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August 24, 2007

Bank of America Says Sorry for Ripping Me Off

posted by MR WAVETHEORY at 8/24/2007 11:37:00 AM
Bank of American Corporation (NYSE BAC) charged me for 2 incoming wire transfers that I should have received for free. I wrote to them 2 days ago and I received an email from Bank of America today saying they are sorry for the "inconvenience" I may have experienced from getting robbed in broad daylight. They will be crediting my account with the $20. Their email then went on to talk about all the great things I should get for free with my "Advantage relationship." I didn't know that balance inquires were free! Haha - ok, I'm being sarcastic. I can only laugh when I started going down the laundry list of services that I will never use in my life:

Please allow us to apologize for any inconvenience you may have
experienced in regards to wire transfer fees. Please be advised, with
the Advantage relationship you receive the following benefits at no
charge:

- Overdraft Protection transfer fee
- One full ATM statement and one mini ATM statement
- Stop payments
- Incoming wire transfers
- Temporary checks
- Official checks, money orders
- Bond redemption
- Bond coupon envelopes
- Extra deposit ticket orders
- Check copies
- Personalized Advantage checks on anchor account and standard checks
on secondary account
- A second checking account
- Up to four savings accounts, two of which can be Money Market Savings
or two Regular/Customs Savings
- Balance inquiries
- Standard size safe deposit box, where available, or a $30 discount
towards a larger box.
- Single signature domestic travelers checks
- Quarterly Bank of America Advantage Newsletter
- Statement section summarizing deposit and loan balances each month
- Option of combined statement

After reviewing your account, we have applied a refund in the amount of
$20.00 to your account. The funds will be credited to your account
within one business day.

We apologize for any inconvenience this may have caused. We value you
as a customer and appreciate your business. If we may be of further
assistance, please contact us again by e-mail. Thank you for choosing
Bank of America. Have a great week!

So the net net after reading their response is that they had free use of my money, ie $20, for a period of 2 days. God knows what they did with my money, but I do know that I did not earn interest on that $20 for 2 days. I can only imagine how many customers Bank of America inconveniences every day - only to have free use for their money for 2 days and then return it back - or not. I should email them and credit me with the unearned interest!

Update: I received an email today from Bank of America and they refused to credit me with the interest. Below is their short and curt reply. They had the gumption to claim that their refund of the fee was a courtesy! Courtesy? They overcharged me! It's a legally binding contract!

Please note that that $20.00 is a courtesy refund provided to you by the bank. Therefore, we are unable to provide you any interest on this fee. We apologize for any inconvenience this may cause.
This just goes to show that banks make money through thick or thin, subprime crisis or not. Why? Because that's where the money is at!

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