BANK OF AMERICA, NA ripoff overdraft fees, debiting before crediting same day direct deposit Charlotte North Carolina

however, not ALL banks process debits before credits on the same banking day. My current bank does indeed process credits first followed by debits that post to my account on a particular day. However their account terms and conditions does state that they can process debits and credits in any order they chose.

I expect that they will change that soon, as they seem to be falling in line with the larger bank's policies. Up until this past spring they would process debits smallest to highest. Now they process them opposite. Regardless, I keep an accurate account register so it has little or no effect on me.

Jay,

This is common banking practice.

The problem is, you were living on the "float" by making transactions against your account BEFORE your direct deposit was posted.

Charges/debits ALWAYS get posted before Credits/deposits in the same banking day. This is clearly detailed in your account agreement.

Manage your account the way it should be and NSF fees will never be a problem.

I have 3 different direct deposits into my Bank of America checking account very month. I have never had a problem, because i wait to spend my money after it has been posted to my account.

By law, banks cannot and do not hold Direct Deposits. They can (and do) hold funds deposited by check. There may have been some confusion on this issue when you asked your question.

What does happen, however, is that the mega-banks process all transactions for a calendar date at night, and the process debits before credits. This means that if you have a direct deposit due for a Friday morning, and checks come in on Friday, you are overdrawn, plain and simple.

While this doesn't seem fair, they disclose this when you open the account, so (in theory) you are forewarned. This is only going to get worse in the future, since we are now beginning to see checks clearing accounts on the day they are written.

By law, banks cannot and do not hold Direct Deposits. They can (and do) hold funds deposited by check. There may have been some confusion on this issue when you asked your question.

What does happen, however, is that the mega-banks process all transactions for a calendar date at night, and the process debits before credits. This means that if you have a direct deposit due for a Friday morning, and checks come in on Friday, you are overdrawn, plain and simple.

While this doesn't seem fair, they disclose this when you open the account, so (in theory) you are forewarned. This is only going to get worse in the future, since we are now beginning to see checks clearing accounts on the day they are written.

By law, banks cannot and do not hold Direct Deposits. They can (and do) hold funds deposited by check. There may have been some confusion on this issue when you asked your question.

What does happen, however, is that the mega-banks process all transactions for a calendar date at night, and the process debits before credits. This means that if you have a direct deposit due for a Friday morning, and checks come in on Friday, you are overdrawn, plain and simple.

While this doesn't seem fair, they disclose this when you open the account, so (in theory) you are forewarned. This is only going to get worse in the future, since we are now beginning to see checks clearing accounts on the day they are written.