Consumer complaint received 2020-11-24
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NC
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Fee problem

Complaint:
Good morning, My name is XXXX XXXX and I have a checking account with Bank of America along with a money market account, and credit card with a limit of {$21000.00}. I contacted BOA as a result of receiving 4 overdraft notices on my account for items that came in this morning. I have had a relationship with BOA that dates back to XXXX and have had everything with them from accounts, mortgages, credit cards, etc. The date is XX/XX/XXXX. I set up the account so that there would be a low balance alert so that I would be notified in advance if there was a problem. I maintain a balance of {$4000.00} + in my money market, {$970.00} in another account and {$100.00} in a third acoun. that I can transfer at a moments notice. This morning upon going into my account which I access on a daily basis I saw a notice regarding a low balance and saw that the balance was a little over {$11.00}. I went to my transactions to view what had transpired and saw that the balance had been reduced significantly as a result of {$140.00} in overdrafts. I viewed all of the transactions knowing that I should have had sufficient funds to cover any items that would come in and then checked the date of the notification of the low balance and saw that the notification was dated the XXXX and the processing took place the XXXX one day prior to the notification of a low balance. I have enclosed a picture of the notification. I called Bank of America and asked them what had happened as I had also had a direct deposit of {$400.00} on the XXXX the same day the notice was posted. If the alert had come out in a timely fashion I could have made a transfer immediately, however the alert was posted after the overdraft date and did not precede it as it should have. when I spoke to the Manager XXXX in the Texas call center all he could offer was I should have checked on XXXX for BOA 's policy. I indicated that the notification should have preceded the action and he said that the bank was under no obligation to return all of the funds due to they can't promise that they can basically due things correctly. Given that that is the case, I feel I should have been reimbursed for all of the fees assessed as the timeliness of their notification was not accurate or of benefit to the consumer. In addition, I believe that consumers should be notified that their alert system does not work when they are subscribing to it and further disclosure which were not provided but indicated that simultaneous actions may occur which can result in excessive fees. BOA has billions of dollars and we are in the middle of a Pandemic, I believe their actions should be more in align with helping the consumer rather than taking advantage of them. I did have the money available in my account and after the debit took place most of which could be contributed to the excessive fees there was still an {$11.00} + balance. I just ask for fair and equitable treatment and to make sure that financial institutions such as BOA are not taking advantage of consumers like they did with Countrywide Mortgage especially during this time. Again all transactions occurred simultaneously so how would I know to transfer funds the day after the transactions posted, given the notification date and it has to be acknowledged that my balance was positive, so part of this is their failure to notify me in a timely fashion and the second part was the posting order.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief