Im writing to report to you the abusive fee policy of Bank of America. Since the end of last month to the beginning of this month Bank of America has taken approximately $500 in overdraft fees from my bank account. They will hold charges as pending for days. Because of this when I check my balance at their ATM it gives me a different balance then what the actual balance is. They claim that its the company that is holding the charges as pending thus my balance is different from reality. I have a PayPal debit card that I use at the same places as my Bank of America card and the charges are never pending.
Im living on Social Security and a small pensio from New York State Government. Because Bank of America took so much money from me I have to depend on food banks to eat and I cant pay the full amount of my rent.
Steven Dyer of the Complaints Board writes:
The Bank of America is making new headway in the area of ripping off its' customers. Not only do they purposely clear and post deposits and withdrawals in a manner to overdraw your account they do it in a fashion to specifically charge the most in fee.
Norm K from My3cents.com writes:
When reviewing the issues I also concluded that characterizing those who have experienced the negative and often expensive effects of abusive funds availability and overdraft policy as irresponsible miscreants who cannot balance their check book is patently false. If fact, many who have had negative experiences with abusive overdraft fees are victims of overdraft policies crafted to allow banks to ignore deposit credits while first running all check and debit card charges in order of greatest to least. This maximizes overdraft events and related overdraft fees.
I feel the Federal Governments should step in and protect the American people. These institutions have abused the average citizen for years.
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