The average household pays $368 per year in overdraft fees if they use Bank of America.
BofA recently settled a lawsuit for $35 million for overdraft fees charged to its customers through manipulation of the order of transactions posted on their accounts.
They do not communicate clearly enough for most people to understand their fees and methods of accounting to the effect of charging billions of dollars a year in fees to their customers.
I was personally taken for over $2600 this year by overdraft fees and collection charges, caused by unauthorized debits to my account, the re-ordering of weekend transactions, the pre-dating of pending transactions to adjust the timeline, unpredictable and unannounced withdrawals from my checking account by their collections dept., and the accumulation of bank charges (fees caused more fees).
I cannot open an account with another bank because they are reporting me to the banking credit systems for an account they closed and are actively collecting on.
Please consider your banking carefully before you are taken advantage of and do a quick web-search to verify what I've said.
The lawsuit settlement is now closed, and unfortunately it acted as a small stop-gap to prevent any further litigation against the bank for this, and allows them to continue to charge the fees.
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