Consumer complaint received 2021-04-13
Product: Checking or savings account — Checking account
Issue: Problem caused by your funds being low — Overdrafts and overdraft fees
Company: BOK FINANCIAL CORP (OK)

My small business had a checking account in good standing with Bank of Oklahoma ( BOK ) for a very long time that was originally opened in XXXX. This business never had much traction and was barely profitable and I was not able to depend on it fully. Due to a billing error with one of the vendors, the account was overdrafted for a short period of time and BOK began adding overdraft charges to the account. I never received any communication from the bank about this. 

They claimed to have attempted to send a single letter through physical mail while I had been in the process of a move and I believe that the mail was not properly forwarded. I confirmed that no phone calls were ever attempted and that the mail was not sent using USPS certified mail. Since this online business was largely coasting, I was not checking the bank account very often. I was not aware of the issue until I called asking about why the online account was not working. They said the online account was locked due to the checking account being closed. I was very confused and asked for more information and they said to call their collections department. I called the next day and they said it was a permanent change and I still had pending deposits from my payment processor trying to be processed which I had been notified that were failing. 

Im very confused as a customer as to why after many years of a mutually beneficial relationship, that the bank would close my account over {$70.00}. Im incredibly disappointed and feel there are some strongly unethical and unfair practices being done by this bank. I had seen billboards with the bank saying they were supporters of small business and this experience has shown me anything but that in the midst of a pandemic and many struggling small business owners just like me. During all of this, I was also going through personal mental health issues and was unemployed as this business income was low and not able to support my family when this happened I was further feeling more dejected and powerless. In order to gain access to my account I was told to pay the collection amount which was {$70.00}, but that they would settle for {$52.00}. I asked for clarification if that balance was from overdraft fees and they said they were not at all. I paid the amount on XX/XX/XXXX. I later tried and was still unable to login and access the online account which was necessary for me to get the bank statements for tax purposes. I then called the bank and thats when they told me that I would not ever be able to access it online again and that I would have to go into a local branch and get copies of statements. I went into the branch on XX/XX/XXXX and asked about how to get copies and they said they thought they could email them to me and would follow up. I received a callback the next day saying that they could only print them and would charge $ XXXX/page. I ended up paying for them since they are critical for my taxes, but it really seems as though they should have provided access since I never had originally received paper statements and they wouldnt allow access to electronic ones so its very anti-consumer. 

Lastly, I believe that the overdraft options at BOK are not compliant with regulations and are deceptive. There was never any information provided as to how to opt out of overdraft protection as I would have preferred to have the transactions declined and not lost my entire account and I think many other consumers would feel the same way.