Bank of America is ripping YOU OFF!
They claim this language is in the agreement you signed when you opened the account, yet I have seen NOTHING even close to this ever explained in the List of Fees. So according to THEM, we signed an agreement to give them the right to hold your up your deposits, process our transactions at they're discretion, and then FLEECE you EVERY opportunity they get!!!
Example:
On Friday, my CHECKING balance is $50.00, and Savings is $50.00, you obtain funds Friday, its too late to go to the bank, so you make the deposit on Saturday morning.
The ATM that received the deposit is the NEW one that SCANS the bills and automatically knows you are depositing CASH, (so if it KNOWS it received CASH, then WHY THE HOLD..?) and yet there rule is, if you deposit CASH on a business day before 8PM, it is posted immediately. AFTER 8pm it will be POSTED the following business day, which it turns out is NOT the following business DAY it is the following business-NIGHT, midnight to be exact..!
So it is NOT just delayed over the weekend, held UNTOUCHABLE from Friday at 8:01pm till Monday at 11:59pm.., 24 additional hours beyond the weekend!
They find every way they can to DELAY deposits, specially when they see transactions starting to show against it..!
This means ANY debits or VISA transactions that authorize or post on Sat, Sun and even transactions during the day on Monday, will OVERDRAW your account and they will CHARGE YOU $35.00 for EVERY TRANSACTION!
Even if it overdraws your account by one cent. $35.00 bucks every time! So lets say 5 transactions are made on that Sunday, totaling less than $100.00, irregardless of the DEPOSIT made on Saturday, YOU are now overdrawn, and charges are accruing, to the tune of $175.00 and yet you had already deposited CASH sufficient to cover the transactions, the day PRIOR to doing the transactions!
They RESERVE the right to PLAY with the Soft/Hard POSTING DATES and cause your accounts to overdraw, thereby giving them the right to GOUGE you for hundreds of dollars in fees at will!
Or get this one, your checking balance is low, like $20.00, you have $150.00 in your savings/overdraft account. On Wednesday, three transactions of ($25.00 each) total of $75.00 and a check for $160.00 (floating God knows how long) were processed on Thursday, the overdraft transfers $140.00 on Thursday to the checking. (The transfer is sufficient to cover the 3 small trans., but not the large check), yet you are not charged 1 fee, but 4 fees, $35.00 per transaction, because they ALSO reserve the right to process the LARGEST debit FIRST and collect fees on all the smaller ones after!
This is a great scheme cause the $160.00 check wipes the account and the overdraft, and now EVERY little transaction that would have initially been covered by the overdraft-transfer, are now stacked up after the LARGE check transaction!
WHY make $35.00, when just by changing the POSTING ORDER you can make $175.00!
Even though this is supposedly in the account agreement, it is theft and extortion! They engineer the RULES in favor of the bank, against hard working clients who have no choice but to pay, cause the bank holds they're accounts hostage, and sucks every dime out of it till ALL fees are collected!
This has all happened to me, many times, in varying amounts, and I have the statements to prove it!
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