Bank of America at it again, Biggest to lowest

[Laxer]

I remember reading about the class action lawsuit againts BoA back in 99 I think. They were posting checks to accounts from biggest dollar amount to lowest, in an attempt to intentionally overdraw cutomers accounts. I recent came to realize they have been doing the same with ATM transactions aswell, recently costing me 100s of dollars (not to mention all the times in the past I never caught it, probably $1000s). Had the transactions posted chronologically, I would have been charged only 1 fee. I dont dispute the fact that I owe them for 1 overdraft fee, but not 4.

Communication with the bank has broken down, the run around is the run around, and I have no time for it. I have disliked BoA since I opened my account there and am willing to take legal steps to rectify this matter. Where should I begin?

Thanks in advance for any help.
Mike in Florida

 

[ALawyer]

Class action suits often benefit the lawyers more than the members. If you recall a class action contact the lawyers who handled the last one and see if there is anything in the settlement paper you can rely on. The lawyers who won last time also may want at it again. But forget the money you are out, as that's going to cost a fortune to recover..

 

[justathought]

From my understanding, the practice of presenting the largest check first did not originate to up the overdraft fees. Rather, the practice originated as the mortgage payment was generally the largest check one would present with the bank. The early bankers presented the largest check first as a *favor* because it was presumed the largest check was the most important and you probably want to keep a roof over your head, if nothing else.

Your post prompted me to check this out on the web and it seems that after the big class action suit in '99, it was realized that the practice was a *service* and the fees justified because it's your own dumb fault if you can't balance your checkbook or "play the float" and many similar actions were thrown out.

As a consumer, you have the option to bank wherever you wish. If you don't like the way your bank does business, find a new one.

But that is just my humble lay-opinion.