BANK OF AMERICA overdraft fees for pending transactions Internet

I checked with BOA about pending transactions.  Here is a excerpt from their web site.

This pending transaction refers to a purchase made with your Check Card. When you use your Check Card to make a purchase, the merchant asks us to authorize the transaction. When we approve a request to authorize a Check Card transaction, in most cases we place an authorization hold on your account. The authorization hold shows as a pending transaction in Online Banking and reduces the available balance in your account by the amount requested. Since the authorization hold reduces the available balance in your account, your remaining available balance must be sufficient to cover checks and other items that post to your account (such as in-person and ATM withdrawals, electronic funds transfers, and other debits) or, you may incur fees for overdrafts or returned items.

This means when you use your check card, as a debit, it reduces your account by that amount, because the bank has promised the merchant it will hold that balance.

Your balance was reduced by 65.00 that night, so even though the 65.00 was not presented to your bank yet, the bank reduced your balance by 65.00 so that when the transaction actually came in, there would be the money there to pay it. 

The debit transaction for 65.00 could also be subject to a 35.00 fee if when the vendor "actually" presents the transaction to the bank, and you dont have the money there to pay that merchant.  Because of BOA's promise to that merchant, they will be required to pay, so you would have to deposit 65.00 + the 35.00 fee.

BTW , the reason gas purchases show 1.00, is that the gas station wants to make sure your debit card is active, so they pass a charge hold of 1.00 just to make sure the card is still valid.  When the transaction is over, when the transaction is presented to your bank, it is presented for the full amount.  On your gas transactions, you should write down the actual amount in your check register.

You could have avoided all these charges, if you kept a register!!!

 

 

 

 

OIL was being 'MANIPULATED' by some people who wanted to make profits at the expense of innocent Americans and innocent people all over the WORLD.

How do you think bush was able to afford his new home.   Because he has stocks In the oil industry.  Bush & these rich people made profits from the oil & high gas prices.

And they was making people more poorer stealing from us.   But crooks always get away with doing this to people.

And people on this site defend, the crooks & bad businesses.

is available at this website.

Just type in 502469 at this site and it appears as 'Consumer Comment #20' at Ripoff Report #502469.

Thank You

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