I recently switched my personal and business checking to BOA a few months ago, because of (what I thought at the time) was a generous promotion. I have since lost over $300 in overdraft charges due to everything from rearranging transactions, to phantom charges.
I won't list them all, but here are one of the more egregious examples.
Checked my balance online late one night, it showed a $10 balance in one account and $51 in the other. Upon checking it in the morning it showed a -$20 balance in the first and $81 in the second. Apparently a $30 online transfer between the two accounts "cleared" overnight. When you do the transfer online, the change in balances is immediately reflected online for both accounts, somehow this one magically reappeared several days later which conveniently overdrafted my business account, and causing several smaller transactions from earlier that day to overdraft.
Called a CSR to ask how in God's name an online transfer between two BOA accounts could possibly overdraft almost a week later when the balances were changed online immediately, I got dead silence then a click. An employee at a local branch said that the balances shown online are sometimes incorrect. What then may I ask, is the point of an online register if the balance is incorrect.
Keep in mind that I NEVER write paper checks from either of these accounts, so hold the standard snotty "learn how to balance your checkbook" responses.
This is at best poor accounting on their part and a worst outright fraud. I will be switching to a new bank ASAP, and suggest everyone else do the same.
If anyone has information on a class action suit, please contact me. With the thousands of complaints against BOA regarding this issue, there has to be some merit to this.
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