your new principal $10508.38 + $175.14 = $10683.52

If we apply following formula for 10 year period(or 120 months):
$10000.00 × (1+0.0166667)120=$72682.54

I'm sure at this rate I don't see a bigger robbers than these banks. Its hightime legislature, media and FBI take these bulls by horns.
-Andy

Anonymous on 2009-10-08:
Andy, again, it is all in the user agreement you sign. Don't agree, do not use the card. You can't have the benefit then complain about the structure later.
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On-Line Banking Blocked--NOT My Choice--THEIRS
Posted by on
ROCKY HILL, CONNECTICUT -- About 2.5 mos. ago, I was told by BOA that there was FRAUD on my debit card. I was to go to the bank and get a new card. I did. 2 mos. into it, I got a call saying that now, my on-line banking was compromised, and I was to go to the bank & change all my accts. & the new debit card. I did. 6 DAYS!!! later, I was told that the acct. was again COMPROMISED and I was to IMMEDIATELY go and get the accts. closed, and then open new accts. I DID. I am moving, so I need access to this acct. As I was leaving the home, I picked up my mail, not realizing that to get the Perm. debit card activated, I had to call from my home phone. I flew to my destination and pulled out my bills to go on-line for bill pay. NADA--the acct. is FROZEN. I called the no. listed, BEFORE 10 PM and was told sorry, no one here can help you. I called that next morn. Sorry, we can't lift the BLOCK as it takes 2-3 days to do so. Keep in mind, I had been checking it daily so I could get my bills paid. I have $$ in the acct. to pay off the CC's so when I go for the mortgage in the new location, I won't show any. But--I Can NOT pay the bills as I can't access the $$$. On top of it, the gal on the 800# told me if I needed to pay the bills that quickly, to go to a phone and do it over the phone--to NOT use their services, as they weren't available AT THIS TIME to me anyhow. Are YOU KIDDING ME??? So, I then called the local branch where I do my banking thinking, they might be of help, although I don't know why--they had NOT done anything more than process paperwork and tell me there was NO WAY that my accts. could be accessed--it was IMPOSSIBLE. I said fine--tell me how in LESS THAN A WEEK it happened TWICE!! (Do you think it's an inside job??)So now, I call that branch. I was told by a clerk there, that there was NO BLOCK on the acct. for bill-pay. I was on my way to an appt. and could not check right then and there. I got back to my hotel room, only to find out--THE BLOCK was STILL THERE!! Today, I have called the overseas FRAUD division who contacted me in the 1st place, and I also have a call into the local branch. I plan on taking ALL the bills--there are 13 of them including the heating, the cable, etc. to them and having them at their expense do cashier's checks. I also am WAITING for a call back from them as I was told the Mgr. is on a conference call. I said--I will wait for that call. If I do NOT get a resolution on this, my next call is to a Lawyer. I have already filed a complaint with the State's BBB. They did call me only to say there is NO block. I said--so WHY does it say there is one on MY computer? I will bring it down to your branch to PROVE I can't access it. What--I am going to just make this stuff up to be an irritant to You? I am so stressed I feel I am going to have a stroke. I am in the middle of a move and a 12 hr. drive, and I sure do NOT need this crap. . . . I would suggest that Bank of America shut down their system and over-haul it, or STOP using overseas personnel who you can NOT understand and do NOT give a rat's patutie about anyone or any issues. They just want everyone to say--NO PROBLEMS here.
Also--just as an aside, they were to SEND to me IMMEDIATELY, checks on the new acct. To date, there has been NO delivery of any checks--the cat sitter WATCHES my mail diligently, KNEW I was waiting for them and would have called me immiediately had they showed up. They did NOT. Is there anything else with this bank that can go wrong? I will be taking as much of my $$$ out of this bank, and will as soon as I get to my new locale, OPEN up a bank THERE. DO NOT USE BOA!!!
     
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Anonymous on 2009-09-28:
Wow. I think me stating "that sounds like a real hassle" would be an understatement.
Good luck, to you. I hope things get resolved.
Just remember... when you go into the branch, don't yell at the people there. Just be calm.
If you don't want to use another big bank, try a local bank or credit union.
MSCANTBEWRONG on 2009-09-28:
Ditto bkk
JR in Orlando on 2009-09-28:
We can create a lot of problems for ourselves. You say that you have enough money in the account to pay the bills and it was blocked prior to you leaving. That means you could have gone to the bank at that time, obtain checks or money orders and paid the bills while you were still in town. You could have read your mail, and called from your homephone. You could have taken your money with you to your new locations and got a new bank. Instead you choose to wait to pay your bills till after you move and now you have problems. The problem arises because you changed not the bank.

You said you flew to your destination, but then say you are in the middle of a 12 hour drive. Did you fly or drive, which is it.
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BofA cut my credit from $50K to $12K because I NEVER go in debt and have a 842 FICA!
Posted by on
Let me be bold... (I am usually humble) I have NO debt of any kind. NONE! I'm RICH. I travel/vacation out of country more than half of every year. I own 6 rental houses. I live in a 3,000 square foot home next to a golf course that I paid for in CASH on the same day that I bought it. I have approximately half a million dollars invested, even after the US stock market collapse. I have $100,000 set aside for emergencies.

I have a 842 FICO score. I HAD a $49,900 credit line with MBNA. I always paid on time.

IN MAY OF 2009 MBNA CUT MY CREDIT LINE IN HALF WITHOUT TELLING ME while I was traveling out of country for 4 months. FOR NO REASON. (They admit this openly.)

I called, and the lady convinced me to apply for a credit increase whereupon it was REDUCED AGAIN TO 12,000 since I quote, "wasn't working"??? After telling me I was applying for an instant "INCREASE"?!!??!!! She did this while I was on the phone to complain about the 25k limit reduction!

I'm rich. I'm travel. It's illegal for me to work in Canada while I'm SKIING AT A RESORT for 4 months. SUCKS to be me I guess... LOL However, this was my ONLY card I used BECAUSE it had a $49,900 credit limit. I had even canceled others. They cut me off at the kneecaps and I have a PERFECT credit record.


How does this affect me? I buy houses at public auction. I MUST PAY CASH FOR HOUSES BY THE END OF THE SAME BUSINESS DAY THAT I BUY THEM. That means coming up with up with $200,000 cash in less than 5 hours. I don't want to remove the cash from somewhere where it's earning money like stocks until I'm SURE that have won a house at auction. I Win a house, then I get the shortest term loans I can, and start cashing out stocks. Bank loans are 6 month, and cost a LOT in interest. The credit card I Can pay off in less than a month and cost me NOTHING. (I used the card as a fast cash buffer.)

NOW, if I have to have $200,000 sitting in an account doing NOTHING waiting for the day I MIGHT buy a house, I WILL LOSE MONEY ON IT.


With my credit limit being decreased by MBNA, I have LOST my buffer to transfer funds. What they have done WILL COST ME MONEY and AFFECT THE VALUE OF THE HOMES that I can purchase.


Let me CONFIRM:
Arbitrary limit cuts are a tool to reduce MBNA's relationship with less profitable borrowers (the ones that pay their bills with higher credit scores.)

Arbitrary limit cuts are used as an excuse to end a relationship with undesirable borrowers that don't use their cards much or those that don't run their credit up to the top of their limit. (card holders that don't make them money.)



MBNA has AFFECTED MY LIVELIHOOD for NO REASON other than the fact that I don't make THEM money. I was faithful to them, and always paid before my bills were due.


THIS IS THE REWARD I GET FOR BEING A GOOD CUSTOMER ALL THESE YEARS???

Thanks MBNA. You've lost my trust AND my money from now on... I will avoid you like the plague and advise ANYONE I know to NEVER USE BANK OF AMERICA and advise them to remove their existing investments with you as I have.


“Bank failures are caused by depositors who don't deposit enough money to cover losses due to mismanagement” -=Dan Quayle=-

FNORD
     
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JR in Orlando on 2009-09-21:
[snip - please be respectul] You admit you take $50,000.00 from this card, use it a month, and pay before any interest is due. $50,000.00 at 12% is $500.00 in interest per month you avoid, so now you are unhappy you don't get to use their money for free anymore. Yes, they are are a profit business, and if your account is not profitable, they don't want you.

You also want applause because you pay your bills on time, when that is nothing more than doing what you agreed to. "Faithfulness," just means you repeatedly take their money for free and use it. Its like a burglar who says he is faithful because he always steals from the same chain of stores.
Sparticus on 2009-09-21:
I wouldn't go as far as to call him a burglar for using his credit limit that was given to him.

Folks who are rich and successful get that way for a reason. They take advantage of the gifts that given to them... Which this person is clearly doing very well. =)
Anonymous on 2009-09-21:
S..cks to be any American with a credit card these days.
tnchuck100 on 2009-09-21:
JR, that is true. But it is not a large amount. If you have a client which using a large part of his credit responsibly, as appears to be the case here, it is short-sighted on the part of BofA to reduce the limit.

Granted, if someone typically uses less than $1,000 worth of credit they do not need $50,000 limit. The bank would be prudent in adjusting this case.
JR in Orlando on 2009-09-21:
I also am surprised they did not adjust it. One would think that BofA would realize as the economy comes around that people like this poster would be the ones who will trigger the demand for more loans and banking service.
Anonymous on 2009-09-21:
If you are so rich why do you need credit? Spend some of your money that flows so freely through your fingers. And don't brag. It is unsightly.
Eloise on 2009-09-21:
What an incredibly humble individual you are!
tnchuck100 on 2009-09-21:
LadyScot, if you will go back and re-read the post, with understanding this time, you might get some understanding of why he does things as he does. He got where he is by knowing how to handle finances.
Anonymous on 2009-09-21:
*BS alarm goes off*
Ditto, LadyS!
Anonymous on 2009-09-21:
Chuck forgive me but I have no sympathy for someone who is 'so rich' complaining about their credit limit. If you are rich you don't need credit in my opinion. If he 'buys and sells' houses at the rate he claims, then his bank would be happy to set up a purchase account for him, and give him a debit card for such things.

The way I see it, him not 'having time' to get cash is ridiculous as he certainly has time to pay the credit card bill now doesn't he?
JR in Orlando on 2009-09-21:
I have seen public auctions which required a certain deposit in order to bid so that only serious buyers can bid, e.g. $20,000. If you win, then one has to get the rest of the money up by the end of the day. I could imagine that one could go to weekly auctions for two or three months and only buy a single house.

From what I read, its not that he can't raise the money, bit he does not want to take that money out of his cd or money market, just to have it for these auctions. He uses his card for this until he actual makes a purchase then he arranges other financing.
Anonymous on 2009-09-21:
JR, he could do the exact same thing with his own money in a purchase account.
tnchuck100 on 2009-09-21:
JR, you are missing something - the bank makes money on the transaction itself. Not just the interest the OP is avoiding.

FNORD, yours is an example that shows BofA does not discriminate. They can and will screw any of their customers, regardless of credit standing, at the drop of a hat without thinking twice about it. Good move, leaving them.
JR in Orlando on 2009-09-21:
Perhaps there is an interest rate difference between where he has it and a purchase account. Doing his way also does not tie his money up in a purchase account. As he says, he takes out a short term loan for the house he purchases which I am sure covers the amount he borrowed on the card. You are right though. Why do these big spenders still seem like they have so little money. As they used to say in Texas "All hat and no cattle."
Nohandle on 2009-09-21:
What happened to the old fashioned "Letter of Credit" from a bank? Is that no longer recognized? At one time that was all that was necessary in order to bid and if awarded the bid that's all that was needed since payment was guaranteed by the bank.
Anonymous on 2009-09-21:
There's all kinds of holes in this crock of ....baloney. First of all, it wouldn't be free on a credit card since cash advances accrue daily interest, and at a higher rate than purchases. Secondly, a real entrepreneur would have an established line of credit that could be drawn on and repaid, and cost much less than a credit card. And how does a 50k credit card purchase a 200k house? It's a crokc from beginning to end, and it got just the kind of controversy it was written for.

Personally, I'm sorry I wasted 60 seconds of my life on it.
Anonymous on 2009-09-21:
He lost credibility on his third sentence going with the "rich card". The last guy that came on here with that BS was laughed "OUTABIZ".
madconsumer on 2009-09-21:
for real?? I know people who have that much cash on hand, but they are not totally leagal and upfront.

the truly humble never need to give details of finances.
Eloise on 2009-09-21:
The truly rich don't need to complain here on M3C's either!
madconsumer on 2009-09-21:
best answer eloise!!!!!!
Skye on 2009-09-21:
Those who are truly rich, never feel the need to brag about it.
Anonymous on 2009-09-21:
I call BS on this review.
DebtorBasher on 2009-09-21:
If you are so rich and have so much cash, why do you need such a high credit line? Sounds to me like you live high off the hog on credit.
Anonymous on 2009-09-21:
The new credit card laws apply to everyone... not just low income families.
Skye on 2009-09-21:
B/A DB!!!!!
JR in Orlando on 2009-09-21:
I was only using the buglar as an example of how one can think of oneself as faithful, when it does not benefit the other person. The op is certainly not a buglar or criminal of any nature.

The American Express card makes money off the transaction but expects to be paid off monthly. In contrast, credit cards make their money off interest, because their charges to the merchants are less than American Express. I would imagine, but don't know, the transaction fee probably covers little more than cost of the transaction.
tnchuck100 on 2009-09-21:
JR, just to increase your knowledge the typical transaction fee to the merchant (recipient) is generally 2% to 5%. VISA, Mastercard, Discover, or American Express they all work the same way with few merchant-specific exceptions.
JR in Orlando on 2009-09-21:
I have a small store and the transaction fee for Mastercard/Visa is like 2.3% while that for American Express, which we chose not to provide, was around 3.5%.
Anonymous on 2009-09-21:
Chuck, you are missing something also, the bank has a cost of that available credit, and unused credit is expensive to the bank. If a bank lowers the amount of available credit to some % over what is being used, they lower their overall costs. No wise credit grantor is going to maintain extravagant credit limits which are not being used.
tnchuck100 on 2009-09-21:
Ken, I am guessing in this particular case BofA WAS making more money as a result of this customer than the cost you are referring to. Which, I am only guessing, would be less than 1/10 of 1% (.1%) of the credit limit.
JR in Orlando on 2009-09-21:
My understanding also is that the bank has to have equity and reserve levels based on the loan limits they have outstanding. The higher the limits, the more money they must hold in reserve.
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Consumer Information
Posted by on
When consumers post reviews of a company such as Bank of America, they should always research the process they are complaining about before they complain. After 27 years of employment with Bank of America, I have had the opportunity to actually participate in many areas or functions of the bank, so let me explain to all of you complainers why you are paying a charge for bouncing a check. When you write a check or use your debit card, that item is sent to the bank that the merchant uses. The merchant's bank processes the items, then sends them through a clearing house or the Federal Reserve to be collected from the account holder's bank, which in this case is Bank of America. Because the financial institutions are regulated, these items have to be paid or returned within a specific timeframe as specified by the regulators. Your bank does not have the option to hold these items until you can make a deposit or pay the items if the money is not available in your account, unless they choose to do so, based on your relationship ( how long have you been a customer, how many checks have you bounced in the past 12 months, what type of balances you carry in all of your accounts, and how many accounts do you have with them). When the item is presented to Bank of America, if the funds are not available, the item is rejected into a batch that contains all of the items that have bounced that current processing day. That batch of items then has to be reviewed by a special real person that has to be paid. She reviews the items for individual attention to see if there is any way they can pay those items based on the criteria discussed earlier. Do you know how many bounced checks a financial institution receives each and every day? I can tell you that each processing center processes thousands and thousands of rejected items each and every day. So the banks need hundreds of employees to process those thousands of items. This is what you are paying for, when you bounce a check and have to pay a non-sufficient funds fee. Because you bounced the item, and the bank had to provide that service of individual handling, you are paying a fee for the service. Any business that provides a service is paid a fee. This is called income. If the bank never had to process bounced items, consumers would never have to pay the fee for that service, because the service was not provided. Do you get it? If you take your shirts to the dry cleaners, you have to pay for their service. If you bounce a check you have to pay for the service. You don't ever hear a customer complain about an NSF fee, if they never bounce a check. So the point is if you do not want to pay the fee, don't bounce the check. And the only way that can be guaranteed is by using a check register and subtracting each and every entry from your available balance when you give them the check or use your checkcard. Using the balance you have obtained from online banking, telephone banking, the ATM, or the customer service representative, does not reflect your true balance, because they are not mind readers, and they do not know how much you have spent on items that have not been presented to the bank. In other words when you bought groceries and used your checkcard for 75.00, it is not reflected in the balance the bank gave you, until the merchant sends it for processing. So if the bank (teller, ATM, phone banking, customer service rep, or online banking) tells you that your balance is $100.00, you must subtract the $75.00 from that balance so that you accurately know how much you can spend. If you spend the $100.00 because the bank told you that was your balance, you are going to incur and pay a NSF fee. The service was provided and the fee is paid.
And yes, if you were lucky enough to get a refund because it was your first mistake since banking with us, you will possibly get the refund. But if you are asking for the refund, and you have already received a refund, you will be denied. Service received, service fee paid.
And you will always notice that the complainers about a bank, are the consumers paying the NSF fees. When they say Bank of America sucks, that means they bounced checks and had to pay the price. The consumers who never bounce checks (because they use a check register) never call in to complain about NSF fees.
So, to all of you who like to complain about NSF fees and managers who do not refund fees, please do your research before you complain and start using your check registers Then you will not have to complain and you will be a happy consumer.
     
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Sepani on 2009-08-08:
If you are so smart then explain why your fees get posted before the transactions that were made days ago?
Sepani on 2009-08-08:
I forgot to add one thing any business as big as yours should at least have a corporate office phone number so people can call and complain to higher people. just a thought.
PepperElf on 2009-08-08:
I think Sepani has forgotten that you can check your balance - and pending transactions - at BOA's web page

So before you go off an spend even more, you can see just how much is left


and part of the TOS for BOA is that
transactions are processed NOT in the order received, but from the most expensive to the least.


So if you have 100 left in the account, spend 50, and then spend 75
the 75 will go through first, then you'll overdraft on the 50.

but either way you shouldn't be spending money you don't have
Fufu487 on 2009-08-08:
Thanks for the info employd!!

Carin': your correct the Canadian banking system is much better. However, NSF fess and overdrafts charges still happen in Canada, constantly. And the charges are just as large, depending on your bank, of course.
yoke on 2009-08-08:
Thanks for the helpful advise.
Anonymous on 2009-08-08:
I agree that everyone that has a checking account should keep enough money in their account to cover all charges. With that said, in the event that an account holder does overdraft, B of A and other institutions should process the debits in the order received... not the order that will cause the most overdraft fees. I am not excusing the customer from not making sure they have funds available, but the banks do manipulate the way they process transactions to generate more of their "income".
Anonymous on 2009-08-08:
John, on the surface it sounds goods, but the fact is that during the night a truckload of paper checks is dropped off at the bank, and a large transmission of electronic items is received. So, if within that electronic file that contains 3 million items, six of them are mine, what order were they received in by the bank? Just from a processing perspective, there has to be a predetermined posting order.
bcd on 2009-08-08:
Good review and to the point employed27yrs.
Anonymous on 2009-08-08:
Honestly Ken, I don't care about the truckloads of paper checks dropped off at the bank. I am concerned about my transactions and mine only. Lets cut to the chase here. The big banks have all admitted that they manipulate the order the checks and debits are processed, higher amounts first. I do not anticipate this being an issue for me, but lets face it I could make a mistake like anyone else and this is an issue for many customers. We should maintain a sufficient balance in our accounts but that does not excuse the banks and allow them to act in a predatory manner. It just puts the account holder into a bigger hole that takes them longer to get out of.
BOAsucks on 2009-08-16:
here is the link to file your complaint to BBB

https://odr.bbb.org/odrweb/public/getstarted.aspx
BOAsucks on 2009-08-16:
Bank of America is hogging 45 billions dollars of taxpayers'money to buy expensive toys like Merrill Lynch and Countrywwide. BOA also paid millions of dollars to hteir employees to reward them to bring the whole country into financial crises. If I were you , I will not work for BOA.
tnchuck100 on 2009-08-22:
I noticed that employed27yrs:
1) Did not mention the transaction re-order scheme.
2) Did not mention NSF fees BEFORE actual posting.
3) Has not responded to anything presented here.
[snip - please be respectful]
Anonymous on 2009-08-08:
funny, this has never been a problem in Canada....for at least the last twenty years. I guess maybe the US banks ought to learn a bit about how to actually run a system that works from their neighbour to the north.....the American banking system is so arcaic that it is pathetic. The largest industrialed nation in the world and they haven't figured out how the systems are so flawed that people are constantly getting screwed over. Trust me, I have worked in Canadian AND US banks...the problem is that the US banking system is a joke.
madconsumer on 2009-08-22:
where'd that come from chucky?
tnchuck100 on 2009-08-22:
I would not expect you to know. It would have required you to read the post and understand it.
madconsumer on 2009-08-08:
very well put.
couldn't have said it any better. it is far to difficult for people to understand. in all my manymany years with bank of America, I have NEVER been charged any fees. but then again I nderstand the process, and how to maitain a positive account balance.

very very very helpful!!!
NickL11354 on 2009-08-08:
I seriously cannot comprehend how so many people cannot manage their finances. I never had an overdraft or NSF fee either and I am not with bank of America.

And it isn't a problem in canada because people live within their means and don't find creative ways to spend money they don't have.
Anonymous on 2009-08-08:
Thanks for the info. So why is there a disclaimer on the bank's website that they can process transactions "in the order in which we choose?"
qualityappliance on 2009-08-08:
"That batch of items then has to be reviewed by a special real person that has to be paid"

So how much time is spent looking at each check and how much is she paid. Let's say 3 minutes per check, so 20 per hour and the bank charges $25 per item. Grand total $500 per hour, That's even more than appliance guys charge.
NickL11354 on 2009-08-08:
If banks did not charge for each overdraft it would create a dangerous moral hazard like the gov't is doing. Don't pay your bills, spend more than your earn and get a 'free pass'.
Eloise on 2009-08-08:
Nick you've got it right. There needs to be a fee to discourage people from spending more than they have.
Suusan B. on 2009-08-08:
Sepani: You obviously didn't carefully read the original post. If you have multiple outstanding debits and one causes an overdraft, then it is entirely possible that the overdraft fee for that item will post before other outstanding debits that haven't yet been presented to the bank for payment. As far as a BofA providing a phone number for consumers to call and complain to "higher people" is concerned - - it isn't going to happen. You received terms and condition when you opened your acount and subsequent updates are available on BofA's website. If you don't understand them then you need to use cash. You are obviously using on-line banking to maintain your account which isn't working too well. Maintain a paper check register as only you know the debits you have authorized.
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