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Old 01-22-2010, 08:05 PM   #1
ULTRAZLS1

 
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Loan rates and questions

Im sure you guys have probably seen to many of these threads all ready so ill apologize up front lol.

I just checked my experian credit score and it is 767. No history of any type of negative activity/history on my report.I have no loans of any type or any kind of monthly payments on anything (still live at home). I have a steady job that I have been at for 1 year.

I have been researching interest/loan rates for a little while and was wondering If I could get some feedback from you guys.

I want a low payment so I want a 72 month loan. I did A quick application on the capital one website (which lowered my credit by 4 points). It is the blank check online auto loan that they offer.

Anwayz....They approved me for 24,000 at something like 5.49% for 72 months which worked out to around 390 a month I believe (dont remember exact numbers) This is just the amount I need....ive got 10,000 saved for the car for down payment. 370 a month is very do able for me also.

Is this a good rate? Should I try for gmac through the dealer for 72 months or shop around? is this online loan a good idea?

Never bought a new car so im a newb...sorry

thanks for the advice

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Old 01-22-2010, 08:24 PM   #2
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First I would never ever get a 72 month loan on a car or any other instant deprecating asset unless it was the only way you could get the loan. There is way too high of a chance you will be upside down (owe more then the car is worth).

The "blank check" is a decent idea, I know people who has used it before but I would check with a local credit union first and use the check if they won't approve you. Since you have the approval letter, it wouldn't hurt to tell the salesman "Hey this is the rate I've been approved for. Can you beat it?" You will take a 3-4 point hit but your loan will more then cover it and if the salesman can get you 1-1.5% less it'll be worth it.
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Old 01-22-2010, 09:23 PM   #3
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Originally Posted by ULTRAZLS1 View Post
Im sure you guys have probably seen to many of these threads all ready so ill apologize up front lol.

I just checked my experian credit score and it is 767. No history of any type of negative activity/history on my report.I have no loans of any type or any kind of monthly payments on anything (still live at home). I have a steady job that I have been at for 1 year.

I have been researching interest/loan rates for a little while and was wondering If I could get some feedback from you guys.

I want a low payment so I want a 72 month loan. I did A quick application on the capital one website (which lowered my credit by 4 points). It is the blank check online auto loan that they offer.

Anwayz....They approved me for 24,000 at something like 5.49% for 72 months which worked out to around 390 a month I believe (dont remember exact numbers) This is just the amount I need....ive got 10,000 saved for the car for down payment. 370 a month is very do able for me also.

Is this a good rate? Should I try for gmac through the dealer for 72 months or shop around? is this online loan a good idea?

Never bought a new car so im a newb...sorry

thanks for the advice
That is a good 72 mo rate. As Dr Leary used to say "if it feels good, do it" Just make sure you intend on keeping it for 4-5 years.
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Old 01-22-2010, 09:47 PM   #4
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Well I plan on paying the car off far quicker than 6 years (making at least double payments when I can) but still want the security of a low monthly payment in case something were to happen with my financial situation. I could come up with 390 a month ...even if I lost my job.

So with a 10,000 dollar down payment and the low payment of a 72 month loan on only 24k I figured this would be the best/safest/smartest decision.

Am I nuts?
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Old 01-22-2010, 11:05 PM   #5
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If you own your own home, you could get a HELOC; rates are very low, especially through a FCU. An added benefit is that a HELOC is like a home loan (2nd Mortgage) and the interest is an expense that you can claim on your tax return.
Borrowing off a CC is good from the standpoint that it is an unsecured loan; you
get the pink slip right off and don't have to worry about a lien or repossession. Be careful and pay when you get the statement - don't wait until a few days before it's due; you don't want to give the CC Co an excuse to raise your rate due to a late payment. AND you can always watch for Balance Transfer Offers and possibly reduce your rate. A good credit rating is valuable, do your best to protect and enhance it by paying early.

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Old 01-23-2010, 12:22 AM   #6
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well, first off you started out alot better than i did. 10k is a very strong down payment, which is good since you dont have any credit. im assuming you have a checking account (where else do you keep it). your rate is very good. in some cases you might even be able to get a 4.25. try a credit union tho, because most of the time they have lower than industry average rates. its okay to maybe go down four points because if you make good payments and stuff youll be back up in no time, in fact it will raise your score even more. the highest you can have is 850, so you're pretty up there. no worries. by the way, since your buying a car, it really doesnt matter how many times an inquiry is done from different places because it can be considered as just one since its for the sole purpose of getting a car. also, getting a car under your name will help you build credit so you should be good. www.myfico.com is very helpful in explaining all you need to know about credit related questions and stuff.

good luck =]
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Old 01-23-2010, 12:32 AM   #7
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i forgot to mention...

if you can, try to work out a program with your loan where if you make more than your minimum payment, the extra can go towards the principle. for example: you make a $500 payment when minimum was $360 and your balance is $24000. $140 will go towards the $24000, or your principle, which means the interest is less since the loan is smaller. the reason why i point this out is because they sometime calculate the interest for the life of the loan and if you make extra payments, it will go towards your next months payment instead of the principle, so you're still paying same interest
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Old 01-23-2010, 12:52 AM   #8
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Do you have to be a capital one card member to apply for that car loan? Or can anyone apply?
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Old 01-23-2010, 01:02 AM   #9
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anyone
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Old 01-23-2010, 01:10 AM   #10
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anyone
Thanks. I appreciate it.
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Old 01-23-2010, 07:44 AM   #11
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That is a very competitive rate.

Won't hurt to give the dealer a shot at beating it.

Just tell them the rate that is available to you and have them see if they can do even better.
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Old 01-23-2010, 08:07 AM   #12
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Yep always go to the dealer w financing. And always give them a shot to beat it most of the time they will and it benefits u. &2 isnt bad especially w that much down its a very bad idea to finance full amount plus TTT so your ahead of the game goodluck! Oh and def check w credit unions or bank of america they were running killer deals.
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Old 01-23-2010, 08:42 AM   #13
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Thanks a lot. Lots of great information here.

I have heard bank of america a couple times now.

Also....do you get 500 dollars off when waiving the 60 day return guarantee?

What about GM discounts? what could I possibly get? I am a credit union member...I thought I heard they give discounts to credit union members...if so how much?

thanks again.
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Old 01-23-2010, 08:52 AM   #14
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It's hard to tell because you are only giving us half the story. 767 is good. Do you have high end established credit? What's your highest credit line? How long you been working at your job? Deal is structured soundly on dealership side, with 10k down but alot of info on you we don't know. Realistiaclly 6-7% is a decent rate.
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Old 01-23-2010, 08:52 AM   #15
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Dave Ramsey rule, if you can"t pay for it in cash than you cant afford it! From what I gathered from your post you are young and just starting out and still live at home. First of all I believe you can get a way better interest rate than 5.49%. You have a great credit score and should be able to get an interest rate somewhere in the 4% range I would think. You definitely need to give the dealer a chance to beat the 5.49% rate. I put 20K down on my Camaro and financed the remainder for 72 months @ 4.25% interest rate. That interest rate came from the dealer. I double up on my payment because I want this car paid off ASAP. I also plan on never getting rid of this car either. It will be a collectors item one day. Good luck and if you decide to actually purchase the car, pay it off asap, and do not build anymore debt until it is paid off.
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Old 01-23-2010, 09:14 AM   #16
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Originally Posted by ULTRAZLS1 View Post
Thanks a lot. Lots of great information here.

I have heard bank of america a couple times now.

Also....do you get 500 dollars off when waiving the 60 day return guarantee?

What about GM discounts? what could I possibly get? I am a credit union member...I thought I heard they give discounts to credit union members...if so how much?

thanks again.
STAY AWAY FROM BANK OF AMERICA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

They are running a lot of scams right now; fraudulent overdraft charges, purposely processing credit card and loan payments late to charge late fees, not contacting the person for months so the fees will add up to thousands of dollars, etc. They have about a dozen lawsuits against them right now along with one big time class action lawsuit where their practices caused the death of the elderly person. They are also being investigated by the FDIC for criminal activity. Spend some time on google and you will see what I mean.

The $500 off for the 60 day return ended January 2 so you won't get this.

Yes there is a Credit Union discount. https://www.exclusivegmoffer.com/ip-...do?program=cud It's a percentage based discount and the amount off depends on your vehicle, trim, and options.
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Old 01-23-2010, 09:28 AM   #17
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I have been at my job for one year and make pretty good money. The only problem is that I am still only casual. Which means I am not guaranteed hours (although I usually get at least 25 week)....but I do get paid about 5 bucks an hour more than everyone else. I also have a mechanic job to fall back on with my grandfathers business as well.

Will this situation hurt me?

I have one credit card I currently use that has a 5000 limit. I have been offered 20-30k limit cards in the mail countless times. I have absolutely zero other debt. My only monthly bills are my credit card bill when I use it, my cell phone and my car insurance. Oh and the girlfriend tax....they get angry when you dont take them out after a while.
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Old 01-23-2010, 09:36 AM   #18
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So are you going to trade the 1998 z28 in also?
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Old 01-23-2010, 09:41 AM   #19
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First, I have to agree with the previous poster, 72 months is a lonnngggggggg time. Even with a 10K DP, you could find yourself upside down at some point in that loan.

Second when I bought the Sky in December, I got 3.6% on 60 months. And to support that I just received an email yesterday from my credit union advertising, "as low as 3.75%. So I think anything pushing 6% is high.
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Old 01-23-2010, 10:16 AM   #20
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The 98 z28 is totaled. Hence the RIP next to it.

I had her all decked out H/C full bolts ons etc etc back in 2006 and a tree ran out in front of me.

From the sounds of It I need to go to a dealer and see what they can offer. I was crunching some numbers and a 24k loan at 60 months with 4% is like 430 a month. That is not much more. Its just 3 something sounds so cheap :(

Time will tell.
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Old 01-23-2010, 11:54 AM   #21
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w/ 10K down, if you want to do 72 months- that should be fine, you should never be upside down in your car. (as far as the loan is concerned)

Cars depreciate- no way around that-- so that 10K maybe be partially or completely gone if you end up needing to sell it or trade it in. but with 10K down you should be fine with 72 months.

The good thing about 72 months (if the rate is the same or close to the same) is that you can always pay more if you want to to pay it off quicker.

But if you do a 48 month loan, and run into an unexpected temporary tight spot, guess what your minimum payment won't be lowered just because you put alot down.


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Old 01-23-2010, 01:48 PM   #22
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Originally Posted by jrboyd_1980 View Post
It's hard to tell because you are only giving us half the story. 767 is good. Do you have high end established credit? What's your highest credit line? How long you been working at your job? Deal is structured soundly on dealership side, with 10k down but alot of info on you we don't know. Realistiaclly 6-7% is a decent rate.
Read the original post and you'll find the other 1/2 of the story.

No estalished credit history.
1 year at his job.
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Old 01-23-2010, 01:50 PM   #23
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STAY AWAY FROM BANK OF AMERICA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

They are running a lot of scams right now; fraudulent overdraft charges, purposely processing credit card and loan payments late to charge late fees, not contacting the person for months so the fees will add up to thousands of dollars, etc. They have about a dozen lawsuits against them right now along with one big time class action lawsuit where their practices caused the death of the elderly person. They are also being investigated by the FDIC for criminal activity. Spend some time on google and you will see what I mean.

The $500 off for the 60 day return ended January 2 so you won't get this.

Yes there is a Credit Union discount. https://www.exclusivegmoffer.com/ip-...do?program=cud It's a percentage based discount and the amount off depends on your vehicle, trim, and options.
Ok... Ive been banking with BOA for years and havent seen any hint of this. Show me some proof please.
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Old 01-23-2010, 03:02 PM   #24
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Ok... Ive been banking with BOA for years and havent seen any hint of this. Show me some proof please.
http://www.bankofamericafraud.com/

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HOW BANK ERROR TURNES DEADLY a true story

It all started on Oct. 23rd, 2008, when the victim's deposit reciept showed an unexpected $35 deduction. The BofA Branch manager Marck Zuehlsdorff found the bank error and admitted that he was unsure why it had happened, but he fixed it and apologized. A week later the victim was buying groceries and his debit card was declined. Little did he know that $600 in bank overdraft fees were wrongfully extracted from his account. This scam was triggered because the manager failed to correct the inital bank error as he claimed.

When the US Treasury direct deposited the victim's Social Security Disability income, the bank seized it to pay their $600 in self-imposed fines. Bank of America Customer Service was made fully aware of their mistake, and the impact on the victim's critical health condition. Brandy in customer service identified and agreed to call the branch manager who claimed to have fixed the initial error. The victim awaited his fate on hold, then the final decision came from Pablo, the customer service manager who refused to take any corrective action.

It was clear to see that Bank of America had caused the entire problem. The branch manager's failure to correct a $35 internal error triggered their famous OVERDRAFT FEE TRAP SCHEME. The victim was certain he had the funds to cover his $38 in ATM purchases. However, he did not expect the bank to steal an additional $600 on top of the $38.

The poor victim felt robbed by Bank of America, and all he could think about was being evicted while being dependant on around-the-clock medical treatments. His health condition while terminal has since weakened, and he LOST 20 POUNDS from the stress and going hungry. An outraged attorney in LA helped the victim file a lawsuit to stop Bank of America's criminal-like behavior.
That case is still on going.

http://www.fraudulentcharges.com/how...-for-billions/

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How Bank of America Overdraft Fees Scam Customers for Billions
June 24th, 2009 Posted in Bank of America

Bank of America rearranges customer transactions while pending from largest to smallest, in order to create the most possible overdraft fees. They are robbing America blind. The example below shows how 1 common error can cause 6 overdraft fees.

It’s alarming how few people know about these predatory practices and how many customers side with the bank when hearing overdraft horror stories online. Many stating the customer was irresponsible and needs to watch his available balance closer etc. This exact situation has made Bank of America billions of dollars, yet they need taxpayer money to move forward?

Please forward this link and let’s call them out nationally.

I’m positive you will have a large response as many people are upset.

The following is a sample scenario. The dates, times, transactions and amounts that are not to a specific account, but gives a valid example of how this scam works based on watching the buying/posting trends of 12 individual Bank of America checking accounts over the last quarter of 2008. Thanks for reading. If something doesn’t seem right or add up, please contact us.
Bank of America Demo Account

Starting Account balance: $100.00

$100.00 was deposited as cash and is clear of any holds. The account currently has zero pending transactions.

On Wednesday, March 3rd, the customer makes five common transactions via his debit card with $100.00 available to use without overdrafting his/her account.

1. 7:30 AM: Purchased coffee for $4.79
2. 2:00 PM: Purchased lunch for $12.87
3. 5 PM: Purchased groceries for $38.43
4. 6 PM: Purchased gasoline for $20.00
5. 9 PM: Purchased movie tickets for $15.00

The total of these 5 transactions on Wednesday totals: $91.09. The customer clearly did not overdraft this account on Wednesday and should have a remaining balance of $8.91, with 5 pending transactions.

The customer forgets that on the 4th of every month his bank account is automatically debited $120 for his car insurance payment via the merchant, not online bill pay. This item is the customers fault and describes a realistic scenario on how this could happen to you.

Thursday morning a new pending debit for $120 shows up via the merchant, while the 5 transactions are still in pending from the previous day. The bank would now deduct the largest pending transactions first, in this case the insurance payment of $120. Since the customer only had $100 to begin, the insurance payment has overdrafted the account $20. This will trigger a $35 pending overdraft fee to the account later that same day, again before the insurance and remaining pending transactions are posted.

The customer now has a negative $211.90 available balance.

($91.09+$120+$35.00 pending overdraft fee) with all six of his transactions from Wednesday still pending, yet as already been “charged” for one overdraft fee by the end of Thursday even though nothing has officially posted to the account. If a merchant fails to collect on the debit purchase, or collects for less, the customer still gets charged for the account being negative due to pending charges that may or may not of be collected.

On Friday, all six pending transactions and the overdraft fee have posted. We know from the information above that the day, time, and order that the customer used his debit card and exactly where his mistake was made. The bank sees the transactions much differently. The following is how the items post to the customers account, causing many overdrafts for a single common overdraft mistake.

•$100 Starting Balance minus $35 overdraft fee = $65.00 left in the account. The bank collects there money first, before any transactions which can cause even more overdrafts.

•$65 Balance minus $120 for car insurance = -$55.00, the account is now negative, this fee was charged yesterday and has already posted.

•-$55 minus $38.43 for groceries = -$93.43, another overdraft fee is triggered.

•-$93.43 minus $20 for gasoline = -$113.43, another overdraft fee is triggered.

•-$113.43 minus $15 for movie tickets = -$128.43, another overdraft fee
triggered.

•-$128.43 minus $12.87 for lunch = -$141.30, another overdraft fee triggered.

•-$141.30 minus $4.79 for coffee= -$146.09, another overdraft fee triggered.

•-$146.35 minus $175.00 for 5 pending overdraft fees =

-$321.09 Final Account Balance.

The customer has now been charged as if he had a negative balance of $55.00 on Wednesday and made transactions, even though Thursday’s single car insurance payment is what overdrafts the account a day later. Including the insurance, 6 total transactions were made and 6 overdraft fees have been charged. In this example, like many, it’s convenient that Bank of America can only charge up to 5 overdraft fees per day. By charging the initial overdraft while the items are only pending Wednesday, the bank gets to claim all 5 on Thursday, though 6 transactions post. This system allows the bank to create the largest possible profit on each single overdraft. In the above example: 6 fees x $35/fee = $210 in overdraft fees for what the customer expects would be only a single $35 fee. With only one overdraft, the customers account would be ($8.91 - $120 = -$111.09 - $35 = -$146.09)

$321.09 minus $146.09 = $175.00 or 5 extra overdraft fees.

If the customers car insurance payment debited on Friday, or the 5 pending transactions posted on Thursday before the insurance was debited only a single fee would be charged. If the items were posted in the order of purchase or even by the end of the banking day, again only a single fee would be charged. The bank doesn’t know when any transaction is going to be charged you account, if they allow you to use funds and the following day a larger transaction is made, it is unethical and predatory to continue to charge overdraft fees for money they allowed to be used. On Wednesday, the bank has no clue that on Thursday the car insurance payment will be debited to the account, therefore any transactions made prior to this debit should be processed first and overdraft fees are acquired for any transactions made after the account is negative.

There is currently a class action lawsuit that must be signed up for by May 1st regarding this, except I don’t think it’s smart to join. Bank of America has set 35 million aside to pay this settlement if need be, but each person is only entitled to $78 and loses their right to sue the bank over related issues in the
future.

The bank wants as many people as possible to join this suit because each customer who had an issue as shown above paid $200 or more in fees…by losing the right to sue over unfair charges, the bank is ensuring that they wont have to pay back all the customers fees in court. That’s millions Bank of America is “saving” by paying out $78 for taking away your rights.

* Bank of America can now charge customers 10 overdraft fees in a single day instead of 5 as stated above. $350 per day in overdrafts now. Wow.

*Update #2: We’ve had over 10,000 unhappy emails relating to this EXACT situation since this example was posting. Bank of America has now lowered the total fees per day to 4. (Was 5/day people were mad, they upped it to 10 fees a day and then with so much bad press, lowered to 4)
http://www.my3cents.com/showReview.cgi?id=70857

Quote:
Bank of America is the biggest scam ever. I made 3 purchases and the were pending and taken from the balance. I had a bigger check come in and there was not enough funds to cover it. Do you know that they paid the big one first and then charged me 35.00 then charged me 35.00 three more times for the debts that were pending earlier and there was money for it.
http://www.my3cents.com/showReview.cgi?id=70817

Quote:
Unfortunately I used my bank card to purchase groceries and that purchase ended up over drawing my checking account. I didn't realize this until I checked my account online 2 days later, it showed I was $28 overdrawn, seeing as that I get direct deposit and it wouldn't post for a few days, I borrowed money and planned on depositing it the following morning, I checked my account on line before going to the bank to make the deposit, and to see if by chance my direct deposit went through, it hadn't and it now showed I was $40 overdrawn, I rushed down to the bank and deposited $45, and got a receipt that showed I was now in the positive $5.

That was 2 days ago, I checked again on line to see if my direct deposit went through and not only had it not, it now showed I was overdrawn $100!!!! The order of my transactions showed my deposit of $45 posted before they decided to charge me $35 three times! I called the bank immediately and explained the situation to the customer service rep, I also asked her about the 5 day window, if you replace the funds within 5 days you avoid the $35 fees, she said no, and that is for extended overdraft???? I am absolutely disgusted, now when my direct deposit does go in, who knows how much of my monthly disability check will be left for me to live on.

I have banked with Bank Of America for years and I am extremely disappointed that this is how they treat a long time customer. As soon as my check is deposited, I will take out what is left and close all of my accounts with them! It feels good to vent, but it would feel better if they would waive the fees and stop stealing my money!
http://www.wisebread.com/banks-manip...-overdraft-fee

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When Jeff Ledford overdrew $10 from his checking account, Bank of America charged him five separate overdraft fees totaling $175.

That's a 1750% interest for going over $10. (Jeff is unemployed, by the way.)
Bank of America class action lawsuits

http://www.mymoneyblog.com/archives/...ettlement.html

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Time for another class-action lawsuit. This time, Bank of America and its affiliated banks are putting up $35 million to settle accusations of doing various naughty things to boost their revenues in the form of overdraft fees (AKA insufficient funds fees, bounced check fees, returned item fees).

For example, let’s say you have a bank balance of $500. You have debit card transactions of $15, $75, $200, and then $600. Allegedly, BofA would order the transactions posted from high-to-low, so that you’d have 4 separate overdraft fee charges, instead of just one.
http://www.weneedtostop.com/2009/04/...raft-clas.html

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The lawsuit claims Bank of America encouraged its customers to use Bank of America debit cards and increased the number of fees charged to customers using Bank of America debit cards through the order in which such transactions are posted and the account balance information it provides. The lawsuit also claims that Bank of America authorizes debit card transactions that will result in overdraft fees; fails to warn customers that specific debit card transactions may result in overdrawn accounts; posts debit card and other transactions in high-to-low order; and provides account balance information to customers that is not current, accurate or as advertised.

In addition, the lawsuit claims that Bank of America's customer agreements are unconscionable, and that Bank of America does not provide customers with copies of account agreements until after they open their accounts. Bank of America denies these claims and contends that it has fully complied with federal law, any applicable state laws, and its customer agreements, and also contends that it has other defenses to the claims in the lawsuit. In agreeing to settle, Bank of America does not admit it did anything wrong. The Court has not decided the merits of the lawsuit or any of the defenses."
I think that is enough for now but if it isn't for you, just google it, there is literally hundreds of thousands of news reports, past lawsuits, complaints, etc about them.
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Old 01-23-2010, 04:41 PM   #25
jfclavel
 
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Originally Posted by Mr_Draco View Post
STAY AWAY FROM BANK OF AMERICA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

They are running a lot of scams right now; fraudulent overdraft charges, purposely processing credit card and loan payments late to charge late fees, not contacting the person for months so the fees will add up to thousands of dollars, etc. They have about a dozen lawsuits against them right now along with one big time class action lawsuit where their practices caused the death of the elderly person. They are also being investigated by the FDIC for criminal activity. Spend some time on google and you will see what I mean.

The $500 off for the 60 day return ended January 2 so you won't get this.

Yes there is a Credit Union discount. https://www.exclusivegmoffer.com/ip-...do?program=cud It's a percentage based discount and the amount off depends on your vehicle, trim, and options.
see, this is how rumors get started and spread....

how is google a credible source???
i could google that chase is having wells fargo babies with capital one and it might come up. you can find anything on the internet, thats why when you're in college, wikipedia does not count as a scholarly source because anyone can alter information....

i work at bofa so i know for a fact that all this is just an instance of i heard this from a friend who heard it from a friend who heard it from his dog and so on....

people dont know how payments work. let me break it down for you:

-mailed payments take about 7-10 business days to arrive, and then it takes a business day to process and post.

-online banking payments take 4-6 business days for it to process and post (usually gives you a date when it'll process)

-payments over the phone are processesed the same day if made before 4 pm pacific time. if made after that time it will post the next business day

-payments at the branch are processesed the same day if made before 4 pm pacific time. if made after that time it will post the next business day.

-business days are weekdays (i.e.-monday throught friday), so if a payment is made on the weekend or during a holiday when the bank is closed, the payment will be made on the next business day

so you can't blame a bank because you procrastinated on making a payment.

we always call our customers when they have fallen behing, but you gotta think how many people will hang up the phone or not even answer it thinking its a telemarketing call.

i will agree, however, that in general credit unions usually have better rates overall because they work differently than banks....

please check your facts next time

p.s.-"National Inquirer" is not a credible source either
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