Stories like this are the reason why banks need to be heavily regulated

Now you've met a satisfied BOA customer. I've been with them . . . going on 20 years. Never had any of these problems, but I'm probably unique in that I also have a brokerage account with them. Because of that balance, not only don't I pay a monthly maintenance fee, but I also get interest on my checking account.

 

I feel very fortunate. My sister works for Commerce Bank, where I bank, and she has been able to get multiple fees like these waived for me and my other family members. As soon as she quits there, though, I'm gone, because I've seen what they try to do and without her there to cover me, I'll be f-ed.

 

Banks need to be regulated so they can't pull this ridiculous crap. But be prepared, when that happens, they'll recoup their money in other ways.

People need to be aware of what is going on with their accounts and read what they sign.

 

$28 a day exists solely to punitive and predatory, though -- given who's more likely to get to the bottom of a bank account and run into overdraft fees, it's as predatory as a payday loan shop. It's the rich taking directly from the poor.

 

I closed a Bank of America account earlier this year and it was a great feeling. We had used the same account for 20 years, going back before B of A had bought out Boatmen's Bank.
Of course, during the account-closing process, they said they could have made all those monthly $3 check image fees go away.
Because we reduced the balance while moving money to a credit union but didn't close it all the way just to make sure our electronic withdrawals and all checks were in, they charged a $12 maintenance fee for that month when the account had the least amount of activity to maintain.
Bank of America and ATT are two of the reasons people dislike large corporations. Throw a couple of airlines into that mix, too.

 

Saying banks need to be "heavily regulated" because of stories like this is like saying newspapers need to be "heavily regulated" because of what happened with the with the phone-hacking scandal.
How do you like it from that angle?
Doesn't work for you quite as well, does it?

 

Phone hacking is nineteen kinds of illegal.

Banking fees are not.

 

I've been with three banks in my lifetime -- my hometown bank, Chase and US Bank.

Chase and US each charged a per-day overdraft fee of $28, while my hometown bank just hits you with a $25 charge each time you overdraft. Out of all three, my hometown bank has been the best to deal with because they don't have any asinine fees like Chase and US -- hidden or otherwise.

 

Baron, how about the bank makes amends by hiring this kid and paying him $30/hour?

 

Why should this kid or his mom be responsible for that? What kind of country are we leaving in?

 

Journalists don't read directions.