Bank Of America
Arbitrary debit practices leading to extortionate overdraft fees

Bank of America is using a slimy and reprehensible scheme to get more money from their customers by arbitrarily rearranging the customer's charges so that it can get all the overdraft fees that it can.

For example - let's say that you have $60.00 in your account, and seven charges come in on the same day - a check for $50.00, two debit card charges from a gas station for $15.00, another $10.00 charge at the grocery store, two cups of coffee for $2.50 each, and a soda for $1.00.

Now, any reasonable person would do the charges like this:

$60.00 - $1.00 = $59.00
$59.00 - $2.50 = $56.50
$56.50 - $2.50 = $54.00
$54.00 - $10.00 = $44.00
$44.00 - $15.00 = $29.00
$29.00 - $15.00 = $14.00
$34.00 - $50.00 = -$36.00 Overdraft fee

This would mean that you go $36.00 into the negative, and get charged a single $35.00 overdraft fee - which would be reasonable.

However, Bank of America, being the greedy bunch of sadsacks that they are, is not content with this arrangement. Instead, they will do your charges like this:

$60.00 - $50.00 = $10.00
$10.00 - $15.00 = -$5.00 Overdraft
-$5.00 - $15.00 = -$20.00 Overdraft
-$20.00 - $10.00 = -$30.00 Overdraft
-$30.00 - $2.50 = -$32.50 Overdraft
-$32.50 - $2.50 = -$35.00 Overdraft
-$35.00 - $1.00 = -$36.00 Overdraft

Which will equal the *exact same overdraft amount* as doing it in a way beneficial to the customer, but will also net them an extra $175 in overdraft fees - making your total fee for bouncing a single check a whopping $210. Since they cover the overdrafts anyway (which is what they are charging you for), the only reason for them to do this is to screw you over for as much as they can.

... And when you point this out, they will simply refuse to help you.

Bank of America is not interested in helping you as a customer. They are interested in milking you as much as possible through selective dating of debits designed to hurt you and help them as they can get away with. Avoid this bank at all costs.

Company: Bank Of America
Country: USA
Site: bankofamerica.com

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