I have read several posts about the preditory NSF practices of Bofa and I am also a victim. BofA sorts and processes transactions to maximize their profits. They run debits first and then credits and they run them in several batches each day.
I had written several small checks to an individual over the last few months, all for less than $20. They had not cashed them and then cashed them in a group. My account would have had enough in it but they ran the debits first - this is my fault. What happened next is robbery.
They ran the checks back through my account several times a day - resulting in charges of $136 per check per day for about $500 per day. This resulted in more checks being NSF and the cycle continuing for 3 days.
I have been a bank of america customer for 21 years and worked for them for 12 years. I really thought this was a mistake. First I called them and spoke with an idiot that told me they could run the checks as many times as they wanted and could choose when to honor them and when not - which is actually pretty close to reality.
Next I sent an email to customer service and received a legal-ease response which reinforced the validity of their actions. Am out about a $1,000 to BofA, due to 5 checks totally about $50.in my wildest dreams I never thought this was legal or moral.
I did send them an email suggesting they refund part of the fees as I had been a customer for 20 years and had a good 20 years of banking fees for someone to earn from my business left. They were not interested. My newest hobby is moving ALL my business to my credit union. It is time consuming but worth it.
I wish someone would make this practice known to the general public. There are several here who have had the same thing happen to them. Had it not happened to me I would never had thought it could.
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