Bank of America tells gun manufacturer to take a hike.

[Mr_Draco]

Originally Posted by driyac

Unless they recorded the phone call, which if the other party didnt know about could be evidence that is thrown out, they will get away with this clean and scott free.

It wasn't a phone call. It was a yearly account analysis meeting that BoA holds with their major account holders.

[Skogen]

Originally Posted by fielderLS3

That's a bit bizarre. The bank sent you a notice telling you to remove your money from their bank? Although I could probably believe anything if it was Bank of America. The fact that they have any customers left at all is actually more surprising to me than the take your money elsewhere notice.

Actually, the reason they did this is right in your post. You said your parents were debt free customers with plenty of money in their accounts. Like any other shady financial company, like the credit card companies, for example, they don't want customers with money in their accounts. They want people in debt up to their eyeballs who get into financial trouble so BOA can charge large interest rates, fees, and penalties that people in trouble will find very difficult to get out from under.

These types of institutions don't see responsible, debt free people with money in their accounts as a big enough revenue stream to be worth their time. The sad fact is, the way BOA is set up, an overdrawn account is much more valuable to them than one with money. They learned nothing in 2008-2009.

Actually, in the past. When rates were higher. Banks wanted deposits. It was cheaper for them to pay higher rates on savings accounts, cd's ect then pay the fed. In todays market, it is the exact opposit. Most banks have so much cheap fed funds, they do not want large deposit accounts. In fact many larger banks (BoA, Citi, WFC) charge customers a service fee with large deposits.

My advice. Find yourself a local community bank. They may not have all of the fancy products BoA has, but their service will be second to none. Also, the taxes community banks pay, stay in your community.

Also, April is Community Banking Month.

[hotrodsally]

Originally Posted by Skogen

Actually, in the past. When rates were higher. Banks wanted deposits. It was cheaper for them to pay higher rates on savings accounts, cd's ect then pay the fed. In todays market, it is the exact opposit. Most banks have so much cheap fed funds, they do not want large deposit accounts. In fact many larger banks (BoA, Citi, WFC) charge customers a service fee with large deposits.

My advice. Find yourself a local community bank. They may not have all of the fancy products BoA has, but their service will be second to none. Also, the taxes community banks pay, stay in your community.

Also, April is Community Banking Month.

Absolutely. A Regional, State or Community bank will be thrilled to have their business.

I lived in LV for 3 days when I opened an account with a local state bank and have banked with them ever since. They offer all the consumer products I need!

[Iroczlover]

Originally Posted by Scalded Dog

That's the last straw for me... BofA has been pulling a lot of below- the- belt punches lately. To know that they are going to send somebody packing over a liberal/ politically correct fallacy is enough for to "pull the trigger;" I will close my account on Monday.

We closed our accounts after BOA started their $5 fee right about thanksgivng. Yes they backed off on it. but we closed all 4 of our acccounts & left went to BECU

[2001ragtop]

I don't know how to explain this, but I always thought BOA was strange. I don't think any bank should call itself "Bank of America".

To me that is the STUPIDEST name to call yourself. (fill in the blank) of America. how original.

Hoagie sandwich "of America"

I recall one time, I bounced a check with BOA, and i got 1) 35.00 fee for the bounced check....then 2) 35.00 fee for the checking account going below 00.00. I closed that account shortly after that. They have a "domino affect" system like that.

Sidenote: rod blagojevich one time was "talking bad" about BOA too.

[Mr_Draco]

Originally Posted by 2001ragtop

I recall one time, I bounced a check with BOA, and i got 1) 35.00 fee for the bounced check....then 2) 35.00 fee for the checking account going below 00.00. I closed that account shortly after that. They have a "domino affect" system like that.

Yea I hate their system. 3 years ago, my old boss accumulated $600 in fees on one transaction because she overdrew her checking account. It just dominoed and BoA said that's how all banks operate.

[ROBOSSRS]

I don't give a crap about firearms, to each his own. Business is business . BOA is not big in our area. There are a total of three full service branches in our area. This is in a tri county area. One of those branches is closing on April 27. I am hoping the others follow suit. They are headache to service them.

[Skogen]

Originally Posted by Mr_Draco

Yea I hate their system. 3 years ago, my old boss accumulated $600 in fees on one transaction because she overdrew her checking account. It just dominoed and BoA said that's how all banks operate.

This is caused by the banks over draft policy. Banks used to pay the biggest check first using availible funds up, and then charge a over draft fee per item for every check after that. They had no limit.

New laws are in effect. Banks now have to pay the smallest items first and the return the larger items (if you become over drawn).

Many community banks have a max on how much they can charge you in over draft also.

[G-Oil Guy]

Originally Posted by Skogen

This is caused by the banks over draft policy. Banks used to pay the biggest check first using availible funds up, and then charge a over draft fee per item for every check after that. They had no limit.

New laws are in effect. Banks now have to pay the smallest items first and the return the larger items (if you become over drawn).

Many community banks have a max on how much they can charge you in over draft also.

I thought the problem was that Bank of America was they were processing larger payments and debits out of order sequentially and BEFORE credits...

i.e.

You have $500 in your checking account on a Thursday.

You deposit your paycheck for $500 on Friday, after work.

You buy $50.00 worth of gas on Saturday morning (950 left)

You buy two video games at $60/piece on Saturday afternoon ($120 purchase, $830 left in the account)

And then you cut a check for your rent for $700 and give it to him on Saturday afternoon, after which your landlord promptly deposits first thing the following Monday morning.

You should have $130 left in your checking account at the end of the day Monday after all transactions are processed.

Let's argue that you have a $150 minimum balance. In this scenario you get charged the nominal amount for being below the $150.

That's 1 fee charged

i.e. this is how most reasonable people would assume that the transactions would occur since these are in chronological order

---------------------------------

What actually happened was that BOA was processing your funds in the following manner:

Opening balance after the weekend (described above) = $500

Process the check for $700 rent first, negative $200 balance - overdraft fee

Process purchase for $120 of videogames, negative $320 balance - overdraft fee, insufficient fund fee, (and there was another one)

Process purchase of $50 worth of gas, negative $370 balance - overdraft fee, insufficient fund fee, (and the other one I can't remember)

Then process your $500 paycheck deposit, now have a positive $130 balance and get a fee for being below the minimum account balance.

AND they have still yet to deduct the fees (because I can't remember the amounts) but you have 3 OD fees and 2 insufficient fund fees, in addition to 2 other fees I can't remember AND the fee for being below the minimum account balance.

They could STILL pull you below your +$130 balance. which would result in you being dinged AGAIN for overdrafting AND being below minimum account balance.

That's a minimum of 8! 8! Fees

------------------

Now I thought laws were passed to ensure that the activity on an account was processed in CHRONOLOGICAL order i.e. every transaction is time stamped so process them in that order.

I could be wrong, but after this debacle in the banking industry in the last few years I do a few things:

1. Bank only with those institutions that process the transactions in chronological order (before the law made them)

2. Always keep some buffer room for my purchases/bills in my checking account

3. Have a checking account that has no minimum balance

4. Turn off overdraft protection - make sure the bank/cc company will just "DECLINE" the purchase just to make sure. (if you're out of money, you're out of money)

[Mr_Draco]

Originally Posted by Skogen

This is caused by the banks over draft policy. Banks used to pay the biggest check first using availible funds up, and then charge a over draft fee per item for every check after that. They had no limit.

I know what you're talking about but that's not what happened. I'm talking about one purchase causing that.

She thought she had enough money in her checking account to cover a check but didn't. She had her account set up so that if that happened her savings account would cover it so that way she only would be charged the overdraft fee and avoid the insufficient fund fee. Well after her savings account covered the check it didn't have enough to cover the overdraft fee so it was charged a insufficient fund fee plus two additional overdraft fees because it went below $0, so BoA tried to charge her checking account the 4 fees (up to 3 overdrafts and 1 insufficient). Her checking is already at a $0 so she got slapped with 4 more overdraft fees because now it tried to charge her savings, one for each fee (up to 7 overdrafts and 1 insufficient). Since her savings is at $0 she got slapped with 8 more insufficient fund fees (one for each fee), plus 16 more overdraft fees. At this point it stopped and she wound up with a total of 23 overdrafts, 9 insufficient, plus the 2 fees for her checking and savings accounts going below minimum all from writing one check.

[Mr_Draco]

Originally Posted by G-Oil Guy

Now I thought laws were passed to ensure that the activity on an account was processed in CHRONOLOGICAL order i.e. every transaction is time stamped so process them in that order.

Yea the new federal law passed last year now mandates that all activity has to be done in chronological order. It also mandates that banks can only charge a set limit of overdraft and insufficient fund fees (I think 2 of each) within a one month time frame. And it also says that before they can charge you a fee they have to notify you before hand that you overdrew and the next time you do it they will charge you so now you can overdraw twice within a certain time frame and only be charged once.

[Camaro_Corvette]

Hmmm, looks like I know what I'm doing monday.

[Rangore]

My brother in-law brought up a good point.

I wonder if BoA uses armed guards to protect their money??? F'n idiots at that bank!!


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[Brokinarrow]

I'd be more worried about being associated with a company as dirty and greedy as Bank of America than anything else....