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Old 08-13-2008, 09:46 PM
 
12 posts, read 50,766 times
Reputation: 11

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I'm horrified right now and am wondering if anyone else out there has had a similar experience. I'm a designer and I have a separate business checking account with BofA.

I took a close look at my bank fees the other day and discovered that since April 2008, BofA has been taking $48 in fees a month out of my account. They look like this:

$13 for account fees (I never had to pay this before)
$15 for premium online services
$10 for automatic employee payroll service (I have no employees!)
$10 for automatic customer invoicing

I'm in the process of getting BofA to reverse all these charges, which total $240 over the five month period.

This is just unbelievable to me. I never (to my knowledge) authorized these services. I'm closing my business and personal accounts with them as soon as possible, and I'll never do business with them again.
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Old 08-13-2008, 10:41 PM
 
Location: rain city
2,954 posts, read 10,999,502 times
Reputation: 4855
I've hated Bank of America for decades.

The very first contact I had with them was back in the 70's. I sold an item and was paid with a B of A check. I went there to cash it and they refused because I didn't have an account there, even though it was their check and the account it was written on had the funds.

A couple of years ago MBNA sold their credit card business to Bank of America. We had 3 MBNA cards. Within months all of our interest rates were raised without cause, our limits reduced, and our minimum monthly payments more than doubled. When I called to inquire about the changes they told me I could take it, or pay off and close the accounts.

I got suckered into a B of A credit card balance transfer once. 9.9% fixed for the life of the balance till it was paid off, down from the 14.9% I was paying. So I took the bait. I never made one charge on the account, I was just paying off the balance. And I never called the 800 number to activate the credit card. Never used it.

They began sending those no good *convenience checks* with all the monthly billings. I called repeatedly requesting they cease with the convenience checks yet they still came every month. Well.....we sold our house and moved overseas and somehow in between someone stole our mail, including the Bank of America bill with included convenience checks.

The thief wrote $2,000 worth of fraudulent checks which ran my account over the limit. B of A hit me with over the limit charges, late payment fees, raised the interest rate--all on an account with a card I had never activated.

It took me more than a year from overseas no less, to get it straightened out. They were thoroughly unhelpful, incompetent, and repeatedly lost the supporting documents I sent them. For an entire year they kept piling on more and more charges, failed to fix the problem, and accused me of fraud.

Under no circumstances would I ever EVER voluntarily do any kind of business with Bank of America if they were the only bank on planet earth. I hate them with an absolute passion. Hate.
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Old 08-14-2008, 08:51 AM
 
25,275 posts, read 37,251,862 times
Reputation: 13189
I had to call them last months also for the same $ 15.00 fee i noticed and I noticed it online on an account that I hardly ever use but still want to keep it, open just in case.

I was told what it was for and they told me some one had called me about it or I should have received mail about it.....which I never have received and neither the call. They put it back in my account...but for all the people who don't look at their accounts on a regular base......BoA is making tons in fees the way they do it.
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Old 08-14-2008, 04:01 PM
 
Location: Tucson
42,837 posts, read 76,863,415 times
Reputation: 22814
Quote:
Originally Posted by azoria View Post
We had 3 MBNA cards. Within months all of our interest rates were raised without cause, our limits reduced, and our minimum monthly payments more than doubled.
Interesting... I also had an MBNA card and even though I don't carry balances, I was still unpleasantly surprised by the merge and thought the interest rate was gonna go up. It didn't. The former MBNA card is my card with the lowest interest rate at this time - 8.9%. There were no changes to the limit, either. The changes of terms on your account could've happened for any number of reasons you're responsible for.
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Old 08-14-2008, 05:03 PM
 
Location: Great State of Texas
86,094 posts, read 69,592,219 times
Reputation: 27511
I'm sure there's teeny tiny wording on something you received from them that says they can do that at any time.

I stick with the smaller local banks. They don't need the money like the big nationals do.
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Old 08-14-2008, 07:34 PM
 
935 posts, read 3,002,190 times
Reputation: 608
Quote:
Originally Posted by Queen Beth View Post
I'm in the process of getting BofA to reverse all these charges, which total $240 over the five month period.

This is just unbelievable to me. I never (to my knowledge) authorized these services. I'm closing my business and personal accounts with them as soon as possible, and I'll never do business with them again.
You have reconciled your business accounts with your statements for 5 months? This sort of thing should have been discovered the first month.
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Old 08-15-2008, 02:24 PM
 
663 posts, read 2,376,204 times
Reputation: 386
Yes, you should reconcile your statements monthly. But you shouldn't have to be surprised by fees that didn't exist when you opened your account.

We had business accounts with BofA and had the same experience with fees. The last straw was when they charged our employees to cash checks and put a hold (another form of fee) on a cashier's check from the bank next door. The manager refused to pick up a phone to verify the funds. I don't know if BofA's service is bad in general or if it was this branch. We moved to a credit union and couldn't be happier.

When so many hard working businesses struggle to survive, it's amazing that businesses that seem to disdain their clients somehow thrive.
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Old 08-16-2008, 09:29 AM
 
94 posts, read 667,461 times
Reputation: 85
If you maintain a minimum balance with a business checking account you can get the online business suite free at BoA. That minimum is combined with any business MMAs you might have, so easy way to save. The other stuff was likely some promotion that lapsed into fees. They're always great about removing fees whenever I had any problems, just be nice to the business manager and I'm sure it will all work out.
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Old 08-18-2008, 10:31 PM
 
12 posts, read 50,766 times
Reputation: 11
Thanks everyone for your responses. BoA was very good about reversing all the charges (a total of $240). I've learned my lesson and will do a better job of watching my checking accounts.

Beth
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