I have had the unpleasant experience of being ripped off by the BofA automated system on more than one occasion. Here is how it works.
Automated banking does the following...
1. The bank automatically accepts rather than declines electronic debits made to low-balance accounts even when funds are "insufficient" or unavailable to pay those debits.
2. Electronic debits are cleared at the end of the day, in order, from LARGEST, to SMALLEST. This guarantees the maximum number of overdraft fees will be assessed for a particular day.
3. An artificial cutoff time exists CALLING the penalties on any given day even when deposits for the same day are still permittedand in factwill be recorded with the same transaction date.
THE RESULT: An unwary customer who forgot to tell his wife that the bank account balance is getting low might later find out that the bank assessed a fee of up to $34 when a charge came in for a paltry cup of coffee that put the bank account in the red by a single penny!
I do electronic banking and have for years. I essentially use a check card for everything. The bank is now essentially like a pack of vultures just waiting for you to make one wrong move, then WHAMMO! They give you the 1-2-3.
Examples
1.in October of I lost $134 when I accidentally paid my homeowners insurance a day earlier that I thought.
2. Just recently, I the bank stole another $134 when I again accidentally schedule an on-line payment for a Friday instead of a Monday as I thought I had done.
How can the get away with this!?
The are completely and totally unwilling to help. I have called them and very straightforward, but at the same time courteously given them my grievances and ask that they reverse the charges.
The telephone strategy is...
1. Get the customer off of the phone as soon as possible.
2. Never let them speak to a manager.
3. Never give out anything other than a P.O. Box for the purpose of writing a letter to customer service. It is forbidden to give out information (that is public ally available) as to the address, phone, and contact person in the legal department where a small claims case can be filed.
4. When the customer makes a valid point... Read from the contract.
5. When the customer makes another valid point... Read from the contract again... And again... And again... Etc.
6. When all else fails tell the customer: "I'm sorry, we will not be able to help you with that..."
7.in some cases they will hang up the phone.
Here is another thing that they do...
Lets say that you got a first-time penalty for a single overdrawn item of $14. Now, let's also say that you called a got the bank to admit that there was an error made and they reversed the charges. It still counts against you! Because even though they admit to making a mistake and reverse it they do not tell the automated system not to count that against you the next time!!!
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