I'd like to know who the Banks (Bank of America) answer to, to keep them honest?

Question

Bank of America Stole our money.

My hubby and I have a business checking account and a business creditcard with B of A. The credit card was a few months overdue, but we were going to call them shortly to start a payment schedule with them. One day last week I check the checking account and I noticed that a debit was there for all the amount of money we had in there, to the penny. Over a $1000.00. When we called they said that the credit card had taken a "payment" from us. We did not authorize any payment whatsoever though. In fact, after calling them for two days and being hung up on "accidentally" many times, a manager of some sort finally called us back to say he was very sorry but they should not have done that. There was NO paperwork at all to allow the creditor to do it. It was a big mistake and they were so very sorry but they couldn't get our money back. They basically handed our money away and denied any resposibility for their mistake. Who do we call?

Answer 1

the first answerer is correct. in the fine print, they make you aware that they will take money out of an account that you hold with them should your credit card balance become past due. this is always why i don't accept offer from my banks (i have three checking accounts) for credit.

Answer 2

You'd better read that credit card agreement again!

It's very common for credit agreements to contain a clause authorizing the bank to offset unpaid debts from funds on deposit with the institution. It's often couched in legalese; look for a paragraph entitled "right of offset", probably buried deep in the agreement.

In that case, the bank was fully within their rights to tap your account for the unpaid balance. By your own admission it was a "few months overdue" and you hadn't contacted them about making arrangements yet. What were they supposed to think? They thought you had gone "deadbeat" on them and asserted their rights under the contract that you signed.

It's also possible that the bank was asserting that right under Common Law, where it has existed for hundreds of years.

For this reason, I NEVER have credit with a bank where I have funds on deposit and I NEVER open a deposit account at a bank where I have credit accounts.

Consult with an attorney if you don't believe me on this, but the bank was almost certainly within their rights both legally and contractually. Your only chance of recovery is if state law bars the right of offset. Again, an attorney can advise you fully on this.

Answer 3

Unfortunately, here's your answer: no one but themselves! Usually in the fine print when you open your account, it has in there that you "agree" (of course you didn't, but follow me here) to pay all the fees on your account. If you don't, they have the right to "take" whatever assets you have in the bank.

Lots of people don't realize that they can jack the interest rate on their credit card at any time...and there is nothing they can do about it. Which is one reason why most credit card statements originate from "Delaware" or "South Dakota". There are little or no laws governing how much interest they can charge in those states. Talk about a crime...

Answer 4

Consult an attorney, but they have the right to do under the cotract that you signed. Its cheezy bussiness, thats why I deal in cash. Offshore Banks, I do not trust the Goverment here anymore and I dang sure dont trust the credit card thiefs, %23, now thats a crime in and of itself.