Life can be tough for a student today but Bank of America can make it tougher. They offer a student checking account and have found a great way to make extra money. Here's how it works. Suppose you pay a bill with a check drawn on your Bank of America account. But the person you pay claims you owe late fees on top of what you have paid. They file a lien on your Bank of America account, which Bank of America executes, without warning, and charges YOU a full $100 for this.
That's right, you get hit with a $100.00 bank fee, with no warning, over a disputed debt (of some paltry sum like $29). If you are a student you might not have $100 in your account. You might not even have the $29 that the lien-seeker [or is that blood-sucker] is seeking to extort from you.
This is not a problem for Bank of America, oh no. They debit the debt then charge you the $100.00 and if that overdraws your account, they top it off with a nice fat overdraft charge of $20.00. That's right, overdraft fees on a fat fee they never gave you a chance to pay.
I am sure that the fat cats in Charlotte are busy getting out the word to companies across America "Send out your liens!" I can see the notice board slogan "Remember, Bank of America Loves Liens" maybe even an incentive scheme for employees who find new lien filers. $5 spiffs for every new lien!
So what if the poor student facing $120 in phoney fees closes their account in disgust. Good riddance! I'm sure that's what they're saying in Charlotte. This program of lien finding and filing serves two purposes, makes money and fires "unprofitable" customers. And you thought banks were dumb!
I just hope I one day have a lot of money so I can go back to Bank of America and tell them exactly why they will never see a penny of it.
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