• Report: #442053

Complaint Review: Bank Of America

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  • Submitted: Wed, April 08, 2009
  • Updated: Tue, July 01, 2014

  • Reported By:tucson Arizona
Bank Of America
8690 E Broadway Blvd Tucson, Arizona U.S.A.

Bank Of America "Cut off" times for deposits used as excuse to overdraft. Tucson Arizona

*General Comment: How a deposit works...

*Consumer Comment: BOFA Cutoff

*Consumer Comment: URGENT WORLDWIDE ALERT: The COLLAPSE of the U.S. economy was........

*Consumer Comment: Cut off time for physical deposit

*Consumer Comment: YOUR DEPOSIT WAS STILL SITTING THE ATM MACHINE - NOT YET VERIFIED

*Consumer Comment: If you're trying to beat cutoff time...

*Consumer Comment: WHEN IS THE CUTOFF TIME.....

*Consumer Comment: WHEN IS THE CUTOFF TIME.....

*Consumer Comment: WHEN IS THE CUTOFF TIME.....

*Consumer Comment: WHEN IS THE CUTOFF TIME.....

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I see many, many complaints about this bank. After having several of the issues already listed below I have actually decided to switch companies.

That being said, the straw that broke my back was this latest issue. I deposited money in my account last night sometime in the evening. I got a deposit slip, showing my new balance. When I got home, I checked my balance online. Everything was fine and where it should be.

Next day, I check my balance. Oh look, somehow a check has come through and magically inserted itself before my deposit and I get a $35 overdraft fee. Now I have a slip, showing my balance from last night. I called B of A and asked them how this could be. I was informed by an irritated sounding person that no deposits are given credit after 8:00PM and that it's CLEARLY stated on the ATM.

I understand that it's stated on the ATM, what I don't understand is why we're not given "credit" for them. If I can check my balance and see it, if I can check my bank account online and see it, what possible reason can they have to not give me "credit" for it other than giving them more time to overdraft me? The check was processed "sometime between midnight and 7:00AM". So I pointed out that that's all fine and dandy, but TECHNICALLY my money was in that account before any debits or checks went through, so why doesn't it count? Well that's simple, because there's a "cut off" time for deposits of 8:00PM.

I know that a lot of banks do this simply because they need time to process deposits. It's pretty absurd that a company with the electronic capabilities that Bank of America has (meaning the fact that I can deposit at any time and it instantly registers on my account) uses the same tactics.

*Long story short, if I put money in my account, and it shows on my account, as far as I'm concerned it should be in my account. There being a "cut off" time despite that fact shows that it's just another tactic to overdraft Bank of America customers. Nobody at customer service can give me a good reason for there even being a cut off time. They just point out, repeatedly, that it's clearly posted on all ATM's.

Sj
tucson, Arizona
U.S.A.

This report was posted on Ripoff Report on 04/08/2009 05:58 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-Of-America/Tucson-Arizona-85710/Bank-Of-America-Cut-off-times-for-deposits-used-as-excuse-to-overdraft-Tucson-Arizona-442053. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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0Author 10Consumer 0Employee/Owner
Updates & Rebuttals

#1 General Comment

How a deposit works...

AUTHOR: Tyg - ()

 Since from your post you appear ignorant of HOW a bank processes money, I will attempt to inform you. Follow along please. First, YOU made an ATM deposit. Now an ATM may be hooked up to the bank, but ANYTHING going in OR out of an ATM is handled by a THIRD PARTY. This is to ensure that ALL PARTIES involved have clean hands. This duty is performed by ARMED PERSONEL normally from a money transport service. This means that when you made YOUR ATM deposit it sat in the ATM until the third party comes by and empties that particular ATM. Since the banks know and understand that an ATM deposit may not be pulled for up to 72hrs depending on WHICH day it is, they provide you with a "credit". This is to reflect that a deposit HAS been made by you. This credit however is NOT money, its an accounting tool. Until your check comes out of that ATM all you have IS a credit.

Once your check is verified as real and tied to a real account AND processed, THEN those credits turn into ACTUAL money. IF you fooloishly spent those credits or were counting those credits AS cash then you have screwed yourself. The bank DID NOT have to give you those credits, they COULD have left it until it was processed. Now there IS a cutoff point on DAILY deposits, in your case it was after 8pm which is after THAT banks cutoff point. Now YOU are NOT expected to KNOW this information, which is WHY it is a big ole sign on the ATM itself. However it really sounds like you didnt read that sign OR you just ignored it completly. Too often the American Consumer REFUSES to see whats right in front of their faces. Oftimes to the point where they are convinced that the sign was NEVER there, when the reality is they were just too busy to take a few seconds and read a few lines of text. I mean if it was PLASTERED all over their phone in a text message they would see it, but put it right in front of them and it might as well NOT EXIST.

Now the ONLY way a deposit is IMMEDIATLY available is if you take in cash. CASH is hard to argue with. CASH IS CASH!!! When you deposit CASH it posts IMMEDIATLY with zero hold ups. When you deposit a check, you must wait for that check to clear and that ALWAYS takes roughly 72 hours. In our society we like to think that EVERYTHING is as fast as the fastest thing we do. Now a days its using the web. Just because a website loads fast doesnt mean the rest of the world does it at the same speed. This causes issues because WE assign abilities that no one could possibly do. Such as having YOUR check hit your account IMMEDIATLY after putting it in the ATM. YOU have made the assumption that because YOU were given credits to your account, that YOU could spend it no matter what. That anything that posted AFTER you made YOUR deposit is IMMEDIATLY covered. That is just NOT the case and its a detremental thought process. Unless you do an ELECTRONIC TRANSFER then its NOT REAL MONEY!!! Think of it as a debt. You paid into your account, they give you credit for accounting purposes. A bill comes in BEFORE your account has been updated BY check verification. This means that even if you have credits listed, your deposit hasnt been verified, then it WILL generate a NSF. You really cant blame the bank because YOU will have spent against money that isnt even "real" yet.

I would suggest that in the future you just take your checks into the bank and cash the check there THEN deposit your money. To do ANYTHING else is to put YOURSELF at risk for making a simple mistake. More often then not, out financial troubles are our own doing. Either by not understanding HOW everything works and making ASSUMPTIONS as to what they can and cant do. In THIS case alone, YOU made the assumption that an ATM deposit of a CHECK is the same thing as walking in and depositing CASH. Remember a check is a PROMISARY NOTE. Its NOT cash. Much like your debit card IS NOT CASH. It IS another way to make CASH payments without keeping that much cash.

Hopefully YOU can make some changes as to HOW you make deposits. In the future just remember that it takes ATLEAST 72 hours for a check to be processed when you put it in an ATM. ANYTHING that you are given in the way of credits is JUST an accounting tool. If you spend money that is NOT in your account at the time you have NO MONEY then you will have to pay a NSF. Its actually pretty easy to understand. By keeping a DAILY total you can avoid those pesky NSF fees. I will often swing by my banks ATM and just do an account balance check just to be sure MY register is correct or if not correct then updated. Its a SIMPLE thing to do. And PLEASE dont sit there and tell us all that you are too busy. If thats the case then you deserve to be robbed because you are doing NOTHING to protect yourself.

No I work for no bank OR financial institution. I DO however believe in self-empowerment. EVERYONE will use YOUR IGNORANCE to profit on. Even YOU would do so. I believe that as consumers we CANNOT count on ANYONE to protect us, so WE have to protect ourselves. Remember "KNOWLEDGE IS POWER!!!" the more you know the less you can get screwed.

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#2 Consumer Comment

BOFA Cutoff

AUTHOR: Dflare - ()

To the above consumer,

 

You're a "PRODUCT", your ignorance in the matter is the result of your dissatisfaction.  If you're making your deposits in the evening (late) then it's your own stupidity.

 

Solutions: Shove all your money under the bed ( or lack thereof) 

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#3 Consumer Comment

URGENT WORLDWIDE ALERT: The COLLAPSE of the U.S. economy was........

AUTHOR: Karl - (U.S.A.)

accurately predicted in August 2007, & in September 2007, when the Dow Jones was at it highest level in history!!! The Dow closed at 14,164 on 10/9/2007.

'Google' this- RIP OFF REPORT PRIORITY TOYOTA SCION AUTOMAX, and go to the 'Update' to that Ripoff Report entitled- 'Similar Post On The DODGE Page On This Site', and read the '4th paragraph' that was posted on 8/26/2007. It's right there!!!!

And 'Google' this- RIP OFF REPORT GM CREDIT CARD SERVICES, and go to the first 'Update' to that Ripoff Report that was posted on 9/3/2007. It's right there too!!!

POWER TO THE PEOPLE
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#4 Consumer Comment

Cut off time for physical deposit

AUTHOR: Jes0125 - (U.S.A.)

That kind of sucks but unless you transferred funds electronically I'm not really following your logic about why your money should be instantly available.

If you made a physical deposit at an ATM then your account will reflect what you told the machine you had deposited but until someone actually empties the machine, opens your deposit envelope and verifies that it contains cash or checks totaling the amount you entered as a deposit that money does not really exist.

I'm not saying you are a dishonest person but if banks followed your policy of instantly granting access to the money deposited I'm sure a lot of them would be faced with people entering large deposits with nothing in the deposit envelope then spending the money before the bank was even aware that they had been ripped off.
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#5 Consumer Comment

YOUR DEPOSIT WAS STILL SITTING THE ATM MACHINE - NOT YET VERIFIED

AUTHOR: Laurie - (U.S.A.)

Its as simple as that.

You seem to assume that someone is standing right there to take your deposit out of the machine the minute you completed your transaction. THAT IS NOT THE CASE FOR ANY BANK!

All the computer says is that you made a deposit - it still has to be verified by bank personel whether it be cash or check. Most checks take a minimum of 3 days before the bank releases the funds to your account. Sometimes longer depending on the amount of the check.

For some reason you seem to think that all this is instanteous - when it is not.
No matter what bank you do business with -you have to wait for the deposit to be processed by personnel first.

STOP RELYING on the Banks online statements and keep your OWN CHECK REGISTERS.
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#6 Consumer Comment

If you're trying to beat cutoff time...

AUTHOR: Striderq - (U.S.A.)

to make a deposit to cover money you've already spent, more than likely you're going to get a fee. When you make a deposit (with the teller or through the ATM) the receipt will show you the effective date, the date the deposit will post to your account. The deposit can not be used to cover anything until after it posts. So if you make a deposit at 6 PM Thursday and your bank posts deposits after debits, the deposit will go in last thinc on Friday's processing and not cover anything until Monday's processing. Correct order is: make sure money is available in account and then spend it.
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#7 Consumer Comment

WHEN IS THE CUTOFF TIME.....

AUTHOR: Karl - (U.S.A.)

that Bank of America, & others, have to pay back all of the 'TARP' money that they received from the government, which is TAXPAYER'S money???

It's become quite clear that BOA is doing all it can to SCAM people out of their money, wouldn't you agree? If BOA can process a check after 8 PM, then WHY can't they do the same with a DEPOSIT???

Oh, I forgot, this is America. A land based on LIES, DECEPTION, DEEP CORRUPTION, FRAUD, MANIPULATION, & the CONSTANT PURSUIT TO FINANCIALLY INJURE THE INNOCENT.

Please disregard this Update.

Sorry!

Coming soon under Susan's Ripoff Report- MADONNA POEM
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#8 Consumer Comment

WHEN IS THE CUTOFF TIME.....

AUTHOR: Karl - (U.S.A.)

that Bank of America, & others, have to pay back all of the 'TARP' money that they received from the government, which is TAXPAYER'S money???

It's become quite clear that BOA is doing all it can to SCAM people out of their money, wouldn't you agree? If BOA can process a check after 8 PM, then WHY can't they do the same with a DEPOSIT???

Oh, I forgot, this is America. A land based on LIES, DECEPTION, DEEP CORRUPTION, FRAUD, MANIPULATION, & the CONSTANT PURSUIT TO FINANCIALLY INJURE THE INNOCENT.

Please disregard this Update.

Sorry!

Coming soon under Susan's Ripoff Report- MADONNA POEM
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#9 Consumer Comment

WHEN IS THE CUTOFF TIME.....

AUTHOR: Karl - (U.S.A.)

that Bank of America, & others, have to pay back all of the 'TARP' money that they received from the government, which is TAXPAYER'S money???

It's become quite clear that BOA is doing all it can to SCAM people out of their money, wouldn't you agree? If BOA can process a check after 8 PM, then WHY can't they do the same with a DEPOSIT???

Oh, I forgot, this is America. A land based on LIES, DECEPTION, DEEP CORRUPTION, FRAUD, MANIPULATION, & the CONSTANT PURSUIT TO FINANCIALLY INJURE THE INNOCENT.

Please disregard this Update.

Sorry!

Coming soon under Susan's Ripoff Report- MADONNA POEM
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#10 Consumer Comment

WHEN IS THE CUTOFF TIME.....

AUTHOR: Karl - (U.S.A.)

that Bank of America, & others, have to pay back all of the 'TARP' money that they received from the government, which is TAXPAYER'S money???

It's become quite clear that BOA is doing all it can to SCAM people out of their money, wouldn't you agree? If BOA can process a check after 8 PM, then WHY can't they do the same with a DEPOSIT???

Oh, I forgot, this is America. A land based on LIES, DECEPTION, DEEP CORRUPTION, FRAUD, MANIPULATION, & the CONSTANT PURSUIT TO FINANCIALLY INJURE THE INNOCENT.

Please disregard this Update.

Sorry!

Coming soon under Susan's Ripoff Report- MADONNA POEM
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