- Report: #367941
Complaint Review: Bank Of America - Los Angeles California
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Bank Of America
bankofamerica.com/index.jsp Los Angeles, California, U.S.A.
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Bank Of America Rip off overdraft fees Los Angles California
This report is intended as a complaint against Bank of America for what I believe to be illegal assessment of bank fees.
On August 21st I logged on to my Bank of America on-line account and noticed five overdraft fees in the amount of $35 each, totaling $175.00. My account, according to the online statement was not overdrawn and funds were available to cover each transaction I called Bank of America and spoke to a supervisor (Joe) about the overdraft fees. According to Joe, the fees were assessed because according to Bank of America's records, and what he was seeing on his screen, transactions were made when funds were not available. Further, Joe informed me that I must not count on my on line banking information as an accurate running balance.
My complaint in not in full dispute of what information bank of America used to charge the over the limit fees, but rather;
1) that I do not have access to the same information Bank of America is using to assess fees to my account. I asked Joe to send me a copy of my account history according to their records but was told he could not do that.
2) I asked Joe why (according to my on-line statement) the account discrepancies were not reflected on-line. I explained to Joe that I regularly check my account, and if I had seen pending transactions without funds to cover them I would have deposited funds in the account. Again, Joe stated that the B of A on-line accounts do not reflect an accurate running balance of one's account. However, according to B of A's web site under customer service they state "Freedom, security and control are within reach. We know how busy life can be. Online Banking and our new Mobile Banking lets you bank the way you live. You have freedom to bank anywhere, anytime. Gain control over your finances and feel secure knowing exactly what your money is doing."
Further, B of A also states (under see demo) in their on line web page, that customers have the convenience of detailed account activates, seeing recent transactions, available balances and future projections for all accounts.
That means having access to an acurate running balance!
3) Also according to Joe, it is my responsibility to deduct all automatic payments from my account at the beginning of each month because technically those payments have already been deducted. I disagree. B of A should only be concerned about what is deducted on the day it is deducted/posted. If I chose to wait to deposit funds to my account on the day a transaction is pending, that is my right.
4) Lastly, I requested contact information to dispute this matter and was informed that there was no such department or entity. Huge banking institutions such as B of A should always provide dispute resolution options to its customers upon request.
In all the years I have banked on-line with B of A, all transaction have posted, and reflected as pending to my account. This gave me the opportunity to check my balance, daily if need be, and make appropriate transfers/deposits that posted to my account if made the same day by 6pm. This may not be the best way, but it worked.
I believe B of A has changed their policies without notice because this has never happened before, and I have always been able to see accurate account balances on-line. Further, B of A also states (under see demo) on their on-line web page, that on-line customers have the convenience of viewing detailed account activates, seeing recent transactions, available balances and future projections for all accounts. I had no such benefits when B of A charged me $175.00 in overdraft fees for account activates not visible to me.
I am a full time student, working full time and making minimal pay. As you are all aware, these are hard times for everyone. I do not have the means to keep reserve funds in my bank account to avoid overdraft fees. But I do make sure I take the time to monitor my account to avoid fees I cannot afford to pay. B of A guarantees convenience of viewing detailed account activates, recent transactions, available balances and future projections for all accounts; but in this case failed deliver such services.
Bank of America should be held accountable for wrongful fee assessments, failure to provide me with accurate account information, and failure to provide me with a means to dispute their decisions regarding my account.
maria
Winnetka, California
U.S.A.
Click here to read other Rip Off Reports on Bank of America
On August 21st I logged on to my Bank of America on-line account and noticed five overdraft fees in the amount of $35 each, totaling $175.00. My account, according to the online statement was not overdrawn and funds were available to cover each transaction I called Bank of America and spoke to a supervisor (Joe) about the overdraft fees. According to Joe, the fees were assessed because according to Bank of America's records, and what he was seeing on his screen, transactions were made when funds were not available. Further, Joe informed me that I must not count on my on line banking information as an accurate running balance.
My complaint in not in full dispute of what information bank of America used to charge the over the limit fees, but rather;
1) that I do not have access to the same information Bank of America is using to assess fees to my account. I asked Joe to send me a copy of my account history according to their records but was told he could not do that.
2) I asked Joe why (according to my on-line statement) the account discrepancies were not reflected on-line. I explained to Joe that I regularly check my account, and if I had seen pending transactions without funds to cover them I would have deposited funds in the account. Again, Joe stated that the B of A on-line accounts do not reflect an accurate running balance of one's account. However, according to B of A's web site under customer service they state "Freedom, security and control are within reach. We know how busy life can be. Online Banking and our new Mobile Banking lets you bank the way you live. You have freedom to bank anywhere, anytime. Gain control over your finances and feel secure knowing exactly what your money is doing."
Further, B of A also states (under see demo) in their on line web page, that customers have the convenience of detailed account activates, seeing recent transactions, available balances and future projections for all accounts.
That means having access to an acurate running balance!
3) Also according to Joe, it is my responsibility to deduct all automatic payments from my account at the beginning of each month because technically those payments have already been deducted. I disagree. B of A should only be concerned about what is deducted on the day it is deducted/posted. If I chose to wait to deposit funds to my account on the day a transaction is pending, that is my right.
4) Lastly, I requested contact information to dispute this matter and was informed that there was no such department or entity. Huge banking institutions such as B of A should always provide dispute resolution options to its customers upon request.
In all the years I have banked on-line with B of A, all transaction have posted, and reflected as pending to my account. This gave me the opportunity to check my balance, daily if need be, and make appropriate transfers/deposits that posted to my account if made the same day by 6pm. This may not be the best way, but it worked.
I believe B of A has changed their policies without notice because this has never happened before, and I have always been able to see accurate account balances on-line. Further, B of A also states (under see demo) on their on-line web page, that on-line customers have the convenience of viewing detailed account activates, seeing recent transactions, available balances and future projections for all accounts. I had no such benefits when B of A charged me $175.00 in overdraft fees for account activates not visible to me.
I am a full time student, working full time and making minimal pay. As you are all aware, these are hard times for everyone. I do not have the means to keep reserve funds in my bank account to avoid overdraft fees. But I do make sure I take the time to monitor my account to avoid fees I cannot afford to pay. B of A guarantees convenience of viewing detailed account activates, recent transactions, available balances and future projections for all accounts; but in this case failed deliver such services.
Bank of America should be held accountable for wrongful fee assessments, failure to provide me with accurate account information, and failure to provide me with a means to dispute their decisions regarding my account.
maria
Winnetka, California
U.S.A.
Click here to read other Rip Off Reports on Bank of America
5 Updates & Rebuttals
Edgeman
Chico,California,
U.S.A.
Actually...
#2Consumer Comment
Tue, November 18, 2008
Every BofA account holder has access to the very same information that the bank uses to assess fees. It is called a ledger, a check register, an account record, etc... Let's assume that you have a $1,500 balance with no pending transactions and no checks out there. You make your car payment which comes to $387. You deduct $387 as soon as you make the payment and your ledger says that you now have a balance of $1,113. Next you go to the gas station and get $26.43 worth of gas, but so far your online banking has only held $1. Since you know the exact amount that you paid, you enter $26.43 as well as the $5.65 you spent at McDonald's. Your balance is now $1080.92. Now it is time to pay the rent of $1100. If you checked your online balance, you might believe that you still had $1113 or even $1500 in your account. However, you were smart enough to keep a ledger and know that your account is about $20 short, so you deposit some money before writing that check. The OP may disagree that he shouldn't have to keep records or deduct from his pending balance, and honestly, he is free to do as he pleases. However, he shouldn't complain about the fees that this will inevitably result in.
Edgeman
Chico,California,
U.S.A.
Actually...
#3Consumer Comment
Tue, November 18, 2008
Every BofA account holder has access to the very same information that the bank uses to assess fees. It is called a ledger, a check register, an account record, etc... Let's assume that you have a $1,500 balance with no pending transactions and no checks out there. You make your car payment which comes to $387. You deduct $387 as soon as you make the payment and your ledger says that you now have a balance of $1,113. Next you go to the gas station and get $26.43 worth of gas, but so far your online banking has only held $1. Since you know the exact amount that you paid, you enter $26.43 as well as the $5.65 you spent at McDonald's. Your balance is now $1080.92. Now it is time to pay the rent of $1100. If you checked your online balance, you might believe that you still had $1113 or even $1500 in your account. However, you were smart enough to keep a ledger and know that your account is about $20 short, so you deposit some money before writing that check. The OP may disagree that he shouldn't have to keep records or deduct from his pending balance, and honestly, he is free to do as he pleases. However, he shouldn't complain about the fees that this will inevitably result in.
Edgeman
Chico,California,
U.S.A.
Actually...
#4Consumer Comment
Tue, November 18, 2008
Every BofA account holder has access to the very same information that the bank uses to assess fees. It is called a ledger, a check register, an account record, etc... Let's assume that you have a $1,500 balance with no pending transactions and no checks out there. You make your car payment which comes to $387. You deduct $387 as soon as you make the payment and your ledger says that you now have a balance of $1,113. Next you go to the gas station and get $26.43 worth of gas, but so far your online banking has only held $1. Since you know the exact amount that you paid, you enter $26.43 as well as the $5.65 you spent at McDonald's. Your balance is now $1080.92. Now it is time to pay the rent of $1100. If you checked your online balance, you might believe that you still had $1113 or even $1500 in your account. However, you were smart enough to keep a ledger and know that your account is about $20 short, so you deposit some money before writing that check. The OP may disagree that he shouldn't have to keep records or deduct from his pending balance, and honestly, he is free to do as he pleases. However, he shouldn't complain about the fees that this will inevitably result in.
Edgeman
Chico,California,
U.S.A.
Actually...
#5Consumer Comment
Tue, November 18, 2008
Every BofA account holder has access to the very same information that the bank uses to assess fees. It is called a ledger, a check register, an account record, etc... Let's assume that you have a $1,500 balance with no pending transactions and no checks out there. You make your car payment which comes to $387. You deduct $387 as soon as you make the payment and your ledger says that you now have a balance of $1,113. Next you go to the gas station and get $26.43 worth of gas, but so far your online banking has only held $1. Since you know the exact amount that you paid, you enter $26.43 as well as the $5.65 you spent at McDonald's. Your balance is now $1080.92. Now it is time to pay the rent of $1100. If you checked your online balance, you might believe that you still had $1113 or even $1500 in your account. However, you were smart enough to keep a ledger and know that your account is about $20 short, so you deposit some money before writing that check. The OP may disagree that he shouldn't have to keep records or deduct from his pending balance, and honestly, he is free to do as he pleases. However, he shouldn't complain about the fees that this will inevitably result in.
So621
Waltham,Massachusetts,
U.S.A.
Same experience
#6Consumer Comment
Tue, November 18, 2008
I had the same experience. I was informed BofA changed their policy on pending transactions back in July of 2008, I received no notification of this change, and have been charged for overdraft despite maintaining a positive balance. Like you viewing the transactions online do not help because they aren't shown in the same way the bank sees them or treats them. It is crazy!
