004/02:
This is a comment to "Bank Of America Overdraft Charges Internet Consumer Comment. Available Balance vs Ledger Balance":
This is the way it has been explained to me by Bank of America Representatives and what happened to me:
1. You use you DEBIT card Friday & Saturday and say... Do 5 transactions. The transactions were done using DEBIT and utilizing your PIN#.
2. The money is in your account and available at the time of each 5 transaction. You were not overdrawn in any form or fashion at the time of those transactions
3.in fact, you could go home, log on your computer and see the funds have already been deducted from your account balance
4. However, the bank lists these as pending (technically not processed yet... But deducted from your balance already... Hmmm)
5. You have another electronic transaction that is presented for deposit on Monday morning
KEY POINTS:
* YOU HAD THE MONEY FOR PIN/DEBIT TRANSACTIONS WHEN TRANSACTIONS WERE DONE
* THEY HAVE ALREADY BEEN SUBTRACTED FROM YOUR AVAILABLE BALANCE PRIOR TO ANOTHER TRANSACTION BEING PRESENTED FOR PAYMENT ON MONDAY
OK...
*Now let's just say the 5 weekend transaction totaled 475.00 (again ALREADY presented for payment and subtracted from account!)
* The Monday transaction was a 500.00 payment
*Obviously you do not have enough for the 500.00 transaction, it will be returned (they may honor), but regardless... This is obviously my fault and I am fully prepared to pay the overdraft or return fee on that ONE transaction
* That would be logical, right? Not according to Bank of America.
* THis is their reasoning behind why they actually did me a FAVOR by charging me 6 overdraft fees:
Bank of AMerica does not process any transactions over the weekend... Even though they immediately subtract and balance your account after each debit (HMMM). They say that even though money was there and it showed as subtracted from your balance, technically it is only "PENDING" at that point and will process Monday during regular business hours. So, if another transaction comes through, clearly on Monday after the others were already presented and subtracted... Because they don't PROCESS it until Monday, they then add the 500 transaction and all of the weekend transaction into the same pot and reorder it from HIGHEST to lowest. You have NO CHOICE in the matter. They reason that they are actually doing us a FAVOR because they figure that the higher transaction may be something such a rent or car payment and that they don't want to inconvenience their customers for such important bills. THey say they do this because most customers have indicated they prefer that method.
WHAT!!!???
I'm sorry, but I want my transaction posted in the order that I did them, using the dates they were submitted for payment and funds were available! I DO NOT want you to decide for me which transaction is more important. Personally, and I don't think I am alone on this. I would much rather pay the one justifiable overdraft fee of 35.00 on the ONE 500.00 transaction, rather than 210.00 because you decided that you should change the actual order so that B of A can get rich! Absurd. I was advised, when asked to speak to a manager, that the system does not allow them to waive fees. Period. When I said I was changing banks, she then said, well let me see if it will waive one of them. Miraculously the computer let her waive ONE of them. I asked why it wouldn't let them do however many were necessary and when I pressed the issue. Now it can only waive one and no others... She said that is how it is set up. (yeah yo just said before that it won't waive ANY lady) Ok... That is a bit contradictary... A bunch of crap is what it is. They def. Don't want you to speak to a manager, either! Obviously, if it can waive one, it can waive all... We are not ignorant. Come on! What happens when it is, what they consider, a legitimate bank error? They find a way to waive it then, don't they! ~
Anyway, that is how it is done and they said it is in their bank literature and it is the way the have done it for years and to just suck it up and pay the fees...
Weekend transactions are posted HIGHEST to lowest, regardless when they are presented for payment... And then they all are processed on Monday due to bank hours... It then all gets lumped into the same time/date pot for Monday and they reorganize it so they can make the most money off it. Even though you had the funds at time debit/pin trans was presented for payment.
any questions... Feel free to email me at [email protected]
Elizabeth
Brandon, Florida
U.S.A.
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