Bank of America Stole My Money!

I knew we were getting close, but I thought we had enough to clear. As it turns out, we actually did, except for one larger bill that was scheduled to come out that day. So what did Bank of America do?

Well, although all our smaller transactions had been done several days ago, and had already been pending (meaning the bank had put a hold on those funds), Bank of America decided to post them all the same day, starting with the largest first, and then proceeding downward until it started posting the $6, $5, ..., $1.75 Sonic drink (purchased 4 days prior). Unfortunately, by this time, there was not enough in our checking account to clear these (which totaled $21). Fortunately, I have a set up where if there are enough funds in my checking account to clear, the bank will automatically move money from my savings account to cover it, which it did. There was enough to keep our balance in the black... until they deducted their $10 transfer fee. And yet, the bank decided that, despite all this, I would pay it $35 for every transaction that was originally in the red... which was 6 transactions, for a total of $210.

So I figure maybe I could talk to the bank I have been loyal to for 5 years and have two accounts with, they would see where this is ridiculous, and would kindly refund at least 4 or 5 of those fees so a man can continue to feed his family until his next paycheck.

Smiling, the bank officials proceeded to describe that this method of applying the large transactions first is for my own protection. "Wouldn't you rather make sure your mortgage or car payment is paid first?" said the man. "No, I would not," I replied. "Well, 98% of Americans would disagree with you," he stated. "No, they would not," I replied, explaining, "If they were $21 short, they would prefer to pay you one insufficient fund charge and then scrape together that $21 deficit, along with the returned check charge that the mortgage company will charge them, and get it done the next day." I went on, "Besides that, I have overdraft protection as a customer of your bank, which means you would have paid it anyway, and then I would only be owing you one $35 overdraft charge and have that and the $21 deficit come out of my next deposit, which I made later that very afternoon."

"No," he said.

"Yes," I said. "Most people would consider that as logical, and fair and reasonable. If your system is truly designed to protect me, it doesn't seem to be working all that well at this moment. All you have to do is rearrange the order in which you honor my debits, and 'poof', I owe you $35."

Smiling, the manager explained that that is not possible, to which I explained that yes it is quite possible, since I have seen it done once before.

Smiling, he told me that it is a technical issue, and that I would have to call the 800 number, because there is nothing he can do here.

Not smiling anymore, I pointed to a large deposit that I had just made that same day, which the bank so kindly decided to hold for 8-10 days, and which I intended to use to open a business checking account. "Do you see this transaction, right here?" I asked. "Why, yes," he said, smiling. "Well, this will clear in a week, and when it does, I will take every last dime of it out of this bank, because I am thru with your b.s., and then I will close down both my accounts and take my business to a friendlier, more reasonable bank."

I then proceeded very loudly to tell him that I was tired of being robbed by my own bank, that they know that what they are doing is wrong, and that it is nothing but theft.

Not smiling anymore, he told me that I was welcome to leave the bank now. As I stormed past the not smiling customers who were turning their heads, I reminded him loudly that he has lost my business, and that he can tell his managers that. He kindly followed me out of the bank and into the street, where I proceeded to proclaim to Springdale downtown that Bank of America just stole my money, and that they are nothing but a bunch of theives. As one man got out of his car, and looked at me, I said, "Isn't that right?" "Hell, yeah!" he replied, just as loudly.

Realizing that an 800 number is not going to get me any more than a live person would, I took a different tack. I created a sign, and stood outside the bank for two hours, warning people about the bank they were about to enter.

I haven't got my money back yet, but I did persuade one young lady who was about to make the mistake of opening an account at the Bank to pursue other options. I also convinced our legal secretary to go ahead and change banks as well.

I'll be back out there tomorrow.