Bank of america says they will change an overdraft fee when I have withdrawals that exceed my available funds. The way they charge the fees is very sneaky, but that is not the issue here. The point is that they charged me overdraft fees even though I did not exceed my available funds!!!
A cash deposit was made to my account and it showed up as being available the same day (a Friday) when I looked online. Thinking it was available because THEY SAID SO, i made a payment to my credit card (which posted friday night along with 3 other payments). I got three overdraft fees totalling $105! I was upset because I only made the credit card payment because I saw that the money was available.
Bank of America said: because the deposit was made after the cut off time, it was not posted until the next business day (tuesday, because monday was a holiday).
I said: If the deposit was not going to be available until the NEXT BUSINESS DAY, then it should not have shown up in my "available balance" the day it was made. They define "available balance" as "the amount of money in an account that is available for immediate use". And I'm trying to get them to understand that it is not fair for them to say that then charge me fees for using it!
On their website, they say "We charge an overdraft fee when we pay a check or other withdrawal even though you don't have enough available funds in your account to cover these transactions." They define "available funds as "the amount of money in an account that is available for immediate use" (this is the same definition for "available balance").
I told them that i DID have enough in my available funds (I even printed my account activity showing that the deposit was showing up as available BEFORE it posted&i printed it on Sunday when i saw the negatives on my account). And they kept saying the deposit did not post in time. And I kept saying they should not have tricked me into thinking the funds were available if they were not!
Another thing they wrote on the website:
"Remember that your account balance and the amount of available funds in your account may be two different things. Overdraft fees are incurred when you withdraw amounts larger than your available funds, not necessarily the account balance."
This is saying that i should not exceed the "available funds" and I did NOT.
When I disputed it they said they cannot refund it because I had 3 OD fees in the last three months. I told them "i did not!!!". Guess which three OD fees they were talking about? The ones i was disputing!!!
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