Who else is sick of Bank of America?? They have stuck me with a bogus fee for the last time. I had a checking account with them which was linked to a line of credit. On May 22nd I made a payment to the line of credit from the checking account. Apparently, even though I am transferring money from one Bank of America account to another, they withdraw the funds immediately from my checking, but don't credit the other account for two days.
WHAT IS BANK OF AMERICA DOING WITH MY MONEY FOR TWO DAYS!!!!!!
I work in IT and there is no reason for them to delay transferring funds in this manner. I'll tell you what they're doing. They're earning interest on my cash, as well as creating a shortage of funds in my accounts. Now they just sit back and wait for me to unwittingly write a check or make a withdrawal on my account so they can hit me with an overdraft charge. Even though I have plenty of cash/credit between both accounts to cover my transaction. This is how Bank of America makes money. By taking advantage of its own customers.
I'll tell you another thing Bank of America does to trick you into overdrawing your account. When you pay a bill via e-bill pay, once they mail the check on your behalf, it disappears from your list of outgoing payments. Now documentation of the check is temporarily gone from the website. It doesn't show up in your online transactions, nor in your e-bill pay area.Now you have been set up to think you have more money in your checking account than you really do. You make a withdrawal or pay another bill, and BINGO! Bank of America has you again because suddenly the original check you write suddenly appears on your check register, the funds are withdrawn from your account, and you are overdrawn. Cha-Ching! Another $35 out of your pocket.
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Oh My God! They did the same thing to me! They withdraw all funds immediately and then they drag their feet on deposits. And you can tell they have a policy of never admitting they're wrong or refunding an unfair fee. Its clearly part of their business plan to take advantage of customers. Thanks for letting mo know that I'm not the only one who feels this way!
Oh let me count the ways. I made a deposit on Monday, 5/21 and was told the funds would be made available at midnight by the teller. Well they were not, and we had paid contractors that day and when they went to deposit or cash their checks, they bounced, said the funds were not available. Then I was told by BofA that the deposit was missing, even though I had my receipt. Dealing with the Versatel Customer service was a nightmare. I was told a different story by every customer service represenative, really lies by all of them, was treated rudely, put on hold constantly, and even had my call disconnected which starts the process all over again. Wehn i complained, nothing was done and i was made to feel like it was all my faulght. They promised over and over that there would even be a temporary credit put on the account, which would then be immediatly removed. They also told me it was going to take 10 days for the investigation into this and that I would have to call in every day to ge the status on what was happening. I had to call for their screw ups, and they acted like it was my fault. This went on till Thursday the 24th. When the person who had written the check went to their bank and found out the the check had been cleared by BofA on the 22nd, which shows that they had the funds for 2 days without releasing them. Yes, they were holding our funds, making interest in it, and charging me $35 for every check or transactin that would not go through. During this time my partner transfered money into the account via on line banking to cover and pay people, and while the money was taken from the one account, it was not released in the other for 2 days also. I also had family go and deposit funds with cashiers checks into the account to help, all with the promise that the funds would be made availablenimmediatly by the bank teller, only to find that they were not released until the following day.
We are leaving Bank of America, or should be called Scam on America. and closing all of our accounts. They have become a monster, and there should be a class action suit brought against them. It has been a horrible week for my family due to the stress. I will say that the teller manager of the bank here in New Mexico did her best to help her rectify the situation, but on line banking and versatel banking of California were absolutly horrible. Plese pass this on to all your family and friends. Close you accounts, even if you thing you are stuck with them. You are not, they just make you feel that way!!!! They are EVIL
I've been robbed by BoA more times than I can count, never saw a penny back, just curt customer service replies and "apologies for the misunderstanding" See here one of my interactions:
Message text: Your Transfer Funds functionality states you will sit on my money for 3 days if I want to transfer money outside of bank of america, which is bad enough. Then you also charge me $3 for it, which makes it even worse. What really is going too far, is that I request the transfer at 1/10/2007, yet you refuse to start processing it until 1/16/2007, expecting not to complete my transfer until 1/19/2007. Clearly, it would've been faster and cheaper if I'd just ATM my money and hand carry it to it's destination. I don't understand this; I have the money to make the transaction, and transferring money from one account to another is pretty much your primary business... what can be so hard? I hope you have a really good reason for mistreating customers this way, otherwise I feel that it is time to close my accounts with your institution and continue banking with a reasonable organization.
Reply: Our records show that you requested a transfer 01/10/07. Transfers outside the bank take 3 business days after the date the transfer is requested to be credited. 01/16/07 is the third business day, as Monday 01/15/07 was a holiday. We apologize for any misunderstanding.
Of course, the money did disappear on the day requested, and really didn't appear in my other bank account until the 19th, as their website stated from the moment I submitted it... As everything in money transfers is automated, weekends and holidays are yet another lame excuse for BoA to (temporarily) steal it's customer's money.
Although changing banks is annoying and time consuming, I am almost BoA free now. Yay to me!
So an update on this subject. I finally got out from under this bank. I opened an account with ING Direct. They have all the features, plus you can use all those little gas station and convenience store ATMs for free. There are three times as many of them as there are BOA ATM's. I've kept the Bank of America account open with $20 in it. Just to bust balls. Every time I go to a Red Sox or Patriots game, I sign up for the free gift at the BOA booth then as soon as they send me the credit card, I call up and cancel it.
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