I was fianlly told by a BANK OFFICER from Bank of America that "THEY DOO CLEAR TRANSACTIONS FROM THE LARGEST TO THE SMALLEST". Why is this important? Because if you have say, 5 or 3 or 4 small $5.00 and $10.00 Transactions, and then One large $200.00 transaction. And you account has only $199.99 in it. They will clear the $200.00 transaction first & charge you a $30.00 NSF FEE and then clear the NEXT Largest amount on down. All while adding on more and more $30.00 NSF Fees.
I recently had this done & I Showed them the DATES listed on the ELECTRONIC TRANSACTIONS showing where all the smaller ones were done before the 1 large one was done. They didnt care. They still stated they charge from LARGEST to SMALLEST on the day they are processed. THIS IS DONE TO MAXIMIZE THEIR PROFITS.
Many Consumer Groups have CONDEMENED this practice. Personally I feel that may CONGRESS needs to pass some TOUGHER Banking Laws specifically ordering them to do the EXACT OPPISITE. Clear from SMALLEST to LARGEST so as to MINIMIZE the amount of NSF Charges a person may incuur. Now if your a account is overdrawn, I believe you should pay for it. But to create a SYSTEM that creates a $150.00 in NSF CHARGES instead of $30.00 is WRONG. I mean if you are overdrawn, why make it worse by creating EXTRA EXPENSE. If a person makes a $200.00 deposit to correct it and there are a extra $120.00 in FEES that wouldnt have been there, then they may no be able to have a POSITIVE BALANCE to get out of this situation. But BOFA doesnt care, they want their FEES and PROFITS from you...
Consumers, demand that all financial institutions stop this practice & use a little common sense with you. Something that is totally lacking today from them!!!
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