I got a lot of feedback from my investigation into Banks fees that aired July 29th.
We reported that Bank of America defended its practice of charging its customers “overdraft” fees on transactions that hadn’t actually been processed by saying that “9 out of the top 13 banks share this practice.”
Of course, after the story aired, Erin Cluchey emailed with a logical question:
In the news story regarding banks charging fees for “Pending transactions” it stated that nine out of thirteen banks are using this practice. I was wondering if there was a list of the nine banks now using this practice. I would also like to know which of the 13 are not. I think I’m going to switch to one of those banks so I would like to find out who they are. Thanks very much.
Well, duh??? I immediately asked myself why I didn’t ask Bank of America to provide a list of those banks when a spokesperson used that line for their defense. I told Erin I would find out and get back to him.
Read the string of emails that followed:
—– Original Message —–
From: Amy Davis <firstname.lastname@example.org>
To: Wagner, Diane
Sent: Wed Jul 30 14:43:18 2008
Subject: RE: New bank fees follow-up
In our story that aired last night, we reported that Bank of America says 9 out of the top 13 banks in the US also charge overdraft fees on pending transactions. This morning, I have received a few emails from consumers who want to know which 9 banks have that policy and which 4 do not.
Thanks for the follow up. I don’t have a list of the banks but the best source would be the American Bankers Association.
SVP, Media Relations
Bank of America
OK… let’s try ABA:
From: Amy Davis [mailto:email@example.com]
Sent: Wednesday, July 30, 2008 4:16 PM
To: Nessa Feddis; Carol Kaplan
Subject: Bank Fees story
Hi Nessa & Carol,
The story on bank fees and changing policies aired in our 10pm newscast last night.
Diane Wagner with bank of America also told us (and we reported) that 9 out of the top 13 banks in the US share BOA’s policy for charging overdraft fees on pending transactions. Diane told me that you guys would have that information. That would be great if you could send me a list.
KPRC Local 2 Investigates
Sorry, we do not have a list of those banks.
Back to Bank of America… let’s push a little harder:
Amy–What I can tell you is that the information is factual, and we stand by the accuracy of our information.
But for competitive reasons, we are not going to disclose who these banks are.
Diane will not have anything further to add.
I hope this helps.
I don’t know… does it help you??