Bank Of America
New Soft NSF Charges

I am frustrated with the new policy B of A has implemented for soft NSF charges. This means when you go to the gas station and use your debit card the gas stations sends a request to the bank for a guarantee of payment for an anticipated amount of monies. The same practice is used at restraints, bars and in some cases; charges are submitted multiple times in error. When the soft holds process, it shows a pending hold on your account for funds. If the pending holds creates a negative balance you are charged soft hold NSF. I have seen transactions on my account many times where companies catch me in a loop and because my account to over draft in the pending and when the balances finally all catch up there is no actually overdraft. I actually called the bank the first few times this happened and they informed me not to worry unless the charges actually clear the account. Know they are changing the rules on us.

You will never see a negative balance on your account because the funds did not clear and there was no negative balance created. The bank explains they guarantee those funds for payment gives them the legal right to charge us for those funds prior to posting to our accounts, even if the posting takes two weeks.

Personally, this is the newest banking fraud hitting Americans while the economy weak. I recently received six NSF charges from BofA that in my opinion should not have been assessed to my account. I disagree with this new way of banking.

It truly makes you want to take your monies back out of the bank and keep in a safe or mattress at home.

Company: Bank Of America
Country: USA
State: Nationwide
Site: bankofamerica.com

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