I have read multiple complaints about Bank of America overdraft fees, and I see the logic in most of the complaints and the corresponding rebuttals.
Nevertheless, I think my case is somewhat unique, and I can't fathom the logic that Bank of America chooses to apply. I can only assume that the objective is to steal my money.
Here's how it starts. I DEPOSIT a valid foreign check into my checking account, which has a positive balance. The bank posts the amount of the check to my balance, but puts the funds on hold. So far, according to the books... Right?
Here's where it gets hinky. The bank adjusts the deposited amount to US dollar.in this case, the foreign currency trades at slightly lower value than US currency, so there is a withdrawal posted to my account for the adjustment. As an example here, if I post $2,500 in foreign currency, the check is initally deposited as $2,500US and a withdrawal of just under $400US is posted as an adjustment. This, of course, assures that the currect value in US dollars appears in the account. On the surface it's perfectly legitimate.
BUT, the check is held for several working days while the withdrawal for "adjustment" is posted immediately. Having slightly less than the "adjustment" withdrawal amount available in my account means that I have just gone into overdraft for depositing money. I get a negative available balance AND get charged a $35 overdraft fee.
So, as I see it, I can be as judicious as I like about balancing my checkbook, but that doesn't mean a damn when I'm charged an overdraft fee for a deposit?!
When I complained to Bank of America, they replied that it was all according to the book and that I am entitled to no refund of the fee. I think I've been ripped off.
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