New Bank Of America debit card "Authorization Funds Hold" program is steeling Millions of Dollars from customers in the form of NSF fees while their accounts never dip below zero. This loop hole written by bankers and passed by our ignorant government officials is so blatantly corrupt that BofA locked out MANAGER OVERRIDE systems, leaving customers helpless and broke.
In one night, BofA has stole over $350 in NSF fees while the account never dipped below zero. To make things worse, there own computer systems are prevented from utilizing the overdraft account to offset any NSF fees.
If you have Bank of America checking account and use the Debit Card, let me know. I'm actually looking to start a class action lawsuit against them for non sufficient funds charges.
I have paid over $2,000.00 in non-sufficient fund charges to BofA based on their new authorization hold program.
This new policy was paid for by bank lobbyist in order to pass a new law that allow banks to charge NSF fees for authorization holds on top of the actual debit or purchase charges. This is a perfect example of how big business (Wall Street) pays off our politicians to allow companies to rip-off the public.
To explain in detail (with hopes you know of other people with the same issue) this is how the new bank policy debits your account twice for one purchase and penalizes you with NSF fees.
I have a beginning balance in my checking account of $1000.00. I go online and purchase an item for $600.00. BofA then holds those funds. My actual balance now should be $400.00. I go to the store, Carl's Jr., and get a hair cut all running about $20.00 each trans action. Between Friday and Monday, the company I purchased the $600.00 item then actually charges my card. The bank now claims my account has been over drawn and will charge me $35 per transaction. My true and actual balance never dipped below $340.00 ($600 20 20 20) over the weekend. However, the bank said I "Tied Up" the funds of ($600 600 20 20 20 = 1260.00) Remember my balance was $1000.00.
The PROOF I have that this should never occur is as follows: I have a savings account attached to my checking account for "OVER DRAFT PROTECTION". The bank NEVER drew moneys from this account to cover the so called "OVER DRAFT CHARGES $35 x 4). Why? Because their OWN COMPUTER SYSTEM fails to see the authorization hold as a legitimate draw on the account.
This is class action lawsuit material and I'm trying to get as many people that have experienced the same issue as I have the past ten months.
If you know of anyone, please forward my information to them.
I'm posting this on my site for two reasons.
1st, we get customers like you complaining all the time that we charged your debit card twice for the same purchase. The bank is holding the funds against your account for the "Authorization". When we debit your card for the purchase, the "HOLD" will be removed in up to three days. To most consumers, this appears as an actual charge when in fact, it is impossible for us to charge your account twice with the same transaction number.
And 2nd, I feel this is a perfect example on how Banks, Wall Street, and Big Business pay off our government to allow these types of business practices to occur. Why, to simply increase their profit margins, look like a hero, then get votes from the board of directors to earn Multi Million Dollar Bonuses. Meanwhile, they rape middle America due to GREED.
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