ATTN: I am interested in joining a class action lawsuit against Bank of America for the unethical manner in which they charge customers for NSF fees. If anyone knows how I can join, please let me know.
I am a new customer of BOA (4-5 months) and was SHOCKED when I discovered how they process checks and balances. I've had accounts with other banks and this is the FIRST bank that processes your largest check, holds whatever money you have in your balance "hostage". Every check that goes in for payment while your money is being held "hostage" gets hit with an NSF fee (usually $34 each) even if you have enough money to pay the checks. Expample: Your balance is $499. A check goes through for $500. On the same day, a debit or check goes in for $20, one for $10 and one for $4.
Even though "technically" the only check that should be returned and charged NSF fees is the $500 check and your balance is really $499 less the NSF fee for the $500 check, BOA will "HOLD" your balance in "suspense" and not pay for the three checks that also went in the same day. They charge NSF fees for 4 checks instead of only one (for $500 check) so they charge the customer $136.00 in NSF fees instead of $34.00. That is SO WRONG. I've been a customer at 2 other banks and they do not treat NSF checks in this manner. If there is an NSF check, they only send back the ONE check that is more than your account balance but pay any checks that are not more than the customer's balance. As a result of the manner in which they cheat people out of money, they can wipe out a bank account balance with NSF fees. It's taken me a couple of months to "figure out" their very unethical manner of cheating people of what must be BILLIONS of dollars.
It's so difficult to "catch up" to bring the balance back to positive. As several people stated, the bank personnel use the excuse that they "post the LARGEST checks" first because that "large check" could be your mortgage payment and "aren't you glad we care enough about our customers that we want to make sure mortgages, car payments, etc. Get paid FIRST". My reply: But you still DO NOT pay for the (large) check - it still gets returned. Response: A defensive/mad look on the BOA employee's face. Don't want to discuss anymore - what's done is done. No offer to reverse any NSF charges and unwilling to do so. They KNOW what is going on and that it is WRONG. They get rid of you quickly.
I am in the process of closing my account but have to wait until several transactions go through. However, I strongly believe what they have been getting away with is so wrong and someone needs to put a stop to it.
To all the ones that criticized the persons that wrote in to let people know about the unethical practices of Bank of America, you have missed the point. This site is specifically for reporting companies or individuals that take advantage of people so others can know they are not the only ones that have had bad experiences or been taken advantage of. Power comes in numbers and this is a problem that needs to be stopped. However you decide to live your life, whether living in a cardboard box to "save" your money, etc., is your business. Most people are raising children (the hardest job in the world and expensive) and need a home to raise them, dependable cars to drive, food to buy, bills to pay, housework to do including laundry, cleaning, cooking, running a household, working full time, carpooling kids to school and activities & on and on. If we tried to live in a van (no running water, electricity, toilet, showers, beds, etc.) CPS would take our kids away from us.
Those of us that have been taken advantage of by BOA need to come together to put a stop to the way they are taking advantage of innocent people. If there was a dr. That intentionally misdiagnosed his patients and they all suffered from it, the patients would have to come together to get justice. Yes, the patient had a choice to leave and go to another dr. However, during treatment with that dr., the patient was unaware of the dr's mistreatment of them. The patient trusted the dr. That does not excuse the dr. From mistreating harming misdiagnosing the patient at the time. Same holds for BOA - had they told me how they process checks, NSF fees, etc., when I opened my account, without a double, I would have NEVER opened an account with them. Things happen that cause account errors - I don't believe most people intentionally write checks that won't be covered by their bank balance.
Most of us have stressful and busy lives - working, raising children, etc. Lastly, I want to say that I have NO doubt that BOA knows exactly what they are doing. I suspect they make billions of dollars from charging NSF fees in outrageous ways. I'm sure they do more than that to rob people of money.
Lori
Dallas, Texas
U.S.A.
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