On 2/04/08 my local branch of Bank of America changed their ATM to a new machine that counts your cash and scans your checks for you. This 'added convenience' was so that all cash deposits or cash portions of your deposits would be 'immediate' as their ATMs, tellers, and fliers for their new machine states.
I had 2 large transactions that were coming out of my bank on 02/05/08, and needed to deposit $200.00 dollars into my account to cover the transactions. I called my local branch to see what time they were open until so that I could schedule a break from work accordingly, and was told that it was OK if I could not make it in time because the new machine (ATM) would deposit my cash immediately.
Well lo and behold that this is not true. My cash deposit from the new ATM took just as long as it did on the old ATM to deposit into my account, 2 days. This caused me to obtain 3 overdraft charges for $35.00 each, a total of $105.00.
I called customer service expecting to clear up the matter quickly. Why wouldn't it be easy, their own written advertisement states 'Immediate credit for cash deposits'? As it was explained to me by three different customer service agents this just means that I could spend the deposited money, not that I actually had the money. Well of course I didn't have the money; I gave it to you to collect interest on for 2 days along with millions of other lied to customers of your establishment. The charges were not reversed due to the fact that they were not 'banking errors' it was my misunderstanding of what 'they' consider to be immediate.
After all of this I took another look at my account and noticed that the items I was being charged overage fees for, were Items that were paid for BEFORE the items that overdrew my account. Just to verify I called and got the dates and times of the transactions. The bank had charged me fees for items that were put through on 02/03, and 02/04. Mind you the transactions that caused this were not until 02/05.
I asked why this was so being that even though I should have no ODC's I have three where at most I should have one. I was told that the larger items are put through first, 'for my protection'. The smaller items, although they were posted first are moved to the end of the days transactions despite the order the payments were actually made, once again 'for my protection'.
So, I was not only charged for one overdraft item from the 'immediate' deposit not truly being immediate, but I was then charged 2 more times 'for my protection'. I find it very strange that the time of my deposits are critical, but the times of my transactions are irrelevant. Enjoy my $105.00. It will be the last penny you see from me.
By the way... Fraud, False Advertisement, and Theft appear to be common practices from Bank of America. I have never had any problem like this with ANY other institution I have or still use. I hope this someday comes to an end; I would hate to be the company whose slogan is 'We make money because we take yours.â€
Should anyone need more information for their own needs, I do have all times, dates, and documents to support every word of my statement stored away for a rainy day.
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