Checking or savings account -- Problem caused by your funds being low -- Complaint #5989439

Complaint Overview

Complaint ID: 5989439

Company: Bank Of America, National Association

Product: Checking or savings account

Sub-Product: Savings account

Issue: Problem caused by your funds being low

Sub-Issue: Non-sufficient funds and associated fees

State: Oregon

ZIP Code: 97229

Date Received: 2022-09-16T12:00:00-05:00

Date Sent to Company: 2022-09-16T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Like many people, I don't really use my savings account. It's a nice perk I guess, a rainy day fund that allows me to mentally set some money aside. I've had checking and savings accounts with Bank of America for almost 15 years now. For almost all of that time, no fees. I grumbled but accepted it when my checking account gained a conditional fee a few years ago -- a change I originally found out about on the news, rather than the bank telling me ( I did get two emails from the bank that outlined the change later, before it took effect ). But apparently, my savings account was ALSO converted arbitrarily. I only got one email mentioning any sort of fee or change, on XX/XX/XXXX. The email was deceptively titled " Welcome to your new savings account '', an anodyne marketing phrase that most people tend to ignore and bearing almost no relation to the actual, involuntary changes made to my account. The " new '' account apparently requires an independent balance of {$500.00} dollars, or else an {$8.00} charge is applied monthly from the same account. So, back at the start of XXXX, I decided that the piddling amount of interest they were offering was irrelevant ( something like XXXX cents earned in XX/XX/XXXX ) especially compared to 1 % interest peers, and transferred a good chunk back to my checking account. I did not realize any changes had been made to the account, much less without a good-faith attempt at contacting me about it, and at the time I hadn't been charged anything because my balance was high enough. Since the beginning of this year ( XXXX ) I have been charged XXXX dollars monthly. I didn't realize this as, like again virtually all people, I assume that a savings account will never change and is not something I would check regularly. I only discovered this today, where I asked to get refunded ( only two months were refunded ) and closed the account. This is possibly the most anti-consumer practice I've seen in a long, long time. The charges are drawn from the savings account directly, where they are not likely to be seen and noticed by the customer, even though the checking account is linked. The charges bear absolutely zero relationship to the actual cost of managing a savings account, which is minimal for virtually all banks. Changes were made to the account without what I consider a good-faith attempt to notify the customer. I would expect a phone call or multiple, specific emails containing the information about the change prominently instead.

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Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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