Originally posted by vansmack:
Originally posted by RustyOrgan:
My situation is EXACTLY the same as the one in the Consumerist article. Maybe i used a poor example as an illustration..
Well, all we know is what you tell us, and the difference between your example and the example I provided and Consumerist provided is the timing by which BofA chooses to honor the transfer. In your example, for maybe the 10 minutes between buying lunch and making the deposit, your account was in the red.
A better example would have been on the way to buy lunch, I deposited the money, but BofA charged me an overdraft fee when I bought my lunch because the deposit was not posted until COB, despite it being a cash desposit. [/b]
one time , when i was younger, much younger...i accidentally overdrafted my checking account.
I made a number of purchases:
$3.00 for 2 packs for smokes
$6.99 for a 6 pack of beer
$25 for gas
in that order.
I overdrafted my account by $12.00
Now, instead of taking my transactions in the order they were made, they took the gas first, which immediately overdrew my account and incurred a $29 fee. The next two small transactions posted after the account was negative, thus incurring 2 more $29 charges.
Awfully shady i thought, until I realized that some places (such as Mobil Gas Stations) post their credit transactions faster than others (crappy Asian liquor store under my apt), so its not the bank's fault really because its not like there is someone personally handling my transactions to notice something like this.
Usually, if this happens on a rare basis, you can call the bank and have the charge waived.
