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Bank of America got so fee crazy last week that it applied a $10 overdraft fee to Christopher’s account even though it wasn’t overdrafted. I went back and forth with Christopher to try to figure out what BoA could have done to trigger this, but as you can see from the screen cap below, he only had two debits on the day of the event.
The 4.50 never posted and would have been dated before on 10/21 depending on if it had been a legitimate charge. The charge was there on the 21st but cleared without posting (temporary hold due to a broken credit machine). It was dated on the 21st.
Overdraft Fee Forgiven
So if that charge was not a real charge—it doesn’t even show up on the 10/22 section of transactions, as you can see above, and it didn’t seem to impact the balance—how again did BoA justify the overdraft?
Christopher says Bank of America won’t actually investigate the issue and give him a real answer. Instead, they’re just keeping him in a “web support” loop that’s growing smaller and smaller:
I also find it highly difficult to continue a thread with them as it is limited to 10, 000 characters but each time includes the previous message(s) in an un-editable quote in that 10, 000 character limit. So after three messages that is full, and I must start a new thread, which then gets the same chain letters, in order.
Bank Led Overdraft Innovations Reflect Century Long Commitment To Meet Consumer Demands
Lankysob says this is how BoA’s Overdraft Protection works: When BoA approved the Overdraft Protection (which was tied to my BoA Amex card I set up long ago as backup to save me from paying the stupid $35 O/D fees per transaction), it moved $100 from my Amex to my checking account and considered everything cool. When I called to complain and ask why would an account that has more than $0.00 in it ever need Overdraft Protection, I was told that BoA “goes ahead and determines a dollar amount ABOVE $0.00 based on the credit/debit history of the last few credit/debits applied to your checking account, and then uses that number as it’s ‘0 Point’ as to when to kick Overdraft Protection into effect for you.” I was, understandably, outraged by this and asked “Ok, well where is this magic number you’ve chosen for me so I know to treat that as my $0.00 amount?” “We can’t/aren’t able to give you that information because it’s not an exact number that stays the same.” Both Hobart007 and MedicallyNeedy suggest that you go into a local branch and speak to the branch manager in person. If it’s a first time issue or you can convince the manager it’s BoA’s mistake, he or she might waive it. And trillium points out a helpful feature on the BoA website: A little known of (I know I didn’t know about it ) feature on the B of A website is on the left hand side titled “Available Balance History”. Unlike the default view this shows the order of which charges have hit as well as holds on the account.The overdraft fee for Bank of America is currently $35. Although It said that BoA will reduce its overdraft fee from to $10 starting from May 2022, however, it doesn’t seem to happen so far. Since different banks have different policies on overdraft situations. At BoA, overdraft fees include overdraft item fees and non-sufficient funds (or NSF: Returned item) fees.
At BoA, an overdraft item fee is charged when the amount of a check or a withdrawal exceeds the balance in the eligible checking or savings account, and Bank of America pays the overdraft item anyway. When it is determined that your account is overdrawn after finishing processing for the day, and the transaction or transactions are paid by BoA, an overdraft item fee of $10 per item over $1 will be charged.
Certainly, there is a limit upon the BoA overdraft item fees. Personal/Consumer accounts can be charged a maximum of 2 overdraft item fees and returned item fees in a single day. Small business accounts can be charged no more than 4 overdraft items and returned item fees per day.
Bank Of America Cuts Overdraft Fees
An overdraft protection transfer fee may be charged when a transaction overdraws your eligible checking or savings account and, as a result, the available funds are transferred from your eligible linked overdraft protection account to cover the amount. We won’t charge this fee for any item that is $1 or less.
When you do not have enough available funds in your account to cover an item, and BoA declines to pay or return the item unpaid (a returned item), you will be charged an NSF: Returned item fee for each returned item over $1.）
$35 is not a small amount. According to CFPB, American pay over $15 billion annually in overdraft fees. If we can get refunded or waive draft fees, it will save us a lot of money for sure. However, if you don’t ask, the answer will never be yes.
This Is A Brilliant Move': Bank Of America And Wells Fargo Make Big Changes To Overdraft Fees — Experts Explain Why
Calling customer service is encouraged to illustrate your situation and potentially ask for a refund. You can always dispute Bank of America charges and overdraft fees. In order to speak to a live person in Bank of America customer service about the overdraft fee, you need to dial 1-800-432-1000.
Notice that Call Center hours on Monday to Friday are from 7 am to 10 pm, Saturday and Sunday start from 8 am to 5 pm EST. Otherwise, Live chat with Erica in the BoA app, the 24/7 virtual financial assistant, may also work in the same way.
You can change your BoA overdraft settings by scheduling an appointment at a financial center or call 800.432.1000 (Mon-Fri 8 a.m.-11 p.m. or Sat-Sun 8 a.m.-8 p.m., all times ET). Outside the U.S. call 1.315.724.4022 (international collect; cell phone roaming charges may apply).
Bank Of America Announces Additional Fee Waivers Related To Overdrafts / Fresh Today / Cutoday.info
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Bank Of America Cutting Overdraft Fees
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Bank of America is the second-largest banking institution in the United States, serves approximately 10.73% of all American bank deposits. It was acquired by the Charlotte-based NationsBank for $62 billion in 1998. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively. Competing with Citigroup, Wells Fargo, and JP Morgan Chase, Bank of America primarily focuses on financial services of commercial banking, wealth management, and investment banking.Overdraft Apps provides detailed product reviews and recommendations based upon extensive research and our own hands-on testing. We may earn a referral fee when you sign up for or purchase products mentioned in this article.
Bank Of America Says Overdraft Fee Revenue Fell 90% Since Last Year
30-SECOND SUMMARY: Bank of America removed its linked account transfer fees and NSF fees in May 2022, lowered the overdraft fee from $35 to $10 and limited overdraft fees to two per day, so you may incur up to $20 in overdraft fees per day.
Read on for a full breakdown of Bank of America’s overdraft fees.If you’d prefer to avoid paying overdraft fees entirely (we don’t blame you), consider an app like Dave for an instant cash advance of up to $500 (even if you’re a new user).
NOTE: Beginning in May 2022, Bank of America removed its linked account transfer fees and NSF fees and lowered the overdraft fee from $35 to $10.
Bank Of America Reducing Overdraft Fees To $10, Eliminating Other Charges
Once you authorize overdrafts from Bank of America and opt into Bank of America overdraft protection, you can access cash via an ATM or debit card transaction or make a check or bill payment even when your account is negative by $1 or more. Without opting into overdraft protection, your transaction will be declined.
Bank of America recently reduced overdraft fees from $35 to $10 and limits overdraft fees to two per day,
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