Also look to see when do fees typically hit your account and if you notice a difference from the month before. No matter the financial institution, pull your statements monthly and compare it to online transactions. Here’s high-level what went on with this situation:īofA had a policy of charging customers $35 after the bank declined a transaction because the customer did not have enough funds in their account but they would double-dipped by allowing fees to be repeatedly charged for the same transaction. Yikes! Bank of America appears to be a fast follower to Wells Fargo for once due to this situation: the customer experience.īank of America must pay more than $150M to customers for doubling up on junk fees, withholding reward bonuses and opening accounts without customer consent.Ī good bit of the bigger banks already are experiencing credit losses yet we are seeing this happening.
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