Comments on: The Biggest Scam Your Bank Gets Away With Everyday

By: Rachelrh

Rachelrh — Sun, 07 Mar 2010 19:13:56 +0000

Wachovia is like the rest and will somehow create several overdrafts from what was really only one very small mistake. I’m not opposed to paying for the one O.D. Fee, but to stack the deck in whatever way makes them the most money seems unethical. I do know the automatic overdraft coverage can be cancelled according to Clark Howard. That being said, I’m switching to a credit union and hope you will do the same. Maybe if enough people quit the big banks they will rethink their strategy.

By: Paul Travis

Paul Travis — Tue, 02 Mar 2010 03:24:34 +0000

Yes, I will be moving my money to a credit union as well. Bank of America continually charges me a $23 monthly fee despite my keeping over $20,000 in various accounts precisely to avoid such fees. Each time I call they apologize and say they will reverse the charge and each month it comes right back.

Truly evil.

By: John

John — Mon, 22 Feb 2010 18:57:23 +0000

@flogo:
Agreed, credit unions are definitely the way to go. When I was in the mortgage business we couldn’t ever compete with a credit union offer so they’re excellent for mortgages as well.

By: flogo

flogo — Mon, 22 Feb 2010 15:33:15 +0000

I can’t believe all the similar situations!! Why are we giving these banks all our hard earned money?? I have bank of America account they are horrible and will be moving my money to a credit union. I am so disgusted with their weekly charges in my bank account. They have ignorant “representatives” who just read scripts and can’t answer your questions. Their practices are so unethical and something has to be done. They rip you off with fees for EVERTHING!!! I even had overdraft protection and they still charged me $ 10 for moving money from saving to checking??? and why do they let transactions go through when you don’t have enough money?? Oh yeah, so they can rack up the fees. I understand personal responsibility but somehow no matter how meticulous, there is always a discrepancy. I highly encourage people to move their money. I know it might be a pain ( I have had an account for 5 years) but so worth it. Let’s start an initiative and close accounts and put our money in local banks or credit unions.

By: Steven Kay

Steven Kay — Thu, 11 Feb 2010 03:19:32 +0000

Oddly enough my BoA bank account went 197 overdrawn with the pending debits but the cash deposit I made next day went thru imediately. i never got an NSF fee, I have overdraft protection but it was on thier card which was also over limit. I have an endless nightmare with Citicards for nearly a year now and BoA still loans me whatever i want at the lowest rates going these days. Other than a late and one over limit fee Ive had no problem out of them for 11 years now. I have a lot of accts counting the paid off loans and mortgages. So far they and Chartway Federal Credit Union are the only financiers not trying to scam me to death. Ive been victimized very badly by Citi, Discover, and Juniper.

By: MIKE

MIKE — Wed, 03 Feb 2010 05:17:39 +0000

WELLS FARGO DID THIS TO ME. PROCESSED MY TRANSACTIONS FROM LARGEST TO SMALLEST. HAD A POSITIVE BALANCE ONE DAY OF 800 DOLLARS. THREE WEEKS LATER STILL HAVE NOT USED MY DEBIT CARD. MY BALANCE NOW IS A WHOPPING 2400 DOLLARS OVERDRAWN DUE TO STUPID OVERDRAFT AND NSF CHARGES. COME AND GET IT IF U THINK U CAN. ILL JUST LET THEM CHARGE IT OFF. MY CREDIT SUCKS NOW ANYWAYS DUE TO FORECLOSURE. WELLS FARGO U GREEDY BASTARDS. AND THEY WONT EVEN WORK WITH YOU. OH WELL

By: Jane Martin

Jane Martin — Thu, 28 Jan 2010 11:45:53 +0000

My daughter had to pay an $800 late fee to GE bank out of El Paso because they never cashed one of her checks till after the due date. All the others were cashed on the same day in Sept but this one wasn’t, and it was an “interest free” trial period until March of this year. We are trying to find what options we have.

By: Aaron

Aaron — Wed, 30 Dec 2009 18:56:30 +0000

I just had bank of america hold all transactions for 7 days till a big bill went through and then added all the small ones from a week ago

By: VZ

VZ — Tue, 29 Dec 2009 01:33:33 +0000

Banks have made billions in NSF charges…
http://www.powerpaydayloan.com/overdraft-fees-produce-billions-in-profit.aspx

They are supposed to stop transactions when the balance in the available funds are in the red.

By: 'Lil Russian

'Lil Russian — Wed, 23 Dec 2009 23:17:07 +0000

I’ve recently closed both of my BofA ck/saving accounts, and returned to my Credit Union. I’m also a So. Cal resident and a full-time student (on a tight budget + tiny income).

Over the past 6 years I’ve spend thousands of dollars (in overdraft fees) and endless conversations with their CSRs. I’ve thrown in the towel and with one promise to myself – exercise a better management of my money. I have to agree with the postings above, one must balance their own check book vs. knowingly spending cash that they do not have.

Though I do not agree with how most banks get away with such unethical practices, we can all put our thinking caps on and take our business else where.

I’m currently waiting to rec’v a refund on a returned amount for a PayPal transaction, after I have closed my acct. So help me God, I will get the check from BofA at some point.

BE SMART, and you won’t have to kick yourself in the a** and be surprised at your own folly.
Same action will not produce a different result.