Consumerist: Bank of America Changes Overdraft Policy To

[RustyOrgan]

This just happened to me. As of today I'm out $175 ($35 x 5) and I have ANOTHER 4 or so incoming $35 overdraft charges. Keep in mind that at no time did my account ever go into overdraft! Bank of America is now charging overdraft fees when items go into PENDING and not when they POST as the bank has done previously. Therefore their online banking gives an inaccurate snapshot of current activity.
 For instance - Let's say you have $10 in your account and you purchase a $12 lunch. Once back in the office you check your online banking and see that the $12 pending charge would put you into overdraft. On the way home you make a $20 cash deposit to cover the pending charge. In the past this would not have incurred any overdraft fees - this is no longer the case! Now Bank of America charges the $35 as soon as the purchase is made regardless of whether or not it will eventually post or fall off as some authorizations are later reversed such as when a restaurant authorizes your account for an anticipated tip or when a gas station puts a temporary hold on your card.
 I called Bank of America and they basically told me to "Take off, you hoser!"
 The consumerist has a nice article on this deceptive practice:
 http://consumerist.com/tag/overdrafts/?i=5011987&t=bank-of-america-lets-charge-three-overdraft-fees-to-the-account-flush-with-cash
 I'm going to try my luck at writing a letter as it worked in a similar situation:
 http://consumerist.com/5009230/polite-letter-gets-bank-of-america-to-refund-overdraft-fees

[Relaxer]

This is so easily solved. Just always have a billion dollars in your account, and you never have to worry about pesky fees.

[Vas Deferens]

Rusty, you are not out $175 YET since you have ZERO BALANCE RIGHT NOW! But you will be once put your next paycheck in there      :eek:

[Julian, Alleged Computer F**kface]

Originally posted by RustyOrgan:
  For instance - Let's say you have $10 in your account and you purchase a $12 lunch. Once back in the office you check your online banking and see that the $12 pending charge would put you into overdraft. On the way home you make a $20 cash deposit to cover the pending charge. In the past this would not have incurred any overdraft fees - this is no longer the case! Now Bank of America charges the $35 as soon as the purchase is made.

This sounds entirely fair to me. If you don't have any money and want to wait to pay, then use a credit card.

[Charlie Nakatestes, Japanese Golfer]

What is "overdraft"?

[RustyOrgan]

I'm just saying that when a bank makes a change such as this they should put some effort into informing their customers.  Bank of America is always barraging us with offers we have to either accept or decline but when it comes to important policy changes such as these, they try to keep it as quiet as possible.  If you read the Consumerist article I think you'd get a better idea of the practice.

[RustyOrgan]

Originally posted by wanderlust j. marshmallow:
  Rusty, you are not out $175 YET since you have ZERO BALANCE RIGHT NOW! But you will be once put your next paycheck in there          :eek:  

That's the thing though!  At no time was my account balance zero!

[godsshoeshine]

something similar happened to me with chevy chase and they reversed it

[miss pretentious]

I'm wondering why you would purchase a $12 lunch if you knew you only had $10 in your account.
 
 You know, that's why they have internet banking and whatnot.

[Charlie Nakatestes, Japanese Golfer]

ding ding ding
 
 If I had $10 in my account, I'd be trolling the trash for scraps, not buying a $12 lunch.
 
 

Originally posted by miss pretentious:
  I'm wondering why you would purchase a $12 lunch if you knew you only had $10 in your account.
 
 You know, that's why they have internet banking and whatnot.

[Julian, Alleged Computer F**kface]

Originally posted by miss pretentious:
  I'm wondering why you would purchase a $12 lunch if you knew you only had $10 in your account.

Exactly! Just because your bank has, out of their infinite largesse, not charged you before when you spent more then you had in your account if you fixed it quickly, doesn't mean they're rat bastards for doing to now.
 
 Imagine the good old days when there were no banks and you had to pay cash for anything: what do you think would've happened when you tried to buy a $12 lunch with only $10 to your name?

[Julian, Alleged Computer F**kface]

Also, as a sexual assault survivor, I find it offensive that "rape" is downgraded by being likened to the charging of a $35 insufficient funds fee.

[sweetcell]

BofA is really, really fee-happy.  i tried calling BofA to reverse overdraft charges, and their line was "those fees are stated in the terms of service so you signed up for them".  can't fault them, really, other than having horrible terms of services.  what exactly am i getting for those $35?!?  it's almost exploitation.  i closed my accounts there.  unfortunately, other banks aren't that much better.  at least i get no ATM fees at PNC, which is a plus.
 
   

Originally posted by RustyOrgan:
 I called Bank of America and they basically told me to "Take off, you hoser!"

must of thought you were canadian.  how embarrassing for us.
 
 

Originally posted by miss pretentious:
  I'm wondering why you would purchase a $12 lunch if you knew you only had $10 in your account.

when it happens to me, it's because i don't have enough money in my checking account.  also, sometimes charges take a while to appears on your card... so you look online in the morning, see you have $$$, go buy something, then a charge from a few days back emerges, and all of a sudden you're in the red and out $35.  sucks.
 
 i also have a joint card with the missus, and if one of us uses it without telling the other, buying $50 of groceries can end up costing us $85.  sweet.

[RustyOrgan]

You guys are fucking retarded. Read that Consumerist article... I don't think you can grasp the complexity of the situation!!

[RustyOrgan]

When I raped that dude he described it in the police report as akin to his dealing with Bank of America and SPECIFICALLY SIGHTED their $35 fees.  True story.