Bank of America Complaint - Overdraft Fees
Resolution Update on 06/29/2009:
After wading through a mire of politics and faxing my complaint filed with the BBB. I was able to get a refund of the charges but it did take some effort. The old addage still holds true, “the sqeeky wheel gets the grease”. I received a call from the Executive Level at Bank of America (Fax: 704-386-6699) on Friday, the woman was very understanding and explained that customer service has policies to follow and escalating beyond that dept was the right thing to do. She was very pleasent and understanding. Good luck to the rest of you and keep escalating. Keep your cool and be nice but firm, and I’m confident they will help you.
CHARLOTTE, NORTH CAROLINA -- After having to bail out banks with my tax dollars from their irresponsible lending practices, I personally hold them responsible for this countries current situation. The banks continue to take money from the hard working people of this country by way of excessive fees.
I do not know if you are aware but when you have an accidental overdraft on your account, they pay the highest debit on the account first so that it creates a cascading effect on the account. This creates huge multiple overdrafts resulting in higher profit to the bank in overdraft fees because it leaves more transactions left uncovered by the remaining balance. In my case it was over $280.00 worth (8) 35.00 overdraft fees were assessed to my account 06/15/2009.
I had $69.05 in total debits including 2 unexpected, one for $20.00 on my daughter’s automatic reloading Starbucks card, and the other $15.00 from my gym membership auto debit 2 days earlier than scheduled. It was an honest mistake. The largest debit of $34.00 paid first, followed by the $20.00 debit overdrawing my account. With $48.93 available in my account, the chain reaction began. If they had started with the smallest debit first, I would have had enough money to cover all my debits including the unexpected ones, except for the $34.00 debit resulting in 1 overdraft fee of $35.00 due the bank. That would be fair.
I work very hard for my money and live paycheck to paycheck since moving to Georgia. I currently live with my sister, a disabled Veteran. When I explained that I require a minimum of $210.00 returned to my account so I may meet my obligations for the end of the month, Customer Service refused. I even tried to negotiate and offered to let them have $70.00 to go to 2 of the overdraft fees which I thought was more than fair. Still they refuse.
We have put legislation in place to put the credit card companies in their place to protect the consumer, so what can we do to stop this continued abuse of the American people by way of excessive and abusive bank fees. We help bail them out and we are still getting screwed which could be aptly named “bank customer robbery”.
The President and CEO of Bank of America will make almost 10 million in total compensation this year as outlined below. Why does his bank need to take my $210.00 which helps me make my obligations as a consumer in a recession? I will not stop until it is refunded.
Total Annual Compensation $1,500,000
Restricted Stock Awards $4,255,012
All Other Compensation $275,125
Exercisable Options 900,000
Unexercisable Options 1,158,333
Total Number of Options 2,058,333
Total Annual Cash Compensation $1,500,000
Total Short Term Compensation $1,500,000
Other Long Term Compensation $4,530,137
Total Calculated Compensation $9,959,076
Bank of America’s code of ethics says “Trust, one of the core values on which our company is built, is also the foundation on which we build strong relationships with our customers, shareholders, communities and one another. Another of our core values is “doing the right thing.”
I will leave contact info for the bank below for other customers dealing with the abuse of today’s banking system. I would also appreciate any help in spearheading legislation to protect the consumer from this banking practice of maximizing profit by manipulation of debit transactions. This is financially devastating to a consumer living paycheck to paycheck. I encourage you to check on the following link to see more about the practices of Bank of America. Any word on another class action after the May 1st cutoff?
100 North Tryon Street
Charlotte, North Carolina 28255
Contact the Board of Directors
Corporate Secretary at Bank of America Corporation
101 South Tryon Street, NC1-002-29-01
Charlotte, NC 28255