bank charged me "excessive activity charge"?

danger boy

I've been with Bank of America for nearly 20 yrs. This is the first time I've ever been charged a excessive activity charge for using my account. Anyone else ever even heard of this let alone ever been charged it too?

I do most of my baking with BOA online.. and unless there is a problem with using my account more than once per day.. I have no idea why they would charge me $1 for over activity? :mad::mad:

WTH????

brettw22

Charge me that once and I'll move every penny out of a bank.........what idiots..........

avelanchefan

danger boy wrote: »

I've been with Bank of America for nearly 20 yrs. This is the first time I've ever been charged a excessive activity charge for using my account. Anyone else ever even heard of this let alone ever been charged it too?

I do most of my baking with BOA online.. and unless there is a problem with using my account more than once per day.. I have no idea why they would charge me $1 for over activity? :mad::mad:

WTH????

Have you done a lot of transfers from Checking to Savings and Vise versa? You can only do six transfers per month, then they start getting real chitty about it. (Its some type of law from what they told me) That may be it.

Sherardp

avelanchefan wrote: »

Have you done a lot of transfers from Checking to Savings and Vise versa? You can only do six transfers per month, then they start getting real chitty about it. (Its some type of law from what they told me) That may be it.

Happens with my bank also, though never seen over activity charge for this.

timlitton

I had to change a saving account into a secondary checking account because of the risk of being charged. I never triggered a fee but they told me I was close every month.

My bank told me the same thing avelanchefan recounted, about a law that limits transactions from a savings account. Otherwise, why have a checking account at all? Get a savings account to reap a higher (although still laughable) interest rate and use it like you would your low APR checking account.

Gaara

avelanchefan wrote: »

Have you done a lot of transfers from Checking to Savings and Vise versa? You can only do six transfers per month, then they start getting real chitty about it. (Its some type of law from what they told me) That may be it.

Section 204.2(d)(2) of Regulation D Scroll down half way, you are limited to six per month in/out of Savings accounts. Some banks won't charge a fee...they will close your account.

I never understood the allure of Bank of America, everyone I know seems to use it. I like my bank, 5% interest, refund ATM fees, quick ACHs, never been charged a fee for anything.

bobman1235

I dropped BoA over a year ago because I was sick of **** charges like that. Switched to Charles Schwab online banking - I get interest on my checking balance, and they reimburse me all ATM fees charged by other banks.

zarrdoss

BOA sucks! rediculous fees and charges, drop them and go with a well established local bank.

exalted512

brettw22 wrote: »

Charge me that once and I'll move every penny out of a bank.........what idiots..........

my thoughts exactly.
-Cody

bruss

my bank closed my savings account without telling me and moved all my cash to my checking because of too much activity. I moved banks and setup up a checking account that i use as a savings account. 3 months later my new bank was seized by the feds and sold to some bank ive never heard of, Great Southern Bank or something. They seem to be ok so far.

treitz3

I sure am glad I belong to a credit union. Crap just like this is why I joined 14 years ago and I haven't looked back since.

AudioGenics

BOA tried the same exact charges.

I called customer service to have them removed.

If it happens again , I will switch all my accounts to another company but it may not be any better...

Rough economic times.

AsSiMiLaTeD

Maybe some of you guys aren't understanding, this isn't a Bank of America thing, it's Federal Law. It's a stupid law, but I don't think Banks can choose whether or not to follow it, could be wrong there.

Almost every bank has some kind of stipulation around this: Some will charge you, some will close your savings account, some will just dissalow the transaction altogether...

I hate BoA, but for other reasons...

shack

If it was a money market savings account then you are limited as to the number of transactions allowed by law. It is one of the few account types that still have govt. restrictions on number and types of transactions . The law says a customer is allowed three checks, three 3rd party transfers (wire transfer, auto debit, etc) and unlimited over the counter transactions (walk into a branch and make a withdrawal). The bank is supposed to penalize the customer for exceeding those limits. In the past we would give warnings (basically a slap on the wrist) indefinitely. We were told by regulators that was not good enough. We were told we should charge a fee the FIRST time it happened and if it continued we were to convert the account to a non-money market account type. If banks haven't been charging they are in violation. As banks are coming under closer scrutiny they are now being told to follow all the rules...even the one's the customers don't like.

danger boy

the fee was from my savings account... and there must have been more than three transactions on my part to trigger this fee. I"ll call them up and see if I can get it removed. sucks.. i've never been charged this.. or even heard of such a law.

DollarDave

We don't charge a fee and have never been instructed by the State or FDIC exam teams to do so, we send warning notices and after repeated violations (three, I think) we change the account type to a transactional account with no interest and a service charge structure.

Reg D is an area of scrutiny for the auditors and examiners, but has never been a compliance issue for us. It could be that we are less scrutinized because we are well capitalized (no TARP money) and have an extremely clean loan and investment portfolio.

muncybob

Gaara.....what bank is paying 5% interest these days??????????

shack

DaveMuell wrote:

Reg D is an area of scrutiny for the auditors and examiners, but has never been a compliance issue for us. It could be that we are less scrutinized because we are well capitalized (no TARP money) and have an extremely clean loan and investment portfolio.

We are equally well capitalized (always have been) and this is an issue that was brought to our attention well before TARP. In fact this was also forced upon my former bank (prior to SunTrust's acquiring it). It was the #1 performing bank in it’s peer group for many years so it was not a problem bank at all. It may be a regional thing that is open to interpretation. For us this has been an OCC requirement. If you are not federally chartered bank you may have a "kinder and gentler" group of regulators.

shack

muncybob wrote:

Gaara.....what bank is paying 5% interest these days??????????

Always be leery of a financial institution that is paying way above market rates (and 5% is 3-4 times market rates). It is often a case they are experiencing problems. As long as you are covered by FDIC insurance you are ok...it just may be a hassle down the road if the bank fails.

Gaara

muncybob wrote: »

Gaara.....what bank is paying 5% interest these days??????????

Here -> http://www.fatwallet.com/forums/finance/783099/ is a list of them from Fatwallet. My money is at Coulee bank in a Rewards checking account. To get the 5% you need to use your debit card for 10 purchases a month and do one ACH. If you don't like that idea

shack wrote: »

Always be leery of a financial institution that is paying way above market rates (and 5% is 3-4 times market rates). It is often a case they are experiencing problems. As long as you are covered by FDIC insurance you are ok...it just may be a hassle down the road if the bank fails.

I agree. That is why I make sure that any bank I have my money in is FDIC insured, have at least 4 stars for BankRate and Bauer, and are well reviewed on sites like Fatwallet. Last I checked Coulee had 5/5 stars for both.

The zinger is that I was earning $100 a month on money I got out of my Chase card via B/T. Paid $75 to get $1200 (minus taxes), not to shabby.

steveinaz

Also look out for the latest credit scam where they are lowering your credit line, not telling you, then slamming you with an over-the-limit charge (and often also jacking your interest rate up) the next time you use your card. These SOB's are getting desperate, and they're **** their good customers to pick up the tab.

Next year legislation will kick in to require them to give you a heads up, but right now we're sitting ducks. Watch ALL of your credit card statements closely.

Bottom line, try as best as you can to NOT use credit cards for carrying a balance. I know, easier said than done in these times---but when you borrow, you are at their mercy.

disneyjoe7

BOA I just glad I don't have to deal with them much, and there days are coming to end here shorty.

I have POA over my moms account there, I would have changed it years ago but with the direct deposits setup it was worth the BS needed to change. So thinking I SOL after death I wrote a check to myself Monday and marched to bank. After given the 2 forms of ID needed I then got a blank stare for 4 minuits... all along I'm thinking WTF the moneys in the account cash the F*&king check. Then he ask if I have the check card which I just found in line handing him my license. Slid it in the ATM terminal at the teller now and cash is handed to me. So they tell me I have power after death also as I'm listed as POD which is what I wonder, but I feel better knowing they have $18 and change sitting in there bank, the rest in my hand for her expenses.

I'm just glad I deal with the a small credit union, they treat and know me like family.

steveinaz

Credit Union credit cards are the way to go, they're member owned and rarely engage in the shenanigans that banks do.

cnh

DaveMuell wrote: »

We don't charge a fee and have never been instructed by the State or FDIC exam teams to do so, we send warning notices and after repeated violations (three, I think) we change the account type to a transactional account with no interest and a service charge structure.

Reg D is an area of scrutiny for the auditors and examiners, but has never been a compliance issue for us. It could be that we are less scrutinized because we are well capitalized (no TARP money) and have an extremely clean loan and investment portfolio.

A bit of sanity here. Not everything is a Gov't conspiracy. BOA..yeah they suck! I've never been charged such a fee...but who knows, banks are doing ALL kinds of things these days to save their A$$e$. And that means you and I are their targets. Even those of us who have excellent credit, and pay our entire credit AMOUNT each month, are having our credit lines reduced and (as a consequence of this) our credit ratings degraded? And now, the boys and girls are running some kind of 'randomizing' payment date program so that they can catch you off-guard and put you in a late-payment penalty spot. They're not HAPPY with their 20-30 percent interest rates...they're after those of us who PAY NO INTEREST now. Precisely because we're 'responsible' and they don't make hideous PROFITS from us and demand we sell our children to them--just kidding on the last one.

Banks...can't live with them, can't live without them. But their definitely not middle-class friendly?

cnh

nikolas812

I WAS with BOA once.......







Nick

cnh

Nick,

We're certainly not going to lay blame on 'employees' or even 'middle-management' they're poor sobs like ourselves after all just doing their jobs.

cnh

heiney9

This has been standard practice for most large banks. It's a savings account......and to curtail excessive activity they may charge a fee. Check your account guidelines/disclosure. As Shack stated a Money Market account, while still a savings account, has different regulations set up by the Federal Government. They seek to limit certain types of activity(withdrawls) as well.

BOA is not really to blame............most large banks have some sort of fee's in place on Savings Accounts. If you don't like it join a Credit Union or perhaps a local small town bank will be more flexible.

I guarantee in your account disclosure it spelled it out in black and white. No one ever takes the time to read those.

H9

madmax

Just call them up and tell them you don't want to pay it.
madmax

cnh

I don't disagree. Except to say that I get 'disclosure' statements every quarter....it seems. The policies in there, never favor me, us. Are banks getting nudged by the Gov't every time they seek a hike or a cut in services or new charges! Well I will admit I don't know. But you have to admit it's hard to believe that?

Seems like lack of 'regulation' is part of our current problems? In fact I love reading my disclosure statements; it makes me feel so 'small' and 'powerless' like I'm some kind of scum that the bank is 'allowing' to bear deposits with it. Like I'm lucky I can 'even' have services with them.


cnh

heiney9

Hard to believe what? They send you those dislosures because by law if they make a change they have to. If there are no changes it seems your bank does it as a courtesy. That's what is great about the USA.......if you don;t like the changes you're free to find another financial institution.

It's not excessive, it's standard practice for a savings account............hence the name. It's to deter people from having execessive withdrawls.

cnh

So we're saying that all those individuals who are charged 20-30 percent a month have the ability to choose some other financial organization that will charge them more or less the same fees for the same services.

I don't personally have any financial problems but I come from a working class background where everyone I left behind is in life-threatening debts to these banks. Those are the people I worry about. They are not the most financially astute, or educated, they don't understand the things you and I might. But they happen to be the backbone of our work-force and a large part of our tax base. If you think banks don't treat people differently on that basis...I can't really say any more. Of the 200 people I graduated from elementary school with 4 or 5 went on to college. The rest....well...they could use a bailout and a holiday from our banking practices.