Bank of America Sneaky Tactics
A major issue and in part what Bank of America is being sued for in the Closson v. Bank of America lawsuit is the unfair practice of encouraging its customers to use Bank of Americaa debit cards and increasing the number of fees charged to customers using Bank of America debit cards through the order in which such transactions are posted and the account balance information they provide. In this way, when the largest amount overdraws your account, each subsequent charge enables an overdraft fee. Of course when I called them to question this policy, I was told that they assume the largest purchase is the most important and that it why they enter it first. Yeah, right!
This particular situation beat that!!!
I have auto pay on my one and only credit card account. We actually paid half of the balance down so that our debt to credit limit ratio was good. Then, Bank of America dropped the credit line. TYPICAL!
Anyway, I was in a rush, not thinking and knew the credit card payment was due and inadvertently made the $238 minimum payment. Ten minutes later, I realized that the account was on auto pay and I didn’t need to transfer the funds from one account to the other.
Well, my payment transfer was pending and since my card was again at the limit, I couldn’t transfer the money back. I called customer service at Bank of America.
I was told that it wasn’t a problem and that they would reverse the transfer. Perfect!
By the end of the day, I confirmed the $238 was back in my account.
The next day, as I do everyday first thing in the morning, I checked our account balances. Lo and behold…the auto pay had deducted $238 AND the $238 that was transferred and reversed was also deducted.
Chain of events….my account overdrew which prompted overdraw protection from the credit card account which caused the credit card account to go over my credit limit which generated a fee. Seems kind of purposely done?!
I called Bank of America again and after a long-winded explanation they told me they would correct THEIR error. They did!!!!!!
2 Responses to “Bank of America Sneaky Tactics ”
By Diane on Jul 9, 2009 | Reply
Angered by your bank, You’re not alone. See who else is angry!
By Rachael on Jul 11, 2009 | Reply
Bank of America’s fraudulent fees. I found this page about Bank of America rip offs everyone should read. Not only do they insert the largest transactions first, but the fees that they impose are fraudulent and numerous. Complaints.com