Bank of America offers a Visa check-card that functions in a manner to allow ATM withdrawals/deposits using bank machines and for purchases with the Visa component of the card. All of these transactions are tied directly to a checking account with a cash balance (not a credit line).
The bank's web site, www.bankofamerica.com, displays an "Available Balance" on the account, along with "pending transactions" and "posted transactions." As a fraudulent and misleading tactic, the web site will often list very recent purchases in the "pending transactions" section, but the amounts are not subtracted yet from the "Available Balance" figure. Also, the "Available Balance" is not always updated "up to minute" as they lead customers to believe.
Bank of America has even aired a television commerical in which a customer charges a cup of coffe in a cafe. The coffee drinker's "friend" in the cafe is using a wireless laptop at a table while the customer charges the cup of coffe on the card. When the customer returns to the table, his friend is viewing the Bank of America on-line web site and is amazed that the bank has already posted the transaction on the web site.
This further emphasizes and evidences Bank of America's intention to lead customers to believe the balance is instantaneously updated.
For customers who have a balance in their accounts that is approaching the zero mark, Bank of America's system is designed in a "smoke and mirrors" fashion. Customers believe they can make additional purchases because the balance is displayed as higher than it actually is since the transactions are not posted, are pending, but aren't subtracted from the available balance. Note that these transactions are often listed in the "pending" section, leading users to believe they are reflectd in the available balance.
Given the scenario above, customers can continue to make minor purchases for amounts such as $20, $10, etc. Knowing they are close to zero, but thinking there is still "enough" money in the account. Next, Bank of America subtracts amounts in descending order rather than transaction time to ensure the maximization of their own profits. Overdraft fees are currently $34 for each transaction. A few minor transactinos like a cup of coffee, lunch, gas, etc.in a given "gray period" day can end up costing a customer up to five $34 fess in a single day, or $170.
If you are being ripped of like I have been, please take action, complain, and cancel your business with Bank of America. They have now merged with Fleet bank which has practiced very similar tactics with credit card payment receipts and lost a class action lawsuit. I received a $75 check last summer from the Fleet lawsuit.
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