Consumer complaint received 2021-07-15
Product: Checking or savings account — Checking account
Issue: Problem caused by your funds being low — Overdrafts and overdraft fees
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (NV)

Dear CFPB, Constituent Advocate XXXX XXXX, and XXXX XXXX XXXX XXXX, It has been over 10 years since the XXXX XXXX XXXX/Global Economic Crisis of XXXX. Money center banks and XXXX XXXX Institutions, like Bank of America, XXXX, and XXXX XXXX, who received trillions of dollars in taxpayer bailouts and explicit backstopping by the Federal Reserve ( giving investment companies a risk-free opportunity for profit ), have grown in size, strength, and market capitalization to levels far exceeding the crisis -- from which many individual consumers were completely blown up and unable to recover from the events. These companies, specifically Bank of America, continue to completely XXXX people with excessive and onerous overdraft fees which occur as a result of a low balance in their checking account. This low balance and subsequent overdraft is usually not something the consumer would like to have, or the result of a subscription membership they forget was going to hit their account. It is the result of various, life situations, which have made their balance low. I find it completely preposterous, that after bailing these companies out with trillions of taxpayer dollars, and furthermore, U.S. Congress passing two bills specifically targeting overdraft fees by these companies ( XXXX in XXXX and XXXX in XXXX XXXX how these companies -- with their cash rich balance sheets and soaring stock prices, are still able to charge consumers {$35.00} for an overdraft when they have no money in their account. To make matters even worse, and borderline sinister, these companies have no specific uniform overdraft rules which have to be complied to across all Federal Reserve depository institutions, allowing for changes in rules to confuse those who may have had multiple checking accounts over the years. I personally just had an instance, where I was assessed an overdraft fee, after my bank, Bank of America, had not only assessed me an out of network ATM charge, but a {$5.00} debit card replacement fee, when account was at dangerously low levels. I was not aware of these charges, and I then went to withdraw funds I needed within a 24-hour time frame, and because of these fees and my inability to clearly see the ATM screen due to sun glare -- I was assessed a {$35.00} overdraft fee for only withdrawing {$60.00} from my account. I did not agree to any overdraft fee, nor was I informed of one -- partly due to the glare on the ATM. The reason the overdraft was created was because of fees assessed by Bank of America, not a monthly high-speed internet subscription. The account was negative for a short period of time, and no effort was made by Bank of America to contact me in regards to the overdraft. 

I have called Bank of America twice to ask for a one-time forgiveness of the assessed {$35.00} fee, the second call lasting over 50 minutes speaking with a supervisor and the supervisors manager ( which I actually believe was just another supervisor, not her manager. The first Manager I spoke with went by the name of XXXX, and the second was a man named XXXX XXXX. They both gave me the same run around, how their system would not let them adjust the very basic general ledger of my checking account consisting of simple debits and credits. I was stunned to hear how little they cared about giving me a one-time forgiveness for something so small to them, but important and helpful to me. I explained to them how their fees and the short time frame this occurred were the cause of the overdraft. I further explained that other banking institutions do not charge overdraft fees when their own fee even remotely causes it. It really felt like pure greed. 

I would like to be refunded the {$35.00}, along with {$2000.00} for my time, pain & suffering, and mental anguish this has caused. I'd further like them to be audited for strict compliance with the laws passed by Congress in XXXX and XXXX, and further have Congress pass even more strict laws than create uniformity for these types of onerous overdraft fees so that consumers have a level playing field and aren't ripped off. Ripped off by banks who the U.S. taxpayer bailed out in XXXX and XXXX and wouldn't even exist if it wasn't for that bailout. 

XX/XX/XXXX Show additional information for activity type bank charge XXXXOVERDRAFT ITEM FEE FOR ACTIVITY OF XXXX ELECTRONIC TRANSACTION POSTING DATE ... activity type bank charge status type icon cleared Cleared. Select to mark activity type bank charge XXXX OVERDRAFT ITEM FEE FOR ACTIVITY OF XXXX ELECTRONIC TRANSACTION POSTING DATE ... as Reconciled XXXX XXXX XX/XX/XXXX Show additional information for activity type withdrawal XXXXBKOFAMERICA ATM XX/XX/XXXX # XXXX WITHDRWL PLAZA XXXX XXXX NV XXXX type withdrawal status type icon cleared Cleared. Select to mark activity type withdrawal XXXX BKOFAMERICA ATM XX/XX/XXXX # XXXX WITHDRWL PLAZA XXXX XXXX NV as Reconciled XXXX XXXX XX/XX/XXXX Show additional information for activity type transfer XXXXTransfer XXXX activity type transfer status type icon cleared Cleared. Select to mark activity type transfer XXXX Transfer XXXX as Reconciled XXXX XXXX XX/XX/XXXX Show additional information for activity type bank charge XXXX XX/XX/XXXX # XXXX WITHDRWL XXXX XXXX XXXX NV FEE activity type bank charge status type icon cleared Cleared. Select to mark activity type bank charge XXXX Everi XX/XX/XXXX # XXXX WITHDRWL XXXX XXXX XXXX NV FEE as Reconciled XXXX XXXX XX/XX/XXXX A copy of this complaint will also be sent to Congressional Advocate XXXX XXXX and Rep. XXXX XXXX, both of whom do a phenomenal job -- to look into on their end. 

Thank you for your help and I hope this issue can be resolved accordingly, and the laws which Congress passed to protect consumers from the onerous charges -- can begin to actually help them. 

Sincerely, XXXX XXXX Daily XXXX