What is Digg?77 Comments
- Y0tsuya, on 10/10/2007, -0/+61Why link to a summary when you can read the actual article?
http://www.boston.com/business/globe/articles/2007 ... - GreenSox, on 10/10/2007, -0/+35I had Bank of America hold onto a $1200 check I deposited for 11 days earlier this year. I deposited it at an ATM and the online banking center showed the funds as being available three days later. My wife and I ended up with a bunch of overdraft fees, however, because the funds for the check were still being "verified". Little did they know, the check was from my family's business, which I do the accounting for, so I had easy access to the bank records the funds were supposed to come from. Sure enough, Bank of America took the funds out of the business account the day after I deposited the check, but the funds didn't land in my checking account until 10 days later. When I asked why that was, all they would tell me was that the funds were being "verified". When I told them that the funds were already taken out of the business account, they couldn't explain to me where the money had gone.
Furthermore, I was told in plain, blunt English that I should not have trusted the information that the ATM and online banking center were giving me about my balance. I was told that the fine print in my banking agreement clearly states that Bank of America has no responsibility to accurately report my account information and that only I, the consumer, had up-to-date information on my account. It was suggested that instead of using Bank of America's online banking, that I start keeping a paper record of each of my transactions to avoid any future confusion.
They tried to charge me over $500 in fees for the whole mess, which they eventually took off of my account after I threatened legal action. Obviously I don't do my banking with them any longer. - futureisours, on 10/10/2007, -1/+248-years to get a judgment against them, despite his profession as a lawyer and having a slam-dunk case. Shows how big business interest permeates our legal system.
- JamesWilson, on 10/10/2007, -1/+22BOA charges you to cash their own checks, ***** them! It is not a "service" to cash a "promise to pay" drawn on your own financial institution!
I've also had a particular branch tell me that they have to hold a US Postal Service money order for two weeks before letting it clear. Never again will I bank with BOA. - misterjangles, on 10/10/2007, -0/+214% fee = $10,000, that means his check was for $250,000. Must be nice!
Good thing the 77 year old also happened to be a lawyer and could stay on top of the case without paying insane legal fees. - strum40, on 10/10/2007, -3/+22Bank of America: Land of The Fee Home of The Slave
- TannerC, on 10/10/2007, -2/+15I sued a bank and all I got was this crummy $10,000.
- Frnnkdlxx, on 10/10/2007, -0/+11"Secret Rate Sheet"?
Reeks of the "Comprehensive Annual Financial Report" to me.
That's why the banks are the biggest buildings in town... - CraigJ, on 10/10/2007, -0/+10Credit Unions are better. not perfect, but better.
- blackmage439, on 10/10/2007, -0/+9I was duped in to believing B of A's rhetoric surrounding their check card "savings." You know, the plan where every purchase you make is rounded-up to the nearest dollar, and the "savings" goes into your savings account? *****. I was led to believe this program is not unlike a Discover card: cash back. No, this is merely a transfer program. Yes, B of A does actually match a percentage of those transfers per year, but the amount is negligible; worse than Discover's up-to 1%.
When the woman on their old commercials explains to her friend over the phone that she "saved over two hundred dollars," I believed it. Now I cry "*****!" This borders on false advertising in order to get people to sign up. After reading this story, I am going to close my account that I haven't used in months, maybe even a year. Check cards are insecure anyway (think about it, would you want a thief to have access to a card whose limit is your ***** CHECKING ACCOUNT???); I'll stick with my Visa and Discover cards, thank you. I actually get money back with those cards. - UnstableMind, on 10/10/2007, -0/+9Wierd, I've had a issue just like this. I won $25,000 from VMware for a competition I participated in (3rd place UVAC). Anyway when I went to deposit the check, the bank told me they would have to put it on a 14 day hold. The following day the money was showing up in my account, I balance EVERYTHING from on-line. Download the Money statements and import them to reconcile my account(s). I waited 14 days to be on the safe-side before I went on my splurge. I knew this money was coming and kind of had mapped out what I was going to do with some of it. We go and spend a little bit (after 14 days and keep in mind it's been showing up for a while now). I look at my account a few days later and see a returned check for $4,000 and some change all the while my balance is in the positive.. (My big ass tv from circuit city) I call them and they said that there was still a hold on the money. I called VMware and they verified that it was taken out "a couple of weeks ago" from their account. They explain to me that the hold was for 14 "business" days. I was so livid. I had about $500.00 in fees and ***** i had to fix. I got them to remove half of them. I stopped banking there. It was BancorpSouth for those that want to know.
- mozzer, on 10/10/2007, -1/+9Sucks that he spent more on the suit than the cost of the $10,000 fee. But I gotta give the man credit for sticking it out to prove a point.
- BlacklabelSAR, on 10/10/2007, -0/+8Never Bank with Bank of America, evah!!!!!!!! Worst Bank On The Planet.
- bromac, on 10/10/2007, -0/+7Yet another example of corporations flaunting the law when it's profitable.
If it's just a business decision to break the law, then they will continue to do it if it makes them money.
If you revoke their charter if the show contempt of the law, they might start paying attention to their actions. - angryprophet, on 10/10/2007, -0/+7They have been doing this sort of thing for years with hidden ATM fees. I had an account with a different bank in California and one with B of A in NC. I would check my account balance in the CA account from a B of A atm. They would never ask for a fee or say that to do this sort of transaction would cost extra, as most banks do. I began to notice on my statements these mysterious charges...$1.75, $2.50, $3.25, $2.75...each time coinciding with when I had checked my account balance at the other bank. It happened maybe 10 times. It might not seem like a big deal, but when you figure they could be doing this millions of times a day, it all begins to add up. I'm not a cynical person, but I do not trust them.
- bromac, on 10/10/2007, -1/+7It's not quite a hell hole, but it certainly has its laws set up to favor the rich and established.
Yeah, you can sue them for justice. But you'll have to pay for it! - bromac, on 10/10/2007, -1/+7Give the bankers the power to print money, and they'll print enough money to buy the Government.
And some nice pads too. - Dustin00, on 10/10/2007, -0/+6Leave the banks. Credit Unions are your friend. REALLY. You own them!
- Chetopuffs, on 10/10/2007, -1/+7They know where your money is. It is being invested in various stocks. The same thing happened to my sister in-law
- evaburrito, on 10/10/2007, -0/+5My mother-in-law always tells her senile friends to "never say the word 'yes'" when they're on the phone with a banker.
- ASSHO, on 10/10/2007, -0/+5I've been in the process of moving all my BoA accounts to an online bank that has no fees, and high interest rates on their savings accts. (5.3% APY), free checking, and a no fee ATM card that they will also reimburse you for having fees from other banks' ATM charges (up to a certain amt. per month). I can't wait to shutdown my BoA accts. Those bastards have screwed me over many times by signing me up for "services" that I didn't know about. Then they tried to blame me for it by saying they needed my authorization to sign up, and that I should have been more proactive by checking my monthly statement for the charges. Regardless, even if I did, I would have been screwed for the first month of charge since they refused to re-imburse any of it.
BoA sucks. - cheesehead, on 10/10/2007, -0/+5Solution: Complete boycott of the Bank of America. Spread the word.
- trane262, on 10/10/2007, -0/+4To all the B of A bashers - Fleet was acquired by B of A in 2004, 5 years after this transaction took place.
- oldhick, on 10/10/2007, -0/+4Sure. That way they earn interest on it all week long...
- JammoBlammo, on 10/10/2007, -2/+6I had a similar situation. I drove to a Wank of Amerika branch, and both the drive-through ATM and tellers were open. I had an emergency check to deposit to avoid overdrafts, and figured that depositing the check with a teller (at about 4:30 PM) would ensure it posted that day.
The next day I found to my surprise that I had overdrafted, and the check posted the next day. I was later told that the ATM cut-off time was 5 PM and the teller cutoff time was 4 PM. I wanted the 4x$33 overdraft fees removed, because had I known the ATM cutoff time was 5 PM, I would have driven 10 feet to the left. No flexibility. I hadn't a single overdraft on my record. I threatened to close my account and take my business elsewhere, and ended up having to. - evaburrito, on 10/10/2007, -0/+4I don't think I know a single person who hasn't been screwed by boa. I almost had a checking account with them a while ago so I could get direct deposit through a certain employer until I found out the wanted $2 every single time I wanted to to make a transaction with a live person instead of an ATM.
I use Wachovia, and I'm really happy. - kaelyiesta, on 10/10/2007, -1/+5Anyone else wonder just how much they are able to get away with if it takes that much effort to resolve something as small as this? How many people don't get lucky that an employee slips up and accidentally makes public some damning piece of evidence.
Oh, and like first poster said: Post the actual article. http://www.boston.com/business/globe/articles/2007 ... - inactive, on 10/10/2007, -0/+4Sounds like ING...
- ButterBuddha, on 10/10/2007, -0/+4And Born in Sin
- tcpipimp, on 10/10/2007, -4/+7Good 'ol Gank of America!
- reknaps, on 10/10/2007, -0/+3I recently moved and had to open up a new bank account. It was a toss up between BoA and Wachovia. I looked up both banks and read many stories about both of them. I read countless BoA nightmare stories - several like this one here on digg. Wachovia isnt perfect, Im no dummy. But it seems their customer service is a little better. Im glad I made the choice I did.
- Frnnkdlxx, on 10/10/2007, -0/+3The sick thing about the our strain of bankers, is that they actually DON'T want to continue making money. They want to DESTROY whole economies. That's why you have admissions by people like the Rothschilds saying that they WANTED to cause a recession to gain political power and you have super corporations that want to keep the population poor and downtrodden. Think about this: What would the Rockefellers even DO with their estimated $11.48 trillion? You can't spend that. And they don't. They use it to hamper businesses and organizations.
- cheesehead, on 10/10/2007, -0/+3Actually we seem to have the same problem in Canada. There's not many that can afford Justice in our Legal system at $350.00 an hour.
- sh0rtstop00, on 10/10/2007, -0/+3so what's the punitive damage? i hope the bank learns its lesson
- pak314, on 10/10/2007, -0/+3My credit union actually reimburses the fees charged by ATMs outside the network. I think up to 4 transactions per month will be reimbursed (with a $5 fee limit each.) This is more than reasonable given my usage of ATMs. Beyond this, I think I hardly ever payed a free to my credit union.
- dragon76, on 10/10/2007, -0/+2Or, instead of bitching about how much a rip off banks are, and just switching from bank to bank, you invest in a Credit Union where you own part of it.
- NinjaBoy, on 10/10/2007, -0/+2The bank should have to pay for his legal fee's
- CraigJ, on 10/10/2007, -5/+7Yeah, the country is a hell hole. please tell all the illegal immigrants that want to come here that this is the case.
- ladyarcher85, on 10/10/2007, -0/+2Well, he did not do it for the money.
- heystoopid, on 10/10/2007, -0/+2And blew away twenty five billion dollars in the recent sub prime mortgage meltdown too !
- heystoopid, on 10/10/2007, -0/+2But then again , how many people realise , that the Bank of America is actually now operating in breach of an old but current Federal Banking Law , under a special permit issued by Federal Reserve !
However , a quick check of existing Banking laws indicate that Federal Reserve does not appear to have any form of license to exempt any Bank from said laws ! - bromac, on 10/10/2007, -0/+2My lawyer's only $300/hr (in Canada). If you win, the loser pays that!
Lawyers are bound to give you competent legal advice. So, go get a free consultation. If you'll probably win, then go for it. If you'll probably lose, you shouldn't be suing in the first place and deserve the loser's legal fees for a frivolous lawsuit! - rarson, on 10/10/2007, -0/+2The only problem is, the government will probably try to take those things away from us someday.
Certainly better to have gold, silver, and oil though than US dollars. At least gold holds its value. - oldhick, on 10/10/2007, -0/+2That would be the point. Oh, missed the /s. Cheers.
- spence448, on 10/10/2007, -1/+3Honestly I'm suprised they are still in business. I had my own ordeal with them that took my constant effort for over six months to sort out and I am sure they broke laws but I didn't have the funds to fight them in court. Their actions actually caused the unlawful arrest of someone once and Clark Howard helped lose them $50,000,000.00 worth of business because of it.
http://clarkhoward.com/shownotes/2006/10/25/
Is it time for $50,000,000.00 more? - Jeffler, on 10/10/2007, -0/+2If he would've gone virtual he would have lost.
- inactive, on 10/10/2007, -0/+1I don't know how many of you guys have credit cards with BoA but I personally know they try to shaft you for your money as often as possible. I am a phone rep in their customer marketing department and all we do is focus on making money off of customer, whether handling their rates, finance charges, fees and especially balance transfers. Trainees are told to never waive late fees, BT fees. Never offer the lowest rate available when inquired. We'll see that we are drilling the customer for a ***** of interest on their balance but will still pitch zero percents all day long for transfers/cash advances KNOWING that in doing so they will automatically be stuck with more interest on their huge high-rate balance while the zero percents are paid in full. We are trained to aim for that kind of thing...I personally despise my job but the pay is what keeps me going.
- mabhatter, on 10/10/2007, -0/+1so why did BoA buy another "crooked" bank?
- fafaforza, on 10/10/2007, -0/+1Problem is a lot of banks do this sort of crap. And they make the fee schedules so convoluted, not even lawyers bother reading them. They live off of fees, and various overdraft protections and fees is what's hot in banking. It isn't enough to make %8 off your savings while giving you .02%. Skunks.
- mabhatter, on 10/10/2007, -0/+1the clearing house is all electronic. Heck most states have passed laws allowing electronic presentation of checks as soon as they hit the clearing house... Big stores like Walmart actually scan your check and hand it right back to you now. The practice of long holds is deplorable, espically as banks lobbied (and got) the ability to carry out the transactions immediately.
-
Show 51 - 76 of 76 discussions
Digg is coming to a city (and computer) near you! Check out all the details on our 
© Digg Inc. 2009
— Content created and posted by Digg users is