Well this incident started on Friday. I do not live local to a BOA branch so I wanted to wire transfer money from my local bank to them to cover purchases that I suspected might overdraft my account. My local bank talked me into using BOA online wire transfer from external account to save me the $21 it would cost to do so at the branch. I contacted BOA to confirm this service existed and was told yes just go online, and told me where to go. When I got home I logged onto the computer to make the transaction but to my dismay found that it would take a minimum of 3 days for them to process verification of the external bank information before I could make the transfer. At this time both banks were closed. I contacted customer service in an attempt to resolve the situation and avoid overdraft charges which as a college student living paycheck to paycheck can not afford. They were unable to help me but the representative assured me if I made the transfer to go in on monday I would not be charged. I researched this online and found that there is a federal law stating if the funds are deposited within 3 business days of the transaction they can not charge for the overdraft and considering that is what I was told by the BOA Rep I was sure I would be fine...
The joke was on me when I logged into my account today the money went in on monday however i was charged for $175 in overdrafts mainly because they deduct your transactions from largest to smallest causing multiple overdrafts. I find it insane that they are able to take advantage of us like this because i had enough money in the account without the wire transfer to cover all but one of the transactions... And i was charged $35 dollars for an ATM fee from withdraw when i checked the balance and the money was there also a huge concern because I have found multiple reports of balances being wrong which is misleading to the consumer. I contacted customer service much like the rest of you got I can give you one fee back and he basically told me too bad maybe you should figure your finances better which pissed me off because I was trying to make the account right and couldn't get any assistance and misleading information from THEM! I also found it very disturbing that banks make $17.5 billion dollars a year in overdraft fees alone.
We need to fix this problem, we are being ripped off of our hard earned money because we are lower-middle class citizens sounds pretty sad and illegal to me. Only we can change the way we are treated. Please sign the petition to have the deduction sequence and overdraft practices changed. Follow up on intended legislation to protect us.
Http://www.petitiononline.com/bp5678/petition.html
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