Bank of America's ability to arrange a customer's transactions causes excessive overdrafts. They profess that they do this in order to pay your most significant transactions first. However, it is not their responsibility to reorganize the tranactions. Their logic does not hold up when they pay all of the transactions presented. They state that the higher transactions are items such as; mortgages, car payments, etc. If they pay each transaction and do not return any items then there is no need to rearrange them. I have also been told by BOA Representatives that they do not control the order in which items are presented. However, ironically, the items are always arranged from largest to smallest.
My contention is that they rearrange the transactions so that they can charge the customer many fees verses one fee. If several smaller items are presented for payment and one very large item is also presented, it stands to reason that they would pay as many items as possible before resorting to charging nsf fees. They even rearrange transactions such as; atm withdrawals. Atm withdrawals are immediate and should never have the possibility of being manipulated.
It has been my understanding that the bank is supposed to process deposits before debits, however, BOA always processes my debits prior to my direct deposit. They will always say that the items were presented prior to midnight and my direct deposit was not presented until the next business day. This reasoning also does not hold up because BOA already knows that the direct deposit is pending three days prior to the date it is to be posted. They also state that the person who is depositing those funds indicates on what date to make the funds available but why is it that BOA Representatives tell you that transactions are processed beginning 9pm through 9am the next morning. It is too convenient to have every single debit presented prior to my direct deposit being posted at midnight. No debits are ever listed after the posting of my direct deposit, except for the nsf fees!
BOA would have customers believe that many of the transactions are automatically processed with no human involvement. Their system (computer) is programmed to do what they want it to do in order for them to profit off of consumers.
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