Bank Of America
Unauthorized Withdrawal of $5,798 Causing NSF Fees

We have had the same issue as Carol in Plainville with Bank of America.in another event, they claimed that a deposit made was not honored and as such they had the right to withdraw the amount, $5798.00 from our checking account to cover the alleged dishonored deposit. Naturally, all of the checks written against that deposit bounced snowballing into a mountain of NSF fees. We had sufficient funds in our savings to cover the amount and had our overdraft set up to cover an emergency event but Bank of America stated that they did not have written consent and as such were entitled to the NSF fees.

We reported the incident to the Connecticut Banking Commission and filed a complaint on the same as the deposit registered as honored by the issuing bank and it was clear that Bank of America had placed an extended hold on the funds, and even after it was released, failed to return the funds to our account. The money was drawn from our account in November.

I spoke at length with the representative of the Bank Fraud department at Bank of America and just days before the Christmas holiday 2008 and was assured that Bank of America was going to return the funds to us as there was sufficient proof that they were in error.

We were served papers last week stating that Bank of America was suing us for the same amount, $5798.00 stating that they were never recompensed for the amount of the dishonored deposit.

This is absurd since they would have no doubt collected or sued for this amount long before now. Likewise, if this amount was due they would have taken it automatically as they did before.

A word of warning, always read the fine print on the Banks rights with your money. This incident will cost us countless dollars to defend in court.

We plan to seek advice from the Attorney General of the State of Connecticut of another possible law suit against this establishment.

Company: Bank Of America
Country: USA
State: Missouri
City: St Louis
Phone: 8008414000

  <     >