Bank Of America: Watch Out For Random Fees

| April 3, 2009 | 36 Comments

Watch Out For Hidden Bank Of America Fees

bank-america-logoRecently, my Bank of America checking account dipped into the negative.  No, it was not some technical glitch, or even my inability to balance a checkbook. No, this time is was all due to corporate greed on the part of Bank of America.

The down and dirty version is that there was sufficient funds in the account for several debit card transactions.  However, Bank of America reserves the right to switch the dates that these debits are posted. So, a simple transaction for $7 at the local 7-11 on Monday night (at the whim of Bank of America) was not  posted until the following Tuesday. A deposit was made on the following Monday, but again at their whim, it was not credited until Tuesday. Well you can guess the rest. They debited the account for $7 , knowing there was a deposit made the day before, and assesed a $35 fee for insufficient funds. They cleared the $40 check on Tuesday, but only after debiting two more minimal transactions that occured on Tuesday, each with their $35 fee.  ALl of this is unknown to me as I had not received the insufficient funds card in the mail. So, I went on and spent more of the $40 deposit assuming the funds were there–and Bank of America continued to honor these debit transactions. Of course they would, after all for each $3 I debited, they could make $35.  All told, they assesed $210 in fees (6 separate fees) for 4 debit card transactions, none of which should have overdrawn the account.

To try to resolve it, I contacted the friendly Bank of America representative in Banglore and he offered a $60 credit but woudl not budge on the rest.  He suggested I write to the consumer complaint department in Tallahassee, Florida–which I did. The lovely Olga Hurtado sent me a wonderful form letter essentially saying, that I was fortunate to have received the $60 and there would be no further communication regarding this issue.  Until I blog about it!

So if you want to read the legalese that you agreed to when you signed up with Bank of America, you can read it on their Deposit Agreement and Disclosures document. Pay particular attention to Processing and Posting Orders where they state they can do anything they want with your money to maximize the fees they will charge you!

Does anyone else have a banking rant?

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