Bank of America began charging me $25 per month account fees a few months ago, even though I maintained the minimum balance of $S10,000 in my account. When I complained about the fees, they told me the bank "made an error." If they are doing the same to many other people, I would question whether the so-called "errors" are actually intentional ways of increasing revenue by defrauding customers who do not pay attention to their accounts.
Given my past experiences with B of A, I suspect that the errors made on my account may not have been isolated instances for the following reasons:
1. Several months ago, I was told by a B of A rep that I would not even need to maintain the 10,000 balance to avoid fees
2. I was not told about several other possible account options not requiring the 10,000 balance, which would enable me to avoid fees
3. Previously, when B of A took over our money market accounts from a prior bank, it changed what we had from the "maximum interest" accounts (for $50M), to lower interest accounts, and created new types of accounts for the same minimum balance (50M), not clearly informing us that the status of our accounts (maximum vs lower balance requirement accounts) had been changed.
4. The same had occurred when the previous bank took over from its predecessor (involving different banks but many of the same managers, I believe)
4. I recall that we were contacted about participation in a class action suit vs. B of A in either this or some other irregularities that cost us money (we did not participate, since it would have required more effort than it was worth, given the settlement amounts). I believe that the suit won a settlement.
So, while it is possible that I am incorrect in the present instance about malfeasance by B of A, I think that my concerns about possible malfeasance are far from unfounded. I want to give others a "heads up" to check their accounts.
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