Bank Of America
NSF Fees Charged for Pending Authorization Holds
- 10-08-2008
- 4
Bank of America has instituted a change in their terms as has been confirmed to me by their customer service. This change in terms allows them to charge 35.00 NSF fees for PENDING transactions that have not actually cleared your account. As a merchant myself, I process and accept all major credit cards. If a customer orders something from me, a "hold" is placed on their credit card. A hold is simply verifying the card is good and the money is in the account. No money is actually changing hands at this point. If I have the item in stock and available for shipment I change the "hold" to "process" which at this point their card is charged. If I am unable to ship the item they ordered I cancel the hold. No harm no fowl. BOA is charging customers for the hold that is placed on their account, and does not refund the NSF fees even if the hold is removed. How can this be legal? Please join me in contacting your local Attorney General's Office. I have also contacted the FTC and the Office Of Thrift Supervision.
Company: Bank Of America
Country: USA
State: Florida
City: Crestview
Address: 3351 S. Ferdon Blvd
Phone: 8506830811