Bank of America used to be the largest bank by assets and second largest commercial bank by deposits before the acquisition of WaMu by JP Morgan chase & Co. Bank of America’s most popular banking products may be the MyAccess Checking Account and the Keep the Change program. However, there are a lot of complaints about the terrible overdraft fees. Here I will tell you the most useful method to get the overdraft fees back from Bank of America.
Why the overdraft fees are so terrible?
First, what’s “an overdraft fee”? An overdraft item fee occurs whenever funds must be provided to cover a transaction that overdraws the account. Believe it or not, overdraft fees have increasingly become a source of profits. Banks and credit unions collect about $17.5 billion in overdraft fees per year. As reported by USA Today:
In 2007, Wachovia put in place a tool that tells employees how much they can refund to customers hit by overdraft fees. The bank, in memos, also tells employees to “sell” a debit card with every account because it makes money when consumers use it.
Bank of America raised the fee charged on the first day a customer overdraws to $25 from $20. BOA also raised the number of times a customer can be hit with this fee per day to seven from five. It’s really terrible. Furthermore, the next following days after the first day, the fee is $35.00 for each item. A customer can easily get up to $500 fees just for the overdraft. And it’s vry common to pay $100 over draft fees for just 2 or 3 cups of coffee!
It’s common to go to your local BOA branches to complain the over draft fees if it really happens to you. Or you may call BOA up to appeal. However, most of the employees are trained to give you a samll portion or even nothing to you. So there must be other ways to get the money back.
After a little search on the web, I realized that the most effective way to get the over draft fees back is to write to their CEO!
This has been confirmed to be successful for many victims of BOA’s over draft fees. The CEO of Bank of America’s address is:
Mr. Kenneth D. Lewis
100 N. Tryon Street.
Mail Code NC-1-007-18-01
Charlotte, NC 28255
In the letter to the CEO, all you have to do is to state the reason why you have so many over draft fees and tell him that as a loyal BOA’s customer, you hope he can help you!
And there are other methods to reach BOA’s executive customer relations.
Executive Customer Relations general line: 704-386-5687
Nancy M. Condos
VP/ Customer Advocate
Executive Customer Relations
Office of the Chairman
nancy.m.condos@bankofamerica.com
Martha Dominguez, Executive Customer Relations Specialist: 714-792-4264
Corporate Headquarters (Bank of America):
Bank of America Corporate Center
100 North Tryon Street
Charlotte, North Carolina 28255
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