Possible Fraudulent Switch to Bank of America’s Advantage Checking Account

I’ve been a BOA member since 2004. I signed up for their MyAccess Checking account and whatever savings account went along with that. I didn’t have much money at the time, so I wasn’t concerned about what type of account it was as long as it was FREE! MyAccess Checking is free, as long as you direct deposit (it’s now free as long as you sign up online). Everything about this account I’ve loved: the web GUI, the free bill pay, the convenience of ATMs. It’s been a good relationship you could say.

About 2 months ago I received a $20 Advantage fee in my checking account. Then, a month later, a second $20 Advantage fee. Sadly, it took this second charge to force me into action. I did some research on this Advantage fee and it seems it applies to people with an Advantage checking account, who keep average balances less than $5000. I thought, “I don’t have that type of account do I?” and “since when would I keep that high of an average balance to never have received this type of fee?” (I keep my savings in ING) At this point I knew one of two things must have happened: I was either moved to this new account type OR that MyAccess account type “became” the Advantage account type.

After further research into my old statements and the BOA website, I discovered that I was simply switched from the MyAccess checking to the Advantage checking (ironically, the only “advantage” was me paying $40 over two months). My next step was to contact BOA to:

(1) get the charges removed,
(2) get me switched back over to the MyAccess checking, and
(3) find out why this switch was made.

Numbers 1 and 2 have happened successfully. I’m still waiting on an answer for number 3. Since customer service never answered my emails on this issue, I’ve enlisted a friend (who just happens to be a BOA manager) to research the transaction and find out why I was moved. I suspect it’s fraudulent (or unethical at least), as these type of account upgrades usually come with a nice commission for the bank employee to makes the change. In my case, it was done without my permission.

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Has anyone else had this happen? How was it resolved?

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Philip Taylor 8 pts moderator

I just received an email from a reader on this issue. Can you help?

"I have been a customer of Bank of America since 2004. I have done all my banking on line and I'm not one to evaluate my statement every month (shame on me). As such, I didn't realize that for 6 years, BOA has been charging me $25 every month for the "Advantage Account" and I have not qualified for it nor did I ever agree to switch to it at any time. I have since had it changed back to a "My Access Account" and BOA refunded me back a token amount of $100.

It's my contention that BOA should be responsible for sending out a letter to their customers recommending to them that they should consider a different type of account due to not qualifying for the Advantage Account and they could avoid the additional charge. Surly if I deposited 1 million dollars into my account at BOA, they would be sure to approach me with additional products and services. The same should be true if you do not (or no longer for a stated period of time) qualify for this account.

I am contacting you see if you are aware of any class action lawsuits concerning this matter. Otherwise, I'm considering taking action on my own by finding an attorney that may be interested in taking this matter on."

My latest conversation: Full Circle America Promises Less Expense and More Dignity for Seniors

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Thanks for sharing, Betsy. I'd try contacting BOA reps using http://twitter.com/BofA_help. They are fast to respond via twitter.

Betsy

And to add addtional info....I closed by BOA accounts and had a credit card with them that was in my company's name. They switched my credit card into my personal name and now it shows up on my personal credit. They are so out of line! I payed it off and am done with BOA. If anybody knows how to get a class action law suit started, executed, and completed in our favor...I'm IN!

Lori

Apparently, BOA is still conducting themselves this way. I found out that I have been charged $20 for the past 4 months. Bank would only refund two transactions. I will not leave them alone about it. I am so pissed. I don't have time in my life to watch my own bank to make sure they're not stealing from me! Just as an FYI, I have 4 accounts with them, a mortgage, two checking accounts, and a savings account. In addition, I both my husband and I have direct deposit for the last umpteen years!

Lori posted 2/15/2010

BOA offered several excuses when confronted about the switch from "free to fee" scam. Their #1 excuse: "You do have a fee based account, and always have." False BOA
Their #2 excuse: "We sent you a letter." Prove it BOA.
Their #3 excuse: "I don't know what happened, I can only refund charges for 3 months." Thanks a lot BOA.

I have closed my accounts and tell everybody I know about my personal experience with BOA. Thank you BOA for making my life more difficult, and for sending threatening debt collectors, and for ripping me off! Thank you very much.

Josh

I just found the $20 monthly advantage charge on my checking account. I looked back and it has been applied each of the last three months. I have had this account for years with no monthly fees. I have more money in BOA now than ever. I have never authorized any kind of account change.

PT Money

Hey everyone, I've made some progress with this issue. I found a BOA representative on Twitter. His name is David and he's at http://twitter.com/BofA_help

He's having my issue researched. If you have a similar issue, I suggest you contact him on twitter.

Deborah Aldridge

BOA charged me an overdraft fee, which I admit was my fault, then didn't post it for 3 days. When the posted overdraft fee caused ANOTHER overdraft, they charged me again! I called, they were unforgiving, and refused to remove the fees. I was forced to leave my money in their bank due to some work I was having done on my house. I am going to remove it very soon, and just deal in cash from now on. Every bank I've been with for the last 5 years has screwed me with unfair fees. It's not enough that they got all our tax money, now they want our real money as well!

Alistair

This also happened to me. $15 / month maintenance fee started appearing out of the blue. I have been a basic, free checking customer for nearly four years, had never had a fee.

I called customer service and they said I now needed an automatic direct deposit to waive the fee. (There was no mention on the phone my account had been 'upgraded'. Nor did I receive any postal or email about this.)

I set up the direct deposit, waited a month and still received another $15 fee!

I just now got off the phone with them... After several minutes of discussion, they admitted my account had been changed to an Advantage Account. They would only refund one months fee's, even though I have five months worth on there. (Wish I had called sooner...)

Just show me where to sign up for the class action lawsuit! (They also opened a World Perks credit card without my permission last year, so am I really upset now)

I am closing my account as soon as I get a new one set up elsewhere. No more business for BOA from me.

Thanks for sharing, Betsy.

Betsy Gordon

I'm writing a letter to the below BOA Executives...if you are interested in doing the same, see below info collected from public records on their website.

To: Mr. Lewis – CEO & President, BOA Corp.
J.Steele Alphine – Chief Administrative Officer, BOA Corp.
Amy Woods Brinkley – Global Risk Executive, BOA Corp.
Anne Finucane – Chief Marketing Officer, BOA Corp.
Dr. Walter Massey – Chairman, BOD, BOA Corp.
Liam E. McGee – President, Consumer & Small Business Bank, BOA Corp.

Ethan

I just found out they did this to me as well. My balance was just shy of the $5K in that BofA account. I rarely use it, so I haven't been checking it. They don't mail me statements. They are refusing a refund past 90 days.

This has occured with me and BOA as well. However, I only signed up for two accounts and somebody inside of BOA either switched or opened an Advantage account without my permission. I have ordered all statements from opening date (at a fee) to determine when this occured. Here's the nasty part...since I do not use any of my BOA accounts (ever), only for incoming direct wires for my business I did not catch this until yesterday when I received a letter from a collection agency demanding $205.21 or they were going to turn me into the credit bureau's. I paid the 205.21, to avert this going onto my credit report. I will be contacting an executive at BOA corporate to resolve this issue. I will keep you all posted with BOA names and contact numbers as they are located. And update you on my progress as well. Feel free to share your positive results with me as well. Write me on this forum for your request and let's be in direct contact with one another to resolve this issue.

Dan

They did this to me too with my business checking account. Switched me without any authorization and I end up paying $30 maintenance fee since I didn't meet the $15,000 average daily balance requirement. Complete BS!

tina houston

We need to educate BOA what the authorization is.
It seems to me that they don't know how to do a business
20B to bailout this BOA ?. It looks like the bailout is a waste.

Thanks for posting this.. I just checked my account online and what do you know? They switched mo to the same account and charged me 2wice the $20. This is a class action law suit waiting to happen.