Bank of America dropping overdraft fee!

[legalmania]

Bank of America is taking a big step in dropping their $35 overdraft fee. Please see story below

msnbc.com Video Player

 

[georgiagirl]

Here's to hoping other banks follow suit!!

 

[Mr. E]

People can't use their debit card if there isn't enough money to cover. I personally think this is a great idea. When I was in college I was introduced to credit cards and didn't really understand what that meant. I got into a lot of money trouble that way early on; now I feel like I'm much smarter about my money (no credit cards, which can be a pain sometimes), but I see my high schoolers with debit cards, and it seems like "plastic" equals "money" to them.

 

[Melly53]

The overdraft fees were a huge source of income for BOA and I have no doubt they will be looking for ways to make up for the lost revenue......out of their customers pockets!!!

 

[seatoad]

The overdraft fees were a huge source of income for BOA and I have no doubt they will be looking for ways to make up for the lost revenue......out of their customers pockets!!!

They already have. Two days ago I got a bill for almost $500, for charges and late fees from 2008 mortgage payments. Never was brought to my attention before this, always paid my late fees. I asked them to print out my payment history and send it to me so I can check it out. THe girl I spoke to on the phone said my account was current and had no problems. Apparently another department has been hard at work trying to find money.

 

[ohiogirl]

Something doesn't seem right about being charged 2 years later, do you think this is on the level?

 

[legalmania]

I remember them when they were NBNC once they became in my opinion of America, I quit them. I'm glad they are doing this because what they did to that soldier who is risking his life for this country was a very greedy move. I remember everyone complaining a couple of years ago that they were doing something to make peoples accounts bounce. I just hope this isn't a move to make people join them and then they pull some hidden charges as one poster has stated. I hope all these banks learn greed gets you no where.

 

[Kateyes]

Did anyone see the story on HLN yesterday about the woman in Pittsburgh whose house was foreclosed on? The people who worked for the mortgage department of BOA went to her property to secure it the way it is done during foreclosure - locks are changed, pipes are winterized, water is shut off, etc. etc. In the process over 15k worth of damage was done - mostly to the carpet and walls. The woman's first name was Angela, last name started with an I. Her exotic bird was taken also. Now for the punchline - her mortgage payments were up to date - were never late, and she was not in foreclosure. BOA states it is investigating what happened, the exotic bird was returned to the homeowner, and the homeowner is suing for the damages that occurred to her property! I will try to find a link and will post it. Another guffaw from the banking industry!

 

[Kateyes]

http://chattahbox.com/business/2010/03/11/bank-of-america-apologizes-for-parrot-snatching/

Above is an article about the woman whose house was damaged and bird taken in Pittsburgh, PA. I had stated 15k, but it is 50k for which she is suing in damages.