Bank of America is charging me hundreds of dollars because I cannot keep my checking account straight as a result of their inadequate customer services. Each overdraft fee is $30, and I am going broke because their 800 number does not give good information about what transactions have been processed in my account.
The 800 number lists all debit transactions, checks and deposits. What they don't tell you is that when you use your debit card, the money is automatically subtracted from your balance, but if the merchant does not complete the transaction process within 24 hours, they release your money back into your account WITHOUT TELLING THE CUSTOMER HOW MUCH MONEY WAS RETURNED TO THEIR ACCOUNT OR WHEN. The bank claims they would be unethical to keep your money if the merchant doesn't present them with proof of the transaction in 24 hours, and I agree, but don't they also have the responsibility to let you know if they have put money back in your account that you have checked off as having been taken? Their automated service has transaction options to do everything else: Why can't they have an option for incoming debit transactions (those within the 24 hour hold) and then another for debit transactions processed?
I contend that the bank does not WANT to make this feature available because they collect $30 for every transaction they can cause you to make which overdraws your account. HOW DO THEY EXPECT YOU TO KEEP YOUR ACCOUNT BALANCED IF YOU CALL THE 800# TO CONFIRM COMPLETED TRANSACTIONS AND THEY SHOW YOU A DEBIT HAS BEEN SUBTRACTED BUT THEN PUT THE MONEY BACK IN THE NEXT DAY WITHOUT SHOWING IT AS A RETRACTION??? Simple: They like the $30 per transaction fee they are scamming us out of.
PLEASE * if you have experienced this problem, COMPLAIN. Call customer service, the media, and every other outlet you can find to let them know this system stinks.
While debit cards are wonderfully convenient, they are becoming cost prohibitive because the bank cannot give its customers timely enough information to help us keep our records balanced. And then they charge US for the mistakes!
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