Bank of America
Overdraft Scam
- 02-24-2010
- 32
When I first applied to Bank of America for a credit card, I was denied because of a less than perfect credit, and, instead was offered a debit card or the way they put it: "a secured account!" This meant that it was backed-up with the moneys in the account! Well, at first, it worked so that, if a debit was presented by a business; the bank would pay the transaction IF THE MONEYS WERE IN THE ACCOUNT AT THE TIME; IF THE MONEYS WERE NOT AVAILABLE, THE BANK WOULD NOT HONOR THE DEBT AN WOULD SENT THE DEBT BACK TO THE MERCHANT UNPAID! CHARGE THE ACCOUNT WITH AN "INSUFFICIENT ACCOUNT" FEE AND THAT WOULD BE THE END OF IT. The customer would have a fee when he contacted the merchant. My point being that it was just "one" transaction!
The new "scam" came into effect when the bank "honors" (that's the new term!) all transactions that reach the account. And charges the account holder $35 per each one!
The Secret: Process all debits before it processes any CREDITS to the account!
Since the beginning of the year (approximately 3 months!) this "SCAM" has yielded Bank of America over ONE THOUSAND DOLLARS IN OVERDRAFT FEES TO MY ACCOUNT!
As a consequence from this I could not make my mortgage payment this month! And the bank refuses to return any and all fees it has taken from the funds in the account! Is there anything I can do to suit BofA for this less than Honest Standard! Please, if anyone has any advice on this new "scam" please write to me!
Company: Bank of America
Country: USA