Common Complaints Against Bank of America

Are you frustrated that Bank of America keeps charging you excessive fees?  Did you close an account or put it on hold only to find out Bank of America continued to charge you for it? Have you tried calling customer service to resolve your problem without any success? For many Bank of America customers, these scenarios sound a little too familiar.

If you are unhappy with the service you receive from Bank of America, you are not alone. Bank of America has a 1-star rating on the Better Business Bureau (BBB) website. Many customer grievances are about confusing bill pay processes, overdraft and other fees, and accounts being put on hold.

Top complaints against Bank of America

1. Excessive fees
2. Fraudulent charges
3. Confusing and misleading credit terms

Excessive fees

One of the top complaints that customers lodge against Bank of America is being charged overdraft fees on accounts that they thought they closed or put on hold.

“The bank charged overdraft protection on several transactions in a row all while showing my account as positive. I got 9 overdraft fees applied to my account.”

Anonymous Bank of America Complaint

Recently, one complaint lodged against headquarters on the BBB page explained, “Interest incurred when I owe $0.00, will not take off bill after call to customer service Paid my bill 4/27/2020 in full $1,668.07 before due date 5/4. Next bill with interest charge of $17.55 with a 0 balance. I have never had this happen with another bank before, they will not remove from bill. Last month paid my bill 1 day late and incurred a $39. fee they would not waive fee in the middle of a pandemic. “

Fraudulent charges

Customers routinely complain about Bank of America’s fraud policies, including:

1. Flagging charges incorrectly
2. Slow responses to fraudulent charges

In fact, there are many complaints that echo the same situation of fraud taking place, but Bank of America failing to close the account, and subsequently causing negative credit bureau reports as explained by one customer, “I was the victim of fraud and Bank of America didn’t remove or close this account” or another who stated “I have been fighting with Bank of America for a fraudulent charge on my credit card” and “Complaints go unheard and they don’t have the customers best interest or back when it comes to fraud. “

Flagging charges incorrectly

As serious as fraud is, it is incredibly frustrated to have your money locked down because of perfectly reasonable and normal usage. Many Bank of America customers have experienced their normal day-to-day billing being flagged as fraudulent.

Slow responses to fraudulent charges

To make matters worse, when there are real accounts of fraud, Bank of America isn’t always the quickest to respond. From statements being stolen from mailboxes, to unauthorized withdrawals, Bank of America customers experience their fair share of disconcerting fraud.

“Someone walked into two different BofA branches in the same town and took out of my account $4000 over the counter from one branch and $2400 out of an inside the bank ATM at another branch. Bank of America says because I didn’t notice it for just over 6 months, they aren’t liable.”

Anonymous Bank of America Complaint

Confusing and misleading credit terms

Paying your bills is already a stressful, tedious part of life. But Bank of America customers have experienced a variety of additional issues with their credit card and loan payments, including:

1. Misleading credit approval process
2. Refinancing and loan issues
3. Problems with credit card payments

Misleading credit approval process

Many people take care in selecting credit cards that have benefits and perks that fit their lifestyles. So, when Bank of America customers find out that the card they applied for is not the one they were actually approved for given, it’s understandable that they would be upset.

“We applied for their signature plus card that had a 40,000 miles bonus if you spend a certain amount. We got approved for what we thought was that card but in reality without our knowledge because they didn’t advise us, we actually did not get approved for the signature card but got approved for the platinum card that only awards 8500 miles….This was deceitful. Upon speaking with them over the phone they were unwilling to award us the 40,000 miles and told us that right after we got approved they made it so that anyone would receive 40,000 regardless of the card. So now we’re in debt $3000 and have 8500 miles instead of 40,000.”

Anonymous Bank of America Complaint

Refinancing and loan issues

When refinancing your home or applying for a loan, it’s important that the bank you choose is prompt and communicative – These are big decisions after all! Many Bank of America customers have dealt with unresponsiveness and lengthy waits for finances to close.

“Decided to refinance my home and for convenience choose Bank of America. Worst decision I think I have ever made (since I know their reputation). It has now been officially 4 months and still no closing. I have answered every question and sent every document they requested in less than 2 days every time and no closing. The worst part is I send the information and then hear nothing from them for days to a week. Its been so long that they ran my credit check a second time (hard inquiry) which is hurting my credit.”

Frederick B.

Problems with credit card payments

Bank of America customers regularly complain about paying their credit cards off and still being sent bills. When disputing the additional charges, customers are then met with damages to their credit credit report.

“I called and I asked why am I being charged, I just recently paid this and cleared the balance. They did not care at all nor did they try and assist me in trying to solve this issue. They are just trying to strong arm me into paying another 4500 dollars…It dropped me from an 840 credit score to a 514 just for 1 credit card.”

Shane D.

If you have tried resolving your grievance with Bank of America but aren’t having any luck, it may be time to escalate your dispute through arbitration or small claims court. Read more about how to do that here.