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I’ve been banking with Bank of America for about 3 years, in good standing, but on the rare occasion have overdrawn my checking account using our debit card. What I noticed was that if a transaction would overdraw my checking account and at the same time there were other pending transactions, BOA would process the largest transaction first, causing all the smaller transactions to overdraw my account to which they would charge me a $35 overdraft fee for each one. They would do this rather than posting the smaller transactions first and posting the largest one last therefore incurring only the one overdraft fee.
This pattern was easily discernable in my transaction history. Upon calling BOA and speaking to them I asked why they post the largest transactions first and I was fed a line of bullshit: because we’re watching out for the welfare of our customers and if it’s a mortgage payment then we want to make sure it goes through. “I let the agent know I was never made aware of the policy changes. I remember when charges were posted by date and time not amount. This new scheme allows the bank to reap the reward of more NEF’S fees. There are numerous articles on the Internet regarding this BOA policy.
Maybe it’s just me but I would like to see the return of posting charges by Date and Time… If the banks are going to post the charges when and how they see fit, why have a date column on your checks.
Oh yeah to see when you got PUNKED!
1 Comment:
BOA just charged me over $200 in fees...I was overdrawn just under $25 for less than 4 days before I noticed the problem (some Starbucks and a $5 or so charge at Kroger) I closed the account and as soon as I get my paperwork to move banks, they're losing my business account as well. Goodbye BOA, hello Delta Credit Union! I wanted to leave them anyway,they took that dirty TARP money from the government. This way I'll be staying with a LOCAL bank. I told them, it's SHAMEFUL how much they charged me for one mistake!
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