bank of america bank of america is a RIP OFF, Internet

...there is a way to help you without innuendo that you are a child or lack adult responsibility.

I also agree if you don't spend more then is in the account..assuming to never make a mistake (no one ever makes a mistake..right?)..and assuming no fraudulent activity ever happens..you would be fairly protected against incurring any overdraft fees. Now that the OBVIOUS is out of the way...lets discuss what is sometimes NOT so obvious....the banks part in all this.

Technically..the bank is not "stealing" you money..but there is no doubt they are using less then ethical tactics to maximize fees. And they do this by using the same policies from back when everyone used checks..before online statements..and before debit cards became the "norm".

Re-sequncing had a legitimate place as a policie back in the days of the dinosaurs when checks were used mostly for larger transactions...such as your mortgage, rent, car payment etc....before the days of INSTANT electronic payments..and using a debit card for many smaller purchases.

In the OLD days...the purpose of re-sequencing as described by the banks..was to protect the largest payment..which is assumed to be the most important. So if you were careless...at least the mortgage check would clear. Since most checks were used for larger transactions..chances are after one or 2 overdrafts..that you would reach the limit..and any checks after that point were either returned NSF..or re-deposited in hopes the funds would be there.

Nowadays..it works quite differently. What happens is if you overdraft..the bank processes the largest transaction first..which quickly bring the account into overdraft. So even though all the smaller purchases that were made did have the funds available at the time of the transactions..if not for the banks re-sequencing..you would not have had all the additional fees for those transactions. And you are correct when you state this is how the bank GUARANTEES you will have overdraft fees.

Since you are now aware of how this works...I am sure you realize what you need to do to protect yourself from any further fleecing by this bank.

There are some policy changes going into effect..some already have due to all the complants that may better help protect your money..which I would assume we expected the banks to do in the first place.

If you do a google search for "Bank of America overdraft policy changes" and read the most recent articles..you may find there are now options and better polices in place. So apparently the banks may have realized they needed to change some policies for a good reason.

Since BofA will no longer FORCE you into automatic courtesy overdraft protection...you might want to consider opting out. Now this does not take the place of you being careful with your spending..but it is a very effective safeguard. Once you opt out...the card will be declined at any point of sale..and any ATM if the funds are "truly" not available...hence a defense against one of the many tactics the banks have been using to yield over 38.5 BILLION dollars in these types of fees in 09 alone..(read the FDIC report for more info).

As well, I opted out because I do not use check..I do not have a mortgage, I keep a low balance in my checking account...so I feel if the card is declined if when the balance reaches zero....that it will better protect my account from unauthorized use..or error. Otherwise as witnessed..the bank will continue to allow the card to be used well after there are no more funds..and do nothing to warn you the account may be in danger. I will add that some banks are adopting a policy where they will warn you if approaching overdraft..like your credit cards do...and I have noticed once one bank adopts a new policy..they all tend to follow suit..at least the ones that want more customers if the policy is for the customer and not against.

Best of luck.

I cannot believe how many people, supposed adults, on this site float checks, charges and them claim the banks are scamming them.

What does it matter what order they put your charges through?  If you have $100, you only spend $100 and if you have $1,000, you only spend $1,000.  Once it's gone, it's gone. 

They are not stealing your money.  You are choosing to spend money you don't have.  If you don't get paid until Friday, don't spend your money until Friday.