Friday, October 23, 2009

Bank of America has finally lost me

It takes a lot for me to abandon anything - or anyone, for that matter.

But Bank of America, with its ever-increasing corporate greed, has pushed me over the ledge.

Now I read the giant corporation is charging/going to charge not only a $35 overdraft fee (no matter the amount of the overdraft) but if you don't pay off the overdraft in I guess what it has concluded to be a 'reasonable' amount of time, they hit you with an "extended overdraft fee."

I still say no one is forcing them to allow anyone to go into overdraft. Time was, you didn't have enough funds, your check bounced and you paid the penalty. Period.

You will recall the situation I had some months ago when I had a check to me bounce and I had paid bills against the check and I went into serious overdraft mode because the bank cleared all the payments I had made AND processed the automatic check I had set up to pay my rent, even though I was already in overdraft.

They claimed it was to help me avoid embarrassment.

Well now the Senate Banking Committee is about to step in.

Sherrod Brown, D-Ohio, has joined Senate Banking Committee Chairman Chris Dodd, D-Conn., and others in sponsoring the Fairness and Accountability in Receiving (F.A.I.R.) Overdraft Coverage Act, designed to protect bank customers from excessive overdraft fees that, according to a release from Brown's office, may run upwards of $30 per charge. (

Oh and even the large bank's only have a 4.3% profit margin - poor them.

I do believe in personal responsibility but these banks are exploiting a situation they helped create with fake "overdraft protection" and other such crap.

Yeah, I fell for it too, but now I see that it's just another way to encourage irresponsibility and it fosters poverty.

Because once you're in the hole, and they start digging deeper with the "extended overdraft fee," it gets harder and harder to crawl out of the hole.

1 comment:

Dick Monahan said...

I only stick with BofA because they have ATMs everywhere I go. I never pay ATM fees, even in England.

I'd change to a local bank, but I can't stand paying a fee to get my own money out of the bank.