Bank of America Complaint - unethical fee practices
NEW HAVEN, CONNECTICUT -- I have had the same terrible experience as others and want to decry B of A's practices of:
-placing unsubstantiated "holds" on deposited funds, even funds from other banks, for the purpose of delaying deposits and collecting "insufficient funds" fees
-not updating the online system, so that balances that show as positive are actually not positive and users overdraw accounts and incur fees
-Of most concern is a practice I cannot prove but suspect: holding deposits for a certain period of time, such as 12 hours or a day, waiting for withdrawals to come in, posting the withdrawals until the balance is below zero, posting their own overdraft fee, and then posting deposits. I have direct deposit and have seen withdrawals post on the same day as the deposit and still incur fees. I have incurred easily over $500 in fees in the past several years and just incurred a fee of $180. They should also charge per day fees rather than per transaction fees. B of A sucks, they care naught about people, the profit motive consumes their entire decrepit existences.
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