Bank Of America
BofA Charging Overdraft fees when the account isn't overdrawn

Bank of America changed their overdraft fee policy to charge fees when the account is not overdrawn, and they have increased the amount of the fee. I was an ex-employee, so I am familiar with their old policies.

On 9/8/09, I went online and I had two charges for $14.44 from an printer ink company as pending authorizations on my account. I was concerned, because it was only supposed to be charged once, but knowing from my past employment, fees are not charged until after a transactions is "hard posted" to the account, so I did not worry. On 9/9/09, the second authorization dropped off of my account and only one transaction "hard posted" to my account, leaving me with a positive balance. Now, since the overdraft fee was pending, and the second authorization fell off of my account making my account positive, I thought maybe the overdraft fee would also fall off.

I was Wrong!

I checked my account online on 9/11/09, and Bank of America posted the fee to my account anyway on 9/10/09 which put my account into a negative balance! I called Bank of America's 800 number (1-800-432-1000), and after waiting over 15 minutes for an associate, I was told by the associate to click on the available balance history in the left side of the screen, and it showed the pending authorization that overdrew the account. Pending authorizations aren't paid transactions! From working for the bank for two years, I have learned that some merchants would send two authorizations through, the first one to make sure the account is open and there are funds available, and the second authorization that will actually POST to the account. Since Bank of America is now charging overdraft fees for pending authorizations that overdraft the account, I fear that I will get many more fees even though those pending transactions were never paid!

And, I fear if a charge comes in, because the overdraft fee put my account into a negative balance, I will be charged even more fees!

They have also started charging an extra $10 dollars when you first overdraft the account, and if you don't make a deposit within 5 business days, you will also be charged another overdraft fee of $35. That's $45!!!

I would like to get this policy reversed, because this new policy would allow Bank of America to charge fees to accounts at will.

Company: Bank Of America
Country: USA
State: Florida
City: Tampa
Address: P.O. Box 25118
Phone: 8004321000

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