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Bank of America - Investigate This Bank
Complaint
Review by chinasucks4eva on 2012-10-17
Rating: 
This bank rips off more money than Dillenger and all the wild ones ever thought of in one day. Bill Pay. The way it normally works is: you put in the amount you want and the day you want it taken out and POOF every other bank does it, so your bottom line in your account reflects spent money regardless if the payee cashed it etc..
Not B of A. They wait for even E transfers up to 3 and 4 days. This causes issues if you have more than one person on the account. When discussing this with the Moynihan office representative in Florida I was told everyone can do a 'Voice of the Customer' and change a procedure. He stated that this was 'the will of the people'. I challenged, hard, he folded and admitted he had been with B of A for over a decade and this had always been their policy/procedure.
What this means is because they want to snake dollars everywhere they can they hold off processing your payments. Now at times things collide and you get hit with charges and/or a dwindling savings...and it's legal FoR NoW. They do this to every single person and they keep saying 'Voice of the People' is presented to every single person calling into customer service. I maintain this is a bald faced lie and would take a polygraph and voice stress analyizer to prove my point.
Chase, Wells Fargo, Home Savings...a ton of banks that were bought up by the former all do it correctly...only B of A chooses not to. Say what you will about Chase the meanies and Wells the clueless on this they have it down.
Next time you call in tell the CSR you want to put in a Voice of the People with whatever complaint you have...
Not B of A. They wait for even E transfers up to 3 and 4 days. This causes issues if you have more than one person on the account. When discussing this with the Moynihan office representative in Florida I was told everyone can do a 'Voice of the Customer' and change a procedure. He stated that this was 'the will of the people'. I challenged, hard, he folded and admitted he had been with B of A for over a decade and this had always been their policy/procedure.
What this means is because they want to snake dollars everywhere they can they hold off processing your payments. Now at times things collide and you get hit with charges and/or a dwindling savings...and it's legal FoR NoW. They do this to every single person and they keep saying 'Voice of the People' is presented to every single person calling into customer service. I maintain this is a bald faced lie and would take a polygraph and voice stress analyizer to prove my point.
Chase, Wells Fargo, Home Savings...a ton of banks that were bought up by the former all do it correctly...only B of A chooses not to. Say what you will about Chase the meanies and Wells the clueless on this they have it down.
Next time you call in tell the CSR you want to put in a Voice of the People with whatever complaint you have...
Comments:
Posted by BigAl on 2012-10-17:
The bank I use and I will not give its name other than to say it is not B of A does not remove money from my account until it is fully processed. It seems as if your complaint is that you do not know how much money you have in your account because you have no idea what you have spent. You allude that the problem stems from multiple people using the same account. I am assuming that your "ripoff" part comes into play when you are charged overdraft fees. If this is your complaint then I do not have any sympathy for you. It is your responsibility not the banks to have sufficient sums in your account to cover your expenditures. You need to take some personal responsibility for your lack of attentiveness to your account. On a side note I have no love for B of A. They have a lot of faults but this is not one of them.
Posted by clutzycook on 2012-10-17:
Now, I use BOA and have never had a problem. They even say on their website that if your payment is disbirsed late because of them, they say they will take care of the late fees. Are you sure it has nothing to do with how the companies are processing your payments?
Posted by trmn8r on 2012-10-18:
Is the issue here that you are having trouble tracking your available balance, because of these delays?
If you have multiple people using an account, and the account balance is low, I can see where this could cause a lot of trouble (and expense in fees). But this would be the same at many banks, including mine. I keep track separately of all items that are pending.
I couldn't tell exactly what your complaint is about - forgive me if I got it wrong.
If you have multiple people using an account, and the account balance is low, I can see where this could cause a lot of trouble (and expense in fees). But this would be the same at many banks, including mine. I keep track separately of all items that are pending.
I couldn't tell exactly what your complaint is about - forgive me if I got it wrong.
Posted by Alain on 2012-10-18:
You might be interested in the website http://www.helpwithmybank.gov/complaints
Posted by yoke on 2012-10-18:
BofA did nothing wrong. Even if there is more than one person on the account it is up to the account holders to know what is available in the account. Both my husband and I are on our account and we both know what is in the account before spending money. We both hand over all receipts AFTER and deduct from the ledger as soon as we get home after taking money from account. We also communicate with one another before taking a large amount out to make sure the other has not spent money that may not have shown up yet. We have yet to OD our account in 27 years.
Posted by CowboyFan on 2012-10-19:
One cannot live on the "float" anymore. I consider all checks and withdrawals as immediate because of the electronic nature of banking now.
Making electronic transfers and debit cards save time, but they are tool that one may not be able to afford, the closer one is to living paycheck to paycheck. If one has a big balance in their account, then whether an unrecorded debit card or electronic transer occurs is not a big deal. If the account is always close to zero, however, then one has to either forgo electonic transfer or keep very close, very accurate records of these electronic transactions. Either way the burden is on the individual, not the bank.
Making electronic transfers and debit cards save time, but they are tool that one may not be able to afford, the closer one is to living paycheck to paycheck. If one has a big balance in their account, then whether an unrecorded debit card or electronic transer occurs is not a big deal. If the account is always close to zero, however, then one has to either forgo electonic transfer or keep very close, very accurate records of these electronic transactions. Either way the burden is on the individual, not the bank.
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