Be careful closing bank account BOA
Date: Sat, 02/07/2009 - 13:32
Friday comes along, I check my old online account and BAM.. -$1400. Then by the time I had gotten to the bank to see what was going on my paycheck had posted and my balance was +$300. The payday loan had already cleared and I only had $300 left out of my check. The branch manager said that the direct deposit was what opened the account back up not the ACH for the PDL. The direct deposit was already pending when she began closing my account and she wasn't able to see it yet.. So please be sure you change your direct deposit over to a new account before you close it because even though they might tell you they can handle switching it they really cant. This is something that needs to be done on the end of your Payroll company as well as the bank.
So needless to say we are broke this week.. but don't worry I won't take out another PDL!!!!!!!!!!!!!!!!!! We will just have to make it by until we get our income tax refund next week. I changed my direct deposit to my new account that day and now nothing will open the old account back up. It is completely closed. All ACH debits will be rejected and returned. The only upside of all this is that the PDL company that got their money was Cashnetusa.. so at least they are a legitimate company that I had already set up payment arrangements with anyway. So all in all I guess it worked out Ok.. I would just suggest not to be too quick to close your bank account. Although in my case it wouldn't have really mattered either way because there wasn't enough time to get my direct deposit switched over before the evil blood suckers hit my account. It would have all happened anyway.
BOA makes it so difficult to deal with, they were bailed out by
BOA makes it so difficult to deal with, they were bailed out by the government but they refuse to help any of their customers out. I'm so thankful I don't have an account with them, and never will. :shock:
BofA is the absolute worst!!!!! I had 4 accounts with them and
BofA is the absolute worst!!!!! I had 4 accounts with them and I am down to one, I switched to Wells Fargo. I told them they lost my business, they are no longer the bank they use to be, I told the Branch Manager ONE CUSTOMER AT A TIME and all he could say is I know. He knew exactly what I meant.
I may open an account with Wells Fargo and just close my new BOA
I may open an account with Wells Fargo and just close my new BOA account too.. My mortgage is with Wells Fargo. I keep hearing BoA is the worst and I'm starting to believe it!! I'd rather use netspend than Bank of America at this point.. I don't think it's too late to open an account with Wells Fargo.. but I've had so many overdraft fees in the past month it's unreal.. I don't know if another bank will open an account for me. I probably spent close to $500 in over draft fees and $1400 in payday loan fees last month.. That's more than half of my monthly pay. I can't survive like this anymore.
I am so sorry that happened to you. BoA should have explained th
I am so sorry that happened to you. BoA should have explained that your direct deposit could be an issue.
I have not had a bank in over 15 years. I have a credit union and I am so happy I do. They are small but more in tune to the customers needs.
That was a blow but you are now over it. Close that account and move one. Better days are ahead.
I've been with BOA for 20 years and they are definitely not the
I've been with BOA for 20 years and they are definitely not the bank they used to be. They are actually under a huge lawsuit right now for the way the leave debits pending for days and then will go ahead and clear a large check first and then it causes overdrafts on all the pending debits. It has caused me a lot of problems with them and apparently I'm not the only one. There is a place on the BOA online banking website that allows you to submit a request to be a part of the lawsuit if BOA charged you overdraft fees for leaving debits pending like that. I signed up for it. It is supposed to be resolved in a few months. I can honestly say that they were very cooperative through everything going on with the pdl's. They helped me put my account on a hard hold and credited me $450 for SPD Financial (I filed a claim against the fees) and they issued me a $350 credit towards any overdraft fees I had in the past. I'm thinking they are worried about this pending lawsuit. I'm going to stick with them since I just opened up a new account. I'm curious to see what happens with this lawsuit and how many people it has affected.
BofA Customer Service is inconsistent and that is part of their
BofA Customer Service is inconsistent and that is part of their problem. They have done what you are talking about to me, its like a cash cow for them.
I find their branch customer service (manager, personal banker etc.) is much better than their phone service. I am sure they lose business every day because of their call center.
I completely agree. They need some serious training with their
I completely agree. They need some serious training with their telephone customer service. I've had some heated conversations in the past with them and they weren't willing to budge to help me. It wasn't until lately, probably due to all the complaints about their unethical check processing, that they have been more than willing to help me. I'm sure a lot has to do with the hurting economy too. Is there any bank out there that is good to work with?
I cant find that lawsuit link on the BofA online banking website
I cant find that lawsuit link on the BofA online banking website, where is it exactly?
I will have to take a look at that link for the lawsuits because
I will have to take a look at that link for the lawsuits because they have done that to me I don't know how many times.. I would have many small transactions that were pending days before a larger one started pending but they would always put the larger one in front of the small ones to make the large one clear first and all the small ones bounce. I have even taken screen shots to prove it but never actually did anything with them. I don't see how they can keep getting away with that.
It is the policy for most banks to process the larger amounts fi
It is the policy for most banks to process the larger amounts first. Their theory is that the larger amounts are most likely mortgage/rent or car payments.
I have had the same thing happen to me at my credit union. I have used my debit card on a Saturday and all transations cleared fine but then a check I forgot I wrote was the largest amount and was processed on Monday and then they bounced all the debit transactions made two days earlier.
I agree that is a "practice" that should be stopped. The transactions should go through in order they were made regardless of the amount.
That is true nohiogal I have been told the same thing however tr
That is true nohiogal I have been told the same thing however transactions should not remain pending for so many days, they should drop off.
Having worked at BofA, I would never hold an account there. A
Having worked at BofA, I would never hold an account there.
And nohiogal is absolutely spot on. I think all banks now do that highest amount to lowest amount debit processing. It's supposed to help out the consumer, for the exact reason she stated; however, I really do believe it's more for the banks to make money with overdraft fees.
Not to help the consumer.
However, credits are always supposed to be processed first. So if you have a paycheck go in and four checks clear that night. They paycheck should hit first before the checks clear.
And never let a bank try telling you they placed a hold on an electronically deposited amount into your account, like a direct deposit paycheck. There is absolutely no reason in the world for them to do that. I had a friend who was told that by a bank and she got the local news involved and it was pretty embarrassing to the bank once it hit the news.
Well, that would explain why my bank is suddenly starting to pro
Well, that would explain why my bank is suddenly starting to process debits quicker. (Don't bank with BOFA.. but did at one time).
timothyly, as long as your not reported to Chexsystems and your credit is okay, Wells Fargo should let you open up an account.
I went with a credit union after being with BofA for 7 years. I
I went with a credit union after being with BofA for 7 years. I was one of those they left debits pending for so long. A few months ago, I had written a check for $300.00 to pay a bill. Originally, they cleared the check, no problem. Then a few days later, the woman called me to say the check had been returned. So I went back in to the account. They had originally cleared the check, then they denied it, charged me an NSF fee, then deposited the $300.00 back into my account. There was no reason for this. And they didn't have an answer for me when I contacted them.
No. They didn't. Irritated nowhere near describes how I felt. Wh
No. They didn't. Irritated nowhere near describes how I felt. What I didn't understand is, if they felt the need to bounce my check, why deposit $300. back in? It makes no sense.
Wow, Timothy, I'm so sorry to hear what happened to you. You di
Wow, Timothy, I'm so sorry to hear what happened to you. You did do the right thing by closing your account, though, which is what I finally got the guts to do myself last week. I, too, bank with BOA and have been with them for 13+ years. I don't have much to say about customer service because I do all of my banking online without issue and probably go in person less than once per year.
Last Thursday at lunchtime I went to the bank and they froze my account, basically nothing in, nothing out. They allowed a checkard purchase to clear overnight on Thursday, but no ACH stuff. This protected my direct deposit that came last Friday, but since my account was frozen, I couldn't have access to my own money. However, small price to pay in the long run. Also on Thursday, they set up a new account for me and gave me the form to take to payroll to change my direct deposit. They told me to come back on Tuesday so that way they could make sure there was nothing still pending and they could completely close out my account.
On Monday I went to payroll and changed my direct deposit. They told me the change would definitely take effect for when I get paid next Friday.
I went back to BOA yesterday. They moved my paycheck from the old account to the new one and then closed out my old account. I asked the branch manager again about my account being reopened - she said that it could only happen with a deposit. I told her that I had changed over my direct deposit and she said I should be all set, but to keep an eye out and let her know. Overall, the experience, though stressful, was very good. I credit the branch manager for that. I got lucky, I guess. I'm sure this will all work for you. Believe me, I know all about being broke. But now I will be free from payday loans, and you will, too. Good luck!