A new policy. A manipulation of your funds.
Bank of America, apparently developed a new policy that will basically steal your money whenever they are short of funds. Complete bogus. Ive had other banking institutions and have friends who are Managers of banks, and have never heard of charging you overdrafts on funds that are pending, only when it is posted.
Heres what was explained to me and my situation.
They are still able to charge you overdraft charges when you swipe your card and you were short of xx amount, before anything was posted.
As to my understanding, when making a deposit $100.00 is available to you right away, even if it was going to take the next day to post. What was I suppose to understand, this was the system that I was used to. Never had an issue with it till now.
March 7th - -
I made a deposit through the ATM at 6:30pm. Yes, I missed the cut off time; but at least I knew I had $100 available to me through my debit card. I believe that those funds are available because it did show on my online banking that I had xx amount plus the $100.00 that was available to me through my deposit. I understand that my deposit wont post till the following Monday night.
Around 9:30pm I checked to see if my funds are available; and my online postings says that I had available funds. I made a purchase through paypal. Small funds, but a fund non the less.
At 10:30pm I went to buy food which costs $4.00 at Mcdonalds.
At 11:45pm I made a transaction for a drink for $13.00.
March 10th - - mega overcharge
Although those 3 charges above are at pending status; at the time of purchase I had the money available. Even on my online postings; there were no such negatives that had ever posted, but in the middle of the charges I was charged $35.00 for 3 transactions.
Theyve explained that the $100/ was only available for cash and not debit card transactions. Because when I had made the transactions, the funds were still pending. However, the charges that I made initially shows that it was in pendingstatus and not a posted status. I was being charge for the pending amounts; yet they were available to hold MY FUNDS AND DEPOSIT during pending, BUT COULD STILL CHARGE OVERDRAFTS FOR THEIR PENDING TRANSACTIONS.
So if you go to a restaurant an you were charged $34 on your debit card, and it was pending for $40.00 that have caused you for overdraft, even though that is not the actual amount that you authorized, you were overdrawn by 3 dollars for the pending; you WILL STILL BE CHARGED. Even if you did your calculations correct. SORRY NEW POLICY'¦ but when it posted, you were actually not overdraft. Oops, banks mistake but you'll be charged anyway because during the "pending" not posting amount was overdrawn. YOU WILL STILL BE CHARGED BECAUSE OF THE PENDING was over the amount.
Usually, in all banking institutions; you are not being charged until the amount is posted to your account without the available funds. However, this was not the case. Pending amounts are at times different when it is being posted. For instances, when buying gas, or at a restaurant; it will always shows as pending because the correct amount will post when they do their nightly postings. Reason for it being under pending.
However during the March 10th postings:
They posted my deposit, and then POSTED my transaction on the same day. Even if my posted deposit went through BEFORE the posted charges; therefore I had my funds there before any of my charges were being posted. Apparently the new policy is that they calculate the time that you made the transactions and then charge you.
For instance. We are use to seeing everything the next morning all together added the deposits and the charges. Now this is how they calculated.
Charges made at 5:24pm. And you are negative of $3.00'¦ you made a deposit at 5:54pm of $600.00. That is normally ok, because everything gets processed at the same time, and usually your deposit is the first to be credited. This is not the case however.
Usually on normal circumstances and normal bankings; all of those we would see it as follows:
Current amount $1.25
Deposit credit: $ 600.00 = total: $601.25
Credit debit amount: $3.00 = total: $ 598.25
Above is normally what I see every night.
Now the new system. You'll see the above on the same statement plus an overdraft charge of $35.. Because you made a transaction 20 mins prior to your deposit.
How ridiculous is that???
Also my situation. Why even bother to let me see my $100.00 credit; when that isn't the case. When in my 5 years of banking with them. I had $100.00 available immediately AFTER WHATEVER TIME I MADE THE DEPOSIT. Why are they charging me for money I had in my account?
Does this makes sense to anyone?
Now I would understand that when it was actually posted to the account and my account was in negative status, I would understand my overdraft charges. But because I was actually NEVER overdrawn; how are you going to charge me the XX amounts?
A lot of people are going to close their accounts with them. And probably open up with their competitors. I am one of them. I would rather invest on something that has the same system as all other bankings. Good going bank of America!
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