Transferring money between accounts, debits are immediate but there are always delays in crediting. This is in violation of the online agreement which states:
1."Funds transferred as a payment to a credit card, line of credit, installment loan or mortgage account before 11:59 P.M. ET will be credited with the date the payment is submitted" and
2. The narrative accompanying the transfer: "Transfers scheduled on bank business days before the daily cut-off time will be credited on the same day."
The net result is the loss of interest to an interest bearing cash account (checking or savings, etc) and the increased interest paid to BA for the delay in crediting the interest accrued account favorable to BA.
Given the millions of transactions BA has enjoed with this deceptive arrangement, it means millions in additional and unearned (fraudulently conceived) revenue for BA. Of course, BA is aware of this but the economic advantage it enjoys proclude any action to correct.
I just got off the phone concering this with a BA representive. I was told to provide feedback and if they was sufficent feedback, BA may correct this activity. They purported that the disclaimer on the delay of 24-48 hours in updating the website's information on account activity was the basis for this delay of crediting. Which is incongruous to me.
I contacted BA when I observed the delay increasing from 24 to 48 hours. I was told however, that any late fees, etc would be reversed in such a case, but its the unearned interest to BA, and the eanred interest not being paid bu BA for each transaction that is the basis of this report.
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