Complaint Review: Bank of America - Internet

Quick Point: Several times you call the employees incompetent after complimenting them and saying they were perfectly friendly etc. It is in no way any employees fault ever for not being able to reverse company policy... they are in fact not incompetent at all but just doing their jobs... because you are unable to see this and I have worked in customer service for 15 years I am guessing you were not at all patient, plesant, or a pleasure to work with.

I am sick and tired of read on ROR of people who blame Bank of America, Wells Fargo, chase, Wachovia, and other banks for their own overspending, i.e., spending money they do not have because they do not know how to balance a checkbank.

I have had a checking account with Bank of America for twenty-four years and I have only incurred a non-sufficient funds charge three times on one purchase because of my own admitted mistake. I had forgotten to select my credit card instead of my default Bank of America checking account when I tried to make a large $1500 purchase via PayPal. At the time of the $1500 purchase, I did not have $1500 in my checking account. Yes, the major banks will try to process the purchase transaction three times and thus incur three non-sufficient funds charges.

 

As I sit here working on the PC in my den, I had the door open and my friend was watching TV in the living room which I can see and hear into with the door open.

I noticed two bank commercials on TV this hour. One was for Bank of America. Short commercial advertising how the customers can go online ANY TIME and get an accurate, up to date summery of their account. Now this is PURE deception. As we know..not only is trusting the online statement bad advice..and not only is it rarely up to date unless no debit card use, ach or checks were cut for a long length of time, and the fact that it is often not up to date and very inaccurate..but it is a major cause for many customers overdrafting the account.

And the Irony is..when the customer is stunned by all the fees and can not make heads or tails out of the online statement the bank encouraged us to use and trust....THEN they tell the customer it was ALL their fault for trusting and depending on the online statement, and to only trust the register.

Now this does not excuse a customer for not using a register as it is a wise thing to do...but to say the banks "did nothing wrong" is a load of hogwash and any person even of average intelligence can see right through this. Now some people are simply lousy with finances and numbers agreed..but that is not a crime in itself. What is..or may be, is some of these banks tactics and policies.

The second commercial was for another bank, I forgot the name...but basically it seems they will pay people $100.00 if they open an account. Stipulation is..must set up direct deposit and auto bill pay...hmmm....now what does that sound like a recipe for considering the state of the economy, hours cut, lay offs..people barely making it paycheck to paycheck, and using the debit card for everyday small purchases?

I am no financial wizard..but I don't have to be to see why that bank is looking for customers (aka "victims, fools, suckers, desperate people") by offering cash during these trying times. Yeah okay...the banks are angels...and I am the Pope if you believe that.

I don't think any reasonable person has a problem with a bank, or any publicly or privately owned business to operate in a manor which can turn a profit. However, the reason this site is here, is to report ripoffs ..or as is stated on the homepage about this site...

" Ripoff Report is a worldwide consumer reporting Web site and publication, by consumers, for consumers, to file and document complaints about companies or individuals. Ripoff Report is a service to the world's consumers. The Ripoff Report enables YOU the consumer to be armed with the opinions and comments of your fellow consumers. This report will help you exercise your first amendment right to freedom of speech. By using our forum, you will have an opportunity to speak out against companies, businesses, governments, and individuals that have treated you unfairly. The bad Business Bureau's ... Ripoff Report will help you do that! Once your report is posted, millions of fellow consumers worldwide will have access to your information."

So what this consumer has done..such as thousands of others regarding this and several other banks...is simply lodge a complaint so others can be aware, and to possibly seek some recourse or justice.

A bank or any business or person that has a report filed against them here, has EVERY right and opportunity to rebut and/or respond, but to wit..I have yet to see any representative from this or any other bank's consumer relations dept respond..so that shows us how much they care.

I hope you do not think I am trying to excuse customers from keeping an accurate account of their funds, as keeping accuracy to the penny is a great defense against overdraft fees. But this does not give the bank the right to use tricks and tactics against loyal honest consumers just to appease the stockholders, nor will that defense work in a court of law.

If a consumer feels they were charged too much for a product or SERVICE (in this case being charged $175 for a $16.00 mistake, or the bank approving a $1.30 purchase and charging a $35.00 fee with no warning this transaction can and will place the account in overdraft)....many feel this is a ripoff. I have never seen any consumer complain here about an overdraft fee per say if it was done with intent, although many feel $35.00 is a tad steep.

There are plenty of consumers here that use a register and have still been VICTIM to the banks tactics and were charged excessively..not fairly mind you, but excessively. And this report in actuality is not about how to prevent overdraft fees..as the customer is well aware of how it happened. This complaint is about the way the bank handled a simple human mistake of a loyal customer for 9 years, and instead or understanding or working with them during an economic crisis...charge excessive fees and displayed no real customer service or loyalty on their part.

If the banks were so "innocent" in all this..perhaps they would not be facing all these class action lawsuits..and pressure from congress, and negative media attention..and millions of complaints. Fortunately things are being done to better protect the consumer..and none of the proposed changes are unfair to the bank or the stockholders.

Bear in mind, that many of these banks were miserably FAILING because of their mistakes, poor business decisions, the Government and were bailed out by the U.S. taxpayers. Also bear in mind that these types of fees from the policies and tactics have become a major "profit center" for these financial institutions..to the tune of approx. 40 BILLION dollars in 09 alone.

If these banks can not turn a profit utilizing an ethical business plan..or "resort" to fair lending which is what a bank is supposed to be for (well that and to "protect" our money we deposit with them), then I say let nature take it's course and let them fail. The banks with good policies which are fair to everyone will survive..the others will continue to be sued, lose customers due to these tactics..and eventually either change, or go away.

Now the policy changes will prevent many overdraft fees from occurring in the first place. However, if less fees are taken in by the bank for any reason, such as if every customer was perfect and never ever spent more then they had such as you suggest, the banks will have to make up for it somewhere else. And that will be apparent soon enough and unfortunately will effect ALL customers.

It seems BofA has decided on their own (imagine that) to change some of their policies..such as no longer forcing every single checking account customer to enroll in mandatory courtesy overdraft protection..as well as allowing small overdrafts to be forgiven, and limiting the number of fees it can charge per day to a more reasonable number. It's a start, a day late and a few billion $$$ short, but a start.

I don't think any logical intelligent person would have trouble understanding why BofA has decided to make some changes even before the lawsuits are concluded, and future legislation goes into effect..but I think this bank made a wise decision. Hopefully customers of this bank will understand what opting out of OD protection means..and if they are using their debit card for lots of small purchases in lieu of cash, that this can save them a potential bundle in fees if they make an error in their accounting, or any theft, fraud, unauthorized merchant holds..or any reason known to man which can overdraft the account.

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I don't think any reasonable person has a problem with a bank, or any publicly or privately owned business to operate in a manor which can turn a profit. However, the reason this site is here, is to report ripoffs ..or as is stated on the homepage about this site...

" Ripoff Report is a worldwide consumer reporting Web site and publication, by consumers, for consumers, to file and document complaints about companies or individuals. Ripoff Report is a service to the world's consumers. The Ripoff Report enables YOU the consumer to be armed with the opinions and comments of your fellow consumers. This report will help you exercise your first amendment right to freedom of speech. By using our forum, you will have an opportunity to speak out against companies, businesses, governments, and individuals that have treated you unfairly. The bad Business Bureau's ... Ripoff Report will help you do that! Once your report is posted, millions of fellow consumers worldwide will have access to your information."

So what this consumer has done..such as thousands of others regarding this and several other banks...is simply lodge a complaint so others can be aware, and to possibly seek some recourse or justice.

A bank or any business or person that has a report filed against them here, has EVERY right and opportunity to rebut and/or respond, but to wit..I have yet to see any representative from this or any other bank's consumer relations dept respond..so that shows us how much they care.

I hope you do not think I am trying to excuse customers from keeping an accurate account of their funds, as keeping accuracy to the penny is a great defense against overdraft fees. But this does not give the bank the right to use tricks and tactics against loyal honest consumers just to appease the stockholders, nor will that defense work in a court of law.

If a consumer feels they were charged too much for a product or SERVICE (in this case being charged $175 for a $16.00 mistake, or the bank approving a $1.30 purchase and charging a $35.00 fee with no warning this transaction can and will place the account in overdraft)....many feel this is a ripoff. I have never seen any consumer complain here about an overdraft fee per say if it was done with intent, although many feel $35.00 is a tad steep.

There are plenty of consumers here that use a register and have still been VICTIM to the banks tactics and were charged excessively..not fairly mind you, but excessively. And this report in actuality is not about how to prevent overdraft fees..as the customer is well aware of how it happened. This complaint is about the way the bank handled a simple human mistake of a loyal customer for 9 years, and instead or understanding or working with them during an economic crisis...charge excessive fees and displayed no real customer service or loyalty on their part.

If the banks were so "innocent" in all this..perhaps they would not be facing all these class action lawsuits..and pressure from congress, and negative media attention..and millions of complaints. Fortunately things are being done to better protect the consumer..and none of the proposed changes are unfair to the bank or the stockholders.

Bear in mind, that many of these banks were miserably FAILING because of their mistakes, poor business decisions, the Government and were bailed out by the U.S. taxpayers. Also bear in mind that these types of fees from the policies and tactics have become a major "profit center" for these financial institutions..to the tune of approx. 40 BILLION dollars in 09 alone.

If these banks can not turn a profit utilizing an ethical business plan..or "resort" to fair lending which is what a bank is supposed to be for (well that and to "protect" our money we deposit with them), then I say let nature take it's course and let them fail. The banks with good policies which are fair to everyone will survive..the others will continue to be sued, lose customers due to these tactics..and eventually either change, or go away.

Now the policy changes will prevent many overdraft fees from occurring in the first place. However, if less fees are taken in by the bank for any reason, such as if every customer was perfect and never ever spent more then they had such as you suggest, the banks will have to make up for it somewhere else. And that will be apparent soon enough and unfortunately will effect ALL customers.

It seems BofA has decided on their own (imagine that) to change some of their policies..such as no longer forcing every single checking account customer to enroll in mandatory courtesy overdraft protection..as well as allowing small overdrafts to be forgiven, and limiting the number of fees it can charge per day to a more reasonable number. It's a start, a day late and a few billion $$$ short, but a start.

I don't think any logical intelligent person would have trouble understanding why BofA has decided to make some changes even before the lawsuits are concluded, and future legislation goes into effect..but I think this bank made a wise decision. Hopefully customers of this bank will understand what opting out of OD protection means..and if they are using their debit card for lots of small purchases in lieu of cash, that this can save them a potential bundle in fees if they make an error in their accounting, or any theft, fraud, unauthorized merchant holds..or any reason known to man which can overdraft the account.

The bank certainly has some responsibility as they continue to operate as a business and turn a profit for the stockholders.

However, depositors have responsibilities which start and end with them in regards to account management.  The HUGE RESPONSIBILITY is to know to-the-penny their account balance at any time.  They can do this by keeping a WRITTEN RECORD of each and every transaction rather than using a fake credit card repeatedly without having a clue as to the exact account balance.  This isn't rocket science!  People did this religiously when the only way you could access your money is by writing a check.  People then wrote in the so-called "check register" the amount of the check and they did the math right then and there and knew to-the-penny the balance.  Why not do that now?

Oh no!  Today, people don't have the discipline to write it all down!  They keep using the card, checking the balance on line or on the phone and when they blow it and run up overdraft fees, oh, its the big bad bank's fault!  What a bunch of pure horse ----!

Nobody but nobody needs to pay overdraft fees.  It doesn't matter if you have ten dollars or ten million dollars in the account.  You exercize due diligence and write down every transaction and know the balance right then and there!  Why is this so hard to understand?  Every one of us can avoid these fees.  Every one!  But no, some people don't want to do this.  When they overdraft THEIR OWN account, its a bank's fault!  When the bank charges the overdraft fee, its the bank's fault.  Heaven forbid these people change their ways and treat financial matters with the proper discipline and common sense it demands.  Just go to another bank, never retain a written up to the minute balance, overdraft the account, incur the fees and once again, its the big bad bank's fault!

I agree that if you didn't overdraft in the first place, that none of this would have happened. But low and behold..human error has caused you to overdraft.

Now several years ago..the bank would have worked with you as a part of customer service and..this case would be closed. However..you were VICTIM to this banks tactics...and due to these very tactics..THIS bank and several others are in a pending CLASS ACTION LAWSUIT.

Now what should have happened..is if ANY of those small purchases your husband made were to overdraft the account....the bank should have either A) declined the transaction....or B) warned that the transaction would bring the account into the red, and a fee will be applied.

Although it is reasonable to assume that a BANK is going to show any concern regarding our account, this is not the case..all the bank cares about is charging excessive fees...and the huge bonuses the officers WILL receive.

You see..the original intent of "re-sequencing" and "courtesy overdraft protection" was to protect a large CHECK payment..such as a mortgage payment. Now SURELY the bank is not STUPID enough to "assume" this $16.30 worth of small purchases on the DEBIT CARD were for anything as important as a mortgage payment.

But..they covered the transactions anyhow..are charged you handsomely for each one.

As far as the legality of this "tactic"..as yet you be decided either way and it is in question by millions of victims of these tactics..but as far as ethics..this is a RIP OFF in EVERY sense of the term.

You may want to consider getting involved with one or more of the class action lawsuits against THIS bank and others.

Now some bank defenders will have a problem with this..but so be it..this is not their concern since THEY were not the ones RIPPED OFF.

Here is some info...

Bank Customers Victimized by Alleged Abusive Bank Overdraft Fees Strike Back

Consolidated, Nationwide Class Action Lawsuits Filed in Federal Court Against Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank
October 20, 2009 11:00 AM Eastern Daylight Time

MIAMI--(EON: Enhanced Online News)--Marking a substantial step forward in litigation over the banking industrys abusive and excessive overdraft fee policies and practices, plaintiffs' counsel announced that bank customers have filed a series of nationwide class action lawsuits against Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank. The complaints were filed in the United States District Court for the Southern District of Florida in Miami, where all federal lawsuits brought against the banking industry for abusive overdraft fees have been coordinated before the Honorable James Lawrence King.

    The collection of excessive overdraft fees, usually around $35 per transaction, impacts millions of Americans each year and has become a multibillion-dollar profit center for the banks

"The collection of excessive overdraft fees, usually around $35 per transaction, impacts millions of Americans each year and has become a multibillion-dollar profit center for the banks," explained lead plaintiffs counsel Bruce S. Rogow. "In many instances, these overdraft fees cost customers hundreds of dollars in a matter of days, or even hours, when they may be overdrawn by only a few dollars. Charging a $35 overdraft fee when a college student uses her debit card to buy a cup of coffee is unconscionable."

How Bank "Overdraft Protection" Works and Why the Abusive Collection of Overdraft Fees is a National Concern

Today, when customers open checking accounts, banks provide debit cards for the withdrawal of cash from ATM machines and the purchase of goods and services. Many bank customers are not aware that as part of the process of obtaining the debit card, banks automatically enroll their customers in "overdraft protection." The overdraft protection kicks in if the customer spends more than he or she has in the account to cover the purchase, up to a limit of a few hundred dollars.

Banks could simply decline to honor customer ATM or point-of-sale transactions if the account lacks sufficient funds, or could warn customers that if they go through with the transaction an overdraft fee will be assessed. In fact, until a few years ago, most banks simply declined debit transactions that would overdraw an account.

"Banks do not record charges and purchases on ATM or debit cards in the order they actually occur," stated plaintiffs counsel Michael W. Sobol of Lieff Cabraser Heimann & Bernstein, LLP. "Instead, banks reorder the charges and purchases so that the largest charge or purchase is the first one paid by the bank. This manipulative practice is intentionally designed, the complaints allege, to maximize overdraft fee revenue."

"If you buy your kids a $15 meal at McDonalds on your debit card and your account was overdrawn, that lunch actually cost you $50," added Mr. Sobol. "The bank wont decline the debit transaction, nor will the bank tell you that you have overdrawn your account and is about to turn your $15 lunch into a $50 expense."

In 2007, banks collected more than $17 billion in overdraft fees. That number nearly doubled in 2008, as more and more consumers struggled to maintain positive checking account balances. In 2009, banks are expected to bring in up to $40 billion in overdraft charges from nearly 50 million customers.

"While all bank customers have been affected, these overdraft fee policies disproportionately affect young people, the elderly and the poor, who are most likely to maintain low account balances," noted Mr. Rogow. "Moreover, these fees have the tendency to create a domino effect, resulting in even more fees."

Further Information for Bank Customers

Bank customers assessed overdraft fees who wish to learn more about this litigation should visit www.bank-overdraft.com where they can submit their complaint to plaintiffs counsel.
Contacts

Lieff Cabraser Heimann & Bernstein, LLP
Michael W. Sobol, 415-956-1000
or
Bruce S. Rogow, 954-767-8909
Permalink: http://eon.businesswire.com/news/eon/20091020005332/en/fee/overdraft/lieff-cabraser

The cause?  You stated it perfectly:  "...I logged on to my Bank of America banking account and saw that my husband and I were 'in the red'...".  And then, you blame your husband.  In other words, you checked your balance AFTER the money was spent, in this case, after you were overdrawn.  You say you are educated and whatever the hell this means:"...the crazy end of the spectrum when it comes to responsibility...".  Apparently these accounts are yours and you have not brought up the spector of bank error or fraud.  Therefore, since these accounts are yours and the money is yours, doesn't it make just a little bit of sense to actually KNOW how much money you have instead of what you guys apparently both do, use the damned bank card and "hope" there's enough money there?  How do you do this?  Both you and him keep a WRITTEN RECORD of each and every transaction and balance after such transaction.  If the both of you would have been doing this, then whoever overdrew the account would have known the balance was too low to use the card.  Understand that?  You WRITE DOWN either in the check register or a small pocket notebook each transaction within seconds of doing it and doing the math right there and then.  Of course this is going to require discipline because up until now you've done it the lazy way, checking a computer balance after the transaction has already been completed.  If both you and him would have been doing this all along, we wouldn't be here now, would we?

Should this bank or any other bank refund overdraft fees.  No!  Hell no.  They have discovered most people do what you guys have done, they overdraw.  Why not beat the bank?  Today, not tomorrow, start keeping a written record.

 

SHALOM