WWYD - B of A Overdraft Problem

[lulamc]

I have a bank account, that we use for most household expenses but it is out of state. When I moved here I opened a Bank of America checking that we put about $500 a month in for running around, spending money. We can make deposits there, cash checks locally, it's handy.

I made an honest mistake and overdrew that account $6.71. B of A is charging me $105 is overdraft fees (3 at $35). Here's how:

There are four charges in question: 5.23, 3.55, 1.50, and 8.62. The first three posted on 5/11, leaving my account balance at 1.91. Then, the 8.62 posted 5/12, as did three $35 fees. They are 'juggling' the fees to make the highest fee first, so the last three overdraw me more and more.

I am a good customer, this has not happened to me before, and now they're charging me $105 for going over $6.71.

I contacted customer service and they will refund me $35. I think they should refund me $70. I admit fault and think I should owe a $35 penalty, I guess.

Anyone have any suggestions? Am I stuck paying now $70 for my six dollar mistake?

 

[pyrxtc]

I think you are. Think of it as a costly mistake and I am sure you won't do that again. Can you link it to a savings account that it will draw from if it ever happens again? I know I won't keep my account below $30 so it never happens to me anymore.

 

[lisajl]

Unfortunately, I think you are stuck. They gave you $35 back, that is something, but you did have an overdraft.

 

[Crazy4Disney06]

I have a bank account, that we use for most household expenses but it is out of state. When I moved here I opened a Bank of America checking that we put about $500 a month in for running around, spending money. We can make deposits there, cash checks locally, it's handy.

I made an honest mistake and overdrew that account $6.71. B of A is charging me $105 is overdraft fees (3 at $35). Here's how:

There are four charges in question: 5.23, 3.55, 1.50, and 8.62. The first three posted on 5/11, leaving my account balance at 1.91. Then, the 8.62 posted 5/12, as did three $35 fees. They are 'juggling' the fees to make the highest fee first, so the last three overdraw me more and more.

I am a good customer, this has not happened to me before, and now they're charging me $105 for going over $6.71.

I contacted customer service and they will refund me $35. I think they should refund me $70. I admit fault and think I should owe a $35 penalty, I guess.

Anyone have any suggestions? Am I stuck paying now $70 for my six dollar mistake?

I had something very similar happen to me a few weeks ago. We have had this account for 8 years and never overdrew until a few weeks ago. I ended up with 3 $35.00 fees. I went into my local branch and they removed one $35.00 fee, then I called customer service and they removed a second $35.00 fee. I ended up with one fee of $35.00 which I believe that I did owe. You may try calling customer service again or perhaps go in to your local branch and explain your story to them.

 

[Justsyd2]

I think I'd pay the $70, and learn from the mistake. I have a savings account linked to my checking for overdraft protection so that I will never have this happen. You should set that up so that it won't happen in the future.

 

[ExPirateShopGirl]

And this is why I bank with a credit union. B of A has long since practiced this method of posting debits and credits so that the highest number of penalties are triggered. They are also notorious for posting debits BEFORE posting credits to trigger fees even though you've made a deposit to cover any items.

 

[extravaganzamom]

If you don't have a history of this kind of thing happening, you should speak directly to the bank manager who has the authority to help you.

 

[brookelizabeth]

What a joke. This stuff makes me mad.

You should only be charged for one of the $35 fees, but I know banks often do this juggling....

When I was horrible with my money in college, I got out of MANY overdraft fees by being kind, yet strong and persistent. Show that you have been a loyal customer and haven't ever had an overdraft before. If you can, also show them how the items posted and how they juggled them.

I would think they should wave both to keep you as a customer.

Good luck!

 

[Skatermom23]

I worked at a bank for many years...based on what you described, you should only have to pay one fee. Only a Manager will have the authority to refund more than one overdraft. Having said all that, BOA is KNOWN for being a little unreasonable with refunds...good luck!

 

[a1tinkfans]

I have a bank account, that we use for most household expenses but it is out of state. When I moved here I opened a Bank of America checking that we put about $500 a month in for running around, spending money. We can make deposits there, cash checks locally, it's handy.

I made an honest mistake and overdrew that account $6.71. B of A is charging me $105 is overdraft fees (3 at $35). Here's how:

There are four charges in question: 5.23, 3.55, 1.50, and 8.62. The first three posted on 5/11, leaving my account balance at 1.91. Then, the 8.62 posted 5/12, as did three $35 fees. They are 'juggling' the fees to make the highest fee first, so the last three overdraw me more and more.

I am a good customer, this has not happened to me before, and now they're charging me $105 for going over $6.71.

I contacted customer service and they will refund me $35. I think they should refund me $70. I admit fault and think I should owe a $35 penalty, I guess.

Anyone have any suggestions? Am I stuck paying now $70 for my six dollar mistake?

Take a shot by going to the branch and asking for help. You may be surprised!
More importantly, OVERDRAFT is FREE for your account, why not just add that and never have to worry again??
Good Luck!

 

[bumbershoot]

I've always had overdraft protection on my accounts, and I'm mystified by the people who say it keeps you from being charged. They still charge the SAME amount, it's just that they pay the merchant that made the charge...

So instead of being charged by the bank AND not having the merchant making the initial charge paid AND getting to incur fees from that merchant, you're "only" being charged the convenience fee from the bank.


I don't understand how there are three charges here, though. Looks like just one. You had a balance in your account on the 11th, right? Then there was ONE charge on the 12th that took you below zero, right? So how are they getting three fees?

I do know that banks tend to have their fees show up a day or two later, but I can't see where a fee was generated on the 11th at all.

 

[ExPirateShopGirl]

Also... it pays to keep 'buffer' funds in your account. Think of it as 'built-in' overdraft protection. I know times are hard, but you don't want your own bank gouging you unnecessarily.

 

[thinkerbell]

I would definitely go to the bank and explain how they juggled to get the most out of you. The way I see it, you only owe for one check.

Bumbershoot--My overdraft protection doesn't work that way. If I write a check for over the amount that I have in my checking, the bank covers it with the merchant. Then they deposit into my account enough money to cover it in increments of $100--it is like a loan. The only fees I have to pay are interest on the money they deposited into my account. If I catch it very quickly, I pay a very minimal amount. I guess different banks work differently though.

 

[Handbag Lady]

And this is why I bank with a credit union. B of A has long since practiced this method of posting debits and credits so that the highest number of penalties are triggered. They are also notorious for posting debits BEFORE posting credits to trigger fees even though you've made a deposit to cover any items.

Exactly! CHASE did the same thing to me (never had a problem when they were WaMu).

I literally made one math error in my register and CHASE charged me $90 in fees because I went over by less than $15. I also used this account for just bill-paying, so there was no need to keep all my interest earning cash in it. I called them and spoke to the bank and they refused to take off anything, so I fired them.

I switched all of my accounts to my credit union and they were happy to have me as a customer.

 

[lulamc]

Thanks to all. I think I'll go into the branch and talk to the manager. It's worth a shot. I did do screen shots on the day it showed the balance down to 1.91 then again today when it showed the fees. I'll take that with me.

I don't have overdraft protection or keep a buffer on this account because it's not my 'main account'. Like I said previously I have a 'real' account but I opened this one to have a local place to do some banking. We don't use it much (or didn't!) and I don't watch it closely (obviously) or I would have never let it get so low. And as you can tell from the charges, we use it when we have no cash to buy little things. Still I guess I should open a savings and put a little in there in case this happens again...

This is just a stupid, expensive mistake for overspending six bucks!

 

[Justsyd2]

I've always had overdraft protection on my accounts, and I'm mystified by the people who say it keeps you from being charged. They still charge the SAME amount, it's just that they pay the merchant that made the charge...

So instead of being charged by the bank AND not having the merchant making the initial charge paid AND getting to incur fees from that merchant, you're "only" being charged the convenience fee from the bank.

My bank just takes the money out of my savings, and transfers it into my checking account. There are no fees for doing this. I'm not charged anything at all.

 

[ExPirateShopGirl]

For what it's worth... the interest rates aren't currently high enough for a person to lose out on any appreciable interest from maintaining a 'buffer' in a checking account, not matter WHAT you use it for. For example, the cost (in lost interest) to maintain an $100 balance for an entire year in a checking account rather than in a savings account amounts to about 50 cents. Consider it a 50 cent insurance policy against $70 or more in fees should a simple math error or honest mistake occur.

Your mileage (and interest) may vary... but not by much.

 

[mpls_mm]

Wells Fargo charges $10 when the checking goes negative and it pulls from savings so it isn't free.Technically if you have several in a close time period and they pull several times you could be charged each time.

 

[Tink_fanatic]

I have a bank account, that we use for most household expenses but it is out of state. When I moved here I opened a Bank of America checking that we put about $500 a month in for running around, spending money. We can make deposits there, cash checks locally, it's handy.

I made an honest mistake and overdrew that account $6.71. B of A is charging me $105 is overdraft fees (3 at $35). Here's how:

There are four charges in question: 5.23, 3.55, 1.50, and 8.62. The first three posted on 5/11, leaving my account balance at 1.91. Then, the 8.62 posted 5/12, as did three $35 fees. They are 'juggling' the fees to make the highest fee first, so the last three overdraw me more and more.

I am a good customer, this has not happened to me before, and now they're charging me $105 for going over $6.71.

I contacted customer service and they will refund me $35. I think they should refund me $70. I admit fault and think I should owe a $35 penalty, I guess.

Anyone have any suggestions? Am I stuck paying now $70 for my six dollar mistake?

Stuck good and hard. i used to bank with them and they did that all the time to me...well not all the time as I only overdrafted like twice the the explanation was that some payments take longer to post especially if you don't sign your name or enter your pin code, like at McDonalds. I got stuck paying the 3 overdraft fees. I paid them and cancelled the account. I was with them for a long time too. Now I am with WaMu and have the problem of not having a local bank.

 

[dannysmommyval]

Yep - they did this to me once... only once, I cancelled the account and pulled all of my accounts (5 of them) and went to TD/Commerce bank.

I had an emergency and was hospitalized and an auto draft came out of my account the same day as a small charge I had made, they juggled it and took 2 fees. I called and spoke to Mgr after I came home. They refused to fix it, even though the total of all of my accounts were considerable.

I think they are the most fee hungry non customer service loving bank out there. I am quite happy now though.