I have a personal, business and merchant account with Bank of America. My complaint is that this bank is capturing overdraft fees by debiting amounts that are larger first then each smaller subsequent amount is debited. This ultimately leads to further fees that otherwise would not have been charged.
Example. If your balance was 250.00 and the following day you have several checks or transactions debited from your account, the bank's rational is that they would debit the 251.00 first thus leaving you with an overdraft of -1.00 then each transaction afterward say for 10.00 25.00 17.00 15.00 would all incur overdraft fees. This total of charges amounts to 67.00 if you add the 29.00 fee for each transaction, it totals 212.00.145.00 in fees.
Were the bank to pay all of the other charges or debits first, they would only make one fee of 29.00. They assume that you want your larger items paid first. This is just a way for them to make more money on otherwise problematic accounts furthering their financial difficulties. This is truly a rip off. I would like to do whatever is necessary to make them change this process to benefit the consumer, not their bottom line.
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