payments from Europe warning: Bank of America fraud

[kiva667]

I recently sold some NK items to a guy in Germany. I asked BOA specifically about incoming international wire transfer fees. I was told $16 flat rate. Period.

When I received the money from Germany, Bank of America took $30 in fees. Every department and person I talked to gave me a different story, none of them true. Finally I printed out their fee schedule (I found it online; it showed the incoming wire fee as $16) and took it to my local bank. I told the manager I would contact the Washington State Attorney General's office if I was not refunded $14. I got the credit into my account immediately but was told next time they'll take whatever they feel they can get away with - not in those exact words but that was pretty much the gist.

Problem is, a lot of people in Europe don't use paypal and prefer to wire money instead.

Considering the banks nearly brought the world financial system to ruin in 2008 with their scams, you'd think they would show some contrition. Apparently they don't feel obligated...

[RayC911]

Since the law has changed about overdraft fees, automatic credit card interest rate hikes, etc, etc favoring the consumer, banks need to find other ways to screw you.

[TKMad]

I had the same problem with BofA over wire transfer fees. Since I had an account they said said it would be free but later I saw a charge for $30. I complained and they just said too bad.

Now I'm with Chase but they aren't much better.

[valentine02]

Years ago I had an account with BofA. I would NEVER again consider giving them any of my money. They run their business like a crime family. Stories like this are ENDLESS.

[BlindRhino]

I have used this site. Works well and nothing like that for fees. Everyone of my transactions in Germany has gone very well! Worth a look for you folks who buy abroad.

https://auctionchex.com/index.php

Much better than any bank I know of.

Russ

[kiva667]

Thanks! I will scope this out next time I sell to someone in Europe.

[bueller]

i left BofA years ago to wachovia because of their coverage. then wellsfargo butted in and things aren't exactly great.

lame.

[nickbarr]

Switch to a credit union. They tend to be financially conservative and therefore more stable and non-predatory, with reasonable fees. I'll never go back.

[marcb]

The best way to avoid this problem is to get away from BoA entirely. They are the highest fee-earning bank in the country for a reason after all....

[Mike Self]

with 'em that was originally with NationsBank.

No problems with NationsBank, but when BOA took over...they didn't pay my homeowners policy two years in a row and got it cancelled; had to get the Comptroller of Currency involved to get that straightened out...and the problems continue. Stay far, far away from 'em.

Besides a Credit Union, you might work with a small local bank--if you can find one--they're much more customer oriented than the big ones, who are only out to lighten your wallet & become poster children for poor customer service.

mike

[valentine02]

Stay far, far away from 'em.

+1