Bank Of America
Insider claims about deposit holds and overdraft fee practices

I have been in the banking industry for many MANY years, currently I am employed with Bank of America and have been for over 8 years; my position is that of Team Manager in customer service.

Here are some facts you may want to know:

- Did you know Bank of America intentionally abuses Regulation CC. (which establishes deposit hold lengths and reasons) because most customers are not aware of how it is applied?!
Holds are constantly extended by an inexistent dept. Called "LRM" (Liability Risk Management, which never seems to have any consumer contact) using this they can justify any and ALL OVERDRAFT fees that are caused
due to the extended hold!

- Did you also know that Bank Of America is the only bank that postpones the release of holds (even after the verification of funds, stop payments, etc) until the business day after the scheduled date on the receipt given... {eg.

Hold Release date 01/05 the funds only become available on 01/08 after 5pm!!! } We also claim that these holds CANNOT be released...; oh yes
they can: given certain criteria of course (mainly how much money you have and how often it was made!)

-Remaining on the topic of Holds: Bank Of America is required to refund all overdraft fees caused by check deposits made though the ATM machine, as no hold notice is given at the exact time of the deposit...; guess what: they don't!

-Recently Bank Of America has introduced to it's associates the infamous now patented "Refund Request Tool"... This is a tool that gives an automated
decision as to how much money the customer DESERVES to have refunded whether it be Overdraft Fees, Monthly Maintenance fees, Stop Payment fee or any other
fee; the decision is based on account history, past fees, AVERAGE BALANCES, etc.
Which means that the more money and accounts you have, the better your chances for refund!
The only problem with this tool though is that once one person makes a decision it's FINAL: so if you get someone who is unpleasant or someone who doesn't even discuss the issue with you, even if you file a claim you
probably won't get your money back!!!

-Bank of America is entitled (as it once stated in one of the older versions of the Deposit Agreement) to change your account type at any given notice..., which as we all know: the wrong account will cause Monthly
Maintenance Fees. This includes setting up and dissolving the Advantage Relationship, Overdraft Protection and completing various account maintenance at will all WITHOUT NOTIFICATION!

-Bank of America, as we all know covers most states in the US, therefore interstate deposits shouldn't be a problem, correct?! WRONG!

Bank of America delays manually the processing of an out of state deposit (even if it is made before the cutoff time) an extra business day in most cases; and 2 extra business days in other cases [such as from California to
another state and Vice-Versa; Washington state & Idaho the same! ] This obviously causes MORE OVERDRAFT FEES!!!

Don't think this is unfair or don't believe me: try making the SAME deposit in an ATM machine... The automated teller doesn't recognize {and doesn't
care} what the state is, it will post the same day (in accordance with cutoff times, of course!) So it would make more sense to ALWAYS USE THE ATM FOR INTERSTATE DEPOSITS, right?!

Well, these are just a few of the many ways Bank Of America, among many other financial institutions, uses it magnitude to push the 'smaller' customers around without them being aware of ANYTHING at all.

Be careful & use this information wisely

Company: Bank Of America
Country: USA
Site: bankofamerica.com

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