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August 22, 2007

Am I Getting Nickeled and Dimed at Bank of America Online Banking?

posted by MR WAVETHEORY at 8/22/2007 05:20:00 PM
Everytime I use Bank of America Corporation (NYSE BAC), I feel like I am getting nickeled and dimed. The latest annoyance is the incoming wire transfer fee that they charged me on my savings account and my checking account. I got an incoming wire the other day and they charged me $10 bucks for it - on a $100 transfer. It's annoying. Everytime I get an incoming wire transfer into my savings account, they charge me $10. Sometimes, the wires are small amounts like a few hundred dollars and $10 is hell of a lot of money. On a $100 transaction, that's 10%!

Bank of America is operating on the nickel and dime principle of earning its keep and it is complete madness. I don't see why incoming wire transfers should cost me any money. After all, I'm bringing assets into Bank of America Online Banking which they're going to be investing at an interest rate spread above what they are paying me. The worst part is that I'm supposed to be fee free because of the type of savings account I have. But apparently, their computer system is so greedy it can't tell the difference. Everytime I get a wire, I have to email them that my account is fee free. Of course, the pesky customer service reps who respond to these requets are all in India and couldn't care less about my account and more than once have dashed off stupid responses, like "ohh we're sorry." I wish Bank of America would just reduce these fees and stop driving me crazy!

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Blogger mark3822 said...

Thank you!!! Someone else feels like me. BofA is the WORST!!! I too have a fee free account, yet their computers dont seem to realize it and charge me $3 here $5 there. I also loved the fact that when I was broke, they always slap the $32 overdraft charge after pushing thru the largest debit then allowing multiple smaller debits to follow racking up the fee's. Customer service forget about it. Hopefully they see this and make a change.

7:19 AM  
Blogger MR WAVETHEORY said...

Mark - I'm so glad to hear I'm not the only soul out there who's gotten nicked and dimed. Schaudenfraud? When I posted about my "inconvenience," my first reaction was anger. Then annoyance. Now, after reading your comment, my opinion of BofA is simply: hopeless incompetence. I hope someone from Bank of America reads this and they fix the computers. It's not excuse for a $200 billion dollar company! B... as in billion $1.

12:44 AM  
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7:57 PM  

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