Bank of America Rips Off its Customers!!!!

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has you again because suddenly the original check you write suddenly appears on your check register, the funds are withdrawn from your account, and you are overdrawn.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.

What can you do to fight back??

Here's a few suggestions:

First, go with a smaller local bank or credit union. Most of them have electronic bill pay and most of the other features Skank of America offers. I live in New England and BankNorth, Citizens, and Sovereign are all other options. The best way to beat them is to take your business elsewhere.

Next, if you are trapped into staying with Bank of America, here are a few ways to beat them at their own game:

1) DO NOT GO PAPERLESS. On the main screen there is an option to not receive paper mailings. Don't give them the satisfaction of saving money when all they want to do is take your's away. Printing and postage are two huge expenses. Make them print and mail your statement to you.

2) When using e-bill, don't allow your funds to be electronically transferred to the payee. Force the option for a paper check to be generated and mailed to the payee. It costs them more money to process that way.

3) Cancel your bank of America credit cards. Go with another vendor that is worthy to receive your business.

4) Forward this blogsite to as many friends and family as possible. Lets show Bank of America that they can't get away with their predatory tactics.

5) Post your horror story with Bank of America so everyone else can see the true colors of this poor excuse of a bank.