"Bank of America, $10 fee on PayPal transaction" Topic

I recently made a purchase from an Online Merchant. It wasn't Ebay or another retailer. It was a transaction that went something like, "I'd like to please order this…" and he invoiced me on PayPal.

Today I noticed that Bank of America charged me $10 USD for sending him a "cash advance".

I'm going to call BoA tomorrow to see what is going on but I was wondering if anyone else has had this experience…?

I've ordered from this Merchant before and this is the first time we've seen this fee…..

thanks,

Dave

thats a new one.

If you made the payment using a Cash Advance from BoA line of credit or similar then they charge a fee. The BoA fee is a percentage of the amount with the minimum charge being $10.00 USD

The same thing happened to me four days ago with BoA. Not too pleased with it .

I closed my Bank of America account several years ago. Extra fees back then was too much.
I use Cadence/Elan now and USAA.. they are a lot better.

Everyone may just want to note that a change was made that allows banks to charge cash advance fees for a number of online transactions that use credit, and debit cards. They can now treat many of the PayPal transactions as cash advances. this can also be true of Venmo transfers.
See this article-
link

Sounds like robbery to me.

BofA has to be one of the worst, if not THE worst banks in the USA, though Wells Fargo is neck and neck in the running too.

As a banker for almost 50 years, I can tell you this: With interest rates so low for such a sustained period of time, banks are struggling for income. Since interest margins are thin – and show no signs of improving – banks are turning more and more to sources of non-interest income, primarily in the form of fees.

The major banks and large regional Banks will take the lead in looking for additional sources of fee income. If you are a customer of such a bank, watch your account carefully. Under banking regulations, you must be notified of such changes, but who really reads all the disclosures received from your bank?

If you are getting hit with excessive fees, consider a smaller community bank or even a credit union.

Banks are getting virtually "free" money, while charging people exorbitant rates for credit card interest (20% plus for many, which is what the mob used to charge back in the day – many at 24% – 26%, or so, now), and high rates relative to the cost of money to them.

I have no sympathy for them due to that, AND all the other fees they tack on.

Good advice, Extrabio.

With interest rates so low for such a sustained period of time, banks are struggling for income

I'm sure we'll all weep for them.

So far, USAA has been very good.

I will go to any lengths to avoid Wells Fargo. Short of the The Official Internet Bank of Nigerian Oil Ministers, Wells Fargo leads the universe in slimy bank behavior.

That will make for a nice windfall for Paypal. It will now make sense to keep some money in your Paypal account to avoid these fees.

Write your congressional representative, your senators, and any local consumer reporters. For Congress and Senate, use snailmail or something like a FedEx letter. Legislative offices pay much more attention to those because of the effort required, and because you actually have to spend some money.

(E-mail, like talk, is cheap.)

I've been a BoA account holder for many years and
have never had a 'fee' issue.

Of course, I don't 'Paypal' either.

Wait – I renewed my membership here using PP in IIRC
January. BoA did not charge me a fee.

I use to work for the Humongous Bank of North America, they are very centered on finding every trick and loophole to squeeze every penny of profit. I quit after they started heavily catering to the illegal immigrant community, among other things.

Definitely try to get that charge reversed. And in the meantime set up a new checking account at Chase or somewhere rational. The *only* difference in checking accounts these days is the fee structure. No reason not to move if they're chiseling.

I was warned by paypal the other day when purchasing something but obviously didn't pay enough attention. $10 USD is ridiculous for a peer transaction as is comparing it's risk to a cash withdrawal. Time to ditch BOA.

I quit BoA about 10 years ago. One of the worst ever, IMO.