Comments on: Bank and credit cards are a scam now-a-days http://www.americanbadbusinesslist.com/bank-and-credit-cards-are-a-scam-now-a-days/ Bad Business and Rip Off reports Tue, 22 Jun 2010 19:31:00 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: monicajcat http://www.americanbadbusinesslist.com/bank-and-credit-cards-are-a-scam-now-a-days/comment-page-1/#comment-44 monicajcat Tue, 27 Oct 2009 00:00:57 +0000 http://www.americanbadbusinesslist.com/?p=114#comment-44 My son and I both have accounts with BankofAm (myself for over 18 years). Recently he has been selling stuff on Ebay and has a Paypal account. We found it necessary to do a refund to a buyer. Paypal messed up and took the whole amount out of his student checking account instead of splitting the amount with his balance in his Paypal and his checking as we had assummed they would do. As soon as we realized what happened, I transfered the amount of insuffiency to his account which was immediately -both transactions after 2:00 p.m. on the same day. This put him back in the green. We spoke to paypal to no avail, and then called BankofAm. The woman I spoke to told me directly as it was a student account and it was his first overdraft they would reverse the fee. My son checked the next day and says they had reversed the fee (I believe him). Five days later we checked his account again and to our surpise the fee had miraculously shown up again along with another one for a transaction of 2.00 made after the fee had been reversed for which he had enough to cover before the fee miraculously reappeared, and another one for THIER NEW POLICY OF EXTENDED OVER DRAFT (ACCURED SUPPOSEDLY EVERY 4 DAYS). I was livid, called and spoke to them again. As it technically was a mistake by Paypal (and ultimately ourselves), I would have deposited the first fee to cover the overdraft and wrote it off as a lesson learned since I readily had it, but I was told personally that they would reverse it. By lying straight to my face, they were able to go after my son, a full time kid in highschool, for over 105.00 in over draft charges. The original overage was a 16.00 dollar descrepency that was paid in less than a few hours. This amounts to an insane intrest fee. You are better off going to a Cash for pay check place at 300%. I called again, explained the situtation, and was told that these were LIGITAMATE BANK CHARGES. I told him it was highway robbery and of a kid no less. The guy in the end actually laughed at me at one point on the phone. I was so angry I hung up on him. I was afraid of what I might say. This new policy will really really kill people as most people are not yet aware of it and many are paid biweekly/twice monthly (policy conveiently charges EXTENDED over draft charge every 3-4 days). So ultimately you can accure over 4 different overdraft fees for 1 transaction before you can pay it. This could add up to 1000.00 for some poor sap when they do their shaddy moving of transactions, and yes they are well known for this deceptive and dirty practice, and have moved transactions, deleted and readded to maximize their overdraft fees on my account before as well as my sons as above. Now they outright lie to my face, and cheat a kid. My account is sitting with a 0 balance and this week we are both moving to another bank – preferrably a credit union. I cannot believe they get away with this stuff. What the hell is our Government doing here. I would love to be able to do buisness without a credit card and/or the Banks, but the banks/big buisness/credit card compaines have made that near impossible without major inconvience to pay your simple bills without a banks backing/credit/debit card. Under the mattress sounds better and better. My son and I both have accounts with BankofAm (myself for over 18 years). Recently he has been selling stuff on Ebay and has a Paypal account. We found it necessary to do a refund to a buyer. Paypal messed up and took the whole amount out of his student checking account instead of splitting the amount with his balance in his Paypal and his checking as we had assummed they would do.

As soon as we realized what happened, I transfered the amount of insuffiency to his account which was immediately -both transactions after 2:00 p.m. on the same day. This put him back in the green. We spoke to paypal to no avail, and then called BankofAm.

The woman I spoke to told me directly as it was a student account and it was his first overdraft they would reverse the fee. My son checked the next day and says they had reversed the fee (I believe him).

Five days later we checked his account again and to our surpise the fee had miraculously shown up again along with another one for a transaction of 2.00 made after the fee had been reversed for which he had enough to cover before the fee miraculously reappeared, and another one for THIER NEW POLICY OF EXTENDED OVER DRAFT (ACCURED SUPPOSEDLY EVERY 4 DAYS). I was livid, called and spoke to them again. As it technically was a mistake by Paypal (and ultimately ourselves), I would have deposited the first fee to cover the overdraft and wrote it off as a lesson learned since I readily had it, but I was told personally that they would reverse it.

By lying straight to my face, they were able to go after my son, a full time kid in highschool, for over 105.00 in over draft charges. The original overage was a 16.00 dollar descrepency that was paid in less than a few hours. This amounts to an insane intrest fee. You are better off going to a Cash for pay check place at 300%.

I called again, explained the situtation, and was told that these were LIGITAMATE BANK CHARGES. I told him it was highway robbery and of a kid no less. The guy in the end actually laughed at me at one point on the phone. I was so angry I hung up on him. I was afraid of what I might say.

This new policy will really really kill people as most people are not yet aware of it and many are paid biweekly/twice monthly (policy conveiently charges EXTENDED over draft charge every 3-4 days). So ultimately you can accure over 4 different overdraft fees for 1 transaction before you can pay it. This could add up to 1000.00 for some poor sap when they do their shaddy moving of transactions, and yes they are well known for this deceptive and dirty practice, and have moved transactions, deleted and readded to maximize their overdraft fees on my account before as well as my sons as above. Now they outright lie to my face, and cheat a kid. My account is sitting with a 0 balance and this week we are both moving to another bank – preferrably a credit union. I cannot believe they get away with this stuff. What the hell is our Government doing here. I would love to be able to do buisness without a credit card and/or the Banks, but the banks/big buisness/credit card compaines have made that near impossible without major inconvience to pay your simple bills without a banks backing/credit/debit card. Under the mattress sounds better and better.

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