Bank of America, and their scandalous, outrageous, permitted(?) larceny via usury fees must be stopped.
I have been a Bank of America customer from the very beginning of the institution, as they'd taken over the bank I'd been with a decade before their inception. Every month, for decades, my husband has had a direct-deposit sent to our checking account, and from there I transfer funds to either savings or line-of-credit. This month, I did the same, and much to my surprise, I received a postcard in the mail showing four "overdrafts", which Bank of America paid, but fined me $140 in fees. I called to correct the obvious mistake, for our account had about $6000 available to us. One of the "bounced" debits was a book of stamps my husband purchased the day of his direct deposit;(before the deposit we had about $300 available.) Three other purchases, between $20-$30 also bounced. I noticed that the bank put a large check through on the same day as our deposit, but held my transfer out. Their explanation is that I did not make a transfer, that I made a payment. Call it what you will, I thought, the money is there, so USE it! Unfortunately, Bank of America intentionally held out the smaller purchases I had made, which should have cleared, but did not when submitted after the large check emptied my pre-paycheck balance of $300. They collected a $35 fee for four items by submitting the smaller debits--made days before the large debit--after the larger debit. It is my understanding that this is their regular practice; they claim they submit checks out-of-order so that they can put the larger--more important--checks through first. Everyone knows it's so they can bounce our checks. How'd they get my $140 anyway...I didn't even have enough for a book of stamps, according to them?!
I've spoken to six different "customer service reps"--a misnomer if there ever was one--and my branch manager, who said he'd refund me half of the fees. I said "no deal--Bank of America deliberately held out my transfer, and STOLE my money." Why should my husband and I, two very hard-working people, give Bank of America anything more than we already do: gigantic finance charges, on top of regular monthly fees, so they can keep OUR money. Incidentally...if one was to transfer money from one person's checking account to another's account in, say, California...it would be instantaneous. (I've done this.)It is such CRAP that they have to hold out transfers OR payments. That money was GOOD and already cleared and in our account. How DARE they take our money!
Go on to any number of sites by searching titles such as "Complaints Against Bank of America" or "Bank of America Rip-Offs" etc. These deceitful practices seem to be the norm. It is so sad, because so many of us struggle just to make ends meet. I am a student, part-time worker (of three jobs) and a mother of three. My husband works two jobs (including a graveyard shift.) I cried when they took the equivalent of 16 hours pay---FOR NOTHING!!!
Can you investigate/expose this travesty? Thanks. I pray you can.
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