Bastards at Bank of America

[FlyingSquirrel]

can suck my you know what.

I know, I shouldn't bank with them. But the thing is, they have a good computer system that deducts stuff very fast so it cuts down on the overdrafts because I have two separate accounts - one for checks only, and one of them that I only use the debit card on for daily expenses and I don't balance it - just use phone and online banking. It usually works very well for me, I might get one or two OD's a year at most.

But recently I screwed up, which happens to the best of us. Still, it should have been only one overdraft fee. But they deducted three separate transactions at the same time, and did them in order from largest to smallest transaction in order to maximize the overdraft fees.

Now I've heard of this before, and it's BS, but since you usually can't really prove what order you did the transactions in on a particular day (unless you're impeccable about keeping receipts, in which case you're probably also impeccable about making sure you have the right amount of money in the account) there's not a whole lot you can do.

That's not what happened this time, however. On Feb 20 they deducted three separate transactions that were made on the 15th, 16th and 19th - in order from largest to smallest instead of by date.

Now that's REALLY BS. I'll be calling them tomorrow about it (yes, it took me a week to notice that I was overdrawn since I haven't used the account much lately and I don't always open all my mail right away) and I'm not getting off the phone till they reverse the extra fees. I'll tell 'em that they will have to hang up on me if they want to end the conversation (and then I'll call and complain that they hung up on me).

Bastards

:rant:

[B o d i]

1. Banksters. nt

[sfpcjock]

2. I used to like them before the bailout.

Now I see them has a huge parasite that is sucking down $20B more to cover the ill-advised Merrill Lynch acquisition.

Thanks for reminding me: this week I'm moving our CD from their 2% accounts to the local credit union that pays 3.5% for 3-month CDs.

They have been made into another "too big to fail" thing that should have been split up into 20 smaller banks.

[JoDog]

3. There's a name for what they did

it's called "check stacking". The bank orders checks or debit withdrawals from the highest amount to the lowest amount rather than by date. That way, the bank maximizes the chances that there will be an overdraft. Chase does it too. I don't know if it is illegal, but it is sure as hell scuzzy.

[Matariki]

9. Even my Credit Union does it....

[conscious evolution]

22. It is illegal

And they,along with other banks,have been busted for it before.

[FarCenter]

4. The justification is that

the larger transactions are more important to the customer and should be posted first.

(of course, as pointed out, it also maximizes overdraft fee revenue)

I think it is pretty standard.

[Statistical]

5. Just a tip: Calm Down before you call them

BofA did the same to me & my wife. Miscommunication we each did something and end up short $100 in checking. Had 3 (strange it always seems to be 3) transactions. One was like $250 and the other 2 were <$20. $20 -> $20 -> $250. Nice $75 in overdraft fees.

Anyways my wife called them. We have had no overdrafts in years. Explained the situation. We were hoping to get it knocked down to 1 overdraft. They removed all three.

Remember the person on other end of the phone is a "wage slave". They don't get a cut of the profits but if you turn it into a angry powertrip they can and WILL burn you.

BTW: I hate BofA but I have to agree their Billpay, online Bills, and "my portfolio service" to track balances in other accounts is first class.

[NeedleCast]

7. Good Advice

[originalpckelly]

8. Yep, we've got to stick up for one another and realize who's screwing us...

I couldn't agree more with that poster, because these people on the phones aren't responsible for us being screwed. It's the people at the top, and the only way to fix that is to pursue legislation that outlaws overdrafts on debit cards, and limits fees on traditional overdrafts.

[michreject]

27. outlaws overdrafts on debit cards?????

What would stop someone from spending way more money that they have?

[originalpckelly]

6. There's no reason a debit card should cause an overdraft.

It used to be standard practice to decline the charge, but they stopped doing it so they could rake in the dough on overdraft fees.

If they can decline an old card (one that's been replaced), they can decline a new one. This is a bunch of bullshit. I could understand overdrafts on traditional checks, because the money has already been spent in effect, but in the 21st century it's possible to use a debit card for just about every major expense, and it should be nearly impossible to have an overdraft, unless the customer chooses to do so.

[OPERATIONMINDCRIME]

10. "I Screwed Up" ... "Bastards At Bank Of America"

You screwed up. Take some responsibility instead of raging at others.

You screwed up. Like you said, shit happens. Shit don't taste too good, but ya gotta swallow it anyway. Your anger is misguided.

[SOS]

18. We must also "take responsibility" for watching each banking law change.

Prior to 2005 a debit was declined at point of sale if there were insufficient or uncollected funds in the account.
In 2005 Congress changed the law at the request of their Wall Street overlords.
They now honor the debit, but slap a $35 fee on every debit with uncollected or insufficient funds.

Remember to carefully read all banking legislation passed by Congress.

[JackRiddler]

23. We should all ask what WE can do for Bank of America, Model Institution.

[PVnRT]

21. Good thing someone at DU is standing up for the bankers

[OPERATIONMINDCRIME]

24. I'm Standing Up For What's Logically Correct; As Always.

It matters not who the party is.

[PVnRT]

25. I guess logic dictates that overdraft fees should be larger than the amount overdrafted

I would also be interested if logic dictates that it really does cost a bank $25-$35 to process an overdraft. Or if they need to apply it to multiple charges on the same day.

I'm sure you with your amazing logic have never made an arithmetic error when balancing a checkbook.

[OPERATIONMINDCRIME]

26. Irrelevant.

The charges are what they are. We all know what they are. Doesn't mean they should be that high, but it also doesn't mean that the person who overdrafted to begin with isn't the responsible party for the outcome.

[michreject]

11. Feb 20th

I'd say you are a little slow in opening your mail.:hi:

[burythehatchet]

12. I once had to pay SunTrust $300 for 10 iTunes I downloaded because my DD

check wasn't credited on time. $30 for each separate transaction. I honestly want the large banks to fail.

[NightWatcher]

13. I'm getting away from BoA, shifting to a credit union

I'm sick and tired of their BS. They debit you immediately, but will wait several days to credit your account.

[Greyhound]

14. Why does anybody do business with these parasites?

BofA, along with most of their contemporaries, have been scum for decades (BTW, they treat their employees like shit too). I've been hearing and reading stories, articles, etc. for decades about these thieves, but over and over, their defenders come up with "they've never done anything like that to me, it must be your fault", until of course, they do.

I'm sorry this happened to you and I hope this will give you the motivation to take your business elsewhere.

[pipi_k]

15. How I avoid overdrafts...

Whenever I transfer money from my savings to my checking account, I generally put in an extra $25.00 that I do not record in my checkbook (yes, I still use a checkbook even though the majority of my transactions are debits, not checks). For example, I record that I transferred $300.00, but in reality, I transferred $325.00. I do that each time.

Then I pretend the extra money doesn't even exist in that account.

Right now I have a real comfortable "cushion" in my checking account in case of something weird happening. Yeah, it doesn't earn interest, but at least I can sleep nights knowing that I'm not going to overdraw unless I really do something crazy.


Just a suggestion for the future

:)

[Shiver]

19. I do the same thing

As far as I'm concerned, there is always $50 less in my account than there actually is. It doesn't always work, but it's kept me from doing something stupid on a regular basis.

[pipi_k]

32. Do you keep adding to the surplus?

One time I had like $500 surplus in my account, and I was able to buy a new computer monitor and still have some left over.

You really have to be diligent, though, about ignoring what the bank says you have. It's so tempting to spend just a little bit more because you know it's there. That's why I try not to look at my balance online, but only pay attention to what I write in my checkbook.

This is about the only way I can avoid getting into a big tangled mess. One time I got so confused in my record keeping that even the bank itself couldn't figure it out. That was a long time ago, though...

[Shiver]

33. Unfortunately, it's difficult enough to keep the "nonexistent $50" in there

I have about $580 is student loan payments every month, plus my phone bill, and I don't get paid a lot with each paycheck. I try to keep my surplus in my savings account, which I don't touch at all unless I'm forced to.

My record-keeping needs to be a bit more diligent too; I occasionally forget to mark something down, usually a small purchase of a couple of bucks, but it tends to throw everything off.

I'm working at it though. I screwed up pretty heavily a few years ago, almost lost my ability to even have a bank account, so I'm making every effort I can not to mess things up.

[bushmeister0]

16. Get in line! Check this out.

This sign is right across the street from a branch of BOA in Fishtown, Philadelphia. They really pissed this guy off.

http://www.flickr.com/photos/25811544@N07/2426369402/

[Still Sensible]

17. The banking regulation changes of a few years ago were so one sided

when they changed the rules to allow banks to immediately deduct checks from people's accounts--because the "technology now allowed it." But, in not simultaneously changing the rules to immediately process deposits , they effectively created a window for banks to make money on funds awaiting deposits... not to mention one more way to screw depositors out of more money in fees.

[RebelOne]

20. I have had Bank of America for many years.

And I have never had any problem. Just once I had an overdraft. I called the customer service and told the person that I could not afford the overdraft fee, and the bank reversed it. Now, I just make sure there is plenty of money in my checking account.

[chaska]

28. I used to be with them. I would never, ever go back.

[deaniac21]

29. Get a $500 line of overdraft protection credit. It will cost you a whole

$10 for each $100 of overdrafts.

[undeterred]

30. The bank is always right and the customer is always wrong.

Not only do they rob you, they insult you while robbing you.

[VirginiaProgressive]

31. yea bank of american can be a bitch

just like any other bank, but I do love that they are still afloat unlike a lot of these other banks, and they have banks EVERYWHERE.

you could use mint.com, it makes me a lot more conscious of what i am spending.

[TEXASYANKEE]

34. I guess I'm one of those obsessive types.

I check my account balance on-line first thing every morning (I'm in a credit union). It takes less than 5 minutes, but gives me much needed peace of mind.

[killbotfactory]

35. I hate banks

They are always pulling this type of shit on people. It's infuriating that they are allowed to kick people when they are down. Even more infuriating are the people who defend these practices. If banks could fine you 35 bucks for sneezing while using an atm they would defend the practice.

[mbee]

36. That stimulus package should include laws restricting

the financial industry in the amount of interest they can charge and the number of days in a billing cycle. I think there should be a cap on credit card interest of 15% or less and all billing periods should be a uniform 30 days with no exceptions. This would keep them from constantly changing due dates and raising interest rates without notice. They also should not be able to change credit lines unless the bills have not been paid.

[OwnedByFerrets]

37. I will NOT bank with them. In 2007, "they" made a mistake......

raised my interest up to 32% AND lost the check paying off the remaining debt. It took 6 months of pleading, arguing and cajoling to get it fixed and even then, only after I spoke with a vice president
in some department (luckily by chance).

[4 t 4]

39. Chase Bank

also puts through largest amount first

[Baby Snooks]

38. All the banks are doing it...

Anything they can get away with. And they are getting away with most of it. And Congress just sits there and does nothing.

[Mike 03]

40. I hate B of A too. And they do artificially deduct transactions to inflict maximum pain.

Without even telling me they initiated a new policy whereby if my balance falls below a thousand bucks I get a $7-a-month penalty fee.

Mind you, this is just a little account that I keep mostly for paying groceries and withdrawing cash for little things like going to see a movie. It was never intended to be a savings account or anything ambitious like that.

Secondly, when I make a deposit, it takes seven to ten days for it to "Post." But naturally withdrawals are instantaneous.

[jillan]

41. check your pm.

[SOS]

42. $55 billion taken from Americans in bank fees!

"All these fees, hidden or not, have helped many banks turn in record profits in recent years. Credit card fees alone jumped 18% last year, to $24 billion. Overall, bank fees are on track to top $55 billion this year, said Robert Hammer of investment banking firm R.K. Hammer."

$55 BILLION.
No wonder Thain can spend $86,000 on a rug and $13 million for a beach house.

http://articles.moneycentral.msn.com/Banking/BetterBanking/BankFeesAreMoreOutrageousThanEver.aspx

[XemaSab]

43. I got a $75 overdraft fee last year

because I spent TWO BUCKS on sodas for a picnic. :banghead:

[rucky]

44. They do it all the time.

A former bank employee told me they were trained to do it.