Bank of America Doesn’t Quit
Bank of America just doesn’t give up. I would have thought with all of the controversy about the unethical practices of the banking industry that there would be some noticeable change in the policies and practices. I thought wrong. With all the money we are all spending this holiday season, it’s difficult to keep up, but it’s critical to watch and check your bank account everyday.
Bank of America continues to put through the highest charge first so that each subsequent withdrawal incurs additional overdraft fees if the first item put you in the negative. As I’ve written before, when I inquired about this practice, I was told that the bank assumes that the larger debits are more important. Very nice of them to be so considerate, but wrong.
Another new little trick that I have noticed is that all of a sudden some of the debits we make are put through as $1.00. They will show as pending for up to a few days. So, although it might have been a $50 purchase, you can check your balance and still feel that your account is in good standing. Then, lo and behold, (and it always seems to be when the account is at an all time low), Bank of America debits the full amount. Of course, when questioned, Bank of America claims that these are charges that the vendor has yet to put through. Then, I ask you, how is Bank of America aware of them at all? Makes you wonder!
As much as the previous examples anger me, this latest underhanded and sneaky event was the most unethical yet. As I do and I strongly suggest to anyone with money in the bank, I check my account every day. To my dismay, but not my surprise, my account balance was around $10. I’m am totally uncomfortable with that little, but it was the end of the week and I would be depositing my paycheck the next day. As it turned out, I had forgotten that my car was on empty so on the way to work I put in $20 worth of gas. Now the trick is to know your bank. Bank of America is on the west coast, I’m on the east coast. I have until 3:00 a.m. to make sure my charges are covered. This, by the way, I learned the hard way because it works both ways. Bank of America has a knack of putting through a charges way after most people would check their accounts. It’s pretty amazing what can go on when you’re sleeping.
Anyway, back to the “event.” I put $20 worth of gas in my car with the intention of transferring the $20 from another account to cover it. I did this at 8:45 p.m. When making online transfers between accounts the money always posts immediately so I knew I would not overdraw. Well, the next day, I checked my account and for some strange and mysterious reason Bank of America did not immediately transfer that money as it always had. As a result, the account was overdrawn incurring a $35 overdraft fee! I called Bank of America immediately and proceeded to wait ten minutes on hold to speak to a representative.
After explaining the situation, the not-so-nice representative told me that the $20 transfer was not made when I said it was and that’s why I overdrew. I argued. He put me on hold. He came back on the phone, told me the $35 would be credited to my account because after investigation he found that the transfer was made (when I said it was) at 8:45 p.m. on time.
Now I wonder, how many people do they do that to? How many people catch this unethical, sneaky debit? How many people make Bank of America and every other bank accountable for their actions? How much money do the banks make off unsuspecting customers everyday?
Needless to say, as I’ve said again and again, it’s imperative to watch your accounts very closely. Don’t trust the banks. In an economy where every dollar counts, can you afford to be taken advantage of?
