How to Contest a Bank of America Overdraft
Bank of America charges $35 per item overdraft fees to customers whose accounts go into the negative. The bank does not impose fees for overdrafts of less than $10. If an account remains in the negative for five consecutive business days, Bank of America charges an additional $35 fee. Generally, Bank of America does not refund fees unless the overdraft was due to bank error.
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Instructions
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Go online to bankofamerica.com and login to your account. On the first account page, click on the title that says "account details." The account details screen lists all of your recent transactions. Review the transactions to determine how your account became overdrawn. Use your check register to make sure all of your deposits and withdrawals posted to the account. If you detect any unauthorized transactions on the account, write down the amount of the transaction and the day it occurred.
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Call the Bank of America customer service number at 800-432-1000. Ask to speak to a customer service representative regarding your checking account. Explain to the representative that you want the overdraft fee refunded. If you had an unauthorized transaction on your account, provide the representative with the details. Bank of America will refund fees caused by unauthorized transactions and send you a Regulation E affidavit which you must complete to have the transaction reversed. If you did not have a fraudulent transaction on your account, ask for a courtesy refund. The representative may or may not approve the refund.
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Go to your local Bank of America branch. Ask to speak to a manager. If you have never had an overdraft before, explain that fact to the manager. Emphasize the good relationship you have had with the bank until now. Tell the manager that you feel an exception should be made based upon your previous account history and you intend to set up overdraft protection to prevent future overdrafts from occurring. Most managers refuse to refund fees due to customer error because company policy prevents them from doing so. But, on occasions exceptions are made.
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Tips & Warnings
In 2010, Congress approved changes to regulation E that enable customers to opt-out of standard bank overdraft practices related to debit card transactions. The change only applies to one-time transactions but prevents overdraft fees, because people who opt-out cannot use their debit cards to make purchases when they lack the necessary funds. People who opt-in allow Bank of America to make decisions on whether to approve or deny one-time transactions on a case-by-case basis. These transactions and attempted transactions lead to overdraft fees or non-sufficient funds fees.
If you set up overdraft protection, make sure you understand how it operates. Bank of America offers overdraft protection in the form of a linked savings accounts, credit card or line of credit. The bank charges transfer fees whenever you activate the protection. Additionally, balances on credit cards and lines of credit incur interest.
