BofA refunding up to $75

DivideByReality · 02-09-2009, 12:58 PM

Don't know if this is a repost or not...my appologies if it is. Just trying to save you some $$$.

Anyway. Apparently Bank of America had some bad policy concerning how their transactions registered..which caused a lot of people to overdraft when they shouldn't have.

Check these out:

http://econ4u.org/blog/?p=14

and the cake..

http://www.smartmoney.com/Spending/D...ent/?hpadref=1

**Joe** · 02-09-2009, 01:01 PM

How many people overdraft often enough to get this....

Quote:

That amount, however, is only a fraction of the $368 the average household pays for overdraft fees each year, according to Bretton Woods, a financial services advisory firm.

Seriously...

I have only overdrafted a checking account once, a long, long time ago...

vertigo · 02-09-2009, 01:56 PM

Quote:

Originally Posted by Joe

How many people overdraft often enough to get this....

Seriously...

I have only overdrafted a checking account once, a long, long time ago...

Apparently enough if the average household pays $300 / year in the fees.

DivideByReality · 02-09-2009, 01:57 PM

Quote:

Originally Posted by Joe

How many people overdraft often enough to get this....

Seriously...

I have only overdrafted a checking account once, a long, long time ago...

Yeah, but I think the issue here is that people were overdrafting because BofA had their software set up wrong. So transactions were out of order. I don't have them...and I have overdrafted maybe 3 times ever, when I first got a check card at like 17.

**Nikon** · 02-09-2009, 02:12 PM

Wells Fargo has the same issue and continues to do that shit. If you're with Wachovia, don't wait for them to rename to Wells Fargo, move.

**MianoSM** · 02-09-2009, 02:14 PM

I find it sad that people don't link their accounts (checking/savings/credit) for failover, or do they still charge you if you have to go to another account for overdrafting a different one?

buck19 · 02-09-2009, 02:18 PM

Quote:

Originally Posted by MianoSM

I find it sad that people don't link their accounts (checking/savings/credit) for failover, or do they still charge you if you have to go to another account for overdrafting a different one?

BOA wanted to charge me $16 for those transactions on top of monthly savings fees and shit. I keep my money out of the bank now.

I still have to go to a branch manager cause I caught them changing dates on my transactions to get me to overdraft.

**Joe** · 02-09-2009, 02:21 PM

Quote:

Originally Posted by buck19

BOA wanted to charge me $16 for those transactions on top of monthly savings fees and shit. I keep my money out of the bank now.

I still have to go to a branch manager cause I caught them changing dates on my transactions to get me to overdraft.

I have to call BS on that. That would be a federal offense if the bank did that.
Thus if it is true, you should be contacting more then a branch manager.

**PPGMD** · 02-09-2009, 02:25 PM

Quote:

Originally Posted by vertigo

Apparently enough if the average household pays $300 / year in the fees.

Someone else must be racking up a tab, because I haven't had an overdraft in 3 years or so.

Anyways I have a BofA account that was active during that time period, and when I was in college, I had a shit ton of overdraft fees. So I'm going for my free $75.

buck19 · 02-09-2009, 02:29 PM

Quote:

Originally Posted by Joe

I have to call BS on that. That would be a federal offense if the bank did that.
Thus if it is true, you should be contacting more then a branch manager.

I checked my account by the hour when I first noticed it and started to keep a trail. I've tried to contact BOA countless times, but they never return my messages.

**Nikon** · 02-09-2009, 02:44 PM

I'm suprised more people don't use Credit Unions.

TampaDude · 02-09-2009, 03:09 PM

Y'all know that each day, banks always process the big payments against your account first, under the ruse of "well, we want to make sure your mortgage or car payment goes through", but what they're really doing is leaving all the little purchases for the end, so they can overdraft you with the big item and then ding you for $39 on EVERY small purchase, because you're already over after the big item. If they did it the other way around, they could only charge you an overdraft fee for the one big item. They always pay all the items, anyway, so their excuse is obviously bullshit. They even have a cute term for it, too...it's called "snowballing". The bank can make hundreds of extra dollars off you with zero effort. It's all a big scam. If it happens to you, speak with the branch manager...he/she can get the extra fees removed from your account. Don't let your bank screw you!

**Josh** · 02-09-2009, 03:10 PM

Quote:

Originally Posted by Nikon

I'm suprised more people don't use Credit Unions.

+1 CU ftw!

**Treysdad** · 02-09-2009, 03:12 PM

Quote:

Originally Posted by PPGMD

Someone else must be racking up a tab, because I haven't had an overdraft in 3 years or so.

Anyways I have a BofA account that was active during that time period, and when I was in college, I had a shit ton of overdraft fees. So I'm going for my free $75.

I was married and my ex was GREAT at getting NSF charges against our account. I'll be going for mine as well

**Joe** · 02-09-2009, 03:45 PM

Quote:

Originally Posted by Nikon

I'm suprised more people don't use Credit Unions.

+1...

I am in the final stages of moving all my accounts from a bank I have been with for over 15 years to a CU.

I don't know why I waited so long... CUs are what banks USED to be....

**Kristin** · 02-09-2009, 04:19 PM

Quote:

Originally Posted by MianoSM

I find it sad that people don't link their accounts (checking/savings/credit) for failover, or do they still charge you if you have to go to another account for overdrafting a different one?

I'm with Wachovia and mine are linked but it's still a charge. If I overdraft my checking it's covered from my savings with a $10 fee. Still cheaper than the $29 (or whatever it is) they charge if you overdraft!

Don't know how well things will go with Wells Fargo though. I've been very happy with Wachovia after going through hell with Suntrust.

**Rach** · 02-09-2009, 07:09 PM

Quote:

Originally Posted by Nikon

I'm suprised more people don't use Credit Unions.

THIS. I have accounts with MidFlorida and Grow Financial. I had a BOA account one time in my life and that was the worst experience ever from the less than poor customer service to outrageous charges and fees they try to slip in every where they can.

**Nikon** · 02-09-2009, 07:42 PM

I have an account with BECU (Boeing Employees Credit Union), but haven't fully moved over to it. I have the majority of my stuff in WaMu still.

I wanted to open an account at the Pentagon or NASA CUs just for the namesake, but BECU offers better interest rates on checking and savings accounts...

Savings w/ Member Advantage* 6.17%
Checking w/ Member Advantage* 6.17%

*Annual Percentage Yield for balances $0.00-500.00, but there's no limit on the number of additional savings accounts you can open. It drops to 0.75% and 0.25% respectively above $500.01.

**Tackleberry** · 02-09-2009, 08:03 PM

Quote:

Originally Posted by Joe

How many people overdraft often enough to get this....

Seriously...

I have only overdrafted a checking account once, a long, long time ago...

for real....ive overdrafted maybe 10 times in past 12 years, most were a long time ago when i was young and loose with money. past 7 years, maybe 3 times and due to laziness, forgot to add cash lol oops.

**98MODMTR** · 02-09-2009, 09:45 PM

I think I over drafted once back in 96 when I was an e1 in the Army. I just came back from a long night and Mexico and wrote a check for 5$ for some ice cream.

02-09-2009, 12:58 PM	#1 (permalink)
DivideByReality Registered User	BofA refunding up to $75 Don't know if this is a repost or not...my appologies if it is. Just trying to save you some $$$. Anyway. Apparently Bank of America had some bad policy concerning how their transactions registered..which caused a lot of people to overdraft when they shouldn't have. Check these out: http://econ4u.org/blog/?p=14 and the cake.. http://www.smartmoney.com/Spending/D...ent/?hpadref=1

02-09-2009, 02:12 PM	#5 (permalink)
Nikon Geek	Wells Fargo has the same issue and continues to do that shit. If you're with Wachovia, don't wait for them to rename to Wells Fargo, move.

02-09-2009, 02:14 PM	#6 (permalink)
MianoSM Custom User Title	I find it sad that people don't link their accounts (checking/savings/credit) for failover, or do they still charge you if you have to go to another account for overdrafting a different one?

02-09-2009, 02:44 PM	#11 (permalink)
Nikon Geek	I'm suprised more people don't use Credit Unions.

02-09-2009, 03:09 PM	#12 (permalink)
TampaDude 12-inch pianist	Y'all know that each day, banks always process the big payments against your account first, under the ruse of "well, we want to make sure your mortgage or car payment goes through", but what they're really doing is leaving all the little purchases for the end, so they can overdraft you with the big item and then ding you for $39 on EVERY small purchase, because you're already over after the big item. If they did it the other way around, they could only charge you an overdraft fee for the one big item. They always pay all the items, anyway, so their excuse is obviously bullshit. They even have a cute term for it, too...it's called "snowballing". The bank can make hundreds of extra dollars off you with zero effort. It's all a big scam. If it happens to you, speak with the branch manager...he/she can get the extra fees removed from your account. Don't let your bank screw you!

02-09-2009, 07:42 PM	#18 (permalink)
Nikon Geek	I have an account with BECU (Boeing Employees Credit Union), but haven't fully moved over to it. I have the majority of my stuff in WaMu still. I wanted to open an account at the Pentagon or NASA CUs just for the namesake, but BECU offers better interest rates on checking and savings accounts... Savings w/ Member Advantage* 6.17% Checking w/ Member Advantage* 6.17% *Annual Percentage Yield for balances $0.00-500.00, but there's no limit on the number of additional savings accounts you can open. It drops to 0.75% and 0.25% respectively above $500.01.

02-09-2009, 09:45 PM	#20 (permalink)
98MODMTR TR Balla Donor Supreme	I think I over drafted once back in 96 when I was an e1 in the Army. I just came back from a long night and Mexico and wrote a check for 5$ for some ice cream.