Bank Of America Unfair Fees and NSF charges Internet, California

I agree with this person.  Banks have an uncanny way of choosing the order of processing checks.  I read an article where it outlined just how banks hire experts to configure every detail in order to get the most out of account holders.  The fees are outrageous and the regulations are there to throw account holders off guard.  I decided to close my accounts with regular banks and go with a credit union.  The fees are lower and one can normally have intelligent dialog with the managers.

The problem STARTS with your husband and CONTINUES with you.  Why was your husband's account overdrawn in the first place?  Let me guess.  FAILURE TO MAINTAIN A WRITTEN RECORD OF ACCOUNT ACTIONS!  Apparently what you and him both do is use an ATM card, have NO CLUE of what the balance is, and then when you incurr NSF charges, oh, its the bank's fault! 

Problem #2.  Never, ever have a joint checking account with a spouse.  I know it doesn't sound "romantic" but this isn't romance, its business.  Since the other account also has his name on it, they RIGHTFULLY went to it to satisfy the NSF charges.  They have no obligation to let you know.  He is an owner of that account.  That's all they care about.  If you would have had separate accounts, then his irresponsibility would NOT have affected your account.

But back to the cause.  You need to START maintaining a contemporaneous written record of those accounts.  You enter each and every usage of the card and any fees for using a foreign ATM and do the subtraction right then and there.  You will then have the MOST ACCURRATE account balance known to man and you can forget about "holds", "pending transactions", "ledger balance" etc because you will have already deducted the debit from the running balance you maintain and for all practical purposes the money is gone from your account.

Those who fail to maintain a written record of account actions, are too damned lazy and don't have the maturity to develope the discipline needed to treat their personal finances with the responsibility they deserve.  After all, its your money in your account.  Shouldn't you know EXACTLY how much money you have?????

You experienced the effects of a little known clause in your account agreement known as the right to offset. Put simply, banks reserve the right to move funds from one account to a delinquent account that you are associated with. I'm opposed to this clause because as you've seen the bank does not notify you when the funds are transferred and this can cause a responsible account holder to suffer damages due to financial irresponsibility of a family member or business associate.

As for the order of processing transactions, Bank of America's terms and conditions make it clear that they tend to process from highest to lowest but they are scheduled to stop doing this early next year.