Bank of America does have a new policy on overdraft fees. It's very sneaky and unethical... But hey, it works for them! If I do overdraft, I don't mind paying the fee. It's my fault I went in the red, but now they do "Invisible Holds" which you can't see when checking your account online.
Supposedly, they sent this new policy last June (I'll be checking through my statements since I save them all). The customer service Rep I spoke to informed me that most people don't read their statements. I've read the complaints about the largest transaction going through first - which obviously does rack up extra overdraft fees - but at least you can still track that through online banking!
Now they charge overdraft fees BEFORE it posts to the account... I'm sure this practice is making them far more money, but will it save their falling stock prices? It makes sense... Poor Students who live check to check... Who really have a hard time saving money in today's society... Do not make Bank of America (appropriate name) any money... So find away to make money from them. It's not like if they pull their money it's going to hurt them... Most of them just have to bend over and take it.
You have to do what you have to do to survive, and I've paid close to 200 dollars in the past for overdraft fees... I did not complain because I saw on my statement that I did go over... I KNEW I was going to go over... But now... I've been good and extra careful watching my spending - having not overdraft... They find some other way to claim I have overdraft when it doesn't show I have on my statements anywhere. Their claim is, "Invisible Holds... Start writing down everything you spent along with the othe rperson on your account. If you have a negative balance at any time, regardless if it posted or not, you will be charged an overdraft fee!" Talk about money making scheme! I will have to change my spending habits again and do a better job, but this doesn't seem right.
How can you charge an "Imaginary" Invisible overdraft when it really never posts as an overdraft. I have to take their word for it that I went in the red? It doesn't show anywhere that it was in the Red...
I'm switching to the local community bank... I can't think of anything else to do. I want justice... And they only way to hurt a bank is by taking their money away. They're already hurting, and they're taking out their mistakes on their customers who they never really care about. They care more about their share value, holders, and own selfs than customers.
Bank of America - leading the way to a bright economic future... My repeating ramblings are done.
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