Bank of America - Investigate This Bank
This bank rips off more money than Dillenger and all the wild ones ever thought of in one day. Bill Pay. The way it normally works is: you put in the amount you want and the day you want it taken out and POOF every other bank does it, so your bottom line in your account reflects spent money regardless if the payee cashed it etc..
Not B of A. They wait for even E transfers up to 3 and 4 days. This causes issues if you have more than one person on the account. When discussing this with the Moynihan office representative in Florida I was told everyone can do a 'Voice of the Customer' and change a procedure. He stated that this was 'the will of the people'. I challenged, hard, he folded and admitted he had been with B of A for over a decade and this had always been their policy/procedure.
What this means is because they want to snake dollars everywhere they can they hold off processing your payments. Now at times things collide and you get hit with charges and/or a dwindling savings...and it's legal FoR NoW. They do this to every single person and they keep saying 'Voice of the People' is presented to every single person calling into customer service. I maintain this is a bald faced lie and would take a polygraph and voice stress analyizer to prove my point.
Chase, Wells Fargo, Home Savings...a ton of banks that were bought up by the former all do it correctly...only B of A chooses not to. Say what you will about Chase the meanies and Wells the clueless on this they have it down.
Next time you call in tell the CSR you want to put in a Voice of the People with whatever complaint you have...
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