I would just like to express my outrage with the NSF fees Bank of America imposes on its customers.
Modern technology provides the consumer the ablity to pay for their purchases with a debit card. This transaction automatically deducts the amount of the purchase from the consumer's account. This is convenient and transparent to the consumer.
If the consumer makes a mistake and makes purchases in this manner when there are not enough funds in their account, then the banks policy is to reject the purchase or provide the funds and charge the consumer a fee for providing the funds.
This seems reasonable to me as long as the fees are reasonable. My problem with this process is the bank charges for EVERY transaction that falls into this category and they charge an EXORBITANT amount each time. If you make this kind of mistake and make multiple purchases, it can end up costing you HUNDREDS of dollars in NSF fees.
When I have contacted the bank in the past to address this, they have been less than responsive.
It is my sincere opinion this policy is specifically designed, by the bank, to be a lucrative revenue stream. I work in the information technolgy field and know once the infrastructure is in place to provide automated purchasing, the overhead to maintain it is minimal compared to the fees Bank Of America is charging.
Thank you for the opportunity to express my thoughts on this rip-off.
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