Mobile Banking and Online banking should be as accurate as the information Bank of America has in their system. I have a print out from my online account that shows a positive () balance, followed by two overdraft fees. It is clear, that the account is not in the negative (-) before the charges are posted. These two charges caused the account to go into the negative 3 more times.
I went to the bank to clear up the matter. They told me that the charges were for N and CE. The online print out shows these two transactions-Balance after CE (31.15) Balance after N (15.63). Still not (-). Next transaction on printout, Deposit (40.00). This left (55.63). This would be enough to cover the next three transactions, with a total of (-51.82). Leaving (3.81). I have a receipt from the $40.00 deposit. The teller wrote the balance after the deposit at the top (3.81). But my printout shows two $35.00 Overdraft Fees. As I said above, they don't follow any negative balance, but they are there, posted just before three transactions totaling (-51.82). If the fees were not there, I would have enough money to cover the rest. But they posted their fees before my last three transactions. So now, I will be charged $35.00 for the last three transactions.
Bank of America just made $175 by rearranging the way things should post. The bank manager did give me one $35.00 fee back, but that will not stop the three charges that will show up tomorrow. She showed me their printout, but it was in a different order. They were charging me fees for transactions that had not even occurred yet, they were pending, but not posted. The fees were based on the "Balance w / Auths & *Holds" not my real balance. But they did not show online/mobile.
*Sometimes a company will place the hold, days before they are authorized to take the money. So, for a person that lives paycheck to paycheck, the money that is available when the hold is placed may be grocery or gas money. And the money that is being held isn't coming out until after their next check, when they had planned to have the money available. So, if the money on hold is being taken out of the "real" balance, they don't get to feed their children or drive to work because someone is planning on taking money from their account, in a few days.
We have had fee problems with Bank of America before. Just after my husband got out of the Military, we moved back home. We changed our address with Bank of America, so they knew what state we were in. After a few months, we ordered a newspaper subscription, subtracted it from our register, and went on with our lives. We used our card at local shops, gas stations, etc. We did not know that Bank of America had held the past two months subscription fees because they thought they were fraudulent charges (because of the change in state). We had been using the card in the same state of the newspaper subscription, we had changed our address to that state. It didn't make any sense. It seems to me, that they waited until we slipped up. I'm not sure of the exact amount, but I think we went into the (-. 11 cents).
It was at this time Bank of America decided to approve the newspaper subscription transactions without contacting us about the possibility of them being fraudulent. This decision caused a charge that later in the week caused another charge.By the time it was all over, we owed about $175.00.
I don't know what my $175.00 does for Bank of America, but for me, losing that money ruins my children's birthdays or Christmas. I want the information that the bank is using available to me. They intentionally post transactions in a different way online. So I get the "Online Positive Balance." In the bank, they are using a different system where they can rearrange the order to their advantage. But they are not obligated to present the same information online, which in many cases, adds to the amount of fees collected.
Bank of America is taking advantage of it's customers. They can do this, because they have resources available to them that most of us don't have. They have lawyers writing the contracts that would be much shorter of they just wrote:
Bank of America has all rights and it's customers have none.
Tina
Conway, Arkansas
U.S.A.
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