It only takes one time for the horror to ensue. I do all of my online banking through Bank of America (one of 4 bank accounts that I have). Now, I had heard the horror stories, but it finally happened to me.
I had deposited a big check and was waiting for it to clear. Well, without warning…BAM! 5 big bills went through and I overdrafted. Not once, not twice….but yes, 5 times. What surprised me, is that I was charged $35 for EACH overdraft.
Now, though this is a valuable lesson that I have now learned, it really made me think: What about all of those families out there who live paycheck to paycheck? When something like this hits, how do they survive? What if they don’t have that money to immediately add to their account?
My suggestion is find a mom and pop bank that has an overdraft protection. One of my other banks is Sovereign and they have free checking AND overdraft protection.
As far as my Bank of America account, I will be transferring my automatic bill pay to one of my other banks unless B of A wants to change its ways.
Have a great day everyone!
Love,
Ja-Nae
{ 4 comments… read them below or add one }
Yes, this has happened to me. Unfortunately, I live paycheck to paycheck in the state of California. I make pretty good money, but the cost of living here is OUTRAGEOUS! *sigh* I think it’s about that time… Yep, it’s time for me to shut it down (account).
***Great Post***
Back when I was a bank teller in high school I spent the better part of my day resolving customer complaints similar to yours and, as sad as it is, without those outrageous charges banks wouldn’t turn a profit.
Or…at least that’s what they tell everyone…
Happy Banking!
Bank of America is losing my business, entirely. I had a credit card with them, never missed a payment, always paid more than I needed to, and used it only for business.
They upped the interest rate to an outrageous 27% without warning. When I called, they refused to do anything. This was months ago. I have a good credit rating and could not fully pay off that credit card at the time.
I’m close to the cashflow that will take it out – and they’re toast.
I’m only dealing with companies that treat me like a person. Discovercard dropped my interest rate with one phone call. They get my business now.
Bank of America is really alienating a lot of customers. I’ve been having problems with them holding my deposited checks — even local checks — for 10 whole days before making the funds available. When I called, they said it was a “one-time thing”. Well, that was 2 months ago, and it’s still happening. I
My sister ran into a similar problem, and she deposited *cash*, which should have been available immediately.
I’m shopping around for a new bank.
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