Bank of America is not the worst bank imaginable. That would be Wells fargo. they charge the most in fees and have the crappiest intersted rate. I would take Bank of America over Wells Fargo any day of the week
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I just had $600+ taken/seized from my bank account- help!!!!
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Bank of America is not the worst bank imaginable. That would be Wells fargo. they charge the most in fees and have the crappiest intersted rate. I would take Bank of America over Wells Fargo any day of the week
It's not about balancing your checkbook and it is about balancing your checkbook.
When it happened to me, I looked at my account a day before my (then over 52-times) direct deposit was supposed to hit and figured "OK, I have enough for lunch, and then my pacychek will hit at midnight.
ADP had a glitch and it did not go in properly - after it had for more than two years every Friday.
Fact is, if the money isn't there, they shouldn't pay whatever you are trying to get on your card. Like I said, If I had walked into Apple that Friday and tried to buy a laptop it wouldn't have let me. But a 12.50 lunch went through... gee, wonder why? So they could make $35 off it, that's why.
I'm not trying to absolve myself of that responsibility, but when they let you keep racking up OD fee after OD fee, something's wrong.
And yes, Bank of America is abysmal. I'd love to switch, but I have my whole life, business and personal, wrapped up in them right now.
I agree with you. It has always bothered me that banks simply don't deny charges if the money isn't there for a purchase of ANY size. If I try to buy a 30 cent pack of gum with my debit card, and the money isn't in my account, I should get denied when I try to purchase it.
Rodimus Prime, I forgot about Wells Fargo. They are much worse than Bank of America. Still though, those are the two worst banks.
Right now I'm at Washington Mutual and am very happy. I haven't had any problems with them in the ~2 years I've been there. If something does happen though, I'll be switching to a credit union.
Rodimus Prime, I forgot about Wells Fargo. They are much worse than Bank of America. Still though, those are the two worst banks.
Right now I'm at Washington Mutual and am very happy. I haven't had any problems with them in the ~2 years I've been there. If something does happen though, I'll be switching to a credit union.
If your "ATM" card has the VISA logo on it (which most do around here), then it's fairly easy for a merchant to authorize your transaction via credit, it gets approved (because at the time of the authorization, there was money in your account). The money doesn't come out of your account until the merchant settles all of his charges with his payment processor, which he can take DAYS to do if he wants to.
So if your charge was authorized on Tuesday, but the guy waits Thursday to settle, and on Thursday you've got no money in your account, you get an overdraft.
It's not just about having the money, it's about when the money arrives. As several of you have noticed, if a paycheck gets delayed and you didn't realize it, this problem can happen.
My school was notorious for this, by the way. Students employed by the school were paid on a monthly schedule, and if they forgot to process something you were expecting to get, it would be ANOTHER month before you saw it. Grrr.
My school was notorious for this, by the way. Students employed by the school were paid on a monthly schedule, and if they forgot to process something you were expecting to get, it would be ANOTHER month before you saw it. Grrr.
It that way because the check card runs works 2 ways. One way is like a debit and that requires a pin. The other is it function just like a credit card. Just the funds afterward are pulled from your bank.
when you use it like a debit card it has to connect to your bank and check the balance and pulls the money right then and there.
When you use it like a credit card it does not contact you bank account in any way shape or form right then. All it contacts is Visa (or what ever credit system you bank is using) and make sure you can carry that charge. the normal max for a check card is less than 500. it never checks you bank the charges are forward there 2 days later.
Big reason I know this is back when Alison hit Houston and the debit system went down all across Houston and a good part of the nation credit cards work just fine because they run though another system.
This is why you can get so many charges. Best way to think about it is when you use you check card think of it like writing a check. There is a 2-3 day lag time before it hits your bank and you will find out if you have your funds. When you use an ATM or debit you account is check to see if you have the funds.
I can do $1500.00 a day on my card max.
I can guarantee you that if I went to buy a $1200 laptop, the charge would not go through. They told me as much at the bank.
But ring up all the little charges you like at $35 a pop.
Reason being is because they will lower your max credit limited to a little below what is in your account down to a certain point around 300 or so.
And do not believe everything you hear. What I explain to you was the way the system work and why they are not linked.
When you use a check card like a credit card things are charge to it like a credit card which means it takes a few days to clear.
For more proof of that. If I buy something debit it will appear on my online bank statement by the time I get home no matter when I get it. Buy it by credit, it takes a while to appear online. Like today I bought some gas though credit at the machine on my check card. It has not appear online yet because it has not been put though. It will come up in a tommorrow at some point with a mark that that amount of funds in my account are on hold but still in there and it when it does come out it the marking will change to reflect this.
Off topic: Is ANYONE every satisfied with their bank? It seems like everyone I know is always complaining that their bank is so bad. What's the big problem? I have Bank Of America, and haven't had a problem with them yet. My Aunt/Uncle have them for their Mortgage, Checking Savings etc... and they are very happy with them. What's the problem with BOA?
I've been with US Bank for about 5 years now or so. The only problem I ever had was when I first opened my account. They told me the checks were free, but they charged me anyways, which resulted in NSF fee. They promptly refunded the charge for the checks and the NSF fee, and I haven't had a single problem since. Free checking, free online banking, free debit card, 3 free withdrawals at other banks ATM's each month. Excluding the little problem I mentioned (which was quickly resolved), I've never been charged a dime in fees. Then again, I always make sure I have money in my account
And that's what a lot of these problems are. Yes, the fees are high, but that should be an incentive to balance your damn checkbook. Whether you're a penny in the red or a hundred bucks in the red, you withdrew more than you had. The bank shouldn't have let it go through, but you shouldn't be spending more money than you have in the first place.
Hell, you don't even have to balance your checkbook. I don't. I just check my account online every few days and keep track of approximately how much money I have in there. If I'm worried that what I'm about to buy may be more than I have, I use my credit card and take care of it the next time I get paid or use money from savings. Otherwise, I just keep mental notes..."OK, I had $300 in there on Thursday, spent $20 on gas and about $50 in groceries on Friday, so I have about $230 left." I don't have any registers or anything, just a halfway decent memory to know how about how much I have. And my system hasn't failed me yet, I have never overdrawn on my account.
I just wanted to add that it's not guaranteed to forward there 2 days later. It'll forward there when the merchant settles his transactions with the payment processor. If s/he does that daily, it'll be there 2 days later, but if the guy waits a week, it'll be there 7 days later.
Sorry, but I have some news that will piss you off even more. Check your Terms and Conditions. I'm 99% sure you've waived your right to bring a suit through court and your right to be a member of a class action. Your only remedy is to arbitrate. You probably didn't sign it and it was just mailed to you. Is it binding? I'm afraid so. The power of class actions is combining small claims. You're not going to sue over $600. No lawyer is going to take your case. If there were 5,000 of you, a large firm most definitely will. Since First National implemented their arbitration clause, 4 customers brought claims through arbitration. How many did First National bring against their customers? 54,000. Arbitration costs aren't really worth it.
The Supreme Court's reasoning is that businesses have a right to limit their liability.
I had this happen to me before for NSF charge... my bank charges me $35 for a non-sufficient funds transaction (complete crap if you ask me).
As an aside, a friend of a friend was recently scammed at the atm. he used his card in a different province (in canada) than where he lives a few months back. he is home now and was just notified that four transactions were made on his visa ... 4 transactions of $480.00 each ($1920 in total). The person who did this was clearly experienced as they made transactions of less than $500 (if the withdrawl exceeds $500 the bank flags the transaction and investigates it) and the money was transferred to his chequing account and then withdrawn from an ATM (this was done for traceability reasons)... talk about sketchy!
As an aside, a friend of a friend was recently scammed at the atm. he used his card in a different province (in canada) than where he lives a few months back. he is home now and was just notified that four transactions were made on his visa ... 4 transactions of $480.00 each ($1920 in total). The person who did this was clearly experienced as they made transactions of less than $500 (if the withdrawl exceeds $500 the bank flags the transaction and investigates it) and the money was transferred to his chequing account and then withdrawn from an ATM (this was done for traceability reasons)... talk about sketchy!
How about starting legal action to claim back charges?
Dont know if the USofA is differint from the UK in this respect, but here it is illegal for banks to charge a penalty or fine, although they still do. People here have started taking banks to court over this and are winning back these charges.
There is a guy (Martin Lewis) Money saving expert, that has a guide and fill and print forms to assist UK residents in reclaiming this kind of thing. Might be worth a look and see if his advice can be translated to fit Americas system.
Dont know if the USofA is differint from the UK in this respect, but here it is illegal for banks to charge a penalty or fine, although they still do. People here have started taking banks to court over this and are winning back these charges.
There is a guy (Martin Lewis) Money saving expert, that has a guide and fill and print forms to assist UK residents in reclaiming this kind of thing. Might be worth a look and see if his advice can be translated to fit Americas system.
BofA's service quality depends on the branch location. In upscale parts of the town, I get wonderful service. However, in poorer parts of town, you will face long lines, frowned faces, ATMs without deposit envelopes etc. I lived in a few different cities for school and work and I used to travel quite a bit for work until recently, it has always been the same story.
Once my wife actually called BofA to complain about it, but it seems they do not care at all. They asked us to write to some generic address. Maybe, they don't think it is worthwhile to serve poor customers. It is better for it if the poor customers actually took their business elsewhere. Due to some federal financing laws, they cannot just close down those branches. Otherwise, they get sued for discrimination. The variation in level of service follows a very distinct pattern to be coincidence.
I love my bank but it is a credit union I been with for a few years and I like how it is set up. Much better than well fargo which I used to be with. Well Fargo is the bottom of the Baral of banks
The US is completely business-leaning in terms of litigation. Most banks and credit card companies have you waive your right to bring a suit in court and to be part of a class actions. The fees on average are around $700-1300 at the lower end. So a few hundred dollars is not worth the effort. It would be if you could aggregate the claims, but you waived that right.
I would like to mention a minor technicallity about being charged. The time of purchase is meaningless to the banks.
For instance: Say you have $50 in the bank and you make 3 small purchases that amount to $20. And you make a purchase of $60 because you must absolutly have that X product! You would think being charged with one overdraft fee would be correct. But in reality they will charge the 60 dollars first and then the other ones. So insted of the one $35 fee you may have been expecting, you will be given 4 overdraft fees.
I had a somewhat similar situation but mine delt with the timing of checks. Usually checks are cashed 1 to 2 days later, but not always. That is what happend with me, i was chaged the day i wrote the check.
Oh, and my bank of was Bank of America. I had a hell of a time trying to get a refund from them. I had to not only call the bank support, but i also had to go to the bank so i could get the money back. Ironically, i managed to convince the guy online but he could not overturn it. So I spoke with the supervisor and he would not budge. So in my revenge, I spoke with him on technicallities and procedure and had him explain a lot to me. Sadly that didn't work either. So afterwards i went to a bank and spoke with one of their people. The lady was kind enough to agree with me in that it was all a mistake and I should be forgiven, but the computer would not let her refund my money.
For instance: Say you have $50 in the bank and you make 3 small purchases that amount to $20. And you make a purchase of $60 because you must absolutly have that X product! You would think being charged with one overdraft fee would be correct. But in reality they will charge the 60 dollars first and then the other ones. So insted of the one $35 fee you may have been expecting, you will be given 4 overdraft fees.
I had a somewhat similar situation but mine delt with the timing of checks. Usually checks are cashed 1 to 2 days later, but not always. That is what happend with me, i was chaged the day i wrote the check.
Oh, and my bank of was Bank of America. I had a hell of a time trying to get a refund from them. I had to not only call the bank support, but i also had to go to the bank so i could get the money back. Ironically, i managed to convince the guy online but he could not overturn it. So I spoke with the supervisor and he would not budge. So in my revenge, I spoke with him on technicallities and procedure and had him explain a lot to me. Sadly that didn't work either. So afterwards i went to a bank and spoke with one of their people. The lady was kind enough to agree with me in that it was all a mistake and I should be forgiven, but the computer would not let her refund my money.
Theft or unauthorized charges aside.
I'm all with Sdashiki. If you can't manage your checking/debit account or kite checks, you deserve to pay the fees. Read the T&A of your account, they reserve the right to rape you clean...
In any case, this is why those little credit line or savings backed checking accounts rock...You don't get jacked with NSF fees, although some charge a small fee or token APR on the "borrowed" money.
I'm all with Sdashiki. If you can't manage your checking/debit account or kite checks, you deserve to pay the fees. Read the T&A of your account, they reserve the right to rape you clean...
In any case, this is why those little credit line or savings backed checking accounts rock...You don't get jacked with NSF fees, although some charge a small fee or token APR on the "borrowed" money.
No one's talking about kiting checks, and I've repeatedly said I understand the fault lies with the account holder.
What is BS, though, is that the technology exists to decline a transaction if there are not sufficient funds. The banks should use the millions of dollars in overdraft and VISA service charges to overhaul their system. Like that will ever happen.
You alctually think an overdraft costs them $35?
I bet you someone (a bank) eventually gets sued for predatory lending over it (the exorbitant fees).
The only time my bank makes any money from me is when I overdraft. Otherwise their services are free for my type of piddly account (as long as I have my paychecks electronically deposited there). I suppose they make a minuscule amount of interest off of my average daily balance, but it's not more than a buck or two a month.
You're right, it could be better but it would never be perfect (e.g. gas pumps and tips)
It seems, that you have used your Debit Card (the card you got when you opened the account with the bank) without having the funds available in your account. Meaning your check that was direct deposited did not go through when you made those purchases. After you the deposit was made it went to pay for the things you've already bought. So, if you did say 10 transactions without the funds being available in the account your bank will charge anywhere from $27-$40 for Insufficient Funds (NSF for short). Those add up really quickly.
There is also something called an Uncollected Check Charge. That's when you deposit a check for say $1000, it will usually take 2-3 days to clear. If you draw on those funds before they are cleared the bank will charge you $27-40 per pop. Again, those add up rather quickly.
I say go to your bank and try to get some of the charges refunded. Usually, if you're young and haven't had a history of NSF charges they will give a portion back.
If you have any questions feel free to ask. I've got 4+ years in banking and trust me I see this stuff all the time.
There is also something called an Uncollected Check Charge. That's when you deposit a check for say $1000, it will usually take 2-3 days to clear. If you draw on those funds before they are cleared the bank will charge you $27-40 per pop. Again, those add up rather quickly.
I say go to your bank and try to get some of the charges refunded. Usually, if you're young and haven't had a history of NSF charges they will give a portion back.
If you have any questions feel free to ask. I've got 4+ years in banking and trust me I see this stuff all the time.