Bank of America Fees Warning

[jfrenaye]

It seems that Bank of America is enforcing their random fee policy with a vengeance. A poster has claimed that BOA has assessed $210 in fees for a single overdrawn debit because they held up deposits and debits to maximize the fees. Read the terms you agreed to and it is scary stuff!

[STAYATHOMEMAMA3]

Originally Posted by jfrenaye

It seems that Bank of America is enforcing their random fee policy with a vengeance. A poster has claimed that BOA has assessed $210 in fees for a single overdrawn debit because they held up deposits and debits to maximize the fees. Read the terms you agreed to and it is scary stuff!

What BS!!!!!!

[retiredweaxman]

Originally Posted by jfrenaye

It seems that Bank of America is enforcing their random fee policy with a vengeance. A poster has claimed that BOA has assessed $210 in fees for a single overdrawn debit because they held up deposits and debits to maximize the fees. Read the terms you agreed to and it is scary stuff!

I am sure part of the terms the poster agreed to was, "To have enough money in the account to cover any and all transactions." If someone spends 100 dollars knowing they only have 80 dollars in the account or, worse yet, spends 100 dollars knowing their paycheck will be deposited at midnight (used to be called floating checks), then they deserve all the penalties the bank imposes.

However, if they overdrew due to a bank error, then that is another issue.

My guess is the former is true if the poster felt he/she was wronged by being charged 200 dollars because he/she took out money they did not have.

[Chasey_Lane]

Originally Posted by jfrenaye

It seems that Bank of America is enforcing their random fee policy with a vengeance. A poster has claimed that BOA has assessed $210 in fees for a single overdrawn debit because they held up deposits and debits to maximize the fees. Read the terms you agreed to and it is scary stuff!

Don't spend more than you have, no fees.

[aps45819]

Originally Posted by Chasey_Lane

Don't spend more than you have, no fees.

but the banks have money and the messiah said it would be shared

[Pete (Premo)]

When I lived in Memphis TN my neighbor was a good ole boy. He lived in a modest house in a small neighborhood, had an old rickety pick up, a boat and was fishing every weekend, sat on his back porch, enjoyed a beer or two and liked to sit around and shoot the bull.

If you saw him away from work or at home you would never know he was the Vice President of Barretville Bank and Trust. One of the few completely solvent banks in the country at the time. He started at the bank at 22 or so and worked his way up. We used to sit and talk about money and banking.

One day we were talking about people and their finances and screwing them up and how banks charge fees and how I didn't see how banks made very much from fees that interest on loans had to be where they made most of their money. He asked me "How much does your bank charge you for an over draft?" I said $20 and he said they only charged $10. He went on to say that at $10 per bounced check his branch of the bank (He was a branch president at the time) made enough to pay the salary of EVERY employee in that branch (something like 14 people) plus the utilities for the building and still have some left over. Loan interest was only a tiny portion of a banks revenue, fees were much more.

Every month enough people bounced checks in that branch alone to pay for the overhead costs for that bank branch. Quite sobering.