Bank of America Complaint - Hit Your Hard Working Customers When They’re Down. B Of A’s Motto
LOS ANGELES, CALIFORNIA -- My letter to BofA: I’m sure my story is not uncommon, and surely less disastrous than what some of your customers are experiencing. Recently I underwent a salary cut of about 30%. At the same time I was dealing with a foreclosure on a property I still owned in my hometown of Chicago.
Back in Oct., ’08, with my foreclosure there were city building violations having to do with required repairs that I could not financially have completed. Thus I lost the property and incurred numerous fines by the city, for which by a court order, emptied my BofA checking account which had barely enough funds to pay for rent, child support, and other necessary bills. There was a domino effect of overdrafts. BofA was kind enough at that time to reverse some of these.
Then recently earlier this month, there was a charge by a rental car co. which appeared and then disappeared, then reappeared. At the time I had sufficient funds to cover the charge yet the final charge posted was actually higher. If the post date of this charge had been dated the latter actual date of confirmation, I would have not overdrafted eight (8) times (x $35 for each totaling $280). I was charged $35 for $3 - $5 transactions, which caused again a domino effect of overdraft charges on my badly needed funds to make ends meet. (This week the shortage may also cause overdrafts due to automatic withdrawals.)
I had asked the branch manager if they could have some consideration and reverse at least 3 of the overdraft charges. Basically they advised they cannot and are not allowed too. The same with your 1-800 customer service.
All of this, not too mention BofA’s nickel and dime charges I see on every statement, is a ruthless policy by BofA to try and make up for losses being felt elsewhere in the banking business, correct? Would not it be fair if there was an overdraft charge for every $50 or $100 that a customer overdrafted? Instead of charging $35 for every $1, $2 or $3 overdraft? Make justifiable sense?
Regardless, this letter is to notify you that this very unhappy customer will be closing his accounts with BofA ASAP, and will certainly not recommend BofA, and recommend that people stay away from BofA so as to not get ripped off and taken advantage of. And believe me, I am very involved in the Hispanic community in Los Angeles as well as in the top U.S. cities where we do business and support Hispanic community organizations. Basically, I’ve had it with BofA!
I also understand that in the next year, B of A will be charging a $39 fee per overdraft with up to ten (10) overdrafts per period. That can devastate a hard working family that needs to put food on the table and pay rent or mortgage. But I guess you need to make money on the short term. We’ll see what happens in the long term.
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