Bank Of America
Did you know how this bank charges you insufficient Funds fee?

About mid June I received a notice from bank of America that I was charged 4 transactions with No-Sufficient Fund fee. Every transaction had a fee of $35 dollars which means that I had to pay $140 for the 4 transactions. But to my surprise, BA did not ask for $140 plus whatever paid to other party as expected. BA asked that I deposit $116 in my bank account to cover the deficiency. So here is how BA calculates your insufficient funds. BA totaled my checks plus 4 insufficient-fund-fee, when this total was more than my account balance, they started hitting me with the fees. Of course, the scheme seems to be that even when my bank account had sufficient funds for the 4 transactions, it does not have sufficient funds if you add the $140 of insufficient fees. That was the reason that I was charged, Of course I complained and they did reverse the transactions, as you can see it is a highway robbery in the middle of the day.

I have to blame our legislators how opened the door for the banking industry to rip us off with no protection when the allowed transactions to be settled the same day with no 3 days for settling them. We reaping the poison fruits of our representatives in congress, not only that, we are bailing them with our funds.

Company: Bank Of America
Country: USA
State: California
City: Orange
Address: 2680 N Tustin Ave

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