This morning I managed to negotiate my way out of paying $160 in overdraft bank fees. I had been running a little lower on cash in my checking account this week than I thought, and I managed to overdraw my account with several small charges. So today I called up Bank of America (NYSE: BAC) and requested that my excessive overdraft fees be removed. I had nearly $200 in overdraft fees due to multiple small debit charges, and it seemed to me that $200 in fees was excessive for such small debits. While Bank of America would not remove all the charges, the customer service representative on the phone generously offered to remove $160 worth of fees without any significant prodding on my part.
I have a somewhat mediocre opinion of Bank America as a whole, but I was especially pleased with the way I was treated on the phone today. And the lesson to you readers should be clear. Bank fees and charges that seem to be set in stone are actually quite negotiable, since financial institutions absolutely do not want to lose you as a customer. Do not lie down and let yourself be charged up the wazoo by your bank. In all likelihood a simple telephone call is all it will take to get those overdraft charges (or even credit card late fees) eliminated.
Thursday, April 24, 2008
I Saved $160 in Bank of America Overdraft Fees
Posted by Zachary at 9:32 PM
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6 Comments:
I called BoA recently about the same thing. I have a very bad, self-defeating, habit of overdrawing my account. I'd racked up $300 worth of fees and they reduced it down to half, so I think they are starting to get very customer service oriented. All I did was pick up the phone and ask.
Hi, I find out to have a same problem exactly today afternoon, they charged me for overdraft fees of $427, for several using of my debit card for purchases ranges from $2 -$10, I have overdraft protection, and my saving has enough amount for cover these purchases, I have $47 and they told me it should be $50. today I called Customer solutions, but they weren't helpful at all, would you please let me know, which number I should call?
this is my email address:zina.amirmoafi@gmail.com
Bank of America does not pay items as presented. They "pick and choose" the payment of item in order to incur the largest amount of overdraft fees. They turn a deaf ear when you protest this practice. Bank of America shouldn't be entitled to any stimulus money. They already have their own bailout...it called overdraft fees! "We the People" need to take back our power and stop being victims. Inundate the White House with letters and emails demanding that the president do something about B of A. What they do to the American people is true terrorism!
well, actually , I work for Bank of America, and they don't let us refund the fees if we have refunded in the past. So my advice is, if you overdraw your account, wait until the overdraft is a big amount, and get a first time refund. Just remember, after that, it will not be likely that you will receive another refund. I work for the bank and deal with customers everyday. The bank has no obligation to refund the fees but helps you out the first time. After that, it's all on you to keep your account positive and organized...
BoA is piece of you know what. They are a scam hiding behind a banking facade. How else can you explain that I can make any electronic transaction, anywhere I want, and --be it a deposit, transfer, or a debit--, I can go home, pull up my account and it's reflected in the balance. YET, I can, over the course of a few days, go around town and overdraw the living @#$% out of my account. These transactions should be denied!!!!!!!!!!!!!!!!!!!!
They know that your account will be overdrawn because the transactions are in the queue to be posted. They say they let them though because, technically, the items haven't posted yet. Bull&^%$!!! Banks did not used to operate this way!!!!!
Sorry about your bad luck BoA being in an industry that has become less profitable over the years. That means it's time to inovate, not bend all your hard-working customers, barely making ends meet, over the barrel!!
Oh, and the bastards had the audacity, after charging me 455.00 in fees, to charge me an additional 35.00 for having a negative balance for more than 5 days!!!!!
Mother#@#$ers!!!!!!!!!!!
Wow, I suddenly feel much better...
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