Overdraft Fee Refund Method

[sendahojust1]

I just got an overdraft fee from bank of america for what they call a monthly maintenance fee, they can go straight to hell !

[teawithal3uml3lel3ee]

@ volatus With that mentality, you will be living paycheck to paycheck the rest of your life. Their overdraft fees are just a small example of how these banks operate. WF practices are overall legit, but many other banks have other tactics, saying your balance is larger than it is, putting trans through in their preferred order. Everyday people should be able to rely on their phone banking system. With how much money they make against my balance, they should be able to refund my &^@*( 35.00 fee.

[doridelicious]

Thanks Nick Yaya for this video, I'm going to file tomorrow!!!

[straightcleaner]

TCF Now has a DAILY 28.00 fee. For every day your negative. That is besides the overdraft fee.

[Volatus]

"Overdraft" is a word that means, specifically, "You fucked up". Overdrawn, taken too much money, mismanagement, STOLE... whatever you want to call it, it means that you are at fault, not the bank. Soo... it seems like the solution there is simple: DON'T SPEND MORE MONEY THAN YOU HAVE. I've lived paycheck to paycheck for many years, and shit ain't getting any better, but I never overdraft, I check my balances online throughout the week. Why would you whine about overdraft fees?!

[nickyaya111]

@Volatus: Thank you for taking the time to share your opinion. Contrary to your understanding of the overdraft SCAM pulled by many banks I did not STEAL anything, the banks were the ones doing the stealing. This is why Bank of America agreed to settle and pay $410 million to the customers it STOLE from by using fraudulent means to trigger OD fees. It should also be noted that since I have been given the chance to opt-out of OD protection, my account has been in balance. Coincidence? I think not.

[Volatus]

@nickyaya111 Sure, OD protection *is* a huge scam (they charge the same fee to overdraft as they do for their "protection" transfers! WTF kind of protection is that?!), but the general point is, OVERDRAFT means to "TAKE MORE MONEY THAN YOU HAVE". Deposit $20 -> withdraw $30 (write a check, swipe the card, etc) -> $10 is essentially stolen from the bank. Fees are due. Insane fees and scummy methods of charging/explaining them, NOT due. But the bank is doing no wrong charging for overdrafts.

[nickyaya111]

@Volatus I still don't think you understand what my original message was. Essentially the bank would tell me one thing (your balance is "x") and then proceed to do another (i.e.: re-arrange presentments for payment, etc.) to trigger OD fees. If what they were doing was legit, why did they settle for $410M? Having been a business owner for a period of 8 years I never had problems with OD'ing my account, but when it comes to my personal finances somehow I'm an idiot or a thief. Laughable.

[KaiserVadin]

@Volatus BUT what if the bank never wants you to pay off the debt huh, you can give them 100% of your paycheck but if they do not want you to get out of debt they will make sure you won't

[sabreyow]

i love how you had both benny hill AND the beatles...this is happening to me right now..1 overdraft fee years ago with bof a and i disputed it and they closed my account..2 more od fees with wells fargo years later about 2 years ago.i disputed those also,saying how could i have the money in the account when i make the purchase,but now weeks later,im overdrafted??..now,its in collections and wf has reported it to chex systems,which bansme from opening a account at any bank..what a scam

[dina81]

Great video Nick! I just wish you could somehow improve the sound quality, but other than that, very informative!

[ModernPatriotsUnited]

If you must bank go local and make sure they give you an option to cut off funds if you don't have money in the bank. Just say no to over draft "protection".

[IsisTrue]

I wish this fucken guy would pull the stick out of his ass!

[xxmrthugchildxx]

instead of trying so hard to get your money back, learn how to balance you check book. no wonder they put your checks on hold, you keep going negative. its funny how its always someone else's fault

[tominmiami]

You are great bro. I am glad to know other people have figured this out.

I have a question please.

I am getting ready to file suit for 2k in fees. Should I break it up into a couple of suits?

Thank, Tom in Miami

[abprepboy33]

so let me get this straight, Bank of America owes you the money because you dont like to pay overdraft fees? They do use tricks to generate overdraft fees, and they are definitely deceptive about it.... but you talk as if every time you overdraw your account and recieve a fee for it- its the banks unfair contract that is to blame. I just think there are enough serious complaints about banks- that this one seems a bit ridiculous.

[abprepboy33]

If a contract isnt "fair" they rule in favor of the person who didn't write the contract? What is fair?- sounds a bit subjective. If both parties enter the contract with their own free will- then what difference does it make who drafted the contract?

Now if portions of the contract were not properly disclosed to you at the time of the signing- that is definitely a different story.

[woolrocks]

thanks for the information! I am taking TCF Bank to small claims court for their overdraft scams!

[ginaven1]

introduction to long,,,,bored

[92BMW318is]

@nickyaya111  I was wondering if i should go ahead with just going to fill out the papers at the small claims court or should i make my presents know more then i already have,

I have talked to the manager of the bank and i have talked to, people over at the customer service hotline, No one is willing to refund anything. Also my bank is firstmerit. I asked what the name of the agent of service and process and they act like they dont know what im talking about, I "owe" $150.00 in overdrafts.

[HiphonePro]

Help me spread the word about a new social media site for people who have been ripped off by banks (FACEBANKBOOK) hope to see you there together we stand!!

[MrFes888]

ive now rather trust my money to a drug addicts,than any banking system,,,,,i now want nothing to do with banking and i hope they all go under,and i dont mean to australia,,,if every one closed there accounts and used a different method,like digging a hole in the garden and burying it ,or use a coop system through friends and family

[paulcoonan]

I received $435 in fees. I didn't even have a checking account nor a debit card! I have new vid explaining my recent experience how bankers get bonuses for tacking on fees. The more fees the tack on the bigger the bonuses.

[derubermax]

All I did was SAY the word "Agent of Service of Process" to a scared Wells Fargo supervisor and she immediately reversed ALL of my overdraft fees!!!

Just make sure you go request to speak to the supervisor when talking to the customer service representative. The service rep can't reverse ANYTHING.

Thank you so much Nick. You're the best man. Thank you so much!

[1Henryetta]

Do you think this would work for a credit union?

[VileVengeance]

Thank you man!! Really really appreciate this Nick!! For people that say "Keep an eye on your account and you wouln't have this problem" Well.. That doesn't help when they process a charge 3-4 days later

[2242bzo]

haha! I love this!

[L0UISVILLE]

lol @ katie. Fuck a bank! Do they pay me fees when they fuck up? No. Have they cost me business/money do to their process? Yes. They (you?) can all eat a bowl of dick souffle smothered in ballsack au jus.

[animishi]

I am doing this!!!

[blondeatheart4249]

I tried this method & it worked! I sent a simple email about my several fees, asked if they could be removed, then mentioned if they were not removed I would like the name of their representative for my state, because i would be filling a claims in small claims. I received a reply in about an hour they they refunded almost HALF of my fees. I'm going to send more message and be persistent to see if i can get even more fees revoked. Thanks!

[aptharsia]

We were charged 3 overdraft fees ($140) for having a positive balance at the end of the day!

[jimmy439]

THANK YOU

[adamsai]

did you ever get your money back from BOA.

[nickyaya111]

@adamsai: Yes. I have recovered all of my money from B of A and I have since recovered another $350 in fees (the full amount) after they tried some new tricks to trigger OD fees. Keep fighting the good fight and you will win (just be sure to be polite to the customer service folks!).

[adamsai]

@nickyaya111 did you have to go to court to recieve your money back or did they just give it back. Recently my bank charged me eight overdraft charges and said they couldnt reverse them because it was not bank failure. What should i do?

[nickyaya111]

@adamsai: I haven't had to go to court yet. I know of those who have had to go as far as filing the paperwork with the court before getting their money back. I recommend being persistent and insisting that what the bank is doing is ambiguous and unfair (and not at all your fault), and if need be you will take them to small claims to prove it.

[adamsai]

@nickyaya111 Out of eight overdraft charges my bank has refunded four when i called and spoke with the bank manager. She stated all she could reverse was four a year. Do you think it is worth it to try and get all of the charges refunded going to a higher level at the bank or even small claims court.

[nickyaya111]

@adamsai: I have found that by being persistent and demanding that all of the charges be reversed has always resulted in getting my refund. I definitely recommend getting transfered to a higher level of customer service, they can usually do a lot more.

[decpthatsme]

What is the limit in which the banks will defend themselves for? I am in -$461 in just 3 days and im pretty pissed.

[vespev]

Nick, you were doing really great up the the "agent for service process" part and then went on to advise talking to right person in the bank - what to you do with agent for service process information if you know it?

[jacobsladderpa]

I think Katie's Dad is the ceo of a very large bank.

[nickyaya111]

No doubt he is!

[katiezack]

Hey just to let you know the bank has offered the ability to OPT out of the OD option since 9/23/09.... Be a man and stop being a virus. You are entitled to nothing but you teach people that they should be. You sir are the same thing you hate because you twist facts just so people will watch you on Youtube, you are preying on the unfortunate that don't need to be told how to bitch and complain enough to get fees back, but need direct in the way of how to MANAGE their accounts!

[nickyaya111]

Katie: Thanks for pointing out that BofA has added the opt-out option for its customers. This is something I've been asking for of them for many years. And how exactly am I preying on the unfortunate? Am I the one that shuffles the debits and credits around to trigger OD fees? I think not. AND I WILL CONTINUE TO POST THIS VIDEO UNTIL EVERY DOLLAR THAT HAS BEEN STOLEN BY BOFA IS RETURNED TO ITS RIGHTFUL OWNERS!!!!

[dave17186]

@katiezack

That would be a fair point if fees were fair. I could handle a $35 OD fee but I've been charged up to $300 for being $20 overdrawn, is that fair? Is that an adequate punishment for my oversight.

[debtconsolidationcan]

have heard similar, but much more interesting to watch

[imperialpilotx]

chase hit me with $500 in 2 days, from micro-transactions which were delayed.. those 2 days were before my direct deposit check that has been coming through every wednesday. So now im -269.. They said its my fault yet I wouldnt be -269 I would be +231 if it weren't for my overdraft fees. Thanks! Now I can't eat.

[loveisaliexx]

pretty sure? better be 100% if you wanna post things so matter of fact-ly. it was october... trust me i know.

[loveisaliexx]

Bank of America offers the option to "opt out" so re-make this video with the correct information... call and ask to opt out and see what happens. FALSE INFORMATION ON YOUR VIDEO. You cant go into a grocery store with $20.00 cash and buy $50. worth of items... a debit card is no different. If you overspend on your account, there are fees. Be a man and take responsibility or better yet DONT HAVE A BANK ACCOUNT!!!

[nickyaya111]

Lovie: To correct you, B of A just began offering "opt-out" on 12/1/09. My video was posted nearly 9 months ago, and I hope has helped to make this a reality. Many banks do still not offer this option and continue to fleece their customers using deceptive accounting practices. And for the record, I and many people like me we spending money WE HAD DEPOSITED ALREADY, but was post-dated by the bank alongside other charges that were re-arranged to trigger OD fees.

[loveisaliexx]

it says the video was posted October 07, 2009 and no Bank of America started opt out in october, not december. get your facts straight please.

[nickyaya111]

OK sorry about the date thing. I made an editing change and re-posted it in October. The original one was posted March 16, 2009. I am pretty sure about the opt-out thing being in December though. Regardless, it's been a long time coming; more than 10 years THEFT by banks is enough.

[vetteluvnh]

Nick, great videos! I found them w/ google after searching "overdraft refund." I just incurred over $500 in overdrafts after our bank re-ordered our drafts for our mortgage. Then they hit us w/ a $36 fee for things like gum, milk, gas etc. Funny thing is, the mortgage company only would've charged us a $32 late fee. I plan on using your described method, but I was wondering if you had a sample draft letter or letter of intent to use as an outline for the bank? Thanks again 4 the great videos!

[katiezack]

And the hold policy is governed by the federal government and all banks have to abide by that. That is in place so that the money is collected before use and it is very rare to see a hold for the max 10 business days. If you don't like how banks work then why not use a credit union where you get to hunt for a banking center or atm but in turn they will hold your hand? You are the virus of the country because you are not owed anything and you preach as a victim when you were just irresponsible.

[mcpduffs]

Really Katie I feel you are deeply wrong. I mean when you look at something you believe it to be true like your gas gauge so you drive as far as you think you can on that amount of gas. but the bank statement got re worked by the bank to put transactions that happened when i had money to be re arranged to look like i made the purchase after the check cleared. I had all the money when the check came and bounced and should have only had one overdraft fee for the check

[nickyaya111]

keep up the fight duffs!

[nickyaya111]

Actually, katie brings up a good point. Back in 2004, the Check Clearing Act of the 21st Century was put into effect by Congress that "facilitates check truncation by creating a new negotiable instrument called a substitute check, which permits banks to truncate original checks, to process check information electronically, and to deliver substitute checks to banks that want to continue receiving paper checks." Meaning: instant money transfers are possible, banks hold checks to charge more fees.

[nickyaya111]

OK katie, now you are just being rude. I am a "virus"? It's more like the banks are leeches. Let me see if I can make this clear for you. 1.) I deposit money in the form of a check. 2.) the bank says they are holding the check, even though they have already collected the funds. 3.) I spend the money I've deposited with the bank. 4.) the bank hits me with a $35 "service fee" (thanks for the favor I can't opt out of); many times this fee will be equivalent to a 3 million percent APR. It's a SCAM!!

[katiezack]

Do you make videos on how people should go to McDonalds buy a hamburger, eat 5/6th of it then take it to the counter and say it didn't taste right and you demand your money back? Why not? It's the same thing, you are consuming a product from a business which you know the cost and then trying to get it for free.

[mcpduffs]

its not like that. your totally wrong and a ignorant person. and one day maybe in hell you will realize your wrong doings and repent for your ignorance. watch the video with ralph nader he tells it like it is. you can help change the world or you can continue to Damn America further into a trap of rich or poor people

[abasej10845678]

No mcpduffs, Kaites not ignorant. Your ignorant. I completely agree with her. At the end of the day its very simple. transactions post largest to smallest. (ie your morgage pays before your starbucks coffee)Your told very clearly in 10 ways every transaction that overdraws will cost you a fee. then you spend more money than you have and get the fees, After that you whine about it and complian. Like someone else said. STFU and go to a horse and cart credit union.

[abasej10845678]

PS No one put a gun to your head and said do business with a big international bank. but you WANT to do business with them and then whine about a straight forward policy thats punitive against those that overspend.

[katiezack]

but you are justifying overdrafting and blaming a bank because of the order they choose and disclose when the account is opened! Why don't you make a video on how to manage money instead of preaching and teaching entitlement. God forbid you only spent what you make instead of more than that and then try and get it for free.

[mcpduffs]

Katie eat a dick

[katiezack]

good one... how about you go in the other room and play with your toys

[katiezack]

Mr. Yaya you sir are a complete moron. if you did not overdraft your account you would not get fees. And no matter the order of the transactions isn't it the same amount of money?

[nickyaya111]

Hi Katie. I appreciate your feedback. It's possible that you missed the part where I discuss how banks withhold deposits for up to 11 days to trigger overdraft fees. But to address your question with regard to the chronological order of posting transactions, it does make a difference. For example, if my largest debit was for my mortgage and was put through after 10 smaller charges, it would only garner 1 OD fee; whereas if it were the other way around, it would garner 10 overdraft fees.

[abasej10845678]

Really Nick? Have you ever gotten a hold on a direct deposit? :) didn't think so... so the holds are only on paper checks? the kind that can be forged, bounced, etc etc. When you get a hold placed on electronic verified funds by all means, please let us know. then you can act like you know why holds are placed.

[nickyaya111]

Actually about 3 out of 5 people that contact me regarding this issue have been hit with overdraft fees even though their check had been direct-deposited. So I am sorry to be the bearer of bad news, but I do actually know what I am talking about!