I hate Bank of America

[sgreger1]

I am going to close out my checking account. I cannot afford to continue doing business with bank of america any longer. They have this method where they stack my expensive purchases in the front of the line and then do all the little 1$ purchases later, so that my account will show that I have $50 but really it has $0, then they will charge me $35 for every $1 purchase.


They did that again this month and I had a 230$ overdraft, 8 different overdraft fees. It's usury is what it is, they are giving me a loan for $1 and then charging me 3,500% interest on that loan. And what's more is that I did not request a loan, nor is this a credit card, it is a checking account where I deposit the money and I don't require that they cover for me if it goes over, I would rather they just not allow the transaction.



Anyways, I have been banking with them since I was young and I can no longer do it, I'm paying them an exorbitant amount of money just to hold MY money for me in a place that is easily accessible. It's just not cost effective for me to continue doing business with them any longer. I will just deal in cash.




EDIT: They already lost a class action lawsuit over this once. For doing this:

For example, let’s say you have a bank balance of $500. You have debit card transactions of $15, $75, $200, and then $600. Allegedly, BofA would order the transactions posted from high-to-low, so that you’d have 4 separate overdraft fee charges, instead of just one.

[snusgetter]

i am going to close out my checking account. I cannot afford to continue doing business with bank of america any longer. They have this method where they stack my expensive purchases in the front of the line and then do all the little 1$ purchases later, so that my account will show that i have $50 but really it has $0, then they will charge me $35 for every $1 purchase.


they did that again this month and i had a 230$ overdraft, 8 different overdraft fees. It's usury is what it is, they are giving me a loan for $1 and then charging me 3,500% interest on that loan. And what's more is that i did not request a loan, nor is this a credit card, it is a checking account where i deposit the money and i don't require that they cover for me if it goes over, i would rather they just not allow the transaction.



anyways, i have been banking with them since i was young and i can no longer do it, i'm paying them an exorbitant amount of money just to hold my money for me in a place that is easily accessible. It's just not cost effective for me to continue doing business with them any longer. I will just deal in cash.

check this out...

"usury laws for your state

wondering about the laws regarding usury and predatory lending for your state? Just use the links on the right hand side to learn more." http://www.usurylaw.com/

[Bigblue1]

I been saying this for years about these banks, forget em, if everybody would just stop using them they would go out of business,(unless the gubment bails them out with tax money) but they'd never do that right? not the other way around. Easy ways around them are pre-loaded debit cards. Not quite as convenient, but where thre's a will there's a way. And at least the fee's are up front and agreed to.

[sgreger1]

I been saying this for years about these banks, forget em, if everybody would just stop using them they would go out of business,(unless the gubment bails them out with tax money) but they'd never do that right? not the other way around. Easy ways around them are pre-loaded debit cards. Not quite as convenient, but where thre's a will there's a way. And at least the fee's are up front and agreed to.

No longer will I allow them to take advantage of me. I am not smart enough to just track all of my purchases on paper so I am admitting defeat, taking my ball and going home. They can not use my money for their gain any longer.



This won't affect my credit score right? Not having a bank account?

[Experimental Monkey]

I bank with Regions and had this happen to me a few months ago. They hit me with almost $300 of overdraft fees when I actually only over withdrew ONCE, on a $11.00 purchase for a F'N six pack of Samuel Adams. The previous transactions were from days before that they held for some mysterious reason.

They have actually put in the option now to either take it up the butt with their "balance overdraft protection" or just have your transaction denied at the point of purchase. I'm guessing they got hit with a law suit as well.

[Roo]

Your credit score won't get any better without a bank account. I do know exactly what you mean though, and it's not just B of A. I'm not sure if a similar law passed in CA, but a new law is taking effect here that does not allow banks to process a transaction on a negative balance anymore. Supposedly it will be like when debit cards were first widely used and a transaction would decline if funds were insufficient instead of the bank "loaning" you small amounts of money at $35 a whack in interest, all without your knowledge. I fckng hate the bank too sometimes, but it is convenient to pay bills online and write the occasional check. I don't use credit cards at all anymore and I'll continue not to until I finish paying them off (down to 3K now woohoo), so debit is my only option.

Edit: just read experimental monkey's posts and I guess it's a federal law now. I didn't feel like looking into it

[truthwolf1]

I have USBANk and somehow was allowed the overdraft protection.
It started small at $1200 protection when I opened the account and 10 years later it is $7000.
Every week I overdraft $200 dollars. The interest is a dollar a day.

Dont know how it works exactly but I do like it and it does not affect credit rating.

[sgreger1]

I bank with Regions and had this happen to me a few months ago. They hit me with almost $300 of overdraft fees when I actually only over withdrew ONCE, on a $11.00 purchase for a F'N six pack of Samuel Adams. The previous transactions were from days before that they held for some mysterious reason.

They have actually put in the option now to either take it up the butt with their "balance overdraft protection" or just have your transaction denied at the point of purchase. I'm guessing they got hit with a law suit as well.

Overdraft protection is a scam too. Closing your checking account will n hurt your credit, but if you hav overdraft protection it changes the rules and now if you stop banking with them it will affect your credit. Everythings a scam.

[sgreger1]

Your credit score won't get any better without a bank account. I do know exactly what you mean though, and it's not just B of A. I'm not sure if a similar law passed in CA, but a new law is taking effect here that does not allow banks to process a transaction on a negative balance anymore. Supposedly it will be like when debit cards were first widely used and a transaction would decline if funds were insufficient instead of the bank "loaning" you small amounts of money at $35 a whack in interest, all without your knowledge. I fckng hate the bank too sometimes, but it is convenient to pay bills online and write the occasional check. I don't use credit cards at all anymore and I'll continue not to until I finish paying them off (down to 3K now woohoo), so debit is my only option.

Edit: just read experimental monkey's posts and I guess it's a federal law now. I didn't feel like looking into it

I will just use rechargeable debit cards if I need to buy snus or something, everything else in cash or check. And after doing research it says closing your account does not affect your credit. I will continue gaining better credit because I am keeping my credit card account open. (The extortionist looters require I have credit cards in order to secure loans at reasonable intirest rates)

[truthwolf1]

There was a question I was forced to answer, now that this has come up.

Yes: U.S. Bank may cover ATM and everyday check card transactions when there is not enough money in your account. This way, you may be covered for an unexpected emergency and avoid the inconvenience of having your ATM or everyday transactions declined; you may be assessed overdraft fees if we authorize and pay an overdraft item.

No: If you have insufficient funds in your checking account, your ATM or everyday check card transactions will not be authorized and paid and you will not be assessed overdraft fees for these transactions.

[danielan]

If you've ever been in the military you can join USAA. They are pretty awesome for a bank.

Insurance is good too.

[texasmade]

USAA or a small local bank.

stay away from

Bank of America
JPMorgan Chase
Wachovia Bank
Wells Fargo Bank
Citibank
U.S. Bank
SunTrust Bank


I'm with USAA and have never NEVER had a problem with them


Also set up a spreadsheet. Just put in how much you spent and it will deduct it from your total so you know how much you have.

[sgreger1]

There was a question I was forced to answer, now that this has come up.

Yes: U.S. Bank may cover ATM and everyday check card transactions when there is not enough money in your account. This way, you may be covered for an unexpected emergency and avoid the inconvenience of having your ATM or everyday transactions declined; you may be assessed overdraft fees if we authorize and pay an overdraft item.

No: If you have insufficient funds in your checking account, your ATM or everyday check card transactions will not be authorized and paid and you will not be assessed overdraft fees for these transactions.

It is not a credit card and I am not requesting microloans, so there should be no lending me money, that is what I have credit cards for. Charging me 35$ for spending 1$ is userly level intirest rates and illegal, which is why bank of america has been found guilty in court before, but it's so profitable that they continue to practice this.

The thing that irks me is they purposely stack the pending transactions in a shiesty way, and often times don't even post transactions untill the day before payday (when you are statisticly more likely to not have money in your account). Once your account gets low, it posts all the little 1$ charges you made at the gas station or on i-tunes.

I can understand a 1 time fee for overdrafting, but collecting $35 on every one is criminal. Since this is still legal for them to do, I will have no part in it any longer. As soon as I get off work I am taking all my chips out and flipping off the teller on my way out.

[sgreger1]

If you've ever been in the military you can join USAA. They are pretty awesome for a bank.

Insurance is good too.

Yah USAA is a pretty good bank. I thought it was only for active duty members though so I never thought about it after I left. Either way, cash and rechargable debit cards will work fine for me.

[jgrandmont]

Try this http://www.youtube.com/watch?v=26UA578yQ5g