$17,000 In Overdraft Fees - Help

[Elgin526]

If you check Bank America's site, it appears that overdraft protection protects you from having the check returned to the merchant and being hit with THEIR charges. Their terms DO include a bank charge for each overdraft.

This is fairly typical of overdraft protection. It is designed to keep a problem from snowballing out of control with merchant after merchant, but it is not designed to make writing a check for money you don't have an entirely painless experience. It is NOT a preapproved line of credit.

Lynda

Gotcha! But it wouldn't be a line of credit, they'd just be moving money from one accout to cover a shortage in the other. But I see what you're saying, it protects her from the other bank/merchant, but not the one she holds the account with.

[jaksilee]

With a bank I used to use they had OD protection that was not linked to another account. If you OD'ed the bank "lent" you the money at a very high intreste rate and then when you put more money in your account they "paid" themselves back first...even if that they over drafted you again. They charged you a ODP usage fee and then the intreste rate on top of it.

I once had a paycheck bounce a week after I got it and by that time I have paid all my bills thinking it was ok. I was charged 7 ODP ussage fees (at about $30 a pop) and the IR.

[b4freedom]

This is old, but interesting: Overdraft Fees Haunt Bank of America

Basically, BOA has been sued for this in the past.

Call them, work something out, otherwise get a lawyer.

[b4freedom]

I need to know who would be a good candidate to talk to about what happened to one of my accounts with Bank of America. It was linked to another account for my daughter to protect overdrafting. She did a lot of overdrafting but each time the bank charged the linked account 100.00 or so.

I really do not understand what they did but I lost $17,000.00. I have all the statement that they gave me but I need to talk to some one who could take a look and understand what happened. How would you approach this situation?

Overdraft Protection Transfer Fee -
See page 10: https://www1.bankofamerica.com/efulf...D.20070216.pdf

Everytime your daughter used her debit card to spend money, they extract $100 out of your account plus $10 service fee.

Your daughter probably went on a spending spree. Or purchased something very large. For example, lets assume she paid tuition of $17000 on her debit card, that would be 170 transfers of $100 each.

[Ini_g]

Try to conciliate what your daughter says, and the what the bank says.

Ah! Bankls, why they do this?, they spit in their foodplate, don´t think?

[Vapors]

That is insane. I might not fully understand the terms, but that cannot all be fees. It has to include the amount of her overdraft. So I would assume she overdrew $15,000+ That has to be intentional unless it's been going on for years.

I have never had, or used, overdraft protection. So maybe I just don't understand the process.

[mom-from-missouri]

Several have said this must of happened over several months. I disagree. A step daughter cleaned out my husband over a time frame of less than a week. Got ahold of a credit card, and a couple pads of checks. She was caught and did time for it, but managed to take out over $10,000 in about 6 days time. Funny thing is, she has NOTHING to show for it but a rap sheet. Spent it at bars, resturants (paid for others besides her self), on clothes, spas, hair, nails.... Biggest material item she got was a laptop computer. (that she now says no longer works...)

[Elgin526]

Several have said this must of happened over several months. I disagree. A step daughter cleaned out my husband over a time frame of less than a week. Got ahold of a credit card, and a couple pads of checks. She was caught and did time for it, but managed to take out over $10,000 in about 6 days time. Funny thing is, she has NOTHING to show for it but a rap sheet. Spent it at bars, resturants (paid for others besides her self), on clothes, spas, hair, nails.... Biggest material item she got was a laptop computer. (that she now says no longer works...)

Did she think she wasn't going to be caught, or something? What nerve, and stealing from family on top of it! I'd disown the little blankity-blank.

[mom-from-missouri]

We didn't disown her, but after she did her time in jail, she was not and will not be allowed to live in the house again. She can visit, but she has to call and give us 24 hours notice before arriving (she now lives out of state). If we send her money for a birthday or Christmas, it has to be a money order, as we don't want her to know our banking business. When she does visit, she can not be alone, except for the bathroom--she can not be in the house alone, barn alone, car alone, or even in the living room alone. She has complained about this, and we told her "our way or the highway". She thought we were bluffing, and she hit the highway. The next visit, she was a little more respectful. But, her last visit she tried to take some items and we called the law. So, its a little strained right now, but she knows we won't tollerate it. It also makes us a little more strict with the other kids as a result. And, we keep all papers, blank checks and such hidden and locked as a result.

[Vapors]

We didn't disown her, but after she did her time in jail, she was not and will not be allowed to live in the house again. She can visit, but she has to call and give us 24 hours notice before arriving (she now lives out of state). If we send her money for a birthday or Christmas, it has to be a money order, as we don't want her to know our banking business. When she does visit, she can not be alone, except for the bathroom--she can not be in the house alone, barn alone, car alone, or even in the living room alone. She has complained about this, and we told her "our way or the highway". She thought we were bluffing, and she hit the highway. The next visit, she was a little more respectful. But, her last visit she tried to take some items and we called the law. So, its a little strained right now, but she knows we won't tollerate it. It also makes us a little more strict with the other kids as a result. And, we keep all papers, blank checks and such hidden and locked as a result.

It's not worth it. If it were me I would not allow her back on my property. I certainly wouldn't be sending her gifts.

[Hot dog]

This girl is still her daughter and it is really hard to turn your back on your children You still love them. It seems as if they are doing everything to protect themselves while still loving their daughter. True love is unconditional. It is like fool me once shame on you fool me twice shame on me. This girl must have some other issues that make her do these things as long as you do what you want to do for her and protect yourself you are doing well. I don't envy your situation at all. It sounds like tough love to me.

[Vapors]

It's her husband's step daughter, not their daughter. The step daughter certainly didn't treat him like her father.

I have a son, but no step children so I guess I just don't understand.

[mom-from-missouri]

It is my husbands daughter, was my step daughter, my daughter now as an adoption has occured. SHE IS OUR DAUGHTER.
You don't stop loving a child because you don't love their actions.
She has had a rough life. Her behavior did not take a turn for the worse until after she suffered a serious head injury that caused some mental issues. In the same accident that she suffered her head injury in, her mother was killed. All this has taken a toll on her. She is only 18. You can't just push her out the door. If the people who love her can't help her and get her help to turn her life around, who will???

[Vapors]

Ahh ok. I misunderstood you statement above and thought she was a step daughter. Very tough situation then.