Research Fee

Bank of America charged my account a research fee, but refuses to give me any proof of their research, or release any information about the research. They are very vague and rude when I speak to them. They also refuse to allow me to speak to a supervisor. I doubt a supervisor would matter at any rate considering how rude the general employees are. Any advice?

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Answer #1: Posted by pellkiness on July 12th, 2010 6:06 AM

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pellkiness

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If you requested info about an old check/statement or something along those lines that's 180 days old or older, they can charge you this. This is what it says in their TOS:

We may charge you a research fee of $20 per hour for an inquiry about a transaction that occurred more than 180 days before the date you make the inquiry. This fee will be waived if we determine that an error occurred.

If you did NOT request any kind of inquiry, but requested that they close your account, they might charge you this if they suspect fraud. They won't tell you this because it is part of an ongoing criminal investigation.

If you did NOT request any kind of inquiry, are perfectly innocent and think you've been ripped off, you can do a few things. Here's what I would do:

1. Write to the company president (in a rational, mature tone):

Brian Moynihan

President

Bank of America Corporate Center
100 North Tryon Street
Charlotte, North Carolina 28255

2. Google Bank of American research fee class action and get on board.

3. Contact the OCC:

http://www.occ.treas.gov/

Good luck.

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