Anyone else having a problem with overdraft fees?

Question

I have two accounts with BofA, one I don't keep much money in so I won't spend too much. For the last few months, I have been getting hit with overdraft fees 9-10 times a month. I keep transfering money in, before i go to buy something but still it's over drawn. I am beginning to think the bank is minipulating the transactions so they can collect the fees. Anyone else having this problem?

Answer 1

I suggest canceling overdraft protection especially if you do not write checks. Then you don't have to worry about bouncing checks which is basically what the protection was created for. Just head into a branch and say you want to cancel your overdraft protection. This way when you use your card it will be denied when the funds are not there. May be a headache having to wait to buy something til your funds are transferred/available, but at least you won't get fees.

Answer 2

My husband and I were getting hit with all sorts of odd fees from B of A so we finally switched to Wamu after a year of c**p from them.  Even after we closed our accounts, somehow we still had a savings account with them.  I'd suggest switching banks.  B of A was such a hassel for us.

Answer 3

you might have a minimum balance requirement on your account...like B&A requires you to have let say, $100 on your account at all times. if you have less that, it charges you overdraft charge until you deposit money so its more than $100. and they charge you for every transaction you make. if i were you, switch banks. I had B&A before and i got sick of their hidden fees and charges. I'm banking with WaMu now and no problem at all. they still have overdraft fees if you use your account and you have no money to cover it but they have no minimum balance requirements. its free banking and they have great customer service

Answer 4

No, I haven't. And we have the same bank.

Answer 5

YES!!!

I go through USBank, and I'll buy something or a few things the day before I deposit money in the bank, and they'll charge the MORE EXPENSIVE ONE (that I bought LATER) to my account first so I have THAT overdraft fee, then add all the little charges on so I get hit 4 times at once!

What I do is call the bank, explain my situation, and usually they refund all or most of them. Good luck!

Answer 6

You really need to talk to your bank about this. Instead of paying out the *** in overdraft fees you should resolve the issue. I had this problem with my bank US Bank. I couldn't understand why I was getting overdraft fees when I was putting money in, depositing checks from my husbands work even. Well the problem with my bank is two things.

1) Unless what I deposited was cash I always had a 24 hour hold on my money.

2) If the money was deposited after 4 pm I would not show up in my account until 48 hours later.

I received a lot of overdraft charges because of this. You need to keep a track of your money, constantly call the 1-800 number or look online(if you have online banking as well), and remember when you bank statements come in to balance your account.

I definitely suggest talking to your bank about these overdrafts though. If they are coming through and you haven't spent any money then they are doing something wrong. Sometimes these drafts can be over turned by a representative.

Now that I know how my bank works I have had no problems with it as long as I keep track of my spending. If you are having to many problems with BofA then I suggest going to a different bank. There are plenty of banks out there, like US Bank and Washington Mutual, that do not require a minimum balance to be in the account. Washington Mutual accounts can be opened with $10.00......US Bank accounts have to be opened with $100.00

Answer 7

i've heard this before with boa.  i've had them hold my direct deposit before!!!!  i thought the point of direct deposit was no holds!  they are awful.  i changed banks!

Answer 8

i got one of those over draft fees and i freaked out at the bank. all you gotta do is tell them that you dont want the overdraft protection anymore. then when you try to buy something and you aint got the money, your card will be declined

Answer 9

Nope.

Answer 10

I've had some overdraft problems, but not anything close to what your having.  My husband and I have a joint account and sometimes he forgets to tell me what he's spent and we've overdrawn, but it's not a habit!

Balance your checkbook!  Don't rely on the online balance or the balance over the phone.

Answer 11

mine does that c**p also, then they have the nerve to charge 20 bucks each day the account is overdraft.