• Report: #447878
Complaint Review:

Bank Of America, N.A.

  • Submitted: Thu, April 30, 2009
  • Updated: Fri, May 01, 2009

  • Reported By:Brentwood Tennessee
Bank Of America, N.A.
100 N Tryon St # 220 Charlotte, North Carolina U.S.A.
  • Phone: 704-386-4771
  • Web:
  • Category: Banks

Bank Of America overdraft fees on items not yet cleared- money not withdrawn on account yet Charlotte North Carolina

*Consumer Comment: Wow, Three RIPOFFS in One Report!

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My checking account at Bank of America was recently charged four $35 overdraft fees for a total of $140, and my account ledger balance never dropped below zero on any day during the time period.

When I first noticed the overdraft fees, I was fairly upset and wrote a note to the bank through online banking. I received a response that the fees could not be removed, so I went to my local branch. I had to wait 20 minutes before I could even speak to anyone. I explained the situation and the bank associate said he understood and he would remove the charges. However, once he signed into his system he said the checkmark boxes to remove the fees were grayed out. The bank system had blocked him from removing the fees and he told me unfortunately there was nothing he could do to change the situation.

Still curious, I asked the banking associate what triggered the overdraft fees in the first place. He explained that transactions are processed each day staring with the highest amount first. I said ok I understand but at no point did my ledger balance drop below $0. He then told me the fees were charged on pending transactions and the system forecasted that my ledger balance would drop below $0, hence the overdraft fees for each item. Well, the banking system's forecast was wrong and it did not see cash deposits that same day made before the cutoff period.

Here are my questions- Why does Bank of America charge overdraft fees on pending items rather than cleared items? If the bank can hold my pending direct deposit a day before it clears, shouldn't I expect to be fairly compensated for the bank holding my funds for 24 hours? How can they instanly clear debit transactions and charge fees on those but hold credit transactions for a longer period of time?

Brentwood, Tennessee

This report was posted on Ripoff Report on 04/30/2009 07:03 PM and is a permanent record located here: http://www.ripoffreport.com/reports/bank-of-america-na/charlotte-north-carolina-28202/bank-of-america-overdraft-fees-on-items-not-yet-cleared-money-not-withdrawn-on-account-ye-447878. 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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#1 Consumer Comment

Wow, Three RIPOFFS in One Report!

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

1) Yes, overdraft fees for PENDING transactions are a ripoff, in my humble opinion. While it's true the Available balance indicates negative, that has no bearing on money that is PHYSICALLY in the account. Even though it's APPARENT the customer has SPENT more money than they have at that point, the money that is PHYSICALLY in the customer's account has not yet been USED UP and overdrawn YET. Only then can the bank honestly say the customer has truly exhausted all of the PHYSICAL CASH in his account. Only then is the account TRULY overdrawn when fees should be assessed. Because in between the time the card swipe is made, and before the merchant sends in the request for payment, anything can happen. If the transaction is cancelled, guessed what? The customer never overdrew his account. Correction - The customer never used all of the PHYSICAL CASH in his account, which means they never overdrew the account.

2) All of these new methods of charging fees are due to debit cards and we're told these are the times we live in. Paper checks are yesterday's news and soon to be extinct. Ok, with debit cards, each card swipe is GUARANTEED, once the merchant does send in the request for payment. This means debit card purchases will NEVER be returned. And with many other forms of electronic transactions these days, the majority of the time the banks usually pay them and overdraft the account and hardly ever return them anymore. The customers are told, they should be thankful because this saves them from having a second fee from the merchants for the returned item.

All of that's well and good, except for one slight problem. Now that the banks are so kind and doing customers favors by paying for everything and hardly returning anything anymore, does this also mean the elimination of posting transactions in order of highest amount to lowest amount? You know, since there's no concern anymore about the mortgage or car payment being returned? You know, since everything is paid and nothing returned anyway?

3) It's called 'DECISIONED'. That's the official term used by the Bandits of America to refer to cases where employees are prevented from refunding fees. Once the first person reviews your account and makes a determination that no refunds are justified, at that point the system is PROGRAMMED to lock out everyone else from overriding that DECISION. Even if later on, other employees discover the fee was caused by a bank error and the first employee was incorrect in their judgement, the 'DECISIONED' lock still won't let them override it. Heaven and Earth have to be moved at the highest levels in order to finally undo it.
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