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BOA Overdraft Fees and Chexsystems


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I had a BOA checking and savings acct from Aug 2007 through April 2009. I had over $10,000 between the 2 acct's. I used alot of the funds to pay some accts off from my previous marraige, buy some stuff, but never came close to a $0 balance. Due to the way they input these transactions from largest to smallest, the way they held my direct deposits until they charged me ODF's ($500-$600 at a time ) I ended up paying over $4600 in ODF's in a year period. I even took out $4,000 in loans to cover the difference. They "force closed" the acct in July 2009. They're adamant that I still owe them $848.00, even though due to the time frame, it shouldve been rolled up in the CAL last year. I was in Afghanistan at the time, and didnt receive a check, or notification from the Class Action. I called and expained it to the Office of CEO Rep and she assigned it to their fraud dept and to another rep. After a few minutes, that rep gave in, said she would waive the $700+ in ODF's, but I still have a $140+ in true $ that need to be paid. I said I dont agree, but pay if they would remove the erroneous $ amount from Chexsystems, which he said quickly refused. She only said she would update to new $ amount once paid, which would be purple to do, since it rolls off Chexsystems next year. She said she would update their system to show this new balance. It was their ODF's that caused the neg balance and closed the acct. Without the ODF's, i still would have had over $5 grand in the acct, and not have had to take out $4,000 in loans. BOA hasnt reported to any CRA's yet, though they said its getting ready to. I challenged with the SoL, which stumbled her. She gave me the # to their "dispute" dept and it was left at that yesterday. Thinking I should dispute with Chexsystems since they're updating the $ amount in BOA system. Any ideas which type of dispute to use? What's should be my next step?


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For the amount of money you paid in fees I would seriously consider bringing them into small clims court to get that money back. Send them a intent to sue letter first for a demand of money back and this account being deleted from Chex and other systems. It's a case they already lost so I can't see them fighting to much.

Edited by Brndnh721
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BOA's right hand doesn't know what its left hand is doing. I IIB'd a BOA HELOC and credit card in 2008. Late last year, I received a letter from BOA saying that I had been chosen for a forgiveness program where that BOA HELOC loan would be completely forgiven and unless I called them, that is what would happen. Fearing an erroneous 1099-C, I called BOA and reminded them that the HELOC was included in a 2008 BK7 filing that was discharged, so in effect the loan was already "forgiven". The women on the phone said "oh no, that only last for 7 years, then we can go after you again to collect". I tried to tell her that the BK stay was permanent, but she was insistent. I finally said I did not want to take part in said forgiveness program. Crazy bank....

Edited by chicagorich
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The settlement administrator seems to be just an automated #, and gives you the mailing address. Figures

 

Chicagorich, I do believe an ITS letter is appropriate. I do think I'll dispute with CHEXSYSTEMS first to see if they'll remove, then attack the bigger beast...

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I would be more concerned with the $5000 in fees you paid more then the Chex system entry. Your chances of getting it removed is slim to none with BOA. Also I believe if they up date any info it restarts the the time period for which it drops off but I'm not 100% on that you could ask in the Chex system forum about that.

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Thanks for the info, I will keep this updated as I get them.

That class's action thing would do nothing for some one like you who suffered that much of a loss personally I would stay away from that. Just skip the letter and go right to small claims court to get your money back and get that off of Chex.

 

I hate these class action cases. Yes the company getting sued has to pay a good chunk of money but the only people making out are the lawyers. It would hurt more if each person brought these companies into small courts and sued there. That way they have a million single cases to try to defend.

Edited by Brndnh721
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If BOA still shows you owe them money, do not expect it to be gone from ChexSystems next year. I believe Chex Systems maintains the derrogatory info for 5 years from the date paid. I may be wrong, but best case scenario, from my understanding, only paid debts are removed after 5 years. It may be 7-10 if you still show as owing to a bank. Possibly longer. You have already forked out $4500, so rather than go after BOA, you should get ur Chex report, and dispute it with them. Pay for delete maybe, then go after BOA. Or attack both at the same time.

Edited by eppgently
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