Checking or savings account -- Problem caused by your funds being low -- Complaint #4692323
Complaint Overview
Complaint ID: 4692323
Company: Bank Of America, National Association
Product: Checking or savings account
Sub-Product: Checking account
Issue: Problem caused by your funds being low
Sub-Issue: Overdrafts and overdraft fees
State: Massachusetts
ZIP Code: 026XX
Date Received: 2021-09-04T12:00:00-05:00
Date Sent to Company: 2021-09-04T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Bank of America allows most consumers to withdraw up to {$300.00} in cash as an overdraft. Unfortunately due to COVID-19 and unemployment, I became dependent on the {$300.00} overage limit as part of my monthly budget. I have paid {$1900.00} in overdraft fees from XX/XX/2021 to today. In early XXXX, the bank turned off my ability to withdraw the extra {$300.00}. Obviously this caused great consternation. However, I accepted it and was told it would be re-evaluated in six months. Instead, the bank then turned my ability to withdraw the money on again a few weeks later without notice. All of a sudden I was incurring overdraft fees for repetitive monthly charges that had been being denied by the bank. I asked the bank to refund these fees due to lack of notice and they refused. Then the bank again turned off my ability to overdraft the account. This also caused great consternation. I don't think it is fair that the bank can turn this dependence forming and fee generating service on and off again without notice.
Frequently Asked Questions
What is Complaint #4692323 about?
Complaint #4692323 was filed against Bank Of America, National Association regarding Checking or savings account specifically about Problem caused by your funds being low. It was received by the CFPB on 2021-09-04T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with explanation". The response was not timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.