I believe Bank of America is manipulating "available balance" on deposit accounts as an unethical business practice to generate and collect fees. I had a direct deposit post on my account as a "pending" transaction on 3/28, and also reflected the deposit amount in my "available balance" via their online banking. Thinking these funds were available, my wife and I made numerous purchases over the weekend. It was to our surprise to see that Bank of America charged a $175 in NSF fees stating we had overdrawn our account. Given the deposit was $2,000 greater than the transactions in question, the root of this issue is the status of "available balance". Per the information on their own web site, "available balance" can be a combination of both posted and pending transactions. As I found myself engaged in an email exchange with customer service trying to explain my concern, they pretty much ignored my position. They stated that the direct deposit didn't post until 3/31; hence, that's what caused the overdrafts. However, the direct deposit was reflected in the available balance on 3/28 as a pending transaction. It seems they took this opportunity to generate fees by manipulating the available balance, and then claiming the deposit didn't post until 3/31. I of course can't prove what happened because the pending transaction has now posted; hence, we find ourselves in a he said/she said scenario. They over course take no responsibility or consider the possibility of what I said.in other words, they say I'm lying. My point is that if the "available balance" didn't reflect the direct deposit on 3/28, my wife and I would have made our purchases on a different card to cover the purchases. Bank of America misleads us by manipulating the "available balance" between 3/28 and 3/31. My advice to anyone banking at Bank of America, "BE CAREFUL". You are nothing but a number with a bull’s eye on your back for a fee. It's no longer about the $175 in fees they charge, but a matter of principle in how they handle a customer complaint. Very non-human. My advice is to bank at a smaller community bank or credit union where they do treat you with respect and like a human. I'm in the process of re-financing my home and currently engaged with Churchill Mortgage. I thought I'd compare rates with Bank of America given I'm a long-time loyal customer, but the $175 fee negotiated them out of consideration. Terrible customer service and perspective. Has anyone else had this issue with Bank of America? I'm considering legal action to expose the unethical practice of manipulating "available balance".
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