Bank of America has done it to me and others for the last time. Their deceptive practices to charge consumers overdraft fees. This is a game I want everyone to be aware of, and I think that a class action suit is near in the future.
How it works is this, lets say your checking account balance is $100.00 if you debit (but select to process as a credit vs. Debit where you put the pin in) you will have an authorization on your account which deducts the amt you just debited from the $100.00 balance. If you are asking why you would want to process as "credit" over "debit" the answer is that they charge you for "debit" transactions (if you use the pin), however it seems they have caught up to how to charge us for using it as credit also... On with their scam..
So, I charge $98.00 we will say, I sign online and my balance will say $2.00 available in my checking account because they authorized the $98.00. Now, lets say that you go to charge something else thats $3.00, instead of declinging it because you do not have sufficient funds to cover this, they will authorize the transaction, and then charge you an overdraft for $35.00. Now you may be saying "duh everyone knows if you overdraft there will be a charge" but what you may have missed is what I am about to say next, they not only charge you for that, but all other "pending" authorizations that have not "posted yet" which will be things like your $98.00 charge. Even though it was already deducted from your balance, you will get charged another $35.00. For previous transactions because BOA does not consider them transactions. Isnt that unbelieveable?
Bank of America charges you for Authorizations even though it has already been taken out of your account previously. I cant even with them.
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