Bank of America
Overdraft Fees Charged on Funds Already Authorized to Vendors
- 12-03-2009
- 37
Bank of America takes overdraft fees when money is not theirs to take.
I am writing about Bank of America's overdraft fees and how they takes your money when the money is already authorized to another business. Then charges another overdraft fee for the transaction that the funds were authorized for. This is not right and if you do not understand how they take their fees please see the example below where they take our money when it is spent for another vendor
Example:
11/30 chinese food AUTH $21 BAL $78
11/30 Movie Rental AUTH $14 BAL $64
11/30 Retail Purch DEBIT $65 BAL -$1
12/1 Overdraft fee $35 BAL -$36
12/1 Movie Rental DEBIT $14 BAL -$50
12/1 Chinese Food DEBIT $25 BAL -$75
12/1 Overdraft fee $35 BAL -$110
12/1 Overdraft fee $35 BAL -$145
ON 12/1 the first overdraft fee was taken IMMEDIATELY from the 2 AUTHORIZED Payments to Chinese and Movie rental place. Therefore when the two transactions were posted it causes a snowball effect.
BofA has no right to take payment that is promised to another vendor. In turn costing the banker over $100 in Overdraft fees in this example. I don't want them to cover me when I go over. I much rather be denied at time of purchase than accumulate hundreds of dollars of overdraft fees.
Company: Bank of America
Country: USA
State: North Carolina
City: Charlotte
Site: bankofamerica.com